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RENTAL PROPERTIES | 12 Months Ended
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Dec. 31, 2016
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of December 31, 2016, 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, 2016, 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, 2016 with a total of 774 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, 2016 |  | December 31, 2015 |  | Useful Life |
Land, improvements and parking lots |  | $ | 52,612,929 |  | $ | 52,852,877 |  | 15 | - | 40 | years |
Buildings and improvements |  |  | 173,536,288 |  |  | 172,277,299 |  | 15 | - | 40 | years |
Kitchen cabinets |  |  | 8,738,323 |  |  | 8,493,696 |  | 5 | - | 10 | years |
Carpets |  |  | 7,621,292 |  |  | 7,361,966 |  | 5 | - | 10 | years |
Air conditioning |  |  | 690,535 |  |  | 718,531 |  | 5 | - | 10 | years |
Laundry equipment |  |  | 269,784 |  |  | 244,771 |  | 5 | - | 7 | years |
Elevators |  |  | 1,139,296 |  |  | 1,139,296 |  | 20 | - | 40 | years |
Swimming pools |  |  | 444,629 |  |  | 444,629 |  | 10 | - | 30 | years |
Equipment |  |  | 10,029,639 |  |  | 9,502,977 |  | 5 | - | 30 | years |
Motor vehicles |  |  | 237,954 |  |  | 130,563 |  |  |  | 5 | years |
Fences |  |  | 37,465 |  |  | 38,115 |  | 5 | - | 15 | years |
Furniture and fixtures |  |  | 8,127,100 |  |  | 7,855,351 |  | 5 | - | 7 | years |
Smoke alarms |  |  | 174,059 |  |  | 216,827 |  | 5 | - | 7 | years |
Total fixed assets |  |  | 263,659,293 |  |  | 261,276,898 |  |  |  |  |  |
Less: Accumulated depreciation |  |  | (94,196,482) |  |  | (84,579,584) |  |  |  |  |  |
|  | $ | 169,462,811 |  | $ | 176,697,314 |  |  |  |  |  |
Real estate and accumulated depreciation as of December 31, 2016 is:
|  |  |  |  |  |  |  |  |  |  | Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Initial Cost to |  | Capitalized |  | Gross Amount at Which |  |  |  |  | Years |  |
Property Name |  | Encumbrances |  | Partnerships(1) |  | Subsequent to |  | Carried at Close of Period |  |  |  |  | Built/ |  | Depreciable
Type |  | (First |  |  |  |  | Buildings |  | Acquisition(2) |  |  |  |  | Buildings |  |  |  |  | Accumulated |  | Redecorated |  | Lives
Location |  | Mortgages) |  | Land |  | Improvements |  | Improvements |  | Land |  | Improvements |  | Totals |  | Depreciation |  | Date Acquired |  | Years
Boylston Downtown L.P. Residential Apartments Boston, Massachusetts |  | $ | 39,767,081 |  | $ | 2,112,000 |  | $ | 8,593,109 |  | $ | 8,465,020 |  | $ | 2,112,000 |  | $ | 17,058,129 |  | $ | 19,170,129 |  | $ | 11,367,310 |  | July 1995 |  | (3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts |  | $ | 2,551,784 |  | $ | 684,000 |  | $ | 3,116,000 |  | $ | 422,736 |  | $ | 684,000 |  | $ | 3,538,736 |  | $ | 4,222,736 |  | $ | 2,051,187 |  | Oct. 2000 |  | (3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire |  | $ | 4,160,000 |  | $ | 177,610 |  | $ | 1,478,359 |  | $ | 1,644,670 |  | $ | 177,610 |  | $ | 3,123,029 |  | $ | 3,300,639 |  | $ | 2,211,354 |  | Sept. 1977 |  | (3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts |  | $ | 3,750,000 |  | $ | 342,000 |  | $ | 1,367,669 |  | $ | 1,185,432 |  | $ | 342,000 |  | $ | 2,553,101 |  | $ | 2,895,101 |  | $ | 1,639,400 |  | July 1995 |  | (3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts |  | $ | 14,780,000 |  | $ | 1,410,000 |  | $ | 5,664,816 |  | $ | 3,053,498 |  | $ | 1,410,000 |  | $ | 8,718,314 |  | $ | 10,128,314 |  | $ | 5,548,937 |  | July 1995 |  | (3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts |  | $ | 2,415,000 |  | $ | 91,400 |  | $ | 740,360 |  | $ | 1,241,254 |  | $ | 91,400 |  | $ | 1,981,614 |  | $ | 2,073,014 |  | $ | 1,133,390 |  | Sept. 1977 |  | (3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts |  | $ | 4,556,929 |  | $ | 1,341,737 |  | $ | 8,457,497 |  | $ | (31,186) |  | $ | 1,341,737 |  | $ | 8,426,311 |  | $ | 9,768,048 |  | $ | 1,950,071 |  | Jun. 2011 |  | (3)
Hamilton Cypress LLC Commercial - 1031 Exchange Brookline, Massachusetts |  | $ | — |  | $ | 2,362,596 |  | $ | 4,613,985 |  | $ | 267,785 |  | $ | 2,362,596 |  | $ | 4,881,770 |  | $ | 7,244,366 |  | $ | 1,290,268 |  | Oct. 2008 |  | (3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts |  | $ | 37,171,505 |  | $ | 16,054,336 |  | $ | 44,794,438 |  | $ | 314,568 |  | $ | 15,385,792 |  | $ | 45,777,550 |  | $ | 61,163,342 |  | $ | 11,906,360 |  | Jul. 2013 |  | (3)
Hamilton Linewt LLC Commercial - 1031 Exchange Newton, Massachusetts |  | $ | — |  | $ | 884,042 |  | $ | 2,652,127 |  | $ | 62,608 |  | $ | 884,042 |  | $ | 2,714,735 |  | $ | 3,598,777 |  | $ | 635,673 |  | Nov. 2007 |  | (3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts |  | $ | 11,925,000 |  | $ | 2,175,000 |  | $ | 12,325,000 |  | $ | 3,066,647 |  | $ | 2,175,000 |  | $ | 15,391,647 |  | $ | 17,566,647 |  | $ | 9,225,149 |  | Dec. 1999 |  | (3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts |  | $ | 1,050,000 |  | $ | 156,000 |  | $ | 634,085 |  | $ | 296,725 |  | $ | 156,000 |  | $ | 930,810 |  | $ | 1,086,810 |  | $ | 630,619 |  | Dec. 1996 |  | (3)
Linhart L.P. Residential / Commercial Newton, Massachusetts |  | $ | — |  | $ | 385,000 |  | $ | 1,540,000 |  | $ | 1,467,584 |  | $ | 385,000 |  | $ | 3,007,584 |  | $ | 3,392,584 |  | $ | 2,148,185 |  | Jan. 1995 |  | (3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts |  | $ | 5,687,000 |  | $ | 1,512,000 |  | $ | 5,701,480 |  | $ | 1,066,249 |  | $ | 1,512,000 |  | $ | 6,767,729 |  | $ | 8,279,729 |  | $ | 3,420,061 |  | Jun. 2002 |  | (3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts |  | $ | 6,937,000 |  | $ | 936,000 |  | $ | 3,762,013 |  | $ | 2,336,390 |  | $ | 936,000 |  | $ | 6,098,403 |  | $ | 7,034,403 |  | $ | 4,020,053 |  | July 1995 |  | (3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts |  | $ | 3,080,000 |  | $ | 46,181 |  | $ | 878,323 |  | $ | 1,222,733 |  | $ | 46,181 |  | $ | 2,101,056 |  | $ | 2,147,237 |  | $ | 1,391,338 |  | Sept. 1977 |  | (3)
Redwood Hills L.P. Residential Apartments Worcester, Massachusetts |  | $ | 6,743,000 |  | $ | 1,200,000 |  | $ | 4,810,604 |  | $ | 3,367,174 |  | $ | 1,200,000 |  | $ | 8,177,778 |  | $ | 9,377,778 |  | $ | 5,135,322 |  | July 1995 |  | (3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts |  | $ | 20,071,000 |  | $ | 6,247,153 |  | $ | 24,954,777 |  | $ | 31,924,288 |  | $ | 6,247,153 |  | $ | 25,677,135 |  | $ | 31,924,288 |  | $ | 1,749,091 |  | Sept. 2015 |  | (3)
River Drive L.P. Residential Apartments Danvers, Massachusetts |  | $ | 3,465,000 |  | $ | 72,525 |  | $ | 587,777 |  | $ | 1,026,791 |  | $ | 72,525 |  | $ | 1,614,568 |  | $ | 1,687,093 |  | $ | 816,449 |  | Sept. 1977 |  | (3)
Riverside Apartments Condominium Units Massachusetts |  | $ | — |  | $ | 23,346 |  | $ | 190,807 |  | $ | 67,767 |  | $ | 23,346 |  | $ | 258,574 |  | $ | 281,920 |  | $ | 213,902 |  | Sept. 1977 |  | (3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts |  | $ | 14,823,892 |  | $ | 4,686,728 |  | $ | 18,746,911 |  | $ | (928,816) |  | $ | 4,686,728 |  | $ | 17,818,095 |  | $ | 22,504,824 |  | $ | 8,700,765 |  | Apr. 2003 |  | (3)
WRF Associates LLC Strip Mall Framingham, Massachusetts |  | $ | 6,000,000 |  | $ | 3,280,000 |  | $ | 4,920,000 |  | $ | 86,202 |  | $ | 3,280,000 |  | $ | 5,006,202 |  | $ | 8,286,202 |  | $ | 2,903,034 |  | May 1999 |  | (3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts |  | $ | 7,000,000 |  | $ | 1,335,000 |  | $ | 7,565,501 |  | $ | 2,038,505 |  | $ | 1,335,000 |  | $ | 9,604,006 |  | $ | 10,939,006 |  | $ | 5,689,418 |  | Dec. 1999 |  | (3)
Westate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts |  | $ | 2,500,000 |  | $ | 44,965 |  | $ | 4,478,687 |  | $ | 238,184 |  | $ | 44,965 |  | $ | 4,716,871 |  | $ | 4,761,836 |  | $ | 2,155,051 |  | Sept. 2004 |  | (3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts |  | $ | 15,700,000 |  | $ | 461,300 |  | $ | 2,424,636 |  | $ | 7,982,728 |  | $ | 417,107 |  | $ | 10,407,364 |  | $ | 10,824,471 |  | $ | 6,264,096 |  | Sept. 1977 |  | (3)
|  | $ | 214,134,191 |  | $ | 48,020,919 |  | $ | 174,998,961 |  | $ | 71,885,536 |  | $ | 47,308,182 |  | $ | 216,351,111 |  | $ | 263,659,293 |  | $ | 94,196,482 |  |  |  |
| (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.
| (2) |  | Net of retirements.
(3) In 2016, rental properties were depreciated over the following estimated useful lives:
Assets |  | Life |
Buildings and Improvements |  | 10 | - | 40 | years |
Other Categories of Assets |  | 5 | - | 15 | years |
A reconciliation of rental properties and accumulated depreciation is as follows:
|  | December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Rental Properties |  |  |  |  |  |  |  |  |  |
Balance, Beginning |  | $ | 261,276,898 |  | $ | 225,021,946 |  | $ | 221,454,286 |
Additions: |  |  |  |  |  |  |  |  |  |
Buildings, improvements and other assets |  |  | 5,163,081 |  |  | 37,895,926 |  |  | 5,604,791 |
|  |  | 266,439,979 |  |  | 262,917,872 |  |  | 227,059,077 |
Deduct: |  |  |  |  |  |  |  |  |  |
Write-offs of retired or disposed assets |  |  | 2,112,142 |  |  | 1,640,974 |  |  | 2,037,131 |
Rental properties held for sale and/or sold |  |  | 668,544 |  |  | — |  |  | — |
Balance, Ending |  | $ | 263,659,293 |  | $ | 261,276,898 |  | $ | 225,021,946 |
Accumulated Depreciation |  |  |  |  |  |  |  |  |  |
Balance, Beginning |  | $ | 84,579,584 |  | $ | 75,905,862 |  | $ | 68,549,625 |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation for the year |  |  | 11,729,039 |  |  | 10,314,696 |  |  | 9,393,368 |
|  |  | 96,308,623 |  |  | 86,220,558 |  |  | 77,942,993 |
Deduct |  |  |  |  |  |  |  |  |  |
Accumulated depreciation of retired or disposed assets |  |  | 2,112,141 |  |  | 1,640,974 |  |  | 2,037,131 |
Balance, Ending |  | $ | 94,196,482 |  | $ | 84,579,584 |  | $ | 75,905,862 |
On August 3, 2016, Hamilton Green Apartments, LLC sold a single family house contiguous with its apartment complex in Andover, Massachusetts. The sale price of the property was $1,000,000 with closing costs of $227,663 and a cost basis of $668,544 resulting in a gain on the sale of $103,793. Included in the closing costs is a mortgage prepayment penalty of $187,905. The proceeds from the sale were used to reduce the principal amount on the apartment complex’s mortgage. 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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