RENTAL PROPERTIES

9 Months Ended

Sep. 30, 2023

RENTAL PROPERTIES

RENTAL PROPERTIES

NOTE 2. RENTAL PROPERTIES

As of September 30, 2023, the Partnership and its Subsidiary Partnerships owned 2,944 residential apartment units in 27 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts.

Additionally, as of September 30, 2023, the Partnership and Subsidiary Partnerships owned two commercial shopping centers in Framingham and commercial buildings in Newton and Brookline. These properties are referred to collectively as the “Commercial Properties.”

The Partnership also owned a 40% to 50% ownership interest in seven residential and mixed use complexes (the “Investment Properties”) at September 30, 2023 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments.

The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000 on January 18, 2023. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000.

On July 14, 2023, the partnership purchased a 52 unit mixed use property in the South End neighborhood of Boston, MA comprised of three buildings at 26-30 Rutland Street, 105-117 West Concord Street and 475 Shawmut Avenue, and approximately 3,400 square feet of commercial space for a purchase price of approximately $27,500,000. This acquisition was funded from the Partnership's cash reserves and closing costs were approximately $81,000.

Rental properties consist of the following:

	September 30, 2023		December 31, 2022		Useful Life
Land, improvements and parking lots	$	98,563,951	$	87,405,897	15	-	40	years
Buildings and improvements		278,781,377		256,035,191	15	-	40	years
Kitchen cabinets		16,894,050		14,347,212	5	-	10	years
Carpets		13,984,498		12,047,573	5	-	10	years
Air conditioning		501,697		501,697	5	-	10	years
Laundry equipment		563,160		553,140	5	-	7	years
Elevators		1,885,265		1,885,265	20	-	40	years
Swimming pools		1,090,604		1,090,604	10	-	30	years
Equipment		20,951,525		18,716,758	5	-	30	years
Motor vehicles		232,954		171,519			5	years
Fences		77,620		46,872	5	-	15	years
Furniture and fixtures		9,953,085		7,902,182	5	-	7	years
Total fixed assets		443,479,786		400,703,910
Less: Accumulated depreciation		(171,180,209)		(159,627,479)
	$	272,299,577	$	241,076,431