XML 40 R29.htm IDEA: XBRL DOCUMENT

RENTAL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022


	December 31, 2022		December 31, 2021		Useful Life
Land, improvements and parking lots	$	87,405,897	$	86,887,276	15	-	40	years
Buildings and improvements		256,035,191		253,952,680	15	-	40	years
Kitchen cabinets		14,347,212		16,946,916	5	-	10	years
Carpets		12,047,573		12,029,577	5	-	10	years
Air conditioning		501,697		501,697	5	-	10	years
Laundry equipment		553,140		608,271	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		18,716,758		18,072,761	5	-	30	years
Motor vehicles		171,519		171,519			5	years
Fences		46,872		46,872	5	-	15	years
Furniture and fixtures		7,902,182		7,898,163	5	-	7	years
Smoke alarms		-		496,641	5	-	7	years
Total fixed assets		400,703,910		400,588,242
Less: Accumulated depreciation		(159,627,479)		(149,233,040)
	$	241,076,431	$	251,355,202

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	$	35,002,712	$	2,112,000	$	8,593,109	$	10,017,430	$	2,268,528	$	18,610,539	$	20,879,067	$	15,677,522	July 1995	(3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts	$	6,175,000	$	684,000	$	3,116,000	$	474,538	$	684,000	$	3,590,538	$	4,274,538	$	2,809,689	Oct. 2000	(3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire	$	11,214,000	$	177,610	$	1,478,359	$	1,595,610	$	177,610	$	3,073,969	$	3,251,579	$	2,484,683	Sept. 1977	(3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts	$	5,440,000	$	342,000	$	1,367,669	$	987,302	$	342,000	$	2,354,971	$	2,696,971	$	2,090,340	July 1995	(3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts	$	32,325,000	$	1,410,000	$	5,664,816	$	4,757,194	$	1,410,000	$	10,422,010	$	11,832,010	$	7,974,356	July 1995	(3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts	$	8,190,000	$	91,400	$	740,360	$	1,446,236	$	91,400	$	2,186,596	$	2,277,996	$	1,519,164	Sept. 1977	(3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts	$	3,896,953	$	1,341,737	$	8,457,497	$	135,440	$	1,341,737	$	8,592,937	$	9,934,674	$	4,010,934	Jun. 2011	(3)
Hamilton Cypress LLC Commercial- 1031 Exchange Brookline,Massachusetts	$	—	$	2,362,596	$	4,613,985	$	19,392	$	2,362,596	$	4,633,377	$	6,995,973	$	1,854,782	Oct. 2008	(3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts	$	33,005,333	$	16,054,336	$	44,794,438	$	(8,244,684)	$	16,054,336	$	36,549,754	$	52,604,090	$	15,240,165	Jul. 2013	(3)
Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts	$	19,870,995	$	6,815,522	$	27,262,087		843,216		6,815,522	$	28,105,303	$	34,920,825		8,228,990	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	$	1,060,266	Nov. 2007	(3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts	$	26,666,000	$	2,175,000	$	12,325,000	$	5,013,492	$	2,175,000	$	17,338,492	$	19,513,492	$	13,158,563	Dec. 1999	(3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts	$	3,960,000	$	156,000	$	634,085	$	401,763	$	156,000	$	1,035,848	$	1,191,848	$	811,257	Dec. 1996	(3)
Linhart L.P. Residential / Commercial Newton,Massachusetts	$	—	$	385,000	$	1,540,000	$	1,855,862	$	385,000	$	3,395,862	$	3,780,862	$	2,867,700	Jan. 1995	(3)
Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts	$	31,000,000	$	9,798,478	$	43,568,912		2,835,600		9,798,478	$	46,404,512	$	56,202,990		8,739,788	Dec. 2019	(3)
Mill Street Development,Woburn, Massachusetts	$	—	$	1,375,000	$	1,125,000		268,580		1,375,000	$	1,393,580	$	2,768,580		124,030	Dec. 2019	(3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts	$	10,322,000	$	1,512,000	$	5,701,480	$	1,319,949	$	1,512,000	$	7,021,429	$	8,533,429	$	5,075,486	Jun. 2002	(3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts	$	12,683,000	$	936,000	$	3,762,013	$	2,426,416	$	936,000	$	6,188,429	$	7,124,429	$	5,610,496	July 1995	(3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts	$	9,608,000	$	46,181	$	878,323	$	1,264,410	$	46,181	$	2,142,733	$	2,188,914	$	1,470,935	Sept. 1977	(3)
Redwood Hills L.P. Residential Apartments Worcester,Massachusetts	$	17,105,000	$	1,200,000	$	4,810,604	$	5,384,946	$	1,200,000	$	10,195,550	$	11,395,550	$	7,768,753	July 1995	(3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts	$	20,750,000	$	6,247,153	$	24,954,777	$	77,023	$	6,247,153	$	25,031,800	$	31,278,953	$	7,204,090	Sept. 2015	(3)
River Drive L.P Residential Apartments Danvers, Massachusetts	$	9,543,000	$	72,525	$	587,777	$	1,355,005	$	72,525	$	1,942,782	$	2,015,307	$	1,095,614	Sept. 1977	(3)
Riverside Apartments Condominium Units Watertown Massachustts	$	—	$	23,346	$	190,807	$	146,281	$	23,346	$	337,088	$	360,434	$	284,401	Sept. 1977	(3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts	$	26,993,000	$	4,686,728	$	18,746,911	$	(214,784)	$	4,686,728	$	18,532,127	$	23,218,855	$	12,635,977	Apr. 2003	(3)
WRF Associates LLC Strip Mall Framingham, Massachusetts	$	5,954,546	$	3,280,000	$	4,920,000	$	81,477	$	3,280,000	$	5,001,477	$	8,281,477	$	3,906,943	May 1999	(3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts	$	19,266,000	$	1,335,000	$	7,565,501	$	2,978,648	$	1,335,000	$	10,544,149	$	11,879,149	$	8,059,088	Dec. 1999	(3)
Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts	$	4,494,000	$	44,965	$	4,478,687	$	304,524	$	44,965	$	4,783,211	$	4,828,176	$	3,221,610	Sept. 2004	(3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts	$	38,475,000	$	461,300	$	2,424,636	$	6,284,273	$	461,300	$	8,708,909	$	9,170,209	$	5,933,042	Sept. 1977	(3)
Woodland Park Apartments LLC Residential Apartments Newton Massachusetts	$	22,185,693	$	9,114,334	$	35,874,994	$	(1,356,580)	$	9,114,334	$	34,518,414	$	43,632,748	$	8,708,815	July 2017	(3)

	$	414,125,232	$	75,124,253	$	282,829,954	$	42,593,173	$	75,280,781	$	325,423,127	$	400,703,911	$	159,627,479

(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)	(3) In 2022, rental properties were depreciated over the following estimated useful lives

Schedule of reconciliation of rental properties and accumulated depreciation


	December 31,
	2022		2021		2020
Rental Properties
Balance, Beginning	$	400,588,242	$	398,629,793	$	398,554,000
Additions:
Buildings, improvements and other assets		5,981,125		3,317,445		3,240,408
		406,569,367		401,947,238		401,794,408
Deduct:
Write-offs of retired or disposed assets		5,865,457		1,358,996		3,164,615
Rental properties held for sale and/or sold
Balance, Ending	$	400,703,910	$	400,588,242	$	398,629,793
Accumulated Depreciation
Balance, Beginning	$	149,233,040	$	134,019,906	$	120,190,012
Add:
Depreciation for the year		16,259,896		16,572,131		16,994,509
		165,492,936		150,592,037		137,184,521
Deduct
Accumulated depreciation of retired or disposed assets		5,865,457		1,358,997		3,164,615
Balance, Ending	$	159,627,479	$	149,233,040	$	134,019,906

Assets

Buildings and Improvements

Other Categories of Assets