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RENTAL PROPERTIES | 12 Months Ended
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Dec. 31, 2023
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of December 31, 2023, the Partnership and its Subsidiary Partnerships owned 2,943 residential apartment units in 27 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, 2023, the Partnership and Subsidiary Partnerships owned two commercial shopping center in Framingham, commercial buildings in Newton and Brookline and commercial space in 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, 2023 with a total of 688 units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments. ​ ​ ​ Rental properties consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022 |  | Useful Life |
Land, improvements and parking lots | ​ | $ | 99,162,143 | ​ | $ | 87,405,897 | ​ | 15 | - | 40 | years | ​
Buildings and improvements | ​ |  | 277,986,334 | ​ |  | 256,035,191 | ​ | 15 | - | 40 | years | ​
Kitchen cabinets | ​ |  | 16,137,828 | ​ |  | 14,347,212 | ​ | 5 | - | 10 | years | ​
Carpets | ​ |  | 13,127,838 | ​ |  | 12,047,573 | ​ | 5 | - | 10 | years | ​
Air conditioning | ​ |  | 500,000 | ​ |  | 501,697 | ​ | 5 | - | 10 | years | ​
Laundry equipment | ​ |  | 568,716 | ​ |  | 553,140 | ​ | 5 | - | 7 | years | ​
Elevators | ​ |  | 1,885,265 | ​ |  | 1,885,265 | ​ | 20 | - | 40 | years | ​
Swimming pools | ​ |  | 1,090,604 | ​ |  | 1,090,604 | ​ | 10 | - | 30 | years | ​
Equipment | ​ |  | 21,348,556 | ​ |  | 18,716,758 | ​ | 5 | - | 30 | years | ​
Motor vehicles | ​ |  | 232,954 | ​ |  | 171,519 | ​ | ​ | ​ | 5 | years | ​
Fences | ​ |  | 91,620 | ​ |  | 46,872 | ​ | 5 | - | 15 | years | ​
Furniture and fixtures | ​ |  | 8,365,039 | ​ |  | 7,902,182 | ​ | 5 | - | 7 | years | ​
Total fixed assets | ​ |  | 440,496,897 | ​ |  | 400,703,910 | ​ | ​ | ​ | ​ | ​ | ​
Less: Accumulated depreciation | ​ |  | (170,691,951) | ​ |  | (159,627,479) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 269,804,946 | ​ | $ | 241,076,431 | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 |  | $ | 34,092,579 |  | $ | 2,112,000 |  | $ | 8,593,109 |  | $ | 10,184,183 |  | $ | 2,268,528 |  | $ | 18,777,292 |  | $ | 21,045,820 |  | $ | 15,996,297 |  | July 1995 |  | (3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts | ​ | $ | 6,175,000 | ​ | $ | 684,000 | ​ | $ | 3,116,000 | ​ | $ | 542,225 | ​ | $ | 684,000 | ​ | $ | 3,658,225 | ​ | $ | 4,342,225 | ​ | $ | 2,951,648 | ​ | Oct. 2000 | ​ | (3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire | ​ | $ | 11,214,000 | ​ | $ | 177,610 | ​ | $ | 1,478,359 | ​ | $ | 1,641,894 | ​ | $ | 177,610 | ​ | $ | 3,120,253 | ​ | $ | 3,297,863 | ​ | $ | 2,490,061 | ​ | Sept. 1977 | ​ | (3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts | ​ | $ | 5,440,000 | ​ | $ | 342,000 | ​ | $ | 1,367,669 | ​ | $ | 1,051,069 | ​ | $ | 342,000 | ​ | $ | 2,418,738 | ​ | $ | 2,760,738 | ​ | $ | 2,104,872 | ​ | July 1995 | ​ | (3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts | ​ | $ | 32,325,000 | ​ | $ | 1,410,000 | ​ | $ | 5,664,816 | ​ | $ | 6,629,860 | ​ | $ | 1,410,000 | ​ | $ | 12,294,676 | ​ | $ | 13,704,676 | ​ | $ | 8,163,969 | ​ | July 1995 | ​ | (3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts | ​ | $ | 8,190,000 | ​ | $ | 91,400 | ​ | $ | 740,360 | ​ | $ | 1,578,382 | ​ | $ | 91,400 | ​ | $ | 2,318,742 | ​ | $ | 2,410,142 | ​ | $ | 1,650,112 | ​ | Sept. 1977 | ​ | (3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts | ​ | $ | 3,766,660 | ​ | $ | 1,341,737 | ​ | $ | 8,457,497 | ​ | $ | 144,819 | ​ | $ | 1,341,737 | ​ | $ | 8,602,316 | ​ | $ | 9,944,053 | ​ | $ | 4,361,558 | ​ | Jun. 2011 | ​ | (3)
Hamilton Cypress LLC Commercial 1031 Exchange Brookline, Massachusetts | ​ | $ | — | ​ | $ | 2,362,596 | ​ | $ | 4,613,985 | ​ | $ | 38,233 | ​ | $ | 2,362,596 | ​ | $ | 4,652,218 | ​ | $ | 7,014,814 | ​ | $ | 1,990,947 | ​ | Oct. 2008 | ​ | (3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts | ​ | $ | 32,190,519 | ​ | $ | 16,054,336 | ​ | $ | 44,794,438 | ​ | $ | (8,068,975) | ​ | $ | 16,054,336 | ​ | $ | 36,725,463 | ​ | $ | 52,779,799 | ​ | $ | 16,828,423 | ​ | Jul. 2013 | ​ | (3)
Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts | ​ | $ | 19,437,587 | ​ | $ | 6,815,522 | ​ | $ | 27,262,087 | ​ | $ | (2,215,754) | ​ | ​ | 6,815,522 | ​ | $ | 25,046,333 | ​ | $ | 31,861,855 | ​ | ​ | 6,292,999 | ​ | Mar. 2018 | ​ | (3)
Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts | ​ | $ | — | ​ | $ | 884,042 | ​ | $ | 2,652,127 | ​ | $ | 134,615 | ​ | $ | 884,042 | ​ | $ | 2,786,742 | ​ | $ | 3,670,784 | ​ | $ | 1,132,827 | ​ | Nov. 2007 | ​ | (3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts | ​ | $ | 26,666,000 | ​ | $ | 2,175,000 | ​ | $ | 12,325,000 | ​ | $ | 6,595,768 | ​ | $ | 2,175,000 | ​ | $ | 18,920,768 | ​ | $ | 21,095,768 | ​ | $ | 13,931,561 | ​ | Dec. 1999 | ​ | (3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts | ​ | $ | 3,960,000 | ​ | $ | 156,000 | ​ | $ | 634,085 | ​ | $ | 423,539 | ​ | $ | 156,000 | ​ | $ | 1,057,624 | ​ | $ | 1,213,624 | ​ | $ | 860,541 | ​ | Dec. 1996 | ​ | (3)
Linhart L.P. Residential / Commercial Newton,Massachusetts | ​ | $ | — | ​ | $ | 385,000 | ​ | $ | 1,540,000 | ​ | $ | 2,057,202 | ​ | $ | 385,000 | ​ | $ | 3,597,202 | ​ | $ | 3,982,202 | ​ | $ | 2,897,449 | ​ | Jan. 1995 | ​ | (3)
Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts | ​ | $ | 31,000,000 | ​ | $ | 9,798,478 | ​ | $ | 43,568,912 | ​ | $ | 2,981,885 | ​ | ​ | 9,798,478 | ​ | $ | 46,550,797 | ​ | $ | 56,349,275 | ​ | ​ | 11,673,659 | ​ | Dec. 2019 | ​ | (3)
Mill Street Development,Woburn, Massachusetts | ​ | $ | — | ​ | $ | 1,375,000 | ​ | $ | 1,125,000 | ​ | $ | (599,087) | ​ | ​ | 1,375,000 | ​ | $ | 525,913 | ​ | $ | 1,900,913 | ​ | ​ | — | ​ | Dec. 2019 | ​ | (3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts | ​ | $ | 10,322,000 | ​ | $ | 1,512,000 | ​ | $ | 5,701,480 | ​ | $ | 1,595,198 | ​ | $ | 1,512,000 | ​ | $ | 7,296,678 | ​ | $ | 8,808,678 | ​ | $ | 5,390,982 | ​ | Jun. 2002 | ​ | (3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts | ​ | $ | 12,683,000 | ​ | $ | 936,000 | ​ | $ | 3,762,013 | ​ | $ | 2,379,219 | ​ | $ | 936,000 | ​ | $ | 6,141,232 | ​ | $ | 7,077,232 | ​ | $ | 5,653,863 | ​ | July 1995 | ​ | (3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts | ​ | $ | 9,608,000 | ​ | $ | 46,181 | ​ | $ | 878,323 | ​ | $ | 1,289,156 | ​ | $ | 46,181 | ​ | $ | 2,167,479 | ​ | $ | 2,213,660 | ​ | $ | 1,548,529 | ​ | Sept. 1977 | ​ | (3)
Redwood Hills L.P. Residential Apartments Worcester,Massachusetts | ​ | $ | 17,105,000 | ​ | $ | 1,200,000 | ​ | $ | 4,810,604 | ​ | $ | 5,821,846 | ​ | $ | 1,200,000 | ​ | $ | 10,632,450 | ​ | $ | 11,832,450 | ​ | $ | 8,159,479 | ​ | July 1995 | ​ | (3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts | ​ | $ | 20,750,000 | ​ | $ | 6,247,153 | ​ | $ | 24,954,777 | ​ | $ | (74,870) | ​ | $ | 6,247,153 | ​ | $ | 24,879,907 | ​ | $ | 31,127,060 | ​ | $ | 8,148,830 | ​ | Sept. 2015 | ​ | (3)
River Drive L.P Residential Apartments Danvers, Massachusetts | ​ | $ | 9,543,000 | ​ | $ | 72,525 | ​ | $ | 587,777 | ​ | $ | 1,693,812 | ​ | $ | 72,525 | ​ | $ | 2,281,589 | ​ | $ | 2,354,114 | ​ | $ | 1,195,277 | ​ | Sept. 1977 | ​ | (3)
Riverside Apartments Condominium Units Watertown Massachustts | ​ | $ | — | ​ | $ | 23,346 | ​ | $ | 190,807 | ​ | $ | 151,971 | ​ | $ | 23,346 | ​ | $ | 342,778 | ​ | $ | 366,124 | ​ | $ | 299,913 | ​ | Sept. 1977 | ​ | (3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts | ​ | $ | 26,993,000 | ​ | $ | 4,686,728 | ​ | $ | 18,746,911 | ​ | $ | 457,122 | ​ | $ | 4,686,728 | ​ | $ | 19,204,033 | ​ | $ | 23,890,761 | ​ | $ | 13,393,356 | ​ | Apr. 2003 | ​ | (3)
WRF Associates LLC Strip Mall Framingham, Massachusetts | ​ | $ | 5,954,546 | ​ | $ | 3,280,000 | ​ | $ | 4,920,000 | ​ | $ | 490,262 | ​ | $ | 3,280,000 | ​ | $ | 5,410,262 | ​ | $ | 8,690,262 | ​ | $ | 4,101,814 | ​ | May 1999 | ​ | (3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts | ​ | $ | 19,266,000 | ​ | $ | 1,335,000 | ​ | $ | 7,565,501 | ​ | $ | 3,250,982 | ​ | $ | 1,335,000 | ​ | $ | 10,816,483 | ​ | $ | 12,151,483 | ​ | $ | 8,461,934 | ​ | Dec. 1999 | ​ | (3)
Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts | ​ | $ | 4,494,000 | ​ | $ | 44,965 | ​ | $ | 4,478,687 | ​ | $ | 322,345 | ​ | $ | 44,965 | ​ | $ | 4,801,032 | ​ | $ | 4,845,997 | ​ | $ | 3,402,530 | ​ | Sept. 2004 | ​ | (3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts | ​ | $ | 38,475,000 | ​ | $ | 461,300 | ​ | $ | 2,424,636 | ​ | $ | 6,702,223 | ​ | $ | 461,300 | ​ | $ | 9,126,859 | ​ | $ | 9,588,159 | ​ | $ | 6,280,115 | ​ | Sept. 1977 | ​ | (3)
Woodland Park Apartments LLC Residential Apartments Newton Massachusetts | ​ | $ | 21,788,650 | ​ | $ | 9,114,334 | ​ | $ | 35,874,994 | ​ | $ | (1,161,715) | ​ | $ | 9,114,334 | ​ | $ | 34,713,279 | ​ | $ | 43,827,613 | ​ | $ | 10,321,309 | ​ | July 2017 | ​ | (3)
653 Worcester Rd Commercial Framingham, Massachusetts | ​ | $ | — | ​ | ​ | 3,415,051 | ​ | ​ | 4,496,849 | ​ | ​ | 1,187,232 | ​ | ​ | 3,415,051 | ​ | ​ | 5,684,081 | ​ | ​ | 9,099,132 | ​ | ​ | 429,322 | ​ | Jan.2023 | ​ | (3)
Shawmut Place LLC, Residential Apartments Boston, Massachusetts | ​ | $ | — | ​ | ​ | 7,297,401 | ​ | ​ | 12,249,725 | ​ | ​ | 7,702,495 | ​ | ​ | 7,297,401 | ​ | ​ | 19,952,220 | ​ | ​ | 27,249,621 | ​ | ​ | 577,775 | ​ | July.2023 | ​ | (3)
​ | ​ | $ | 411,439,541 | ​ | $ | 85,836,705 | ​ | $ | 299,576,528 | ​ | $ | 54,927,136 | ​ | $ | 85,993,233 | ​ | $ | 354,503,664 | ​ | $ | 440,496,897 | ​ | $ | 170,691,951 | ​ | ​ | ​ | ​
(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 2023, 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, |
​ |  | 2023 |  | 2022 |  | 2021 |
Rental Properties | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, Beginning |  | $ | 400,703,910 |  | $ | 400,588,242 |  | $ | 398,629,793 | ​
Additions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Buildings, improvements and other assets | ​ |  | 45,499,213 | ​ |  | 5,981,125 | ​ |  | 3,317,445 | ​
​ | ​ |  | 446,203,123 | ​ |  | 406,569,367 | ​ | ​ | 401,947,238 | ​
Deduct: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Write-offs of retired or disposed assets | ​ |  | 4,580,382 | ​ |  | 5,865,457 | ​ |  | 1,358,996 | ​
Impairments | ​ |  | 1,125,844 | ​ |  | — | ​ |  | — | ​
Balance, Ending | ​ | $ | 440,496,897 | ​ | $ | 400,703,910 | ​ | $ | 400,588,242 | ​
Accumulated Depreciation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, Beginning | ​ | $ | 159,627,479 | ​ | $ | 149,233,040 | ​ | $ | 134,019,906 | ​
Add: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation for the year | ​ |  | 15,799,589 | ​ |  | 16,259,896 | ​ |  | 16,572,131 | ​
​ | ​ |  | 175,427,068 | ​ |  | 165,492,936 | ​ | ​ | 150,592,037 | ​
Deduct | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depreciation of retired or disposed assets | ​ |  | 4,580,382 | ​ |  | 5,865,457 | ​ |  | 1,358,997 | ​
Impairments | ​ | ​ | 154,735 | ​ | ​ | — | ​ | ​ | — | ​
Balance, Ending | ​ | $ | 170,691,951 | ​ | $ | 159,627,479 | ​ | $ | 149,233,040 | ​
​ On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement. The additional advance under the Amended Agreement is in the amount of $80,284,000, at a fixed interest rate of 4.33%, payable on a monthly basis through July 31, 2032. 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. The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $834,000 in prepayment penalties. The remaining balance of approximately $42,404,000 will be used for general partnership purposes. 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 was 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 October 14, 2022, the Partnership entered into a loan agreement with Brookline Bank refinancing its loan on 659-665 Worcester Road, Framingham, MA. The agreement pays down the loan on the existing debt of $5,954,546.14, extends the maturity until October 14, 2032, at a variable interest rate of SOFR rate, plus 1.7% interest only for 2 years and amortizing using a thirty-year schedule for the balance of the term. At closing, the Partnership entered into an interest rate swap contract with Brookline Bank with a notional amount equivalent to the underlying loan principal amortization, resulting in a fixed rate of 4.60% through the expiration of the interest rate swap contract. The agreement also allows for an earn out of up to an additional $1,495,453.86 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000 on January 18, 2023. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000. From the purchase price, the Partnership allocated approximately $585,000 for in- place leases, and approximately $378,000 to the value of tenant relationships. These amounts are being amortized over 12 and 156 months respectively. ​ On July 14, 2023, the Partnership purchased a 52 unit mixed use property in the South End neighborhood of Boston, MA comprised of three buildings at 26-30 Rutland Street, 105-117 West Concord Street and 475 Shawmut Avenue, and approximately 3,400 square feet of commercial space for a purchase price of approximately $27,500,000. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $81,000. From the purchase price, the Partnership allocated approximately $525,000 for in-place leases, approximately $61,000 to the value of tenant relationships and $241,000 to the value of below-market leases. These amounts are being amortized over 12 and 36 months respectively. ​ In December, 2023, the Partnership received approval from MassHousing to construct a 72 unit apartment building in accordance with Chapter 40B to include 17 affordable units on the Mill Street Development site. In order to initiate construction, the Partnership expects to demolish the current building structures and start construction in 2024. No tenants are now occupying the property and with the resulting loss of future cash, Management has recorded an impairment charge of approximately $971,000, the net book value of the building for the Mill Street Development property. In order to comply with the permanent financing requirements for a 40B project, Mill Street Development signed a term sheet for a loan of up to $15 million, to be funded upon completion of the development project. In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project.

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