XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.8.0.1

SUBSEQUENT EVENTS | 12 Months Ended
--- | ---
Dec. 31, 2017
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 18—SUBSEQUENT EVENTS On March 9, 2018, Hamilton Highlands, LLC (“Buyer”), a Massachusetts limited liability company whose manager is NewReal, Inc. (“New Real”), the general partner of New England Realty Associates Limited Partnership (the “Partnership”) entered into a purchase and sale agreement (the “Purchase Agreement”) with Webster Green Apartments LLC, a Massachusetts limited liability company (the “Seller”) to acquire Webster Green Apartments, a 79 unit apartment complex located at 755-757 Highland Avenue, Needham, Massachusetts (the “Property”), for a purchase price of $34.5 million. In connection with the execution of the Purchase Agreement, Buyer paid into escrow a deposit in the amount of $500,000 to be applied against the purchase price at the closing of the purchase of the Property. The Buyer expects to assume a $21.5 million mortgage currently outstanding on the Property, with the balance of the purchase price to be paid from the Partnership’s cash reserves and line of credit. The Buyer’s sole member is New England Realty Associates Limited Partnership. The closing of the acquisition of the Property is subject to numerous customary undertakings, covenants, obligations and conditions and is expected to be completed on or before March 31, 2018.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration