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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 17—SUBSEQUENT EVENTS On October 2, 2019, The Hamilton Company, Inc. (the “Purchaser”), an affiliate of New England Realty Associates Limited Partnership (the “Partnership”), entered into a Purchase and Sale Agreement dated as of September 27, 2019 (the “Purchase Agreement”) with Ninety-Three Realty Limited Partnership and the other sellers named therein (collectively “Seller”) to purchase the property known as Country Club Garden Apartments, a 181 unit apartment complex located at 57 Mill Street, Woburn, Massachusetts (the “Property”) for an aggregate purchase price of $59,550,000. The Purchaser has the right to terminate the Purchase Agreement for any reason within forty-five (45) days after the later of September 27, 2019 and the date on which due diligence materials related to the property are delivered to the Purchaser. This description of the material terms and conditions of the Purchase Agreement is qualified by reference to the text of the Purchase Agreement, which is filed as Exhibit 10.1 with this Current Report on Form 8-K. The Partnership or a subsidiary of the Partnership, as the Purchaser’s assignee, will take ownership of the Property at the closing of the transactions described in the Purchase Agreement.The Partnership made a $600,000 deposit for the purchase of that property. On November 1, 2019, the Partnership made a $630,000 deposit for the rate lock in connection with a $31,000,000 mortgage to fund the purchase. The Partnership will use its cash reserve and line of credit to fund the balance of the purchase. Management expects to close the purchase by the end of 2019. From October 1, 2019 through November 6, 2019, the Partnership purchased a total of 1,879 Depository Receipts. The average price was $59.98 per receipt or $1,769.40 per unit. The total cost was $110,860. The Partnership is required to purchase 15 Class B units and 1 General Partnership units at a cost of $26,320 and $1,018 respectively.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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