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RENTAL PROPERTIES | 3 Months Ended
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Mar. 31, 2013
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of March 31, 2013, the Partnership and its Subsidiary Partnerships owned 2,251 residential apartment units in 20 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, 2013, the Partnership and its Subsidiary Partnerships owned a commercial shopping center in Framingham, commercial buildings in Newton and Brookline and 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 nine residential and mixed use complexes (the “Investment Properties”) at March 31, 2013 with a total of 798 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. Rental properties consist of the following:
|  | March 31, 2013 |  | December 31, 2012 |  | Useful Life |
Land, improvements and parking lots |  | $ | 27,782,939 |  | $ | 27,743,726 |  | 15—40 years |
Buildings and improvements |  | 119,520,197 |  | 118,739,283 |  | 15—40 years |
Kitchen cabinets |  | 3,746,148 |  | 3,544,868 |  | 5—10 years |
Carpets |  | 3,313,859 |  | 3,218,975 |  | 5—10 years |
Air conditioning |  | 746,043 |  | 746,043 |  | 5—10 years |
Laundry equipment |  | 378,806 |  | 378,806 |  | 5—7 years |
Elevators |  | 1,139,296 |  | 1,139,296 |  | 20-40 years |
Swimming pools |  | 235,242 |  | 235,242 |  | 10-30 years |
Equipment |  | 1,593,094 |  | 1,529,904 |  | 5—7 years |
Motor vehicles |  | 101,657 |  | 101,657 |  | 5 years |
Fences |  | 22,445 |  | 22,445 |  | 5—15 years |
Furniture and fixtures |  | 1,046,409 |  | 1,031,348 |  | 5—7 years |
Smoke alarms |  | 193,298 |  | 193,298 |  | 5—7 years |
Total fixed assets |  | 159,819,433 |  | 158,624,893 |  |  |
Less: Accumulated depreciation |  | (65,063,095 | ) | (63,651,293 | ) |  |
|  | $ | 94,756,338 |  | $ | 94,973,600 |  |  |
On April 8, 2013, the Partnership entered into a purchase and sales agreement to sell the Nashoba Apartments in Acton, Massachusetts. As of March 31, 2013, the book value of the property at Nashoba Apartments is $475,237, which is included as Property Held for Sale in the consolidated balance sheets. The total sales price is $4,300,000. The closing date is expected to occur in May 2013. The Partnership’s net proceeds from the sale of Nashoba will be approximately $2,150,000 and the gain on the sale will be approximately $3,830,000.

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- Definition This element represents the entire disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount as of the balance sheet date. + References No definition available. + Details
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- Details
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