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RENTAL PROPERTIES | 12 Months Ended
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Dec. 31, 2015
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of December 31, 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 December 31, 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 December 31, 2015 with a total of 788 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. Rental properties consist of the following:
|  | December 31, 2015 |  | December 31, 2014 |  | Useful Life |
Land, improvements and parking lots |  | $ | 52,852,877 |  | $ | 44,541,471 |  | 15 | - | 40 |  | years |
Buildings and improvements |  |  | 172,277,299 |  |  | 153,059,430 |  | 15 | - | 40 |  | years |
Kitchen cabinets |  |  | 8,493,696 |  |  | 6,865,348 |  | 5 | - | 10 |  | years |
Carpets |  |  | 7,361,966 |  |  | 6,341,227 |  | 5 | - | 10 |  | years |
Air conditioning |  |  | 718,531 |  |  | 705,116 |  | 5 | - | 10 |  | years |
Laundry equipment |  |  | 244,771 |  |  | 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 |  |  | 9,502,977 |  |  | 5,491,992 |  | 5 | - | 7 |  | years |
Motor vehicles |  |  | 130,563 |  |  | 130,563 |  |  |  | 5 |  | years |
Fences |  |  | 38,115 |  |  | 24,670 |  | 5 | - | 15 |  | years |
Furniture and fixtures |  |  | 7,855,351 |  |  | 5,910,046 |  | 5 | - | 7 |  | years |
Smoke alarms |  |  | 216,827 |  |  | 220,437 |  | 5 | - | 7 |  | years |
Total fixed assets |  |  | 261,276,898 |  |  | 225,021,946 |  |  |  |  |  |  |
Less: Accumulated depreciation |  |  | (84,579,584) |  |  | (75,905,862) |  |  |  |  |  |  |
|  | $ | 176,697,314 |  | $ | 149,116,084 |  |  |  |  |  |  |
Real estate and accumulated depreciation as of December 31, 2015 is:
|  |  |  |  |  |  |  |  |  |  | Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Initial Cost to |  | Capitalized |  | Gross Amount at Which |  |  |  |  |  |
|  | Encumbrances |  | Partnerships(1) |  | Subsequent to |  | Carried at Close of Period |  |  |  |  |  |
|  | (First |  |  |  |  | Buildings |  | Acquisition(2) |  |  |  |  | Buildings |  |  |  |  | Accumulated |  |  |
|  | Mortgages) |  | Land |  | Improvements |  | Improvements |  | Land |  | Improvements |  | Totals |  | Depreciation(3) |  | Date Acquired |
Boylston Downtown L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston, Massachusetts |  | $ | 40,000,000 |  | $ | 2,112,000 |  | $ | 8,593,109 |  | $ | 8,192,079 |  | $ | 2,112,000 |  | $ | 16,785,188 |  | $ | 18,897,188 |  | $ | 10,755,089 |  | July 1995 |
Brookside Associates LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Woburn, Massachusetts |  | $ | 2,598,337 |  | $ | 684,000 |  | $ | 3,116,000 |  | $ | 432,302 |  | $ | 684,000 |  | $ | 3,548,302 |  | $ | 4,232,302 |  | $ | 1,945,022 |  | Oct. 2000 |
Clovelly Apartments L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nashua, New Hampshire |  | $ | 4,160,000 |  | $ | 177,610 |  | $ | 1,478,359 |  | $ | 1,689,128 |  | $ | 177,610 |  | $ | 3,167,487 |  | $ | 3,345,097 |  | $ | 2,154,856 |  | Sept. 1977 |
Commonwealth 1137 L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston, Massachusetts |  | $ | 3,750,000 |  | $ | 342,000 |  | $ | 1,367,669 |  | $ | 1,196,696 |  | $ | 342,000 |  | $ | 2,564,365 |  | $ | 2,906,365 |  | $ | 1,532,004 |  | July 1995 |
Commonwealth 1144 L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston, Massachusetts |  | $ | 14,780,000 |  | $ | 1,410,000 |  | $ | 5,664,816 |  | $ | 2,207,782 |  | $ | 1,410,000 |  | $ | 7,872,598 |  | $ | 9,282,598 |  | $ | 5,199,814 |  | July 1995 |
Executive Apartments L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Framingham, Massachusetts |  | $ | 2,415,000 |  | $ | 91,400 |  | $ | 740,360 |  | $ | 1,226,670 |  | $ | 91,400 |  | $ | 1,967,030 |  | $ | 2,058,430 |  | $ | 1,062,137 |  | Sept. 1977 |
Hamilton Battle Green LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lexington, Massachusetts |  | $ | 4,649,132 |  | $ | 1,341,737 |  | $ | 8,457,497 |  | $ | 170,445 |  | $ | 1,341,737 |  | $ | 8,627,942 |  | $ | 9,969,679 |  | $ | 1,823,135 |  | Jun. 2011 |
Hamilton Cypress LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1031Exchange Brookline, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  | $ | — |  | $ | 2,362,596 |  | $ | 4,613,985 |  | $ | 259,375 |  | $ | 2,362,596 |  | $ | 4,873,360 |  | $ | 7,235,956 |  | $ | 1,085,242 |  | Oct. 2008 |
Hamilton Green |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apartments, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Andover, Massachusetts |  | $ | 38,500,000 |  | $ | 16,054,336 |  | $ | 44,794,438 |  | $ | 748,572 |  | $ | 16,054,336 |  | $ | 45,543,010 |  | $ | 61,597,346 |  | $ | 8,395,786 |  | Jul. 2013 |
Hamilton Linewt LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1031Exchange Newton, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  | $ | — |  | $ | 884,042 |  | $ | 2,652,127 |  | $ | 62,608 |  | $ | 884,042 |  | $ | 2,714,735 |  | $ | 3,598,777 |  | $ | 564,048 |  | Nov. 2007 |
Hamilton Oaks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brockton, Massachusetts |  | $ | 11,925,000 |  | $ | 2,175,000 |  | $ | 12,325,000 |  | $ | 2,574,848 |  | $ | 2,175,000 |  | $ | 14,899,848 |  | $ | 17,074,848 |  | $ | 8,580,806 |  | Dec. 1999 |
Highland Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apartments, L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lowell, Massachusetts |  | $ | 1,050,000 |  | $ | 156,000 |  | $ | 634,085 |  | $ | 338,724 |  | $ | 156,000 |  | $ | 972,809 |  | $ | 1,128,809 |  | $ | 635,675 |  | Dec. 1996 |
|  |  |  |  |  |  |  |  |  |  | Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Initial Cost to |  | Capitalized |  | Gross Amount at Which |  |  |  |  |  |
|  | Encumbrances |  | Partnerships(1) |  | Subsequent to |  | Carried at Close of Period |  |  |  |  |  |
|  | (First |  |  |  |  | Buildings |  | Acquisition(2) |  |  |  |  | Buildings |  |  |  |  | Accumulated |  |  |
|  | Mortgages) |  | Land |  | Improvements |  | Improvements |  | Land |  | Improvements |  | Totals |  | Depreciation(3) |  | Date Acquired |
Linhart L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential/Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Newton, Massachusetts |  | $ | — |  | $ | 385,000 |  | $ | 1,540,000 |  | $ | 1,331,870 |  | $ | 385,000 |  | $ | 2,871,870 |  | $ | 3,256,870 |  | $ | 2,047,890 |  | Jan. 1995 |
NERA Dean |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
St. Associates LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Norwood, Massachusetts |  | $ | 5,687,000 |  | $ | 1,512,000 |  | $ | 5,701,480 |  | $ | 961,065 |  | $ | 1,512,000 |  | $ | 6,662,545 |  | $ | 8,174,545 |  | $ | 3,143,032 |  | Jun. 2002 |
North Beacon 140 L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston, Massachusetts |  | $ | 6,937,000 |  | $ | 936,000 |  | $ | 3,762,013 |  | $ | 2,158,122 |  | $ | 936,000 |  | $ | 5,920,135 |  | $ | 6,856,135 |  | $ | 3,743,872 |  | July 1995 |
Olde English |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apartments L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lowell, Massachusetts |  | $ | 3,080,000 |  | $ | 46,181 |  | $ | 878,323 |  | $ | 1,262,126 |  | $ | 46,181 |  | $ | 2,140,449 |  | $ | 2,186,630 |  | $ | 1,386,246 |  | Sept. 1977 |
Redwood Hills L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Worcester, Massachusetts |  | $ | 6,743,000 |  | $ | 1,200,000 |  | $ | 4,810,604 |  | $ | 3,171,266 |  | $ | 1,200,000 |  | $ | 7,981,870 |  | $ | 9,181,870 |  | $ | 4,753,632 |  | July 1995 |
Residences at Captain Parkers LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lexington, Massachusetts |  | $ | — |  | $ | 6,247,153 |  | $ | 24,954,777 |  | $ | 31,201,930 |  | $ | 6,247,153 |  | $ | 24,954,777 |  | $ | 31,201,930 |  | $ | 385,301 |  | Sept. 2015 |
River Drive L.P. Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apartments Danvers, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  | $ | 3,465,000 |  | $ | 72,525 |  | $ | 587,777 |  | $ | 1,130,773 |  | $ | 72,525 |  | $ | 1,718,550 |  | $ | 1,791,075 |  | $ | 847,593 |  | Sept. 1977 |
Riverside Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Condominium Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  | $ | — |  | $ | 23,346 |  | $ | 190,807 |  | $ | 54,973 |  | $ | 23,346 |  | $ | 245,780 |  | $ | 269,126 |  | $ | 205,387 |  | Sept. 1977 |
School St Assoc LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Framingham, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  | $ | 15,000,000 |  | $ | 4,686,728 |  | $ | 18,746,911 |  | $ | (1,254,212) |  | $ | 4,686,728 |  | $ | 17,492,699 |  | $ | 22,179,427 |  | $ | 7,958,005 |  | Apr. 2003 |
WRF Associates LLC Strip |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mall Framingham, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  | $ | 6,000,000 |  | $ | 3,280,000 |  | $ | 4,920,000 |  | $ | 86,445 |  | $ | 3,280,000 |  | $ | 5,006,445 |  | $ | 8,286,445 |  | $ | 2,737,573 |  | May 1999 |
WCB Associates LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brockton, Massachusetts |  | $ | 7,000,000 |  | $ | 1,335,000 |  | $ | 7,565,501 |  | $ | 1,722,213 |  | $ | 1,335,000 |  | $ | 9,287,714 |  | $ | 10,622,714 |  | $ | 5,303,172 |  | Dec. 1999 |
Westate Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Burlington LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Burlington, Massachusetts |  | $ | 2,500,000 |  | $ | 44,965 |  | $ | 4,478,687 |  | $ | 244,281 |  | $ | 44,965 |  | $ | 4,722,968 |  | $ | 4,767,933 |  | $ | 1,984,655 |  | Sept. 2004 |
Westgate Apartments LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Apartments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Woburn, Massachusetts |  | $ | 15,700,000 |  | $ | 461,300 |  | $ | 2,424,636 |  | $ | 8,333,060 |  | $ | 417,107 |  | $ | 10,757,696 |  | $ | 11,174,803 |  | $ | 6,349,611 |  | Sept. 1977 |
|  | $ | 195,939,469 |  | $ | 48,020,919 |  | $ | 174,998,961 |  | $ | 69,503,141 |  | $ | 47,976,726 |  | $ | 213,300,172 |  | $ | 261,276,898 |  | $ | 84,579,584 |  |  |
| (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.
Net of retirements.
| (2) |  |
| (3) |  | In 2015, rental properties were depreciated over the following estimated useful lives:
Assets |  | Life |
Buildings and Improvements |  | 10 | - | 39 | years |
Other Categories of Assets |  | 5 | - | 15 | years |
A reconciliation of rental properties and accumulated depreciation is as follows:
|  | December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Rental Properties |  |  |  |  |  |  |  |  |  |
Balance, Beginning |  | $ | 225,021,946 |  | $ | 221,454,286 |  | $ | 158,624,893 |
Additions: |  |  |  |  |  |  |  |  |  |
Buildings, improvements and other assets |  |  | 37,895,926 |  |  | 5,604,791 |  |  | 65,349,698 |
|  |  | 262,917,872 |  |  | 227,059,077 |  |  | 223,974,591 |
Deduct: |  |  |  |  |  |  |  |  |  |
Write-offs of retired or disposed assets |  |  | 1,640,974 |  |  | 2,037,131 |  |  | 2,505,787 |
Rental properties held for sale and/or sold |  |  | — |  |  | — |  |  | 14,518 |
Balance, Ending |  | $ | 261,276,898 |  | $ | 225,021,946 |  | $ | 221,454,286 |
Accumulated Depreciation |  |  |  |  |  |  |  |  |  |
Balance, Beginning |  | $ | 75,905,862 |  | $ | 68,549,625 |  | $ | 63,651,293 |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation for the year |  |  | 10,314,696 |  |  | 9,393,368 |  |  | 7,404,120 |
|  |  | 86,220,558 |  |  | 77,942,993 |  |  | 71,055,413 |
Deduct |  |  |  |  |  |  |  |  |  |
Accumulated depreciation of retired or disposed assets |  |  | 1,640,974 |  |  | 2,037,131 |  |  | 2,505,788 |
Balance, Ending |  | $ | 84,579,584 |  | $ | 75,905,862 |  | $ | 68,549,625 |
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 has 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 will be 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. 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.

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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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