XML 39 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
RENTAL PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2017
RENTAL PROPERTIES  
Schedule of rental properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 2017

    

December 31, 2016

    

Useful Life

 

Land, improvements and parking lots

 

$

65,087,214

 

$

52,612,929

 

15

-

40

years

 

Buildings and improvements

 

 

201,844,565

 

 

173,536,288

 

15

-

40

years

 

Kitchen cabinets

 

 

12,338,627

 

 

8,738,323

 

 5

-

10

years

 

Carpets

 

 

8,802,831

 

 

7,621,292

 

 5

-

10

years

 

Air conditioning

 

 

641,079

 

 

690,535

 

 5

-

10

years

 

Laundry equipment

 

 

263,275

 

 

269,784

 

 5

-

 7

years

 

Elevators

 

 

1,139,296

 

 
1,139,296

 

20

-

40

years

 

Swimming pools

 

 

444,629

 

 
444,629

 

10

-

30

years

 

Equipment

 

 

11,163,864

 

 

10,029,639

 

 5

-

30

years

 

Motor vehicles

 

 

216,260

 

 

237,954

 

 

 

 5

years

 

Fences

 

 

37,465

 

 

37,465

 

 5

-

15

years

 

Furniture and fixtures

 

 

9,390,021

 

 

8,127,100

 

 5

-

 7

years

 

Smoke alarms

 

 

582,471

 

 

174,059

 

 5

-

 7

years

 

Total fixed assets

 

 

311,951,597

 

 

263,659,293

 

 

 

 

 

 

Less: Accumulated depreciation

 

 
(104,797,803)

 

 
(94,196,482)

 

 

 

 

 

 

 

 

$

207,153,794

 

$

169,462,811

 

 

 

 

 

 

 

Schedule of real estate and accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial Cost to

 

Capitalized

 

Gross Amount at Which

 

 

 

 

Years

 

 

Property Name

 

Encumbrances

 

Partnerships(1)

 

Subsequent to

 

Carried at Close of Period

 

 

 

 

Built/

 

Depreciable

Type

 

(First

 

 

 

 

Buildings

 

Acquisition(2)

 

 

 

 

Buildings

 

 

 

 

Accumulated

 

Redecorated

 

Lives

Location

   

Mortgages)

   

Land

   

Improvements

   

Improvements

   

Land

   

Improvements

   

Totals

   

Depreciation

   

Date Acquired

   

Years

Boylston Downtown L.P. Residential Apartments Boston, Massachusetts

  

$

39,049,572

  

$

2,112,000

  

$

8,593,109

  

$

8,836,077

  

$

2,112,000

  

$

17,429,186

  

$

19,541,186

  

$

11,977,004

  

July 1995

  

(3)

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

 

$

2,501,972

 

$

684,000

 

$

3,116,000

 

$

432,022

 

$

684,000

 

$

3,548,022

 

$

4,232,022

 

$

2,174,123

 

Oct. 2000

 

(3)

Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire

 

$

4,160,000

 

$

177,610

 

$

1,478,359

 

$

1,701,168

 

$

177,610

 

$

3,179,527

 

$

3,357,137

 

$

2,250,924

 

Sept. 1977

 

(3)

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

 

$

3,750,000

 

$

342,000

 

$

1,367,669

 

$

1,196,072

 

$

342,000

 

$

2,563,741

 

$

2,905,741

 

$

1,765,386

 

July 1995

 

(3)

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

 

$

14,780,000

 

$

1,410,000

 

$

5,664,816

 

$

3,924,962

 

$

1,410,000

 

$

9,589,778

 

$

10,999,778

 

$

5,954,341

 

July 1995

 

(3)

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

 

$

2,415,000

 

$

91,400

 

$

740,360

 

$

1,286,060

 

$

91,400

 

$

2,026,420

 

$

2,117,820

 

$

1,225,043

 

Sept. 1977

 

(3)

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

 

$

4,460,057

 

$

1,341,737

 

$

8,457,497

 

$

159,257

 

$

1,341,737

 

$

8,616,754

 

$

9,958,491

 

$

2,314,831

 

Jun. 2011

 

(3)

Hamilton Cypress LLC Commercial - 1031 Exchange Brookline, Massachusetts

 

$

 —

 

$

2,362,596

 

$

4,613,985

 

$

249,024

 

$

2,362,596

 

$

4,863,009

 

$

7,225,605

 

$

1,470,530

 

Oct. 2008

 

(3)

Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts

 

$

36,555,470

 

$

16,054,336

 

$

44,794,438

 

$

581,025

 

$

16,054,336

 

$

45,375,463

 

$

61,429,799

 

$

15,460,634

 

Jul. 2013

 

(3)

Hamilton Linewt LLC Commercial - 1031 Exchange Newton, Massachusetts

 

$

 —

 

$

884,042

 

$

2,652,127

 

$

138,904

 

$

884,042

 

$

2,791,031

 

$

3,675,073

 

$

706,988

 

Nov. 2007

 

(3)

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

 

$

11,925,000

 

$

2,175,000

 

$

12,325,000

 

$

3,281,817

 

$

2,175,000

 

$

15,606,817

 

$

17,781,817

 

$

9,876,116

 

Dec. 1999

 

(3)

Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts

 

$

1,050,000

 

$

156,000

 

$

634,085

 

$

274,024

 

$

156,000

 

$

908,109

 

$

1,064,109

 

$

647,937

 

Dec. 1996

 

(3)

Linhart L.P.  Residential / Commercial Newton, Massachusetts

 

$

 —

 

$

385,000

 

$

1,540,000

 

$

1,585,649

 

$

385,000

 

$

3,125,649

 

$

3,510,649

 

$

2,245,989

 

Jan. 1995

 

(3)

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

 

$

5,687,000

 

$

1,512,000

 

$

5,701,480

 

$

1,086,013

 

$

1,512,000

 

$

6,787,493

 

$

8,299,493

 

$

3,702,802

 

Jun. 2002

 

(3)

North Beacon 140 L.P. Residential Apartments Boston, Massachusetts

 

$

6,937,000

 

$

936,000

 

$

3,762,013

 

$

2,350,856

 

$

936,000

 

$

6,112,869

 

$

7,048,869

 

$

4,279,547

 

July 1995

 

(3)

Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts

 

$

3,080,000

 

$

46,181

 

$

878,323

 

$

1,026,852

 

$

46,181

 

$

1,905,175

 

$

1,951,356

 

$

1,289,709

 

Sept. 1977

 

(3)

Redwood Hills L.P. Residential Apartments Worcester, Massachusetts

 

$

6,743,000

 

$

1,200,000

 

$

4,810,604

 

$

3,946,412

 

$

1,200,000

 

$

8,757,016

 

$

9,957,016

 

$

5,547,278

 

July 1995

 

(3)

Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts

 

$

20,071,000

 

$

6,247,153

 

$

24,954,777

 

$

825,028

 

$

6,247,153

 

$

25,779,805

 

$

32,026,958

 

$

3,149,707

 

Sept. 2015

 

(3)

River Drive L.P. Residential Apartments Danvers, Massachusetts

 

$

3,465,000

 

$

72,525

 

$

587,777

 

$

1,033,453

 

$

72,525

 

$

1,621,230

 

$

1,693,755

 

$

840,124

 

Sept. 1977

 

(3)

Riverside Apartments Condominium Units Massachusetts

 

$

 —

 

$

23,346

 

$

190,807

 

$

77,051

 

$

23,346

 

$

267,858

 

$

291,204

 

$

223,822

 

Sept. 1977

 

(3)

School St Assoc LLC Residential Apartments Framingham, Massachusetts

 

$

14,549,604

 

$

4,686,728

 

$

18,746,911

 

$

(346,294)

 

$

4,686,728

 

$

18,400,617

 

$

23,087,345

 

$

9,487,028

 

Apr. 2003

 

(3)

WRF Associates LLC
Strip Mall Framingham, Massachusetts

 

$

6,000,000

 

$

3,280,000

 

$

4,920,000

 

$

82,460

 

$

3,280,000

 

$

5,002,460

 

$

8,282,460

 

$

3,070,591

 

May 1999

 

(3)

WCB Associates LLC Residential Apartments Brockton, Massachusetts

 

$

7,000,000

 

$

1,335,000

 

$

7,565,501

 

$

2,342,341

 

$

1,335,000

 

$

9,907,842

 

$

11,242,842

 

$

6,109,227

 

Dec. 1999

 

(3)

Westate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts

 

$

2,500,000

 

$

44,965

 

$

4,478,687

 

$

225,772

 

$

44,965

 

$

4,704,459

 

$

4,749,424

 

$

2,325,390

 

Sept. 2004

 

(3)

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

 

$

15,700,000

 

$

461,300

 

$

2,424,636

 

$

7,149,052

 

$

417,107

 

$

9,573,688

 

$

9,990,795

 

$

5,681,385

 

Sept. 1977

 

(3)

Woodland Park Apartments LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newton, Massachusetts

 

$

22,250,000

 

$

9,114,334

 

$

35,874,994

 

$

541,522

 

$

9,114,334

 

$

36,416,516

 

$

45,530,850

 

$

1,021,349

 

July 2017

 

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

234,629,675

 

$

57,135,253

 

$

210,873,955

 

$

43,986,579

 

$

57,091,060

 

$

254,860,534

 

$

311,951,597

 

$

104,797,803

 

 

 

 

(1)

The initial cost to the Partnerships represents both the balance of mortgages assumed in September 1977, including subsequent adjustments to such amounts, and subsequent acquisitions at cost.

(2)

Net of retirements.

(3) In 2017, rental properties were depreciated over the following estimated useful lives:

 

 

 

 

 

 

 

Assets

    

Life

 

Buildings and Improvements

 

10

-

40

years

 

Other Categories of Assets

 

5

-

15

years

 

 

Schedule of reconciliation of rental properties and accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

    

2017

    

2016

    

2015

 

Rental Properties

 

 

 

 

 

 

 

 

 

 

Balance, Beginning

 

$

263,659,293

 

$

261,276,898

 

$

225,021,946

 

Additions:

 

 

 

 

 

 

 

 

 

 

Buildings, improvements and other assets

 

 

50,784,476

 

 

5,163,081

 

 

37,895,926

 

 

 

 

314,443,769

 

 

266,439,979

 

 

262,917,872

 

Deduct:

 

 

 

 

 

 

 

 

 

 

Write-offs of retired or disposed assets

 

 

2,492,172

 

 

2,112,142

 

 

1,640,974

 

Rental properties held for sale and/or sold

 

 

 

 

 

668,544

 

 

 —

 

Balance, Ending

 

$

311,951,597

 

$

263,659,293

 

$

261,276,898

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

Balance, Beginning

 

$
94,196,482

 

$
84,579,584

 

$

75,905,862

 

Add:

 

 

 

 

 

 

 

 

 

 

Depreciation for the year

 

 
13,093,493

 

 
11,729,039

 

 

10,314,696

 

 

 

 

107,289,975

 

 

96,308,623

 

 

86,220,558

 

Deduct

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation of retired or disposed assets

 

 
2,492,172

 

 
2,112,141

 

 

1,640,974

 

Balance, Ending

 

$

104,797,803

 

$

94,196,482

 

$

84,579,584