RENTAL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2020

RENTAL PROPERTIES

Schedule of rental properties

	December 31, 2020		December 31, 2019		Useful Life
Land, improvements and parking lots	$	86,867,393	$	86,693,759	15	-	40	years
Buildings and improvements		253,322,865		252,896,183	15	-	40	years
Kitchen cabinets		17,157,121		17,376,841	5	-	10	years
Carpets		11,146,634		10,976,972	5	-	10	years
Air conditioning		501,697		573,389	5	-	10	years
Laundry equipment		608,271		709,210	5	-	7	years
Elevators		1,885,265		1,885,265	20	-	40	years
Swimming pools		1,092,194		1,092,194	10	-	30	years
Equipment		17,596,043		17,391,731	5	-	30	years
Motor vehicles		211,660		178,847			5	years
Fences		46,872		38,482	5	-	15	years
Furniture and fixtures		7,697,137		8,235,292	5	-	7	years
Smoke alarms		496,641		505,835	5	-	7	years
Total fixed assets		398,629,793		398,554,000
Less: Accumulated depreciation		(134,019,906)		(120,190,012)
	$	264,609,887	$	278,363,988

Schedule of real estate and accumulated depreciation

		2/13/2021					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	$	36,718,252	$	2,112,000	$	8,593,109	$	9,854,811	$	2,268,528	$	18,447,920	$	20,716,448	$	14,573,600	July 1995	(3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts	$	6,175,000	$	684,000	$	3,116,000	$	410,411	$	684,000	$	3,526,411	$	4,210,411	$	2,553,664	Oct. 2000	(3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire	$	4,160,000	$	177,610	$	1,478,359	$	1,623,654	$	177,610	$	3,102,013	$	3,279,623	$	2,408,585	Sept. 1977	(3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts	$	3,750,000	$	342,000	$	1,367,669	$	1,028,517	$	342,000	$	2,396,186	$	2,738,186	$	1,962,058	July 1995	(3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts	$	14,780,000	$	1,410,000	$	5,664,816	$	4,216,314	$	1,410,000	$	9,881,130	$	11,291,130	$	7,080,447	July 1995	(3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts	$	2,415,000	$	91,400	$	740,360	$	1,433,566	$	91,400	$	2,173,926	$	2,265,326	$	1,452,365	Sept. 1977	(3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts	$	4,139,001	$	1,341,737	$	8,457,497	$	99,234	$	1,341,737	$	8,556,731	$	9,898,468	$	3,308,558	Jun. 2011	(3)
Hamilton Cypress LLC Commercial- 1031 Exchange Brookline,Massachusetts	$	—	$	2,362,596	$	4,613,985	$	(3,066)	$	2,362,596	$	4,610,919	$	6,973,515	$	1,575,736	Oct. 2008	(3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts	$	34,525,332	$	16,054,336	$	44,794,438	$	(8,407,249)	$	16,054,336	$	36,387,189	$	52,441,525	$	12,108,718	Jul. 2013	(3)
Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts	$	20,293,723	$	6,815,522	$	27,262,087		610,019		6,815,522		27,872,106		34,687,628		4,700,854	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	$	915,144	Nov. 2007	(3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts	$	11,925,000	$	2,175,000	$	12,325,000	$	3,796,076	$	2,175,000	$	16,121,076	$	18,296,076	$	11,851,707	Dec. 1999	(3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts	$	1,050,000	$	156,000	$	634,085	$	347,107	$	156,000	$	981,192	$	1,137,192	$	730,034	Dec. 1996	(3)
Linhart L.P. Residential / Commercial Newton,Massachusetts	$	—	$	385,000	$	1,540,000	$	1,637,532	$	385,000	$	3,177,532	$	3,562,532	$	2,607,882	Jan. 1995	(3)
Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts	$	31,000,000	$	9,798,478	$	43,568,912		2,603,900		9,798,478		46,172,812		55,971,290		2,945,578	Dec. 2019	(3)
Mill Street Development,Woburn, Massachusetts	$	—	$	1,375,000	$	1,125,000		17,280		1,375,000		1,142,280		2,517,280		42,150	Dec. 2019	(3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts	$	5,687,000	$	1,512,000	$	5,701,480	$	1,148,594	$	1,512,000	$	6,850,074	$	8,362,074	$	4,544,786	Jun. 2002	(3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts	$	6,937,000	$	936,000	$	3,762,013	$	2,524,593	$	936,000	$	6,286,606	$	7,222,606	$	5,174,097	July 1995	(3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts	$	3,080,000	$	46,181	$	878,323	$	980,124	$	46,181	$	1,858,447	$	1,904,628	$	1,348,781	Sept. 1977	(3)
Redwood Hills L.P. Residential Apartments Worcester,Massachusetts	$	6,743,000	$	1,200,000	$	4,810,604	$	4,922,230	$	1,200,000	$	9,732,834	$	10,932,834	$	6,874,442	July 1995	(3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts	$	20,750,000	$	6,247,153	$	24,954,777	$	630,086	$	6,247,153	$	25,584,863	$	31,832,016	$	5,874,896	Sept. 2015	(3)
River Drive L.P Residential Apartments Danvers, Massachusetts	$	3,465,000	$	72,525	$	587,777	$	1,047,213	$	72,525	$	1,634,990	$	1,707,515	$	969,388	Sept. 1977	(3)
Riverside Apartments Condominium Units Watertown Massachustts	$	—	$	23,346	$	190,807	$	122,173	$	23,346	$	312,980	$	336,326	$	253,659	Sept. 1977	(3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts	$	13,662,721	$	4,686,728	$	18,746,911	$	(257,413)	$	4,686,728	$	18,489,498	$	23,176,226	$	11,353,669	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	$	3,568,520	May 1999	(3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts	$	7,000,000	$	1,335,000	$	7,565,501	$	2,347,295	$	1,335,000	$	9,912,796	$	11,247,796	$	7,340,602	Dec. 1999	(3)
Westate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts	$	2,500,000	$	44,965	$	4,478,687	$	279,767	$	44,965	$	4,758,454	$	4,803,419	$	2,864,555	Sept. 2004	(3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts	$	15,700,000	$	461,300	$	2,424,636	$	6,314,899	$	461,300	$	8,739,535	$	9,200,835	$	5,726,798	Sept. 1977	(3)
Woodland Park Apartments LLC Residential Apartments Newton Massachusetts	$	22,250,000	$	9,114,334	$	35,874,994	$	984,437	$	9,114,334	$	36,859,431	$	45,973,765	$	7,308,633	July 2017	(3)
	$	284,789,713	$	75,124,253	$	282,829,954	$	40,519,055	$	75,280,781	$	323,349,009	$	398,629,793	$	134,019,906

(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 2020, 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,
	2020		2019		2018
Rental Properties
Balance, Beginning	$	398,554,000	$	337,902,411	$	311,951,597
Additions:
Buildings, improvements and other assets		3,240,408		62,267,137		38,160,379
		401,794,408		400,169,548		350,111,976
Deduct:
Write-offs of retired or disposed assets		3,164,615		1,615,548		12,209,565
Rental properties held for sale and/or sold
Balance, Ending	$	398,629,793	$	398,554,000	$	337,902,411
Accumulated Depreciation
Balance, Beginning	$	120,190,012	$	107,391,148	$	104,797,803
Add:
Depreciation for the year		16,994,509		14,414,411		14,802,911
		137,184,521		121,805,559		119,600,714
Deduct
Accumulated depreciation of retired or disposed assets		3,164,615		1,615,547		12,209,566
Balance, Ending	$	134,019,906	$	120,190,012	$	107,391,148