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RENTAL PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2019
RENTAL PROPERTIES  
Schedule of rental properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 2019

    

December 31, 2018

    

Useful Life

 

Land, improvements and parking lots

 

$
86,693,759

 

$
72,547,547

 

15

-

40

years

 

Buildings and improvements

 

 
252,896,183

 

 
221,697,939

 

15

-

40

years

 

Kitchen cabinets

 

 
17,376,841

 

 
12,134,519

 

 5

-

10

years

 

Carpets

 

 
10,976,972

 

 
7,591,591

 

 5

-

10

years

 

Air conditioning

 

 
573,389

 

 
603,149

 

 5

-

10

years

 

Laundry equipment

 

 
709,210

 

 
327,643

 

 5

-

 7

years

 

Elevators

 

 
1,885,265

 

 
1,839,590

 

20

-

40

years

 

Swimming pools

 

 
1,092,194

 

 
444,629

 

10

-

30

years

 

Equipment

 

 
17,391,731

 

 
12,919,389

 

 5

-

30

years

 

Motor vehicles

 

 
178,847

 

 
216,260

 

 

 

 5

years

 

Fences

 

 
38,482

 

 
38,213

 

 5

-

15

years

 

Furniture and fixtures

 

 
8,235,292

 

 
7,013,845

 

 5

-

 7

years

 

Smoke alarms

 

 
505,835

 

 
528,097

 

 5

-

 7

years

 

Total fixed assets

 

 
398,554,000

 

 
337,902,411

 

 

 

 

 

 

Less: Accumulated depreciation

 

 
(120,190,012)

 

 
(107,391,148)

 

 

 

 

 

 

 

 

$
278,363,988

 

$
230,511,263

 

 

 

 

 

 

 

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

  

$

37,526,355

  

$

2,112,000

  

$

8,593,109

  

$

9,472,008

  

$

2,112,000

  

$

18,065,117

  

$

20,177,117

  

$

13,711,733

  

July 1995

  

(3)

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

 

$

2,393,123

 

$

684,000

 

$

3,116,000

 

$

434,650

 

$

684,000

 

$

3,550,650

 

$

4,234,650

 

$

2,437,790

 

Oct. 2000

 

(3)

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

 

$

4,160,000

 

$

177,610

 

$

1,478,359

 

$

1,630,368

 

$

177,610

 

$

3,108,727

 

$

3,286,337

 

$

2,343,274

 

Sept. 1977

 

(3)

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

 

$

3,750,000

 

$

342,000

 

$

1,367,669

 

$

1,032,076

 

$

342,000

 

$

2,399,745

 

$

2,741,745

 

$

1,881,160

 

July 1995

 

(3)

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

 

$

14,780,000

 

$

1,410,000

 

$

5,664,816

 

$

4,080,451

 

$

1,410,000

 

$

9,745,267

 

$

11,155,267

 

$

6,793,741

 

July 1995

 

(3)

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

 

$

2,415,000

 

$

91,400

 

$

740,360

 

$

1,455,692

 

$

91,400

 

$

2,196,052

 

$

2,287,452

 

$

1,416,671

 

Sept. 1977

 

(3)

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

 

$

4,251,347

 

$

1,341,737

 

$

8,457,497

 

$

137,011

 

$

1,341,737

 

$

8,594,508

 

$

9,936,245

 

$

2,993,941

 

Jun. 2011

 

(3)

Hamilton Cypress LLC  Commercial- 1031  Exchange Brookline,Massachusetts

 

$

 —

 

$

2,362,596

 

$

4,613,985

 

$

(15,711)

 

$

2,362,596

 

$

4,598,274

 

$

6,960,870

 

$

1,436,449

 

Oct. 2008

 

(3)

Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts

 

$

35,233,819

 

$

16,054,336

 

$

44,794,438

 

$

(8,468,758)

 

$

16,054,336

 

$

36,325,680

 

$

52,380,016

 

$

10,519,175

 

Jul. 2013

 

(3)

Hamilton Highlands, LLC Residential  Apartments  Needham,Massachsetts

 

$

20,570,836

 

 

6,815,522

 

 

27,262,087

 

 

483,597

 

 

6,815,522

 

 

27,745,684

 

 

34,561,206

 

 

2,961,729

 

Mar. 2018

 

(3)

Hamilton Linewt LLC Commercial 1031  Exchange Newton,Massachusetts

 

$

 —

 

$

884,042

 

$

2,652,127

 

$

134,614

 

$

884,042

 

$

2,786,741

 

$

3,670,783

 

$

842,583

 

Nov. 2007

 

(3)

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

 

$

11,925,000

 

$

2,175,000

 

$

12,325,000

 

$

3,690,689

 

$

2,175,000

 

$

16,015,689

 

$

18,190,689

 

$

11,136,328

 

Dec. 1999

 

(3)

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

 

$

1,050,000

 

$

156,000

 

$

634,085

 

$

346,681

 

$

156,000

 

$

980,766

 

$

1,136,766

 

$

699,783

 

Dec. 1996

 

(3)

Linhart L.P.  Residential / Commercial  Newton,Massachusetts

 

$

 —

 

$

385,000

 

$

1,540,000

 

$

1,613,782

 

$

385,000

 

$

3,153,782

 

$

3,538,782

 

$

2,493,281

 

Jan. 1995

 

(3)

Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts

 

$

31,000,000

 

 

9,798,478

 

 

43,568,912

 

 

2,500,000

 

 

9,798,478

 

 

46,068,912

 

 

55,867,390

 

 

84,419

 

Dec. 2019

 

(3)

Mill Street Development,Woburn, Massachusetts

 

 

 —

 

 

1,375,000

 

 

1,125,000

 

 

1,875

 

 

1,375,000

 

 

1,126,875

 

 

2,501,875

 

 

1,211

 

Dec. 2019

 

(3)

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

 

$

5,687,000

 

$

1,512,000

 

$

5,701,480

 

$

1,144,138

 

$

1,512,000

 

$

6,845,618

 

$

8,357,618

 

$

4,280,075

 

Jun. 2002

 

(3)

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

 

$

6,937,000

 

$

936,000

 

$

3,762,013

 

$

2,516,151

 

$

936,000

 

$

6,278,164

 

$

7,214,164

 

$

4,899,010

 

July 1995

 

(3)

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

 

$

3,080,000

 

$

46,181

 

$

878,323

 

$

926,901

 

$

46,181

 

$

1,805,224

 

$

1,851,405

 

$

1,286,893

 

Sept. 1977

 

(3)

Redwood Hills L.P. Residential Apartments Worcester,Massachusetts

 

$

6,743,000

 

$

1,200,000

 

$

4,810,604

 

$

4,787,863

 

$

1,200,000

 

$

9,598,467

 

$

10,798,467

 

$

6,443,200

 

July 1995

 

(3)

Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts

 

$

20,750,000

 

$

6,247,153

 

$

24,954,777

 

$

2,015,170

 

$

6,247,153

 

$

26,969,947

 

$

33,217,100

 

$

6,071,499

 

Sept. 2015

 

(3)

River Drive L.P Residential Apartments Danvers, Massachusetts

 

$

3,465,000

 

$

72,525

 

$

587,777

 

$

1,032,211

 

$

72,525

 

$

1,619,988

 

$

1,692,513

 

$

913,256

 

Sept. 1977

 

(3)

Riverside Apartments  Condominium Units Watertown Massachustts

 

$

 —

 

$

23,346

 

$

190,807

 

$

96,682

 

$

23,346

 

$

287,489

 

$

310,835

 

$

248,364

 

Sept. 1977

 

(3)

School St Assoc LLC Residential Apartments Framingham, Massachusetts

 

$

13,968,691

 

$

4,686,728

 

$

18,746,911

 

$

(369,769)

 

$

4,686,728

 

$

18,377,142

 

$

23,063,870

 

$

10,582,758

 

Apr. 2003

 

(3)

WRF Associates LLC
Strip Mall  Framingham, Massachusetts

 

$

6,083,684

 

$

3,280,000

 

$

4,920,000

 

$

72,337

 

$

3,280,000

 

$

4,992,337

 

$

8,272,337

 

$

3,399,768

 

May 1999

 

(3)

WCB Associates LLC Residential Apartments Brockton, Massachusetts

 

$

7,000,000

 

$

1,335,000

 

$

7,565,501

 

$

2,493,490

 

$

1,335,000

 

$

10,058,991

 

$

11,393,991

 

$

7,064,497

 

Dec. 1999

 

(3)

Westate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts

 

$

2,500,000

 

$

44,965

 

$

4,478,687

 

$

269,798

 

$

44,965

 

$

4,748,485

 

$

4,793,450

 

$

2,686,999

 

Sept. 2004

 

(3)

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

 

$

15,700,000

 

$

461,300

 

$

2,424,636

 

$

6,201,555

 

$

461,300

 

$

8,626,191

 

$

9,087,491

 

$

5,366,389

 

Sept. 1977

 

(3)

Woodland Park Apartments LLC Residential Apartments Newton Massachusetts

 

$

22,250,000

 

$

9,114,334

 

$

35,874,994

 

$

884,238

 

$

9,114,334

 

$

36,759,232

 

$

45,873,566

 

$

5,194,036

 

July 2017

 

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

283,219,855

 

$

75,124,253

 

$

282,829,954

 

$

40,599,790

 

$

75,124,253

 

$

323,429,744

 

$

398,554,000

 

$

120,190,012

 

 

 

 

(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 2019, 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,

  

 

    

2019

    

2018

    

2017

  

Rental Properties

 

 

 

 

 

 

 

 

 

 

Balance, Beginning

    

$

337,902,411

    

$

311,951,597

    

$

263,659,293

 

Additions:

 

 

 

 

 

 

 

 

 

 

Buildings, improvements and other assets

 

 

62,267,137

 

 

38,160,379

 

 

50,784,476

 

 

 

 

400,169,548

 

 

350,111,976

 

 

314,443,769

 

Deduct:

 

 

 

 

 

 

 

 

 

 

Write-offs of retired or disposed assets

 

 

1,615,548

 

 

12,209,565

 

 

2,492,172

 

Rental properties held for sale and/or sold

 

 

 

 

 

 

 

 

 

 

Balance, Ending

 

$

398,554,000

 

$

337,902,411

 

$

311,951,597

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

Balance, Beginning

 

$
107,391,148

 

$
104,797,803

 

$
94,196,482

 

Add:

 

 

 

 

 

 

 

 

 

 

Depreciation for the year

 

 
14,414,411

 

 
14,802,911

 

 
13,093,493

 

 

 

 

121,805,559

 

 

119,600,714

 

 

107,289,975

 

Deduct

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation of retired or disposed assets

 

 
1,615,547

 

 
12,209,566

 

 
2,492,172

 

Balance, Ending

 

$

120,190,012

 

$

107,391,148

 

$

104,797,803