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RENTAL PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2024
RENTAL PROPERTIES.  
Schedule of rental properties

    

December 31, 2024

    

December 31, 2023

    

Useful Life

 

Land, improvements and parking lots

$

101,397,349

$

99,162,143

15

-

40

years

Buildings and improvements

 

279,272,215

 

276,167,618

15

-

40

years

Construction in Progress

16,758,245

1,818,716

Kitchen cabinets

 

14,187,702

 

16,137,828

5

-

10

years

Carpets

 

14,545,300

 

13,127,838

5

-

10

years

Air conditioning

 

500,000

 

500,000

5

-

10

years

Laundry equipment

 

475,931

 

568,716

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

 

21,911,223

 

21,348,556

5

-

30

years

Motor vehicles

 

236,697

 

232,954

5

years

Fences

 

101,506

 

91,620

5

-

15

years

Furniture and fixtures

 

9,047,454

 

8,365,039

5

-

7

years

Total fixed assets

 

461,409,491

 

440,496,897

Less: Accumulated depreciation

 

(182,892,842)

 

(170,691,951)

$

278,516,649

$

269,804,946

Schedule of real estate and accumulated depreciation

NEED 12/31/24 F/A SCHEDULE ADDNS / DELETIONS

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

  

$

33,145,648

  

$

2,112,000

  

$

8,593,109

  

$

10,131,924

  

$

2,268,528

  

$

18,725,033

  

$

20,993,561

  

$

16,208,085

  

July 1995

  

(3)

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

$

6,175,000

$

684,000

$

3,116,000

$

992,711

$

684,000

$

4,108,711

$

4,792,711

$

3,123,514

Oct. 2000

(3)

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

$

11,214,000

$

177,610

$

1,478,359

$

1,706,318

$

177,610

$

3,184,677

$

3,362,287

$

2,570,878

Sept. 1977

(3)

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

$

5,440,000

$

342,000

$

1,367,669

$

966,750

$

342,000

$

2,334,419

$

2,676,419

$

2,040,060

July 1995

(3)

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

$

32,325,000

$

1,410,000

$

5,664,816

$

7,376,561

$

1,410,000

$

13,041,377

$

14,451,377

$

8,213,836

July 1995

(3)

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

$

8,190,000

$

91,400

$

740,360

$

3,160,364

$

91,400

$

3,900,724

$

3,992,124

$

1,780,436

Sept. 1977

(3)

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

$

3,629,770

$

1,341,737

$

8,457,497

$

214,659

$

1,341,737

$

8,672,156

$

10,013,893

$

4,722,614

Jun. 2011

(3)

Hamilton Cypress LLC Commercial- 1031 Exchange Brookline,Massachusetts

$

$

2,362,795

$

4,613,786

$

396,087

$

2,362,795

$

5,009,873

$

7,372,668

$

2,114,943

Oct. 2008

(3)

Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts

$

31,336,828

$

15,413,457

$

45,435,317

$

(7,956,599)

$

15,413,457

$

37,478,718

$

52,892,174

$

18,445,291

Jul. 2013

(3)

Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts

$

18,970,055

$

7,973,547

$

26,104,062

$

(2,314,505)

7,973,547

$

23,789,557

$

31,763,105

7,184,396

Mar. 2018

(3)

Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts

$

$

984,522

$

2,551,647

$

225,807

$

984,522

$

2,777,454

$

3,761,976

$

1,205,077

Nov. 2007

(3)

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

$

26,666,000

$

2,245,236

$

12,254,764

$

7,290,908

$

2,245,236

$

19,545,672

$

21,790,908

$

14,856,258

Dec. 1999

(3)

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

$

3,960,000

$

156,000

$

634,085

$

470,131

$

156,000

$

1,104,216

$

1,260,216

$

901,683

Dec. 1996

(3)

Linhart L.P. Residential / Commercial, Newton, Massachusetts

$

$

385,000

$

1,540,000

$

1,916,402

$

385,000

$

3,456,402

$

3,841,402

$

2,814,097

Jan. 1995

(3)

Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts

$

31,000,000

$

12,689,705

$

40,677,685

$

3,132,843

12,689,705

$

43,810,528

$

56,500,232

14,596,138

Dec. 2019

(3)

Mill Street Development,Woburn, Massachusetts

$

$

1,376,031

$

1,123,969

$

14,631,473

1,376,031

$

15,755,442

$

17,131,474

Dec. 2019

(3)

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

$

10,322,000

$

1,516,015

$

5,697,465

$

1,929,626

$

1,516,015

$

7,627,091

$

9,143,105

$

5,738,167

Jun. 2002

(3)

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

$

12,683,000

$

1,200,620

$

3,497,393

$

2,379,430

$

1,200,620

$

5,876,823

$

7,077,444

$

5,732,234

July 1995

(3)

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

$

9,608,000

$

77,454

$

847,050

$

1,320,693

$

77,454

$

2,167,743

$

2,245,198

$

1,616,847

Sept. 1977

(3)

Redwood Hills L.P. Residential Apartments Worcester,Massachusetts

$

17,105,000

$

1,278,412

$

4,732,192

$

6,620,483

$

1,278,412

$

11,352,675

$

12,631,087

$

8,539,907

July 1995

(3)

Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts

$

20,750,000

$

7,755,055

$

23,446,875

$

401,218

$

7,755,055

$

23,848,093

$

31,603,148

$

8,855,972

Sept. 2015

(3)

River Drive L.P Residential Apartments Danvers, Massachusetts

$

9,543,000

$

109,697

$

550,605

$

2,563,250

$

109,697

$

3,113,855

$

3,223,552

$

1,299,071

Sept. 1977

(3)

Riverside Apartments Condominium Units Watertown Massachustts

$

$

23,346

$

190,807

$

164,214

$

23,346

$

355,021

$

378,368

$

315,084

Sept. 1977

(3)

School St Assoc LLC Residential Apartments Framingham, Massachusetts

$

26,993,000

$

4,686,728

$

18,746,911

$

686,148

$

4,686,728

$

19,433,059

$

24,119,787

$

14,213,187

Apr. 2003

(3)

WRF Associates LLC
Strip Mall Framingham, Massachusetts

$

5,935,643

$

3,280,000

$

4,920,000

$

521,762

$

3,280,000

$

5,441,762

$

8,721,762

$

4,322,108

May 1999

(3)

WCB Associates LLC Residential Apartments Brockton, Massachusetts

$

19,266,000

$

1,719,517

$

7,180,984

$

3,588,269

$

1,719,517

$

10,769,253

$

12,488,769

$

8,900,504

Dec. 1999

(3)

Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts

$

4,494,000

$

191,275

$

4,332,377

$

335,604

$

191,275

$

4,667,981

$

4,859,256

$

3,582,655

Sept. 2004

(3)

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

$

38,475,000

$

521,495

$

2,364,441

$

7,264,671

$

521,495

$

9,629,112

$

10,150,607

$

6,686,894

Sept. 1977

(3)

Woodland Park Apartments LLC Residential Apartments Newton Massachusetts

$

21,378,432

$

11,754,450

$

33,234,878

$

(3,242,049)

$

11,754,450

$

29,992,829

$

41,747,280

$

9,638,270

July 2017

(3)

653 Worcester Rd, Framingham,Massachusetts

$

3,415,051

4,496,849

1,218,488

3,415,051

5,715,337

9,130,389

883,250

Jan.2023

(3)

Shawmut Place LLC Boston, Massachuseyys

$

7,297,401

12,249,725

7,746,086

7,297,401

19,995,811

27,293,212

1,791,386

July.2023

(3)

$

408,605,376

$

94,571,556

$

290,841,677

$

75,839,727

$

94,728,084

$

366,681,404

$

461,409,491

$

182,892,842

(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 2024, 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,

  

    

2024

    

2023

    

2022

  

Rental Properties

Balance, Beginning

    

$

440,496,897

    

$

400,703,910

    

$

400,588,242

Additions:

Buildings, improvements and other assets

 

10,314,913

 

43,680,497

 

5,981,125

Construction in Progress

14,939,529

1,818,716

 

465,751,339

 

446,203,123

406,569,367

Deduct:

Write-offs of retired or disposed assets

 

4,341,848

 

4,580,382

 

5,865,457

Impairments

 

 

1,125,844

 

Balance, Ending

$

461,409,491

$

440,496,897

$

400,703,910

Accumulated Depreciation

Balance, Beginning

$

170,691,951

$

159,627,479

$

149,233,040

Add:

Depreciation for the year

 

16,542,739

 

15,799,589

 

16,259,896

 

187,234,690

 

175,427,068

165,492,936

Deduct

Accumulated depreciation of retired or disposed assets

 

4,341,848

 

4,580,382

 

5,865,457

Impairments

154,735

Balance, Ending

$

182,892,842

$

170,691,951

$

159,627,479