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RENTAL PROPERTIES | 12 Months Ended
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Dec. 31, 2021
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of December 31, 2021, the Partnership and its Subsidiary Partnerships owned 2,892 residential apartment units in 25 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, 2021, 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 seven residential and mixed use complexes (the “Investment Properties”) at December 31, 2021 with a total of 688 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, 2021 |  | December 31, 2020 |  | Useful Life |
Land, improvements and parking lots | ​ | $ | 86,887,276 | ​ | $ | 86,867,393 | ​ | 15 | - | 40 | years | ​
Buildings and improvements | ​ |  | 253,952,680 | ​ |  | 253,322,865 | ​ | 15 | - | 40 | years | ​
Kitchen cabinets | ​ |  | 16,946,916 | ​ |  | 17,157,121 | ​ | 5 | - | 10 | years | ​
Carpets | ​ |  | 12,029,577 | ​ |  | 11,146,634 | ​ | 5 | - | 10 | years | ​
Air conditioning | ​ |  | 501,697 | ​ |  | 501,697 | ​ | 5 | - | 10 | years | ​
Laundry equipment | ​ |  | 608,271 | ​ |  | 608,271 | ​ | 5 | - | 7 | years | ​
Elevators | ​ |  | 1,885,265 | ​ |  | 1,885,265 | ​ | 20 | - | 40 | years | ​
Swimming pools | ​ |  | 1,090,604 | ​ |  | 1,092,194 | ​ | 10 | - | 30 | years | ​
Equipment | ​ |  | 18,072,761 | ​ |  | 17,596,043 | ​ | 5 | - | 30 | years | ​
Motor vehicles | ​ |  | 171,519 | ​ |  | 211,660 | ​ | ​ | ​ | 5 | years | ​
Fences | ​ |  | 46,872 | ​ |  | 46,872 | ​ | 5 | - | 15 | years | ​
Furniture and fixtures | ​ |  | 7,898,163 | ​ |  | 7,697,137 | ​ | 5 | - | 7 | years | ​
Smoke alarms | ​ |  | 496,641 | ​ |  | 496,641 | ​ | 5 | - | 7 | years | ​
Total fixed assets | ​ |  | 400,588,242 | ​ |  | 398,629,793 | ​ | ​ | ​ | ​ | ​ | ​
Less: Accumulated depreciation | ​ |  | (149,233,040) | ​ |  | (134,019,906) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 251,355,202 | ​ | $ | 264,609,887 | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 |  | $ | 35,877,479 |  | $ | 2,112,000 |  | $ | 8,593,109 |  | $ | 10,320,968 |  | $ | 2,268,528 |  | $ | 18,914,077 |  | $ | 21,182,605 |  | $ | 15,426,451 |  | July 1995 |  | (3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts | ​ | $ | 6,175,000 | ​ | $ | 684,000 | ​ | $ | 3,116,000 | ​ | $ | 411,502 | ​ | $ | 684,000 | ​ | $ | 3,527,502 | ​ | $ | 4,211,502 | ​ | $ | 2,688,358 | ​ | Oct. 2000 | ​ | (3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire | ​ | $ | 11,214,000 | ​ | $ | 177,610 | ​ | $ | 1,478,359 | ​ | $ | 1,590,269 | ​ | $ | 177,610 | ​ | $ | 3,068,628 | ​ | $ | 3,246,238 | ​ | $ | 2,444,383 | ​ | Sept. 1977 | ​ | (3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts | ​ | $ | 5,440,000 | ​ | $ | 342,000 | ​ | $ | 1,367,669 | ​ | $ | 973,511 | ​ | $ | 342,000 | ​ | $ | 2,341,180 | ​ | $ | 2,683,180 | ​ | $ | 1,991,634 | ​ | July 1995 | ​ | (3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts | ​ | $ | 32,325,000 | ​ | $ | 1,410,000 | ​ | $ | 5,664,816 | ​ | $ | 4,296,087 | ​ | $ | 1,410,000 | ​ | $ | 9,960,903 | ​ | $ | 11,370,903 | ​ | $ | 7,566,432 | ​ | July 1995 | ​ | (3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts | ​ | $ | 8,190,000 | ​ | $ | 91,400 | ​ | $ | 740,360 | ​ | $ | 1,451,297 | ​ | $ | 91,400 | ​ | $ | 2,191,657 | ​ | $ | 2,283,057 | ​ | $ | 1,542,613 | ​ | Sept. 1977 | ​ | (3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts | ​ | $ | 4,020,965 | ​ | $ | 1,341,737 | ​ | $ | 8,457,497 | ​ | $ | 130,841 | ​ | $ | 1,341,737 | ​ | $ | 8,588,338 | ​ | $ | 9,930,075 | ​ | $ | 3,656,897 | ​ | Jun. 2011 | ​ | (3)
Hamilton Cypress LLC Commercial- 1031 Exchange Brookline, Massachusetts | ​ | $ | — | ​ | $ | 2,362,596 | ​ | $ | 4,613,985 | ​ | $ | 19,392 | ​ | $ | 2,362,596 | ​ | $ | 4,633,377 | ​ | $ | 6,995,973 | ​ | $ | 1,715,282 | ​ | Oct. 2008 | ​ | (3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts | ​ | $ | 33,783,041 | ​ | $ | 16,054,336 | ​ | $ | 44,794,438 | ​ | $ | (8,374,341) | ​ | $ | 16,054,336 | ​ | $ | 36,420,097 | ​ | $ | 52,474,433 | ​ | $ | 13,687,188 | ​ | Jul. 2013 | ​ | (3)
Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts | ​ | $ | 20,086,380 | ​ | $ | 6,815,522 | ​ | $ | 27,262,087 | ​ | ​ | 704,759 | ​ | ​ | 6,815,522 | ​ | $ | 27,966,846 | ​ | $ | 34,782,368 | ​ | ​ | 6,453,152 | ​ | Mar. 2018 | ​ | (3)
Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts | ​ | $ | — | ​ | $ | 884,042 | ​ | $ | 2,652,127 | ​ | $ | 134,614 | ​ | $ | 884,042 | ​ | $ | 2,786,741 | ​ | $ | 3,670,783 | ​ | $ | 987,705 | ​ | Nov. 2007 | ​ | (3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts | ​ | $ | 26,666,000 | ​ | $ | 2,175,000 | ​ | $ | 12,325,000 | ​ | $ | 3,935,300 | ​ | $ | 2,175,000 | ​ | $ | 16,260,300 | ​ | $ | 18,435,300 | ​ | $ | 12,488,092 | ​ | Dec. 1999 | ​ | (3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts | ​ | $ | 3,960,000 | ​ | $ | 156,000 | ​ | $ | 634,085 | ​ | $ | 390,383 | ​ | $ | 156,000 | ​ | $ | 1,024,468 | ​ | $ | 1,180,468 | ​ | $ | 772,127 | ​ | Dec. 1996 | ​ | (3)
Linhart L.P. Residential / Commercial Newton, Massachusetts | ​ | $ | — | ​ | $ | 385,000 | ​ | $ | 1,540,000 | ​ | $ | 1,817,632 | ​ | $ | 385,000 | ​ | $ | 3,357,632 | ​ | $ | 3,742,632 | ​ | $ | 2,752,397 | ​ | Jan. 1995 | ​ | (3)
Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts | ​ | $ | 31,000,000 | ​ | $ | 9,798,478 | ​ | $ | 43,568,912 | ​ | ​ | 2,702,946 | ​ | ​ | 9,798,478 | ​ | $ | 46,271,858 | ​ | $ | 56,070,336 | ​ | ​ | 5,828,719 | ​ | Dec. 2019 | ​ | (3)
Mill Street Development, Woburn, Massachusetts | ​ | $ | — | ​ | $ | 1,375,000 | ​ | $ | 1,125,000 | ​ | ​ | 17,280 | ​ | ​ | 1,375,000 | ​ | $ | 1,142,280 | ​ | $ | 2,517,280 | ​ | ​ | 83,090 | ​ | Dec. 2019 | ​ | (3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts | ​ | $ | 5,687,000 | ​ | $ | 1,512,000 | ​ | $ | 5,701,480 | ​ | $ | 1,274,463 | ​ | $ | 1,512,000 | ​ | $ | 6,975,943 | ​ | $ | 8,487,943 | ​ | $ | 4,819,975 | ​ | Jun. 2002 | ​ | (3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts | ​ | $ | 12,683,000 | ​ | $ | 936,000 | ​ | $ | 3,762,013 | ​ | $ | 2,538,548 | ​ | $ | 936,000 | ​ | $ | 6,300,561 | ​ | $ | 7,236,561 | ​ | $ | 5,450,762 | ​ | July 1995 | ​ | (3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts | ​ | $ | 9,608,000 | ​ | $ | 46,181 | ​ | $ | 878,323 | ​ | $ | 1,057,115 | ​ | $ | 46,181 | ​ | $ | 1,935,438 | ​ | $ | 1,981,619 | ​ | $ | 1,395,205 | ​ | Sept. 1977 | ​ | (3)
Redwood Hills L.P. Residential Apartments Worcester,Massachusetts | ​ | $ | 17,105,000 | ​ | $ | 1,200,000 | ​ | $ | 4,810,604 | ​ | $ | 5,188,284 | ​ | $ | 1,200,000 | ​ | $ | 9,998,888 | ​ | $ | 11,198,888 | ​ | $ | 7,292,620 | ​ | July 1995 | ​ | (3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts | ​ | $ | 20,750,000 | ​ | $ | 6,247,153 | ​ | $ | 24,954,777 | ​ | $ | 545,146 | ​ | $ | 6,247,153 | ​ | $ | 25,499,923 | ​ | $ | 31,747,076 | ​ | $ | 6,969,892 | ​ | Sept. 2015 | ​ | (3)
River Drive L.P Residential Apartments Danvers, Massachusetts | ​ | $ | 9,543,000 | ​ | $ | 72,525 | ​ | $ | 587,777 | ​ | $ | 1,061,129 | ​ | $ | 72,525 | ​ | $ | 1,648,906 | ​ | $ | 1,721,431 | ​ | $ | 1,018,631 | ​ | Sept. 1977 | ​ | (3)
Riverside Apartments Condominium Units Watertown Massachustts | ​ | $ | — | ​ | $ | 23,346 | ​ | $ | 190,807 | ​ | $ | 146,281 | ​ | $ | 23,346 | ​ | $ | 337,088 | ​ | $ | 360,434 | ​ | $ | 265,663 | ​ | Sept. 1977 | ​ | (3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts | ​ | $ | 13,343,384 | ​ | $ | 4,686,728 | ​ | $ | 18,746,911 | ​ | $ | (327,390) | ​ | $ | 4,686,728 | ​ | $ | 18,419,521 | ​ | $ | 23,106,249 | ​ | $ | 11,938,523 | ​ | Apr. 2003 | ​ | (3)
WRF Associates LLC Strip Mall Framingham, Massachusetts | ​ | $ | 6,017,073 | ​ | $ | 3,280,000 | ​ | $ | 4,920,000 | ​ | $ | 81,477 | ​ | $ | 3,280,000 | ​ | $ | 5,001,477 | ​ | $ | 8,281,477 | ​ | $ | 3,737,621 | ​ | May 1999 | ​ | (3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts | ​ | $ | 19,266,000 | ​ | $ | 1,335,000 | ​ | $ | 7,565,501 | ​ | $ | 2,439,034 | ​ | $ | 1,335,000 | ​ | $ | 10,004,535 | ​ | $ | 11,339,535 | ​ | $ | 7,717,406 | ​ | Dec. 1999 | ​ | (3)
Wesgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts | ​ | $ | 2,500,000 | ​ | $ | 44,965 | ​ | $ | 4,478,687 | ​ | $ | 289,967 | ​ | $ | 44,965 | ​ | $ | 4,768,654 | ​ | $ | 4,813,619 | ​ | $ | 3,042,020 | ​ | Sept. 2004 | ​ | (3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts | ​ | $ | 15,700,000 | ​ | $ | 461,300 | ​ | $ | 2,424,636 | ​ | $ | 6,523,940 | ​ | $ | 461,300 | ​ | $ | 8,948,576 | ​ | $ | 9,409,876 | ​ | $ | 6,059,988 | ​ | Sept. 1977 | ​ | (3)
Woodland Park Apartments LLC Residential Apartments Newton Massachusetts | ​ | $ | 22,250,000 | ​ | $ | 9,114,334 | ​ | $ | 35,874,994 | ​ | $ | 1,137,070 | ​ | $ | 9,114,334 | ​ | $ | 37,012,064 | ​ | $ | 46,126,398 | ​ | $ | 9,440,214 | ​ | July 2017 | ​ | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 373,190,322 | ​ | $ | 75,124,253 | ​ | $ | 282,829,954 | ​ | $ | 42,477,504 | ​ | $ | 75,280,781 | ​ | $ | 325,307,458 | ​ | $ | 400,588,242 | ​ | $ | 149,233,040 | ​ | ​ | ​ | ​
(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 2021, 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, |
​ |  | 2021 |  | 2020 |  | 2019 |
Rental Properties | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, Beginning |  | $ | 398,629,793 |  | $ | 398,554,000 |  | $ | 337,902,411 | ​
Additions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Buildings, improvements and other assets | ​ |  | 3,317,445 | ​ |  | 3,240,408 | ​ |  | 62,267,137 | ​
​ | ​ |  | 401,947,238 | ​ |  | 401,794,408 | ​ | ​ | 400,169,548 | ​
Deduct: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Write-offs of retired or disposed assets | ​ |  | 1,358,996 | ​ |  | 3,164,615 | ​ |  | 1,615,548 | ​
Rental properties held for sale and/or sold | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Balance, Ending | ​ | $ | 400,588,242 | ​ | $ | 398,629,793 | ​ | $ | 398,554,000 | ​
Accumulated Depreciation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, Beginning | ​ | $ | 134,019,906 | ​ | $ | 120,190,012 | ​ | $ | 107,391,148 | ​
Add: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation for the year | ​ |  | 16,572,131 | ​ |  | 16,994,509 | ​ |  | 14,414,411 | ​
​ | ​ |  | 150,592,037 | ​ |  | 137,184,521 | ​ | ​ | 121,805,559 | ​
Deduct | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depreciation of retired or disposed assets | ​ |  | 1,358,997 | ​ |  | 3,164,615 | ​ |  | 1,615,547 | ​
Balance, Ending | ​ | $ | 149,233,040 | ​ | $ | 134,019,906 | ​ | $ | 120,190,012 | ​
​ On November 30, 2021, New England Realty Associates Limited Partnership (the “Partnership”), entered into a Master Credit Facility Agreement ( the “Facility Agreement”) with KeyBank National Association (“KeyBank”) dated as of November 30, 2021, with an initial advance in the amount of $156,000,000. Interest only on the debt at a fixed interest rate of 2.97% is payable on a monthly basis through December 31, 2031. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages”). The Partnership used the proceeds to pay down approximately $65,305,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties, which is included in Other Loss in the Consolidated Statements of Income. The remaining balance of approximately $89,000,000 will be used for general partnership purposes. See schedule in Note 5, Mortgage Notes Payable, for the details of the transaction as it relates to the specific properties. On March 31, 2020, Nera Brookside Associates, LLC (“Brookside Apartments”), entered into a Mortgage Note with KeyBank National Associates ( KeyBank) in the principal amount of $6,175,000. Interest only payments on the Note are payable on a monthly basis at a fixed interest rate of 3.53% per annum, and the principal amount of the Note is due and payable on April 1, 2035. The Note is secured by a mortgage on the Brookside apartment complex located at 5-12 Totman Drive, Woburn, Massachusetts pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated March 31, 2020. The Note is guaranteed by the Partnership pursuant to a Guaranty Agreement dated March 31, 2020. Brookside Apartments used the proceeds of the loan to pay off an outstanding loan of approximately $2,390,000, with the remaining portion of the proceeds added to cash reserves. In connection with this refinancing, there were closing costs of approximately $136,000. On December 20, 2019, Mill Street Gardens, LLC and Mill Street Development, LLC, collectively referred to as Mill Street, a wholly-owned subsidiary of New England Realty Associates Limited Partnership (the “Partnership”) closed on a Purchase Agreement dated as of September 27, 2019 with Ninety-Three Realty Limited Partnership (the “Purchase Agreement”) pursuant to which Mill Street acquired 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 in cash. Mill Street funded $18,000,000 of the purchase price out of an existing line of credit, $10,550,000 of the cash portion of the purchase price out of cash reserves and the remaining $31,000,000 from the proceeds of the Loan. The closing costs were approximately $237,000. From the purchase price, the Partnership allocated approximately $1,282,000 for in- place leases, and approximately $136,000 to the value of tenant relationships. These amounts are being amortized over 12 and 36 months respectively. On December 20, 2019, Mill Street entered into a Loan Agreement (the “Agreement”) with Insurance Strategy Funding Corp. LLC providing for a loan (the “Loan”) in the maximum principal amount of $35,000,000, consisting of the initial advance of $31,000,000 and a subsequent advance of up to $4,000,000 if certain financial conditions are met. Interest on the Note is payable on a monthly basis at a fixed interest rate of: (i) 3.586% per annum with respect to the initial advance and (ii) the greater of (A) the sum of the market spread rate and the interpolated (based on the remaining term of the Loan) US Treasury rate at the time of the advance and (B) 3.500% with respect to any subsequent advance. The principal amount of the Note is due and payable on January 1, 2035. The Note is secured by a mortgage on the Property and is guaranteed by the Partnership pursuant to a Guaranty Agreement dated December 20, 2019. On May 31, 2019, Residences at Captain Parker, LLC (“Captain Parker”), entered into a Mortgage Note with Strategy Funding Corp., LLC in the principal amount of $20,750,000. Interest only payments on the Note are payable on a monthly basis at a fixed interest rate of 4.05% per annum, and the principal amount of the Note is due and payable on June 1, 2029. The Note is secured by a mortgage on the Captain Parker apartment complex located at 125 Worthen Road and Ryder Lane, Lexington, Massachusetts pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated May 31, 2019. The Note is guaranteed by the Partnership pursuant to a Guaranty Agreement dated May 31, 2019. Captain Parker used the proceeds of the loan to pay off an outstanding loan of approximately $20,071,000. In connection with this refinancing, the property incurred a prepayment penalty of approximately $202,000. This expense was included in other expense on the consolidated statement of income.

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