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RENTAL PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2018
RENTAL PROPERTIES  
Schedule of rental properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 2018

    

December 31, 2017

    

Useful Life

 

Land, improvements and parking lots

 

$
72,547,547

 

$
65,087,214

 

15

-

40

years

 

Buildings and improvements

 

 
221,697,939

 

 
201,844,565

 

15

-

40

years

 

Kitchen cabinets

 

 
12,134,519

 

 
12,338,627

 

 5

-

10

years

 

Carpets

 

 
7,591,591

 

 
8,802,831

 

 5

-

10

years

 

Air conditioning

 

 
603,149

 

 
641,079

 

 5

-

10

years

 

Laundry equipment

 

 
327,643

 

 
263,275

 

 5

-

 7

years

 

Elevators

 

 
1,839,590

 

 
1,139,296

 

20

-

40

years

 

Swimming pools

 

 
444,629

 

 
444,629

 

10

-

30

years

 

Equipment

 

 
12,919,389

 

 
11,163,864

 

 5

-

30

years

 

Motor vehicles

 

 
216,260

 

 
216,260

 

 

 

 5

years

 

Fences

 

 
38,213

 

 
37,465

 

 5

-

15

years

 

Furniture and fixtures

 

 
7,013,845

 

 
9,390,021

 

 5

-

 7

years

 

Smoke alarms

 

 
528,097

 

 
582,471

 

 5

-

 7

years

 

Total fixed assets

 

 
337,902,411

 

 
311,951,597

 

 

 

 

 

 

Less: Accumulated depreciation

 

 
(107,391,148)

 

 
(104,797,803)

 

 

 

 

 

 

 

 

$
230,511,263

 

$
207,153,794

 

 

 

 

 

 

 

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

  

$

38,303,055

  

$

2,112,000

  

$

8,593,109

  

$

9,092,105

  

$

2,112,000

  

$

17,685,214

  

$

19,797,214

  

$

12,755,764

  

July 1995

  

(3)

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

 

$

2,449,146

 

$

684,000

 

$

3,116,000

 

$

432,470

 

$

684,000

 

$

3,548,470

 

$

4,232,470

 

$

2,303,052

 

Oct. 2000

 

(3)

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

 

$

4,160,000

 

$

177,610

 

$

1,478,359

 

$

1,643,458

 

$

177,610

 

$

3,121,817

 

$

3,299,427

 

$

2,289,823

 

Sept. 1977

 

(3)

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

 

$

3,750,000

 

$

342,000

 

$

1,367,669

 

$

1,151,109

 

$

342,000

 

$

2,518,778

 

$

2,860,778

 

$

1,872,703

 

July 1995

 

(3)

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

 

$

14,780,000

 

$

1,410,000

 

$

5,664,816

 

$

4,016,797

 

$

1,410,000

 

$

9,681,613

 

$

11,091,613

 

$

6,313,509

 

July 1995

 

(3)

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

 

$

2,415,000

 

$

91,400

 

$

740,360

 

$

1,361,625

 

$

91,400

 

$

2,101,985

 

$

2,193,385

 

$

1,304,598

 

Sept. 1977

 

(3)

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

 

$

4,358,279

 

$

1,341,737

 

$

8,457,497

 

$

135,799

 

$

1,341,737

 

$

8,593,296

 

$

9,935,033

 

$

2,635,081

 

Jun. 2011

 

(3)

Hamilton Cypress LLC  Commercial- 1031  Exchange Brookline, Massachusetts

 

$

 —

 

$

2,362,596

 

$

4,613,985

 

$

36,319

 

$

2,362,596

 

$

4,650,304

 

$

7,012,900

 

$

1,423,342

 

Oct. 2008

 

(3)

Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts

 

$

35,910,042

 

$

16,054,336

 

$

44,794,438

 

$

(8,265,823)

 

$

16,054,336

 

$

36,528,615

 

$

52,582,951

 

$

9,142,815

 

Jul. 2013

 

(3)

Hamilton Highlands, LLC Residential  Apartments Needham, Massachusetts

 

$

20,829,315

 

 

6,815,522

 

 

27,262,087

 

 

302,384

 

 

6,815,522

 

 

27,564,471

 

 

34,379,993

 

 

1,248,735

 

Mar. 2018

 

(3)

Hamilton Linewt LLC Commercial 1031  Exchange Newton, Massachusetts

 

$

 —

 

$

884,042

 

$

2,652,127

 

$

138,904

 

$

884,042

 

$

2,791,031

 

$

3,675,073

 

$

780,407

 

Nov. 2007

 

(3)

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

 

$

11,925,000

 

$

2,175,000

 

$

12,325,000

 

$

3,316,818

 

$

2,175,000

 

$

15,641,818

 

$

17,816,818

 

$

10,333,004

 

Dec. 1999

 

(3)

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

 

$

1,050,000

 

$

156,000

 

$

634,085

 

$

344,651

 

$

156,000

 

$

978,736

 

$

1,134,736

 

$

662,712

 

Dec. 1996

 

(3)

Linhart L.P.  Residential / Commercial  Newton, Massachusetts

 

$

 —

 

$

385,000

 

$

1,540,000

 

$

1,608,452

 

$

385,000

 

$

3,148,452

 

$

3,533,452

 

$

2,364,279

 

Jan. 1995

 

(3)

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

 

$

5,687,000

 

$

1,512,000

 

$

5,701,480

 

$

1,077,782

 

$

1,512,000

 

$

6,779,262

 

$

8,291,262

 

$

3,963,672

 

Jun. 2002

 

(3)

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

 

$

6,937,000

 

$

936,000

 

$

3,762,013

 

$

2,385,904

 

$

936,000

 

$

6,147,917

 

$

7,083,917

 

$

4,568,754

 

July 1995

 

(3)

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

 

$

3,080,000

 

$

46,181

 

$

878,323

 

$

951,975

 

$

46,181

 

$

1,830,298

 

$

1,876,479

 

$

1,275,870

 

Sept. 1977

 

(3)

Redwood Hills L.P. Residential Apartments Worcester, Massachusetts

 

$

6,743,000

 

$

1,200,000

 

$

4,810,604

 

$

4,582,731

 

$

1,200,000

 

$

9,393,335

 

$

10,593,335

 

$

6,018,415

 

July 1995

 

(3)

Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts

 

$

20,071,000

 

$

6,247,153

 

$

24,954,777

 

$

1,136,881

 

$

6,247,153

 

$

26,091,658

 

$

32,338,811

 

$

4,591,926

 

Sept. 2015

 

(3)

River Drive L.P Residential Apartments Danvers, Massachusetts

 

$

3,465,000

 

$

72,525

 

$

587,777

 

$

978,012

 

$

72,525

 

$

1,565,789

 

$

1,638,314

 

$

841,906

 

Sept. 1977

 

(3)

Riverside Apartments  Condominium Units Watertown Massachusetts

 

$

 —

 

$

23,346

 

$

190,807

 

$

89,693

 

$

23,346

 

$

280,500

 

$

303,846

 

$

236,775

 

Sept. 1977

 

(3)

School St Associates LLC Residential Apartments Framingham, Massachusetts

 

$

14,264,674

 

$

4,686,728

 

$

18,746,911

 

$

(591,809)

 

$

4,686,728

 

$

18,155,102

 

$

22,841,830

 

$

9,786,476

 

Apr. 2003

 

(3)

WRF Associates LLC
Strip Mall  Framingham, Massachusetts

 

$

6,083,683

 

$

3,280,000

 

$

4,920,000

 

$

72,337

 

$

3,280,000

 

$

4,992,337

 

$

8,272,337

 

$

3,230,828

 

May 1999

 

(3)

WCB Associates LLC Residential Apartments Brockton, Massachusetts

 

$

7,000,000

 

$

1,335,000

 

$

7,565,501

 

$

2,420,595

 

$

1,335,000

 

$

9,986,096

 

$

11,321,096

 

$

6,567,275

 

Dec. 1999

 

(3)

Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts

 

$

2,500,000

 

$

44,965

 

$

4,478,687

 

$

247,604

 

$

44,965

 

$

4,726,291

 

$

4,771,256

 

$

2,503,776

 

Sept. 2004

 

(3)

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

 

$

15,700,000

 

$

461,300

 

$

2,424,636

 

$

6,378,400

 

$

461,300

 

$

8,803,036

 

$

9,264,336

 

$

5,277,436

 

Sept. 1977

 

(3)

Woodland Park Apartments LLC Residential Apartments Newton Massachusetts

 

$

22,250,000

 

$

9,114,334

 

$

35,874,994

 

$

770,418

 

$

9,114,334

 

$

36,645,412

 

$

45,759,746

 

$

3,098,215

 

July 2017

 

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

253,711,194

 

$

63,950,775

 

$

238,136,042

 

$

35,815,591

 

$

63,950,775

 

$

273,951,633

 

$

337,902,411

 

$

107,391,148

 

 

 

 

(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 2018, 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,

  

 

    

2018

    

2017

    

2016

  

Rental Properties

 

 

 

 

 

 

 

 

 

 

Balance, Beginning

    

$

311,951,597

    

$

263,659,293

    

$

261,276,898

 

Additions:

 

 

 

 

 

 

 

 

 

 

Buildings, improvements and other assets

 

 

38,160,379

 

 

50,784,476

 

 

5,163,081

 

 

 

 

350,111,976

 

 

314,443,769

 

 

266,439,979

 

Deduct:

 

 

 

 

 

 

 

 

 

 

Write-offs of retired or disposed assets

 

 

12,209,565

 

 

2,492,172

 

 

2,112,142

 

Rental properties held for sale and/or sold

 

 

 

 

 

 

 

 

668,544

 

Balance, Ending

 

$

337,902,411

 

$

311,951,597

 

$

263,659,293

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

Balance, Beginning

 

$
104,797,803

 

$
94,196,482

 

$
84,579,584

 

Add:

 

 

 

 

 

 

 

 

 

 

Depreciation for the year

 

 
14,802,911

 

 
13,093,493

 

 
11,729,039

 

 

 

 

119,600,714

 

 

107,289,975

 

 

96,308,623

 

Deduct

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation of retired or disposed assets

 

 
12,209,566

 

 
2,492,172

 

 
2,112,141

 

Balance, Ending

 

$

107,391,148

 

$

104,797,803

 

$

94,196,482