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RENTAL PROPERTIES | 9 Months Ended
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Sep. 30, 2017
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of September 30, 2017, the Partnership and its Subsidiary Partnerships owned 2,632 residential apartment units in 22 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, 2017, 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, 2017 with a total of 739 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, 2017 |  | December 31, 2016 |  | Useful Life |
Land, improvements and parking lots |  | $ | 64,694,380 |  | $ | 52,612,929 |  | 15 | - | 40 | years |
Buildings and improvements |  |  | 202,705,581 |  |  | 173,536,288 |  | 15 | - | 40 | years |
Kitchen cabinets |  |  | 12,585,369 |  |  | 8,738,323 |  | 5 | - | 10 | years |
Carpets |  |  | 9,181,606 |  |  | 7,621,292 |  | 5 | - | 10 | years |
Air conditioning |  |  | 690,535 |  |  | 690,535 |  | 5 | - | 10 | years |
Laundry equipment |  |  | 274,389 |  |  | 269,784 |  | 5 | - | 7 | years |
Elevators |  |  | 1,139,296 |  |  | 1,139,296 |  | 20 | - | 40 | years |
Swimming pools |  |  | 444,629 |  |  | 444,629 |  | 10 | - | 30 | years |
Equipment |  |  | 10,816,225 |  |  | 10,029,639 |  | 5 | - | 30 | years |
Motor vehicles |  |  | 237,954 |  |  | 237,954 |  |  |  | 5 | years |
Fences |  |  | 37,465 |  |  | 37,465 |  | 5 | - | 15 | years |
Furniture and fixtures |  |  | 9,316,804 |  |  | 8,127,100 |  | 5 | - | 7 | years |
Smoke alarms |  |  | 659,859 |  |  | 174,059 |  | 5 | - | 7 | years |
Total fixed assets |  |  | 312,784,092 |  |  | 263,659,293 |  |  |  |  |  |
Less: Accumulated depreciation |  |  | (103,634,403) |  |  | (94,196,482) |  |  |  |  |  |
|  | $ | 209,149,689 |  | $ | 169,462,811 |  |  |  |  |  |
On July 6, 2017, Woodland Park Partners, LLC, a newly formed subsidiary of the Partnership, purchased the Woodland Park Apartments, a 126-unit apartment complex located at 264-290 Grove Street, Newton, Massachusetts (the “Property”), for a purchase price of $45,600,000. The closing costs were approximately $64,000. To fund the purchase price, the Partnership borrowed $25,000,000 under its outstanding line of credit with KeyBank, NA, and $16,000,000 from HBC Holdings, LLC, a Massachusetts limited liability company controlled by Harold Brown. The loan from HBC Holdings will mature on July 16, 2018, with interest only at 4.75%. The balance of the purchase price was funded by the Partnership’s cash reserves. From the purchase price, the Partnership allocated approximately $541,000 for in- place leases, and approximately $42,000 to the value of tenant relationships. These amounts are being amortized over 12 and 24 months respectively.

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