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RENTAL PROPERTIES - 10Q | 9 Months Ended
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Sep. 30, 2014
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of September 30, 2014, the Partnership and its Subsidiary Partnerships owned 2,412 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 September 30, 2014, the Partnership and 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 September 30, 2014 with a total of 792 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. Rental properties consist of the following:
|  | September 30, 2014 |  | December 31, 2013 |  | Useful Life |
Land, improvements and parking lots |  | $ | 44,300,508 |  | $ | 43,919,728 |  | 15–40 years |
Buildings and improvements |  | 152,926,255 |  | 152,130,635 |  | 15–40 years |
Kitchen cabinets |  | 6,791,528 |  | 5,956,078 |  | 5–10 years |
Carpets |  | 6,601,426 |  | 5,820,516 |  | 5–10 years |
Air conditioning |  | 736,933 |  | 707,928 |  | 5–10 years |
Laundry equipment |  | 422,552 |  | 404,775 |  | 5–7 years |
Elevators |  | 1,139,296 |  | 1,139,296 |  | 20–40 years |
Swimming pools |  | 444,629 |  | 444,629 |  | 10–30 years |
Equipment |  | 5,476,998 |  | 5,038,530 |  | 5–7 years |
Motor vehicles |  | 86,657 |  | 86,657 |  | 5 years |
Fences |  | 24,670 |  | 24,670 |  | 5–15 years |
Furniture and fixtures |  | 5,967,285 |  | 5,564,621 |  | 5–7 years |
Smoke alarms |  | 236,719 |  | 216,223 |  | 5–7 years |
Total fixed assets |  | 225,155,456 |  | 221,454,286 |  |  |
Less: Accumulated depreciation |  | (75,396,430 | ) | (68,549,625 | ) |  |
|  | $ | 149,759,026 |  | $ | 152,904,661 |  |  |
In May 2013 the Partnership sold the Nashoba Apartments located in Acton, Massachusetts. The sale price was $4,300,000; the net proceeds of approximately $2,100,000 were transferred to Investment Property Exchange Services, Inc. a Qualified Intermediary. These funds were held by the intermediary in order to maintain the Partnership’s ability to structure a tax free exchange in accordance with the Internal Revenue Service’s rules under Sec. 1031. The gain on the sale in accordance with GAAP is approximately $3,679,000. The proceeds were subsequently used in the acquisition of the Hamilton Green Apartments described below. On July 15, 2013, Hamilton Green Apartments, LLC, (“Hamilton Green”) a newly formed subsidiary of the Partnership, purchased Windsor Green at Andover, a 193 unit apartment complex located at 311 and 319 Lowell Street, Andover, Massachusetts. The purchase price was $62,500,000. From the purchase price, the Partnership allocated approximately $1,656,000 to the value of the in-place leases and approximately $96,000 to the value of the tenant relationships. These amounts were amortized over 12 and 36 months respectively. To fund this purchase, the Partnership obtained short term financing of approximately $40,000,000, used the funds of approximately $2,100,000 from the sale of the Nashoba Apartments, and the balance from the Partnership’s cash reserves. The closing costs associated with this short term financing were approximately $38,000. The original mortgage matured in November 2013. On December 20, 2013, the Partnership refinanced the mortgage on Hamilton Green. The new 15 year mortgage is $38,500,000; the interest rate is 4.67%; interest only for 2 years. After the first two years, principal is amortized on a 30-year amortization schedule through January 2029. This refinancing required additional capital of approximately $1,846,000 from the Partnership. The closing costs associated with this refinancing were approximately $346,000.

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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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