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.