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RENTAL PROPERTIES | 3 Months Ended
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Mar. 31, 2024
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES As of March 31, 2024, 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 March 31, 2024, the Partnership and Subsidiary Partnerships owned two commercial shopping centers 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 March 31, 2024 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments. 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, Massachusetts 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 demolished the existing building structures and started construction in January 2024. 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. Total expected construction costs for the project are expected to be approximately $30,000,000 with construction completion anticipated during the fourth quarter of 2025. Rental properties consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024 |  | December 31, 2023 |  | Useful Life |
Land, improvements and parking lots | ​ | $ | 99,249,928 | ​ | $ | 99,162,143 | ​ | 15 | - | 40 | years | ​
Buildings and improvements | ​ |  | 278,027,649 | ​ |  | 277,986,334 | ​ | 15 | - | 40 | years | ​
Construction in progress | ​ | ​ | 3,361,078 | ​ | ​ | — | ​ | ​ | ​ | N/A | ​ | ​
Kitchen cabinets | ​ |  | 16,356,947 | ​ |  | 16,137,828 | ​ | 5 | - | 10 | years | ​
Carpets | ​ |  | 13,429,753 | ​ |  | 13,127,838 | ​ | 5 | - | 10 | years | ​
Air conditioning | ​ |  | 500,000 | ​ |  | 500,000 | ​ | 5 | - | 10 | years | ​
Laundry equipment | ​ |  | 568,716 | ​ |  | 568,716 | ​ | 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 | ​ |  | 21,599,934 | ​ |  | 21,348,556 | ​ | 5 | - | 30 | years | ​
Motor vehicles | ​ |  | 232,954 | ​ |  | 232,954 | ​ | ​ | ​ | 5 | years | ​
Fences | ​ |  | 91,620 | ​ |  | 91,620 | ​ | 5 | - | 15 | years | ​
Furniture and fixtures | ​ |  | 8,609,685 | ​ |  | 8,365,039 | ​ | 5 | - | 7 | years | ​
Total fixed assets | ​ |  | 445,004,133 | ​ |  | 440,496,897 | ​ | ​ | ​ | ​ | ​ | ​
Less: Accumulated depreciation | ​ |  | (174,747,433) | ​ |  | (170,691,951) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 270,256,700 | ​ | $ | 269,804,946 | ​ | ​ | ​ | ​ | ​ | ​
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- Definition This element represents the entire disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount as of the balance sheet date. + References No definition available. + Details
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- References No definition available. + Details
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