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RENTAL PROPERTIES | 9 Months Ended
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Sep. 30, 2015
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of September 30, 2015, the Partnership and its Subsidiary Partnerships owned 2,506 residential apartment units in 21 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, 2015, 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, 2015 with a total of 789 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. On September 18, 2015, Residences at Captain Parkers LLC, a newly formed subsidiary of the Partnership, purchased the Residence at Captain Parkers, a 94 unit apartment complex located at 125 Worthen Road and Ryder Lane in Lexington, Massachusetts. The purchase price was $31,600,000 and the closing costs were approximately $49,000. From the purchase price, the Partnership allocated approximately $474,000 for in-place leases, and approximately $31,000 to the value of tenant relationships. These amounts are being amortized over 12 and 24 months respectively. To fund the purchase, the Partnership utilized the available line of credit of $25,000,000, and the balance from the Partnership’s cash reserves. Rental properties consist of the following:
|  | September 30, 2015 |  | December 31, 2014 |  | Useful Life |
Land, improvements and parking lots |  | $ | 51,713,843 |  | $ | 44,541,471 |  | 15 | - | 40 | years |
Buildings and improvements |  |  | 173,749,025 |  |  | 153,059,430 |  | 15 | - | 40 | years |
Kitchen cabinets |  |  | 8,983,374 |  |  | 6,865,348 |  | 5 | - | 10 | years |
Carpets |  |  | 8,437,321 |  |  | 6,341,227 |  | 5 | - | 10 | years |
Air conditioning |  |  | 772,080 |  |  | 705,116 |  | 5 | - | 10 | years |
Laundry equipment |  |  | 236,283 |  |  | 147,721 |  | 5 | - | 7 | years |
Elevators |  |  | 1,139,296 |  |  | 1,139,296 |  | 20 | - | 40 | years |
Swimming pools |  |  | 444,629 |  |  | 444,629 |  | 10 | - | 30 | years |
Equipment |  |  | 6,265,714 |  |  | 5,491,992 |  | 5 | - | 7 | years |
Motor vehicles |  |  | 130,859 |  |  | 130,563 |  |  |  | 5 | years |
Fences |  |  | 38,635 |  |  | 24,670 |  | 5 | - | 15 | years |
Furniture and fixtures |  |  | 8,705,137 |  |  | 5,910,046 |  | 5 | - | 7 | years |
Smoke alarms |  |  | 220,437 |  |  | 220,437 |  | 5 | - | 7 | years |
Total fixed assets |  |  | 260,836,633 |  |  | 225,021,946 |  |  |  |  |  |
Less: Accumulated depreciation |  |  | (83,334,950) |  |  | (75,905,862) |  |  |  |  |  |
|  | $ | 177,501,683 |  | $ | 149,116,084 |  |  |  |  |  |

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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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- References No definition available. + Details
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