RENTAL PROPERTIES

3 Months Ended

Mar. 31, 2025

RENTAL PROPERTIES.

RENTAL PROPERTIES

NOTE 2. RENTAL PROPERTIES

As of March 31, 2025, the Partnership and its Subsidiary Partnerships owned 2,943 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 March 31, 2025, the Partnership and Subsidiary Partnerships owned two commercial shopping centers in Framingham, commercial buildings in Newton and Brookline and commercial space in mixed-use properties in Boston, Brockton and Newton, all in Massachusetts. 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 March 31, 2025 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments.

In December, 2023, the Partnership received approval from MassHousing to construct a 72 unit apartment building in accordance with Chapter 40B to include 17 affordable units on the Mill Street Development site. In order to initiate construction, the Partnership demolished the existing building structures and started construction in January 2024. In order to comply with the permanent financing requirements for a 40B project, Mill Street Development signed a term sheet for a loan of up to $15 million, to be funded upon completion of the development project. In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project. Total construction costs for the project are expected to be approximately $30,000,000, with construction completion anticipated during the fourth quarter of 2025.

On December 29, 2023, the Partnership signed a contract with a general contractor, NEI General Contracting, Inc., for the construction of the Mill Street Development project for approximately $29,700,000. The current contract value including change orders is approximately $30.3 million. It is anticipated that approximately $15,300,000 will be incurred in 2025. As of March 31, 2025, the property, located at 57 Mill Street in Woburn, MA, and which will include 72 residential units comprising approximately 93,000 square feet, is estimated to be completed during the fourth quarter of 2025. Total investment to date is approximately $23,195,000 million, and the total investment upon completion is anticipated to be approximately $33 million, including soft costs, imputed interest, and taxes. Project costs will initially be funded from Partnership reserves, but upon completion, the Partnership anticipates closing on a permanent loan, as required by MassHousing under the Chapter 40B program. In connection with these requirements, the Partnership received a term sheet from Brookline Bank for a $15,000,000 loan to be funded upon completion of the project.

Rental properties consist of the following:

	March 31, 2025		December 31, 2024		Useful Life
Land, improvements and parking lots	$	101,397,349	$	101,397,349	15	-	40	years
Buildings and improvements		280,080,887		279,272,215	15	-	40	years
Construction in progress		23,194,891		16,758,245			N/A
Kitchen cabinets		14,457,979		14,187,702	5	-	10	years
Carpets		14,840,793		14,545,300	5	-	10	years
Air conditioning		500,000		500,000	5	-	10	years
Laundry equipment		475,931		475,931	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		22,140,100		21,911,223	5	-	30	years
Motor vehicles		236,697		236,697			5	years
Fences		101,506		101,506	5	-	15	years
Furniture and fixtures		9,352,755		9,047,454	5	-	7	years
Total fixed assets		469,754,757		461,409,491
Less: Accumulated depreciation		(186,757,051)		(182,892,842)
	$	282,997,706	$	278,516,649