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RENTAL PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2023
RENTAL PROPERTIES  
Schedule of rental properties

    

December 31, 2023

    

December 31, 2022

    

Useful Life

 

Land, improvements and parking lots

$

99,162,143

$

87,405,897

15

-

40

years

Buildings and improvements

 

277,986,334

 

256,035,191

15

-

40

years

Kitchen cabinets

 

16,137,828

 

14,347,212

5

-

10

years

Carpets

 

13,127,838

 

12,047,573

5

-

10

years

Air conditioning

 

500,000

 

501,697

5

-

10

years

Laundry equipment

 

568,716

 

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

 

21,348,556

 

18,716,758

5

-

30

years

Motor vehicles

 

232,954

 

171,519

5

years

Fences

 

91,620

 

46,872

5

-

15

years

Furniture and fixtures

 

8,365,039

 

7,902,182

5

-

7

years

Total fixed assets

 

440,496,897

 

400,703,910

Less: Accumulated depreciation

 

(170,691,951)

 

(159,627,479)

$

269,804,946

$

241,076,431

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

  

$

34,092,579

  

$

2,112,000

  

$

8,593,109

  

$

10,184,183

  

$

2,268,528

  

$

18,777,292

  

$

21,045,820

  

$

15,996,297

  

July 1995

  

(3)

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

$

6,175,000

$

684,000

$

3,116,000

$

542,225

$

684,000

$

3,658,225

$

4,342,225

$

2,951,648

Oct. 2000

(3)

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

$

11,214,000

$

177,610

$

1,478,359

$

1,641,894

$

177,610

$

3,120,253

$

3,297,863

$

2,490,061

Sept. 1977

(3)

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

$

5,440,000

$

342,000

$

1,367,669

$

1,051,069

$

342,000

$

2,418,738

$

2,760,738

$

2,104,872

July 1995

(3)

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

$

32,325,000

$

1,410,000

$

5,664,816

$

6,629,860

$

1,410,000

$

12,294,676

$

13,704,676

$

8,163,969

July 1995

(3)

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

$

8,190,000

$

91,400

$

740,360

$

1,578,382

$

91,400

$

2,318,742

$

2,410,142

$

1,650,112

Sept. 1977

(3)

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

$

3,766,660

$

1,341,737

$

8,457,497

$

144,819

$

1,341,737

$

8,602,316

$

9,944,053

$

4,361,558

Jun. 2011

(3)

Hamilton Cypress LLC Commercial 1031 Exchange Brookline, Massachusetts

$

$

2,362,596

$

4,613,985

$

38,233

$

2,362,596

$

4,652,218

$

7,014,814

$

1,990,947

Oct. 2008

(3)

Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts

$

32,190,519

$

16,054,336

$

44,794,438

$

(8,068,975)

$

16,054,336

$

36,725,463

$

52,779,799

$

16,828,423

Jul. 2013

(3)

Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts

$

19,437,587

$

6,815,522

$

27,262,087

$

(2,215,754)

6,815,522

$

25,046,333

$

31,861,855

6,292,999

Mar. 2018

(3)

Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts

$

$

884,042

$

2,652,127

$

134,615

$

884,042

$

2,786,742

$

3,670,784

$

1,132,827

Nov. 2007

(3)

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

$

26,666,000

$

2,175,000

$

12,325,000

$

6,595,768

$

2,175,000

$

18,920,768

$

21,095,768

$

13,931,561

Dec. 1999

(3)

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

$

3,960,000

$

156,000

$

634,085

$

423,539

$

156,000

$

1,057,624

$

1,213,624

$

860,541

Dec. 1996

(3)

Linhart L.P. Residential / Commercial Newton,Massachusetts

$

$

385,000

$

1,540,000

$

2,057,202

$

385,000

$

3,597,202

$

3,982,202

$

2,897,449

Jan. 1995

(3)

Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts

$

31,000,000

$

9,798,478

$

43,568,912

$

2,981,885

9,798,478

$

46,550,797

$

56,349,275

11,673,659

Dec. 2019

(3)

Mill Street Development,Woburn, Massachusetts

$

$

1,375,000

$

1,125,000

$

(599,087)

1,375,000

$

525,913

$

1,900,913

Dec. 2019

(3)

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

$

10,322,000

$

1,512,000

$

5,701,480

$

1,595,198

$

1,512,000

$

7,296,678

$

8,808,678

$

5,390,982

Jun. 2002

(3)

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

$

12,683,000

$

936,000

$

3,762,013

$

2,379,219

$

936,000

$

6,141,232

$

7,077,232

$

5,653,863

July 1995

(3)

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

$

9,608,000

$

46,181

$

878,323

$

1,289,156

$

46,181

$

2,167,479

$

2,213,660

$

1,548,529

Sept. 1977

(3)

Redwood Hills L.P. Residential Apartments Worcester,Massachusetts

$

17,105,000

$

1,200,000

$

4,810,604

$

5,821,846

$

1,200,000

$

10,632,450

$

11,832,450

$

8,159,479

July 1995

(3)

Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts

$

20,750,000

$

6,247,153

$

24,954,777

$

(74,870)

$

6,247,153

$

24,879,907

$

31,127,060

$

8,148,830

Sept. 2015

(3)

River Drive L.P Residential Apartments Danvers, Massachusetts

$

9,543,000

$

72,525

$

587,777

$

1,693,812

$

72,525

$

2,281,589

$

2,354,114

$

1,195,277

Sept. 1977

(3)

Riverside Apartments Condominium Units Watertown Massachustts

$

$

23,346

$

190,807

$

151,971

$

23,346

$

342,778

$

366,124

$

299,913

Sept. 1977

(3)

School St Assoc LLC Residential Apartments Framingham, Massachusetts

$

26,993,000

$

4,686,728

$

18,746,911

$

457,122

$

4,686,728

$

19,204,033

$

23,890,761

$

13,393,356

Apr. 2003

(3)

WRF Associates LLC Strip Mall Framingham, Massachusetts

$

5,954,546

$

3,280,000

$

4,920,000

$

490,262

$

3,280,000

$

5,410,262

$

8,690,262

$

4,101,814

May 1999

(3)

WCB Associates LLC Residential Apartments Brockton, Massachusetts

$

19,266,000

$

1,335,000

$

7,565,501

$

3,250,982

$

1,335,000

$

10,816,483

$

12,151,483

$

8,461,934

Dec. 1999

(3)

Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts

$

4,494,000

$

44,965

$

4,478,687

$

322,345

$

44,965

$

4,801,032

$

4,845,997

$

3,402,530

Sept. 2004

(3)

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

$

38,475,000

$

461,300

$

2,424,636

$

6,702,223

$

461,300

$

9,126,859

$

9,588,159

$

6,280,115

Sept. 1977

(3)

Woodland Park Apartments LLC Residential Apartments Newton Massachusetts

$

21,788,650

$

9,114,334

$

35,874,994

$

(1,161,715)

$

9,114,334

$

34,713,279

$

43,827,613

$

10,321,309

July 2017

(3)

653 Worcester Rd Commercial Framingham, Massachusetts

$

3,415,051

4,496,849

1,187,232

3,415,051

5,684,081

9,099,132

429,322

Jan.2023

(3)

Shawmut Place LLC, Residential Apartments Boston, Massachusetts

$

7,297,401

12,249,725

7,702,495

7,297,401

19,952,220

27,249,621

577,775

July.2023

(3)

$

411,439,541

$

85,836,705

$

299,576,528

$

54,927,136

$

85,993,233

$

354,503,664

$

440,496,897

$

170,691,951

(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 2023, 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,

  

    

2023

    

2022

    

2021

  

Rental Properties

Balance, Beginning

    

$

400,703,910

    

$

400,588,242

    

$

398,629,793

Additions:

Buildings, improvements and other assets

 

45,499,213

 

5,981,125

 

3,317,445

 

446,203,123

 

406,569,367

401,947,238

Deduct:

Write-offs of retired or disposed assets

 

4,580,382

 

5,865,457

 

1,358,996

Impairments

 

1,125,844

 

 

Balance, Ending

$

440,496,897

$

400,703,910

$

400,588,242

Accumulated Depreciation

Balance, Beginning

$

159,627,479

$

149,233,040

$

134,019,906

Add:

Depreciation for the year

 

15,799,589

 

16,259,896

 

16,572,131

 

175,427,068

 

165,492,936

150,592,037

Deduct

Accumulated depreciation of retired or disposed assets

 

4,580,382

 

5,865,457

 

1,358,997

Impairments

154,735

Balance, Ending

$

170,691,951

$

159,627,479

$

149,233,040