Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | NATIONAL PROPERTY INVESTORS 6 |
Entity Central Index Key | 708870 |
Document Type | 10-K |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Smaller Reporting Company |
Outstanding Limited Partnership Units | 109,446 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Cash and cash equivalents | $215,000 | $261,000 |
Receivables and deposits | 446,000 | 425,000 |
Other assets | 631,000 | 651,000 |
Investment property: | ||
Land | 1,366,000 | 1,366,000 |
Buildings and related personal property | 30,579,000 | 30,076,000 |
Total investment property | 31,945,000 | 31,442,000 |
Less accumulated depreciation | -24,090,000 | -23,203,000 |
Investment property, net | 7,855,000 | 8,239,000 |
Total assets | 9,147,000 | 9,576,000 |
Liabilities | ||
Accounts payable | 62,000 | 50,000 |
Tenant security deposit liabilities | 218,000 | 184,000 |
Due to affiliates | 11,782,000 | 10,938,000 |
Other liabilities | 363,000 | 395,000 |
Mortgage notes payable | 22,638,000 | 23,048,000 |
Total liabilities | 35,063,000 | 34,615,000 |
Partners' Deficit | ||
General partner | -806,000 | -797,000 |
Limited partners | -25,110,000 | -24,242,000 |
Total partners’ deficit | -25,916,000 | -25,039,000 |
Total liabilities and partners’ deficit | $9,147,000 | $9,576,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues: | ||
Rental income | $4,680 | $4,366 |
Other income | 571 | 608 |
Total revenues | 5,251 | 4,974 |
Expenses: | ||
Operating | 2,198 | 2,189 |
General and administrative | 167 | 111 |
Depreciation | 1,245 | 1,574 |
Interest | 2,166 | 2,158 |
Property taxes | 352 | 365 |
Total expenses | 6,128 | 6,397 |
Net loss | -877 | -1,423 |
Net loss allocated to general partner (1%) | -9 | -14 |
Net loss allocated to limited partners (99%) | ($868) | ($1,409) |
Net loss per limited partnership unit | ($7.93) | ($12.86) |
Statement_of_Changes_in_Partne
Statement of Changes in Partners' Deficit (USD $) | Total | General Partner | Limited Partner |
In Thousands | |||
Partners' deficit at Dec. 31, 2012 | ($23,616) | ($783) | ($22,833) |
Net loss for the year ended December 31 | -1,423 | -14 | -1,409 |
Partners' deficit at Dec. 31, 2013 | -25,039 | -797 | -24,242 |
Net loss for the year ended December 31 | -877 | -9 | -868 |
Partners' deficit at Dec. 31, 2014 | ($25,916) | ($806) | ($25,110) |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net loss | ($877,000) | ($1,423,000) |
Adjustments to reconcile net loss to net cash provided | ||
Depreciation | 1,245,000 | 1,574,000 |
Amortization of loan costs | 39,000 | 39,000 |
Change in accounts: | ||
Receivables and deposits | -21,000 | -44,000 |
Other assets | -19,000 | 15,000 |
Accounts payable | 15,000 | -159,000 |
Tenant security deposit liabilities | 34,000 | 12,000 |
Due to affiliates | 294,000 | 365,000 |
Other liabilities | -32,000 | 80,000 |
Net cash provided by operating activities | 678,000 | 459,000 |
Cash flows used in investing activities: | ||
Property improvements and replacements | -864,000 | -1,128,000 |
Cash flows from financing activities: | ||
Payments on mortgage notes payable | -410,000 | -384,000 |
Advances from affiliate | 550,000 | 525,000 |
Net cash provided by financing activities | 140,000 | 141,000 |
Net increase (decrease) in cash and cash equivalents | -46,000 | -528,000 |
Cash and cash equivalents at beginning of period | 261,000 | 789,000 |
Cash and cash equivalents at end of period | 215,000 | 261,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,669,000 | 1,581,000 |
Supplemental disclosure of non-cash activity: | ||
Property improvements and replacements included in accounts payable | $15,000 | $18,000 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note A – Organization and Summary of Significant Accounting Policies |
Organization | |
National Property Investors 6 (the "Partnership" or "Registrant") is a California limited partnership formed on October 15, 1982. The Partnership is engaged in the business of operating and holding one apartment property located in Towson, Maryland for investment. NPI Equity Investments, Inc., a Florida corporation, became the Partnership's managing general partner (the "Managing General Partner" or "NPI Equity") on June 21, 1991. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. The partnership agreement provides that the Partnership is to terminate on December 31, 2022. | |
Subsequent Events | |
The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed. | |
Reclassifications | |
Certain reclassifications have been made to the 2013 balances to conform to the 2014 presentation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Abandoned Units | |
During the years ended December 31, 2014 and 2013, the number of limited partnership units (the “Units”) decreased by 50 and 28 Units, respectively, due to limited partners abandoning their Units. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment. | |
Net Loss Per Limited Partnership Unit | |
At December 31, 2014 and 2013, the Partnership had outstanding 109,446 and 109,496 Units, respectively. Net loss per Limited Partnership Unit is computed by dividing net loss allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. The number of Units used was 109,496 and 109,524 Units for the years ended December 31, 2014 and 2013, respectively. | |
Allocation of Income, Loss and Distributions | |
Net income, net loss and distributions of cash of the Partnership are allocated between the general and limited partners in accordance with the provisions of the Partnership Agreement. | |
Note A – Organization and Summary of Significant Accounting Policies (continued) | |
Fair Value of Financial Statements | |
Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2014, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $25,657,000. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $215,000 and $261,000 at December 31, 2014 and 2013, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts. | |
Tenant Security Deposits | |
The Partnership requires security deposits from lessees for the duration of the lease and such deposits are included in receivables and deposits. The security deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments. | |
Depreciation | |
Depreciation is provided by the straight-line method over the estimated lives of the apartment property and related personal property. For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of | |
(1) real property over 27.5 years and (2) personal property additions over 5 years. | |
Deferred Costs | |
Loan costs of approximately $649,000 at both December 31, 2014 and 2013, less accumulated amortization of approximately $427,000 and $388,000, respectively, are included in other assets and are amortized over the term of the related loan agreements. The total amortization expense for each of the years ended December 31, 2014 and 2013 was approximately $39,000 and is included in interest expense. Amortization expense is expected to be approximately $39,000 for each of the years 2015 through 2018 and approximately $31,000 for 2019. | |
Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases. Amortization of these costs is included in operating expenses. | |
Note A – Organization and Summary of Significant Accounting Policies (continued) | |
Leases | |
The Partnership generally leases apartment units for twelve-month terms or less. The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area. Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease. The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current residents and all receivables due from former residents. | |
Investment Property | |
Investment property consists of one apartment complex and is stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the property level. The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2014 and 2013. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs including ordinary repairs, maintenance and resident turnover costs. | |
If events or circumstances indicate that the carrying amount of the property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2014 and 2013. | |
Segment Reporting | |
ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment. | |
Advertising Costs | |
Advertising costs of approximately $85,000 for the years ended December 31, 2014 and 2013, respectively, were charged to expense as incurred and are included in operating expenses. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board issued their final standard on revenue from contracts with customers which was issued by the FASB as Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. ASU 2014-09, which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, supersedes most current generally accepted accounting principles applicable to revenue recognition and converges U.S. and international accounting standards in this area. The core principle of the new guidance is that revenue shall only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. | |
ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, with no early adoption permitted, and allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. The Partnership has not yet determined the effect ASU 2014-09 will have on its financial statements. | |
Note A – Organization and Summary of Significant Accounting Policies (continued) | |
In August 2014, The FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern, or ASU 2014-15. ASU 2014-15 requires management to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. | |
This evaluation should include consideration of whether it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, and should initially take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date that the financial statements are issued (e.g. plans to raise capital, borrow money, restructure debt, etc). Entities must disclose the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, as well as management’s evaluation of those conditions and potential plans for mitigation. | |
ASU 2014-15 is effective for all entities for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Partnership does not expect ASU 2014-15 to have a material effect on its financial statements. |
Mortgage_Notes_Payable_Notes
Mortgage Notes Payable (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Mortgage Notes Payable [Abstract] | ||||||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | Note B – Mortgage Notes Payable | |||||||||||||||
The principal terms of mortgage notes payable are as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Property | Principal Balance at December 31, 2014 | Principal Balance at December 31, 2013 | Monthly Payment Including Interest | Stated Interest Rate | Maturity Date | Principal Balance Due at Maturity | ||||||||||
Colony at Kenilworth Apartments 1st mortgage | $ | 10,970 | $ | 11,144 | $ | 84 | 7.58% | 7/1/21 | $ | 9,451 | ||||||
Colony at Kenilworth Apartments 2nd mortgage | 11,668 | 11,904 | 78 | 5.93% | 7/1/19 | 10,415 | ||||||||||
Total | $ | 22,638 | $ | 23,048 | $ | 162 | $ | 19,866 | ||||||||
The mortgage notes payable are fixed rate mortgages that are nonrecourse and are secured by pledge of the Partnership's investment property and by a pledge of revenue from the investment property. The mortgage notes payable include prepayment penalties if repaid prior to maturity. Further, the property may not be sold subject to existing indebtedness. | ||||||||||||||||
Scheduled principal payments of the mortgage notes payable subsequent to December 31, 2014 are as follows (in thousands): | ||||||||||||||||
2015 | $ | 438 | ||||||||||||||
2016 | 468 | |||||||||||||||
2017 | 501 | |||||||||||||||
2018 | 535 | |||||||||||||||
2019 | 10,826 | |||||||||||||||
Thereafter | 9,870 | |||||||||||||||
$ | 22,638 | |||||||||||||||
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | Note C – Income Taxes | |||||||
The Partnership is classified as a partnership for Federal income tax purposes. Accordingly, no provision for income taxes is made in the financial statements of the Partnership. Taxable income or loss of the Partnership is reported in the income tax returns of its partners. | ||||||||
The following is a reconciliation of reported net loss and Federal taxable (loss) income (in thousands, except per unit data): | ||||||||
2014 | 2013 | |||||||
Net loss as reported | $ | (877 | ) | $ | (1,423 | ) | ||
(Deduct) add: | ||||||||
Depreciation differences | 400 | 363 | ||||||
Prepaid rent | (3 | ) | 9 | |||||
Other | (911 | ) | 92 | |||||
Federal taxable loss | $ | (1,391 | ) | $ | (959 | ) | ||
Federal taxable (loss) income per limited partnership unit | $ | (12.58 | ) | $ | (0.77 | ) | ||
For 2014 and 2013, allocations under the Internal Revenue Code section 704(b) resulted in the limited partners being allocated a non-pro rata amount of taxable loss or income. | ||||||||
The following is a reconciliation between the Partnership's reported amounts and Federal tax basis of net liabilities (in thousands): | ||||||||
2014 | 2013 | |||||||
Net liabilities as reported | $ | (25,916 | ) | $ | (25,039 | ) | ||
Land and buildings | 6,126 | 5,810 | ||||||
Accumulated depreciation | (6,408 | ) | (5,488 | ) | ||||
Syndication and distribution costs | 6,295 | 6,295 | ||||||
Prepaid rent | 20 | 22 | ||||||
Other | 289 | 197 | ||||||
Net liabilities - tax basis | $ | (19,594 | ) | $ | (18,203 | ) |
Transactions_With_Affiliated_P
Transactions With Affiliated Parties (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Note D – Transactions with Affiliated Parties |
The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. | |
Affiliates of the Managing General Partner receive 5% of gross receipts from the Partnership's property as compensation for providing property management services. The Partnership paid to such affiliates approximately $260,000 and $247,000 for the years ended December 31, 2014 and 2013, respectively, which are included in operating expenses. | |
Affiliates of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $116,000 and $139,000 for the years ended December 31, 2014 and 2013, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the years ended December 31, 2014 and 2013 are construction management services provided by an affiliate of the Managing General Partner of approximately $80,000 and $103,000, respectively. At December 31, 2013, approximately $163,000 of reimbursements were due to the Managing General Partner and are included in due to affiliates. | |
Note D – Transactions with Affiliated Parties (continued) | |
For services relating to the administration of the Partnership and operation of the Partnership's property, the Managing General Partner is entitled to receive payment for non-accountable expenses up to a maximum of $150,000 per year, based upon the number of Partnership units sold, subject to certain limitations. No such reimbursements were made during the years ended December 31, 2014 or 2013. | |
As compensation for services rendered in managing the Partnership, the Managing General Partner is entitled to receive Partnership management fees in conjunction with distributions of cash from operations, subject to certain limitations. No such Partnership management fees were earned or paid during the years ended December 31, 2014 or 2013. | |
The Partnership may receive advances of funds from AIMCO Properties, L.P., an affiliate of the Managing General Partner and the holder of a majority of the beneficial interest of the Partnership. During the years ended December 31, 2014 and 2013, AIMCO Properties, L.P. advanced the Partnership approximately $550,000 and $525,000, respectively, to fund real estate taxes at the Partnership’s investment property. The advances bear interest at the prime rate plus 2% (5.25% at December 31, 2014) per annum. Interest expense was approximately $587,000 and $534,000 for the years ended December 31, 2014 and 2013, respectively. During the year ended December 31, 2014, the Partnership paid $130,000 of accrued interest. At December 31, 2014 and 2013, the total advances and accrued interest owed to AIMCO Properties, L.P. was approximately $11,782,000 and $10,775,000, respectively, and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances. For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission. | |
Upon the sale of the Partnership’s property, NPI Equity will be entitled to an Incentive Compensation Fee equal to 3% of the difference between the sales price of the property and the appraised value for such property at February 1, 1992. Payment of the Incentive Compensation Fee is subordinated to the receipt by the limited partners, of: (a) distributions from capital transaction proceeds of an amount equal to their appraised investment in the Partnership at February 1, 1992, and (b) distributions from all sources (capital transactions as well as cash flow) of an amount equal to six percent (6%) per annum cumulative, non-compounded, on their appraised investment in the Partnership at February 1, 1992. Prior to 2013, these preferences were met. | |
The Partnership insures its property up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the years ended December 31, 2014 and 2013, the Partnership was charged by Aimco and its affiliates approximately $64,000 and $60,000, respectively, for insurance coverage and fees associated with policy claims administration. | |
In addition to its indirect ownership of the Managing General Partner interest in the Partnership, Aimco and its affiliates owned 76,622 Units in the Partnership representing 70.01% of the outstanding Units at December 31, 2014. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 70.01% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the 47,624 Units acquired on January 19, 1996, AIMCO IPLP, L.P. ("IPLP"), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the Managing General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to Aimco as its sole stockholder. As a result, the duties of the Managing General Partner, as Managing General Partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder. |
Investment_Property_and_Accumu
Investment Property and Accumulated Depreciation (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investment Property and Accumulated Depreciation [Abstract] | ||||||||||||||||
Investment Property | Note E – Investment Property and Accumulated Depreciation | |||||||||||||||
Initial Cost | ||||||||||||||||
To Partnership | ||||||||||||||||
(in thousands) | ||||||||||||||||
Description | Encumbrances | Land | Buildings and Related Personal Property | Net Cost Capitalized | ||||||||||||
(in thousands) | Subsequent to Acquisition | |||||||||||||||
(in thousands) | ||||||||||||||||
Colony at Kenilworth Apartments | $ | 22,638 | $ | 1,306 | $ | 13,187 | $ | 17,452 | ||||||||
Gross Amount At Which Carried | ||||||||||||||||
At December 31, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Description | Land | Buildings And Related Personal Property | Total | Accumulated | Year of Construction | Date Acquired | Depreciable Life | |||||||||
Depreciation | ||||||||||||||||
(in thousands) | ||||||||||||||||
Colony at Kenilworth Apartments | $ | 1,366 | $ | 30,579 | $ | 31,945 | $ | 24,090 | 1967 | Mar-84 | 5-30 yrs | |||||
Reconciliation of “Investment Property and Accumulated Depreciation” (in thousands): | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Investment Property | ||||||||||||||||
Balance at beginning of year | $ | 31,442 | $ | 31,093 | ||||||||||||
Property improvements and replacements | 861 | 672 | ||||||||||||||
Retirement of assets | (358 | ) | (323 | ) | ||||||||||||
Balance at end of year | $ | 31,945 | $ | 31,442 | ||||||||||||
Accumulated Depreciation | ||||||||||||||||
Balance at beginning of year | $ | 23,203 | $ | 21,952 | ||||||||||||
Additions charged to expense | 1,245 | 1,574 | ||||||||||||||
Retirement of assets | (358 | ) | (323 | ) | ||||||||||||
Balance at end of year | $ | 24,090 | $ | 23,203 | ||||||||||||
During the years ended December 31, 2014 and 2013, the Partnership retired and wrote-off property improvements and replacements no longer being used that had a cost basis of approximately $358,000 and $323,000, respectively, and accumulated depreciation of approximately $358,000 and $323,000, respectively, which are included in the table above. | ||||||||||||||||
The aggregate cost of the investment property for Federal income tax purposes at December 31, 2014 and 2013 is approximately $38,071,000 and $37,252,000, respectively. The accumulated depreciation taken for Federal income tax purposes at December 31, 2014 and 2013 is approximately $30,498,000 and $28,691,000, respectively. |
Casualty_Event_Notes
Casualty Event (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Extraordinary and Unusual Items [Abstract] | |
Casualty Event | Note F – Casualty Event |
In April 2014, Colony at Kenilworth Apartments sustained damages from a fire which affected three apartment units. The estimated damages are approximately $160,000 and the Partnership expects to receive insurance proceeds. During the year ended December 31, 2014, the Partnership incurred reconstruction costs of approximately $133,000 of which approximately $74,000 were repair and clean-up costs that are included in operating expenses. The Partnership does not expect to record a loss from this event. |
Contingencies_Notes
Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note G – Contingencies |
The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property that are not of a routine nature arising in the ordinary course of business. | |
Various Federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Potentially hazardous materials may include polychlorinated biphenyls, petroleum-based fuels, lead-based paint, or asbestos. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions, damages to natural resources and for potential fines or penalties in connection with such damage or with respect to the improper management of hazardous materials. Moreover, private plaintiffs may potentially make claims for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials at an apartment community. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note H – Subsequent Event |
On February 2, 2015, the Partnership entered into a sale contract with a third party relating to the sale of Colony at Kenilworth Apartments. The sale is projected to close on March 31, 2015 with a sales price of $44,200,000. The Partnership has determined that certain held for sale criteria have not been met at December 31, 2014 and therefore continues to report the assets and liabilities of Colony at Kenilworth Apartments as held for investment and its operations as continuing operations. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Organization |
National Property Investors 6 (the "Partnership" or "Registrant") is a California limited partnership formed on October 15, 1982. The Partnership is engaged in the business of operating and holding one apartment property located in Towson, Maryland for investment. NPI Equity Investments, Inc., a Florida corporation, became the Partnership's managing general partner (the "Managing General Partner" or "NPI Equity") on June 21, 1991. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. The partnership agreement provides that the Partnership is to terminate on December 31, 2022. | |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain reclassifications have been made to the 2013 balances to conform to the 2014 presentation. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Abandoned Units [Policy Text Block] | Abandoned Units |
During the years ended December 31, 2014 and 2013, the number of limited partnership units (the “Units”) decreased by 50 and 28 Units, respectively, due to limited partners abandoning their Units. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment. | |
Allocation Of Income Loss And Distributions [Policy Text Block] | Allocation of Income, Loss and Distributions |
Net income, net loss and distributions of cash of the Partnership are allocated between the general and limited partners in accordance with the provisions of the Partnership Agreement. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Statements |
Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2014, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $25,657,000. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Cash and cash equivalents include cash on hand and cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $215,000 and $261,000 at December 31, 2014 and 2013, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts. | |
Tenant Security Deposits [Policy Text Block] | Tenant Security Deposits |
The Partnership requires security deposits from lessees for the duration of the lease and such deposits are included in receivables and deposits. The security deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments. | |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation |
Depreciation is provided by the straight-line method over the estimated lives of the apartment property and related personal property. For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of | |
(1) real property over 27.5 years and (2) personal property additions over 5 years. | |
Deferred Charges, Policy [Policy Text Block] | Deferred Costs |
Loan costs of approximately $649,000 at both December 31, 2014 and 2013, less accumulated amortization of approximately $427,000 and $388,000, respectively, are included in other assets and are amortized over the term of the related loan agreements. The total amortization expense for each of the years ended December 31, 2014 and 2013 was approximately $39,000 and is included in interest expense. Amortization expense is expected to be approximately $39,000 for each of the years 2015 through 2018 and approximately $31,000 for 2019. | |
Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases. Amortization of these costs is included in operating expenses. | |
Lease, Policy [Policy Text Block] | Leases |
The Partnership generally leases apartment units for twelve-month terms or less. The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area. Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease. The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current residents and all receivables due from former residents. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Investment Property |
Investment property consists of one apartment complex and is stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the property level. The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2014 and 2013. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs including ordinary repairs, maintenance and resident turnover costs. | |
If events or circumstances indicate that the carrying amount of the property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2014 and 2013. | |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting |
ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment. | |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs |
Advertising costs of approximately $85,000 for the years ended December 31, 2014 and 2013, respectively, were charged to expense as incurred and are included in operating expenses. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board issued their final standard on revenue from contracts with customers which was issued by the FASB as Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. ASU 2014-09, which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, supersedes most current generally accepted accounting principles applicable to revenue recognition and converges U.S. and international accounting standards in this area. The core principle of the new guidance is that revenue shall only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. | |
ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, with no early adoption permitted, and allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. The Partnership has not yet determined the effect ASU 2014-09 will have on its financial statements. | |
Note A – Organization and Summary of Significant Accounting Policies (continued) | |
In August 2014, The FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern, or ASU 2014-15. ASU 2014-15 requires management to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. | |
This evaluation should include consideration of whether it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, and should initially take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date that the financial statements are issued (e.g. plans to raise capital, borrow money, restructure debt, etc). Entities must disclose the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, as well as management’s evaluation of those conditions and potential plans for mitigation. | |
ASU 2014-15 is effective for all entities for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Partnership does not expect ASU 2014-15 to have a material effect on its financial statements. |
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Mortgage Notes Payable [Abstract] | ||||||||||||||||
Schedule of Debt [Table Text Block] | ||||||||||||||||
(in thousands) | ||||||||||||||||
Property | Principal Balance at December 31, 2014 | Principal Balance at December 31, 2013 | Monthly Payment Including Interest | Stated Interest Rate | Maturity Date | Principal Balance Due at Maturity | ||||||||||
Colony at Kenilworth Apartments 1st mortgage | $ | 10,970 | $ | 11,144 | $ | 84 | 7.58% | 7/1/21 | $ | 9,451 | ||||||
Colony at Kenilworth Apartments 2nd mortgage | 11,668 | 11,904 | 78 | 5.93% | 7/1/19 | 10,415 | ||||||||||
Total | $ | 22,638 | $ | 23,048 | $ | 162 | $ | 19,866 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ||||||||||||||||
2015 | $ | 438 | ||||||||||||||
2016 | 468 | |||||||||||||||
2017 | 501 | |||||||||||||||
2018 | 535 | |||||||||||||||
2019 | 10,826 | |||||||||||||||
Thereafter | 9,870 | |||||||||||||||
$ | 22,638 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Reconciliation Of Book Income Loss To Fed Taxable Income Loss [Table Text Block] | ||||||||
2014 | 2013 | |||||||
Net loss as reported | $ | (877 | ) | $ | (1,423 | ) | ||
(Deduct) add: | ||||||||
Depreciation differences | 400 | 363 | ||||||
Prepaid rent | (3 | ) | 9 | |||||
Other | (911 | ) | 92 | |||||
Federal taxable loss | $ | (1,391 | ) | $ | (959 | ) | ||
Federal taxable (loss) income per limited partnership unit | $ | (12.58 | ) | $ | (0.77 | ) | ||
Reconciliation Of Book Net Assets Liabilities To Tax Basis Net Assets [Table Text Block] | ||||||||
2014 | 2013 | |||||||
Net liabilities as reported | $ | (25,916 | ) | $ | (25,039 | ) | ||
Land and buildings | 6,126 | 5,810 | ||||||
Accumulated depreciation | (6,408 | ) | (5,488 | ) | ||||
Syndication and distribution costs | 6,295 | 6,295 | ||||||
Prepaid rent | 20 | 22 | ||||||
Other | 289 | 197 | ||||||
Net liabilities - tax basis | $ | (19,594 | ) | $ | (18,203 | ) |
Investment_Property_and_Accumu1
Investment Property and Accumulated Depreciation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investment Property and Accumulated Depreciation [Abstract] | ||||||||||||||||
Investment Property Initial Cost And Associated Debt [Table Text Block] | ||||||||||||||||
Initial Cost | ||||||||||||||||
To Partnership | ||||||||||||||||
(in thousands) | ||||||||||||||||
Description | Encumbrances | Land | Buildings and Related Personal Property | Net Cost Capitalized | ||||||||||||
(in thousands) | Subsequent to Acquisition | |||||||||||||||
(in thousands) | ||||||||||||||||
Colony at Kenilworth Apartments | $ | 22,638 | $ | 1,306 | $ | 13,187 | $ | 17,452 | ||||||||
Investment Property And Accumulated Depreciation [Table Text Block] | ||||||||||||||||
Gross Amount At Which Carried | ||||||||||||||||
At December 31, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Description | Land | Buildings And Related Personal Property | Total | Accumulated | Year of Construction | Date Acquired | Depreciable Life | |||||||||
Depreciation | ||||||||||||||||
(in thousands) | ||||||||||||||||
Colony at Kenilworth Apartments | $ | 1,366 | $ | 30,579 | $ | 31,945 | $ | 24,090 | 1967 | Mar-84 | 5-30 yrs | |||||
Reconciliation Of Investment Property And Accumulated Depreciation [Table Text Block] | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Investment Property | ||||||||||||||||
Balance at beginning of year | $ | 31,442 | $ | 31,093 | ||||||||||||
Property improvements and replacements | 861 | 672 | ||||||||||||||
Retirement of assets | (358 | ) | (323 | ) | ||||||||||||
Balance at end of year | $ | 31,945 | $ | 31,442 | ||||||||||||
Accumulated Depreciation | ||||||||||||||||
Balance at beginning of year | $ | 23,203 | $ | 21,952 | ||||||||||||
Additions charged to expense | 1,245 | 1,574 | ||||||||||||||
Retirement of assets | (358 | ) | (323 | ) | ||||||||||||
Balance at end of year | $ | 24,090 | $ | 23,203 | ||||||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Details 1) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Abandoned Units | 50 | 28 |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Details 2) | Dec. 31, 2014 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Outstanding Limited Partnership Units | 109,446 | 109,496 |
Limited Partnership Units outstanding at beginning of year - per unit calculations | 109,496 | 109,524 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Details 3) (USD $) | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair value mortgage notes - Level 2 | $25,657,000 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $215,000 | $261,000 | $789,000 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies (Details 5) | 12 Months Ended |
Dec. 31, 2014 | |
Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 27 years 6 months |
Personal Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies (Details 6) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Finance Costs [Line Items] | ||
Deferred Finance Costs, Gross | $649,000 | $649,000 |
Accumulated Amortization, Deferred Finance Costs | 427,000 | 388,000 |
Amortization of loan costs | 39,000 | 39,000 |
Expected to be incurred 2019 [Member] | ||
Deferred Finance Costs [Line Items] | ||
Amortization of loan costs | 31,000 | |
Expected to be incurred 2015 to 2018 [Member] | ||
Deferred Finance Costs [Line Items] | ||
Amortization of loan costs | $39,000 |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies (Details 7) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Threshold Period Past Due for Write-off of Trade Accounts Receivable | 30 days |
Organization_and_Summary_of_Si9
Organization and Summary of Significant Accounting Policies (Details 8) | Dec. 31, 2014 |
Property | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Real Estate Properties | 1 |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies (Details 9) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advertising Expense | $85,000 | $85,000 |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | $22,638 | $23,048 |
Monthly Payment Including Interest | 162 | |
Stated Interest Rate | 5.25% | |
Principal Balance Due At Maturity | 19,866 | |
First Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | 10,970 | 11,144 |
Monthly Payment Including Interest | 84 | |
Stated Interest Rate | 7.58% | |
Maturity Date | 1-Jul-21 | |
Principal Balance Due At Maturity | 9,451 | |
Second Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | 11,668 | 11,904 |
Monthly Payment Including Interest | 78 | |
Stated Interest Rate | 5.93% | |
Maturity Date | 1-Jul-19 | |
Principal Balance Due At Maturity | $10,415 |
Mortgage_Notes_Payable_Details1
Mortgage Notes Payable (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Mortgage Notes Payable [Abstract] | |
Long-term Debt, Maturities, 2015 | $438 |
Long-term Debt, Maturities, Repayments of Principal in 2016 | 468 |
Long-term Debt, Maturities, Repayments of Principal in 2017 | 501 |
Long-term Debt, Maturities, Repayments of Principal in 2018 | 535 |
Long-term Debt, Maturities, Repayments of Principal in 2019 | 10,826 |
Long-term Debt, Maturities, Repayments of Principal Thereafter | 9,870 |
Other Long-term Debt | $22,638 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Net loss | ($877) | ($1,423) |
Depreciation differences | 400 | 363 |
Prepaid rent | -3 | 9 |
Other | -911 | 92 |
Federal taxable loss | ($1,391) | ($959) |
Federal taxable (loss) income per limited partnership unit | ($12.58) | ($0.77) |
Income_Taxes_Details_2_Details
Income Taxes Details 2 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net liabilities as reported | ($25,916) | ($25,039) |
Land and buildings | 6,126 | 5,810 |
Accumulated depreciation | -6,408 | -5,488 |
Syndication and distribution costs | 6,295 | 6,295 |
Prepaid rent | 20 | 22 |
Other | 289 | 197 |
Net liabilities - tax basis | ($19,594) | ($18,203) |
Transactions_With_Affiliated_P1
Transactions With Affiliated Parties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||
Property management fee percentage - Related Party | 5.00% | |
Property management fees - Related Party | $260,000 | $247,000 |
Accountable administrative expense reimbursement - Related Party | 116,000 | 139,000 |
Construction management service reimbursements capitalized - Related Party | 80,000 | 103,000 |
Unpaid reimbursements owed - Related Party | 163,000 | |
Maximum general partner reimbursement fee | 150,000 | |
General partner reimbursement fees during period | 0 | |
Partnership management fees earned or paid to managing general partner | 0 | |
Advances of funds from affiliate of managing general partner | 550,000 | 525,000 |
Basis Spread on advances from affiliate of Managing General Partner | 2.00% | |
Stated Interest Rate | 5.25% | |
Interest expense on advances - Related Party | 587,000 | 534,000 |
Accrued interest paid during reporting period | 130,000 | |
Unpaid advances & accrued interest - Related Party | 11,782,000 | 10,775,000 |
Incentive Compensation Fee percentage | 3.00% | |
Percentage of cumulative, non-compounded interest on the appraised investment for incentive management fee | 6.00% | |
Insurance expense - Related Party | $64,000 | $60,000 |
Limited Partnership Units Owned By Affiliates | 76,622 | |
Limited Partnership Percentage Owned By Affiliates | 70.01% | |
Limited Partnership Units Owned By Affiliates With Voting Restrictions | 47,624 |
Investment_Property_and_Accumu2
Investment Property and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Investment Property and Accumulated Depreciation [Abstract] | |
Encumbrances (in thousands) | $22,638 |
Land | 1,306 |
Buildings and Related Personal Property | 13,187 |
Net Cost Capitalized Subsequent to Acquisition (in thousands) | $17,452 |
Investment_Property_and_Accumu3
Investment Property and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |
Land | $1,366 |
Buildings And Related Personal Property | 30,579 |
Total | 31,945 |
Accumulated Depreciation (in thousands) | $24,090 |
Year of Construction | 1-Jan-67 |
Date Acquired | 1-Mar-84 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life | 30 years |
Investment_Property_and_Accumu4
Investment Property and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Investment Property and Accumulated Depreciation [Abstract] | ||
Balance at beginning of year | $31,945 | $31,442 |
Property improvements and replacements | 861 | 672 |
Retirement of assets | -358 | -323 |
Balance at end of year | 31,442 | 31,093 |
Balance at beginning of year | 24,090 | 23,203 |
Depreciation | 1,245 | 1,574 |
Retirement of assets | -358 | -323 |
Balance at end of year | $23,203 | $21,952 |
Investment_Property_and_Accumu5
Investment Property and Accumulated Depreciation (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Property and Accumulated Depreciation [Abstract] | ||
Retired Property Improvements And Replacements Cost Basis | $358,000 | $323,000 |
Retired Property Improvements And Replacements Accumulated Depreciation | 358,000 | 323,000 |
Investment Property Gross Cost Federal Tax Basis | 38,071,000 | 37,252,000 |
Investment Property Accumulated Depreciation Federal Tax Basis | $30,498,000 | $28,691,000 |
Casualty_Event_Details
Casualty Event (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Units | |
Extraordinary and Unusual Items [Abstract] | |
Number of apartment units affected by casualty loss | 3 |
Estimated damages of fire casualty event | $160,000 |
Clean-up costs related to casualty event | 133,000 |
Repair and clean-up costs related to casualty event | $74,000 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | Feb. 02, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Sales price of real estate | $44,200,000 |