New England Realty Associates Limited Partnership (NEN) 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 04, 2014	Nov. 04, 2014
		Class A	Class B
Entity Registrant Name	'NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP	'	'
Entity Central Index Key	'0000746514	'	'
Document Type	'10-Q	'	'
Document Period End Date	30-Sep-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	102,550	24,397
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q3	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Rental Properties	$149,759,026	$152,904,661
Cash and Cash Equivalents	13,744,651	14,013,380
Rents Receivable	568,560	496,149
Real Estate Tax Escrows	304,398	375,560
Prepaid Expenses and Other Assets	3,364,841	3,895,189
Investments in Unconsolidated Joint Ventures	9,343,093	12,025,142
Financing Fees	1,775,187	1,635,076
Total Assets	178,859,756	185,345,157
LIABILITIES AND PARTNERS' CAPITAL	'	'
Mortgage Notes Payable	196,103,164	198,520,478
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture	1,375,332	1,252,346
Accounts Payable and Accrued Expenses	2,908,670	3,178,495
Advance Rental Payments and Security Deposits	4,350,638	4,242,401
Total Liabilities	204,737,804	207,193,720
Commitments and Contingent Liabilities (Notes 3 and 9)	'	'
Partners' Capital 128,407 and 129,487 units outstanding in 2013 and 2012 respectively	-25,878,048	-21,848,563
Total Liabilities and Partners' Capital	$178,859,756	$185,345,157

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS	'	'	'	'
Partners' Capital, units outstanding	128,407	129,487	129,539	130,444

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	'	'	'	'
Rental income	$10,546,055	$9,859,135	$31,500,342	$27,687,903
Laundry and sundry income	96,973	108,617	321,150	302,305
Total Revenues	10,643,028	9,967,752	31,821,492	27,990,208
Expenses	'	'	'	'
Administrative	543,704	451,268	1,643,185	1,601,123
Depreciation and amortization	2,463,708	2,824,318	7,935,355	5,758,310
Management fee	438,319	400,588	1,303,780	1,144,462
Operating	838,728	786,179	3,540,985	3,032,964
Renting	155,865	78,874	301,334	135,540
Repairs and maintenance	2,087,290	1,641,608	4,899,746	4,238,821
Taxes and insurance	1,388,807	1,301,388	4,180,961	3,667,180
Total Expenses	7,916,421	7,484,223	23,805,346	19,578,400
Income Before Other Income	2,726,607	2,483,529	8,016,146	8,411,808
Other Income (Expense)	'	'	'	'
Interest income	209	230	592	945
Interest expense	-2,393,427	-2,142,817	-7,160,489	-5,746,533
Gain on the sale of equipment	'	2,250	0	2,250
(Loss) from investments in unconsolidated joint ventures	-151,902	-375,412	-422,535	-1,028,601
Total Other Income (loss)	-2,545,120	-2,515,749	-7,582,432	-6,771,939
Income (loss) From Continuing Operations	181,487	-32,220	433,714	1,639,869
Discontinued Operations	'	'	'	'
Income from discontinued operations	'	-654	0	19,160
Gain on the sale of real estate	'	'	'	3,678,839
Total Discontinued Operations	'	-654	'	3,697,999
Net Income (Loss)	$181,487	($32,874)	$433,714	$5,337,867
Income (loss) per Unit	'	'	'	'
Income (loss) before discontinued operations	$1.41	($0.25)	$3.36	$12.62
Income from discontinued operations	'	($0.01)	'	$28.45
Net Income (loss) per Unit	$1.41	($0.26)	$3.36	$41.07
Weighted Average Number of Units Outstanding (in units)	128,587	129,719	129,149	129,981

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (USD $)	Subtotal	Class A	Class B	General Partnership	Treasury Units	Total
		USD ($)	USD ($)	USD ($)		USD ($)
Balance at Dec. 31, 2012	'	($18,017,082)	($4,273,666)	($224,929)	'	($22,515,677)
Balance (in units) at Dec. 31, 2012	180,225	144,180	34,243	1,802	49,781	130,444
Increase (Decrease) in Partners' Capital	'	'	'	'	'	'
Distribution to Partners	'	-2,337,714	-555,208	-29,221	'	-2,922,143
Stock Buyback	'	-819,240	-192,610	-10,137	'	-1,021,987
Stock Buyback (in units)	'	'	'	'	905	-905
Net income	'	4,270,294	1,014,195	53,379	'	5,337,867
Balance at Sep. 30, 2013	'	-16,903,742	-4,007,289	-210,908	'	-21,121,940
Balance (in units) at Sep. 30, 2013	180,225	144,180	34,243	1,802	50,686	129,539
Balance at Dec. 31, 2013	'	-17,485,327	-4,145,076	-218,160	'	-21,848,563
Balance (in units) at Dec. 31, 2013	180,225	144,180	34,243	1,802	50,738	129,487
Increase (Decrease) in Partners' Capital	'	'	'	'	'	'
Distribution to Partners	'	-2,319,041	-550,772	-28,988	'	-2,898,801
Stock Buyback	'	-1,258,399	-290,698	-15,300	'	-1,564,397
Stock Buyback (in units)	'	'	-205	-11	1,080	-1,080
Net income	'	346,971	82,406	4,337	'	433,714
Balance at Sep. 30, 2014	'	($20,715,796)	($4,904,141)	($258,111)	'	($25,878,048)
Balance (in units) at Sep. 30, 2014	180,225	144,180	34,243	1,802	51,818	128,407

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows from Operating Activities	'	'
Net income	$433,714	$5,337,867
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Gain on the sale of real estate	0	-3,678,839
Gain on the sale of equipment	0	-2,250
Depreciation and amortization	7,935,355	5,758,310
Loss from investments in joint ventures	422,535	1,028,601
Depreciation and amortization - discontinued operations	0	2,111
Change in operating assets and liabilities	'	'
(Increase) in rents receivable	-72,411	-89,114
(Decrease) Increase in accounts payable and accrued expense	-269,825	181,883
Decrease in real estate tax escrow	71,162	186,865
(Increase) in prepaid expenses and other assets	-408,753	-2,402,166
Increase in advance rental payments and security deposits	108,237	389,939
Total Adjustments	7,786,300	1,375,340
Net cash provided by operating activities	8,220,014	6,713,207
Cash Flows From Investing Activities	'	'
Proceed from unconsolidated joint ventures	2,346,690	920,472
Net proceeds from the sale of equipment	0	2,250
Net proceeds from sale of real estate	0	2,155,546
Distribution in excess of investment in unconsolidated joint ventures	185,000	1,640,250
(Investment in) unconsolidated joint ventures	-149,190	-255,722
Improvement of rental properties	-3,701,170	-3,400,894
Purchase of rental properties	0	-20,884,105
Net cash (used in) investing activities	-1,318,670	-19,822,203
Cash Flows from Financing Activities	'	'
Payment of financing costs	-289,561	-588,448
Proceeds of mortgage notes payable	1,109,555	20,500,000
Principal payments and payoffs of mortgage notes payable	-3,526,869	-4,581,283
Stock buyback	-1,564,397	-1,021,987
Distributions to partners	-2,898,801	-2,922,143
Net cash provided by (used in) financing activities	-7,170,073	11,386,139
Net (Decrease) in Cash and Cash Equivalents	-268,729	-1,722,857
Cash and Cash Equivalents, at beginning of period	14,013,380	6,981,906
Cash and Cash Equivalents, at end of period	$13,744,651	$5,259,049

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES - 10Q	9 Months Ended
	Sep. 30, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
	Line of Business:  New England Realty Associates Limited Partnership (“NERA” or the “Partnership”) was organized in Massachusetts in 1977. NERA and its subsidiaries own 24 properties which include 16 residential buildings; 4 mixed use residential, retail and office buildings; 3 commercial buildings and individual units at one condominium complex. These properties total 2,412 apartment units, 19 condominium units and 108,043 square feet of commercial space. Additionally, the Partnership also owns a 40-50% interest in 9 residential and mixed use properties consisting of 792 apartment units, 12,500 square feet of commercial space and a 50 car parking lot. The properties are located in Eastern Massachusetts and Southern New Hampshire.
	Basis of Presentation:  The preparation of the financial statements, in conformity with accounting principles generally accepted in the United State of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Accordingly, actual results could differ from those estimates.
	Principles of Consolidation:  The consolidated financial statements include the accounts of NERA and its subsidiaries. NERA has a 99.67% to 100% ownership interest in each subsidiary except for the nine limited liability companies (the “Investment Properties” or “Joint Ventures”) in which the Partnership has a 40 - 50% ownership interest. The consolidated group is referred to as the “Partnership.” Minority interests are not recorded, since they are insignificant. All significant intercompany accounts and transactions are eliminated in consolidation. The Partnership accounts for its investment in the above-mentioned Investment Properties using the equity method of consolidation. (See Note 14: Investments in Unconsolidated Joint Ventures).
	The Partnership accounts for its investments in joint ventures using the equity method of accounting. These investments are recorded initially at cost, as Investments in Unconsolidated Joint Ventures, and subsequently adjusted for equity in earnings and cash contributions and distributions. Generally, the Partnership would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Partnership has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Partnership only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. In 2013, the carrying value of an investment fell below zero. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. (See Note 14: Investment in Unconsolidated Joint Ventures.)
	The authoritative guidance on consolidation provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIE (the “primary beneficiary”). Generally, the consideration of whether an entity is a VIE applies when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that equity’s activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance; and (2) the obligation to absorb losses and rights to receive the returns from VIE that would be significant to the VIE.
	Impairment:  On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties or investments in unconsolidated subsidiaries may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near term mortgage debt maturities or other factors that might impact the Partnership’s intent and ability to hold property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Partnership’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved.
	Revenue Recognition:  Rental income from residential and commercial properties is recognized over the term of the related lease. For residential tenants, amounts 60 days in arrears are charged against income. The commercial tenants are evaluated on a case by case basis. Certain leases of the commercial properties provide for increasing stepped minimum rents, which are accounted for on a straight-line basis over the term of the lease. Contingent rent for commercial properties are received from tenants for certain costs as provided in the lease agreement. The costs generally include real estate taxes, utilities, insurance, common area maintenance and recoverable costs. Rental concessions are also accounted for on the straight-line basis.
	Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases.
	Rental Properties:  Rental properties are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred; improvements and additions which improve or extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost of the asset and related accumulated depreciation is eliminated from the accounts, and any gain or loss on such disposition is included in income. Fully depreciated assets are removed from the accounts. Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives. Upon acquisition of rental property, the Partnership estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Partnership allocated the purchase price to the assets acquired and liabilities assumed based on their fair values. The Partnership records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Partnership considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.
	Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Partnership’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Partnership’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships.
	In the event that facts and circumstances indicate that the carrying value of a rental property may be impaired, an analysis of the value is prepared. The estimated future undiscounted cash flows are compared to the asset’s carrying value to determine if a write-down to fair value is required.
	Financing and Leasing Fees:  Financing fees are capitalized and amortized, using the interest method, over the life of the related mortgages. Leasing fees are capitalized and amortized on a straight-line basis over the life of the related lease. Unamortized balances are expensed when the corresponding fee is no longer applicable.
	Income Taxes:  The financial statements have been prepared on the basis that NERA and its subsidiaries are entitled to tax treatment as partnerships. Accordingly, no provision for income taxes have been recorded (See Note 13).
	Cash Equivalents:  The Partnership considers cash equivalents to be all highly liquid instruments purchased with a maturity of three months or less.
	Segment Reporting:  Operating segments are revenue producing components of the Partnership for which separate financial information is produced internally for management. Under the definition, NERA operated, for all periods presented, as one segment.
	Comprehensive Income:  Comprehensive income is defined as changes in partners’ equity, exclusive of transactions with owners (such as capital contributions and dividends). NERA did not have any comprehensive income items in 2014 or 2013 other than net income as reported.
	Income Per Depositary Receipt:  Effective January 3, 2012, the Partnership authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt represents one-thirtieth (1/30) of a Class A Unit of the Partnership. All references to Depositary Receipts in the report are reflective of the 3- for-1 forward split.
	Income Per Unit:  Net income per unit has been calculated based upon the weighted average number of units outstanding during each period presented. The Partnership has no dilutive units and, therefore, basic net income is the same as diluted net income per unit (see Note 7).
	Concentration of Credit Risks and Financial Instruments:  The Partnership’s properties are located in New England, and the Partnership is subject to the general economic risks related thereto. No single tenant accounted for more than 5% of the Partnership’s revenues in 2014 or 2013. The Partnership makes its temporary cash investments with high-credit quality financial institutions. At September 30, 2014, substantially all of the Partnership’s cash and cash equivalents were held in interest-bearing accounts at financial institutions, earning interest at rates from 0.01% to 0.35%.  At September 30, 2014 and December 31, 2013, respectively approximately $13,372,000 and $15,275,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts.
	Advertising Expense:  Advertising is expensed as incurred. Advertising expense was $79,346 and $23,483 for the nine months ended September 30, 2014 and 2013, respectively.
	Discontinued Operations and Rental Property Held for Sale:  When significant assets are identified by management as held for sale, the Partnership discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, a valuation allowance is established. Properties identified as held for sale and/or sold are presented in discontinued operations for all periods presented.
	If circumstances arise that previously were considered unlikely and, as a result, the Partnership decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
	Interest Capitalized:  The Partnership follows the policy of capitalizing interest as a component of the cost of rental property when the time of construction exceeds one year. During the nine months ended September 30, 2014 and 2013 there was no capitalized interest.
	Extinguishment of Debt:  When existing mortgages are refinanced with the same lender and it is determined that the refinancing is substantially different, then they are recorded as an extinguishment of debt. However if it is determined that the refinancing is substantially the same, then they are recorded as an exchange of debt. All refinancing qualify as extinguishment of debt.
	Reclassifications:  Certain reclassifications have been made to prior period amounts in order to conform to current period presentation.

RENTAL_PROPERTIES_10Q

RENTAL PROPERTIES - 10Q	9 Months Ended
	Sep. 30, 2014
RENTAL PROPERTIES	'
RENTAL PROPERTIES	'
	NOTE 2. RENTAL PROPERTIES
	As of September 30, 2014, the Partnership and its Subsidiary Partnerships owned 2,412 residential apartment units in 20 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 September 30, 2014, 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 nine residential and mixed use complexes (the “Investment Properties”) at September 30, 2014 with a total of 792 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments.
	Rental properties consist of the following:
		September 30, 2014			December 31, 2013			Useful Life
	Land, improvements and parking lots	$	44,300,508		$	43,919,728		15–40 years
	Buildings and improvements	152,926,255			152,130,635			15–40 years
	Kitchen cabinets	6,791,528			5,956,078			5–10 years
	Carpets	6,601,426			5,820,516			5–10 years
	Air conditioning	736,933			707,928			5–10 years
	Laundry equipment	422,552			404,775			5–7 years
	Elevators	1,139,296			1,139,296			20–40 years
	Swimming pools	444,629			444,629			10–30 years
	Equipment	5,476,998			5,038,530			5–7 years
	Motor vehicles	86,657			86,657			5 years
	Fences	24,670			24,670			5–15 years
	Furniture and fixtures	5,967,285			5,564,621			5–7 years
	Smoke alarms	236,719			216,223			5–7 years
	Total fixed assets	225,155,456			221,454,286
	Less: Accumulated depreciation	(75,396,430		)	(68,549,625		)
		$	149,759,026		$	152,904,661
	In May 2013 the Partnership sold the Nashoba Apartments located in Acton, Massachusetts. The sale price was $4,300,000; the net proceeds of approximately $2,100,000 were transferred to Investment Property Exchange Services, Inc. a Qualified Intermediary. These funds were held by the intermediary in order to maintain the Partnership’s ability to structure a tax free exchange in accordance with the Internal Revenue Service’s rules under Sec. 1031. The gain on the sale in accordance with GAAP is approximately $3,679,000. The proceeds were subsequently used in the acquisition of the Hamilton Green Apartments described below.
	On July 15, 2013, Hamilton Green Apartments, LLC, (“Hamilton Green”) a newly formed subsidiary of the Partnership, purchased Windsor Green at Andover, a 193 unit apartment complex located at 311 and 319 Lowell Street, Andover, Massachusetts. The purchase price was $62,500,000. From the purchase price, the Partnership allocated approximately $1,656,000 to the value of the in-place leases and approximately $96,000 to the value of the tenant relationships. These amounts were amortized over 12 and 36 months respectively. To fund this purchase, the Partnership obtained short term financing of approximately $40,000,000, used the funds of approximately $2,100,000 from the sale of the Nashoba Apartments, and the balance from the Partnership’s cash reserves. The closing costs associated with this short term financing were approximately $38,000. The original mortgage matured in November 2013. On December 20, 2013, the Partnership refinanced the mortgage on Hamilton Green. The new 15 year mortgage is $38,500,000; the interest rate is 4.67%; interest only for 2 years. After the first two years, principal is amortized on a 30-year amortization schedule through January 2029. This refinancing required additional capital of approximately $1,846,000 from the Partnership. The closing costs associated with this refinancing were approximately $346,000.

RELATED_PARTY_TRANSACTIONS_10Q

RELATED PARTY TRANSACTIONS - 10Q	9 Months Ended
	Sep. 30, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	NOTE 3. RELATED PARTY TRANSACTIONS
	The Partnership’s properties are managed by an entity that is owned by the majority shareholder of the General Partner. The management fee is equal to 4% of gross receipts rental revenue and laundry income on the majority of the Partnership’s properties and 3% on Linewt. Total fees paid including discontinued operations were approximately $1,304,000 and $1,153,000 for the nine months ended September 30, 2014 and 2013, respectively.
	The Partnership Agreement permits the General Partner or Management Company to charge the costs of professional services (such as counsel, accountants and contractors) to NERA. During the nine months ended September 30, 2014 and 2013, approximately $630,000 and $817,000, was charged to NERA for legal, accounting, construction, maintenance, rental and architectural services and supervision of capital improvements. Of the 2014 expenses referred to above, approximately $256,000 consisted of repairs and maintenance, $261,000 of administrative expense and $6,000 for rental commission. Approximately $107,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties. Additionally in 2014, the Hamilton Company received approximately $684,000 from the Investment Properties of which approximately $489,000 was the management fee, approximately $64,000 was for maintenance services, approximately $95,000 was for construction and capital improvement projects and approximately $36,000 was for administrative services. The management fee is equal to 4% of gross receipts rental income on the majority of investment properties and 2% on Dexter Park.
	The Partnership reimburses the management company for the payroll and related expenses of the employees who work at the properties. Total reimbursement was approximately $2,385,000 and $2,170,000 for the nine months ended September 30, 2014 and 2013, respectively. The Management Company maintains a 401K plan for all eligible employees whereby the employees may contribute the maximum allowed by law. The plan also provides for discretionary contributions by the employer. There were no employer contributions during 2014 and 2013.
	Bookkeeping and accounting functions are provided by the Management Company’s accounting staff, which consists of approximately 14 people. During the nine months ended September 30, 2014 and 2013, the Management Company charged the Partnership $93,750 ($125,000 per year) for bookkeeping and accounting services included in administrative expenses above.
	The President of the Management Company performs asset management consulting services and receives an asset management fee from the Partnership. The Partnership does not have a written agreement with this individual. During the nine months ended September 30, 2014 and 2013 this individual received fees of $56,250.
	The Partnership has invested in nine limited partnerships, which have invested in mixed use residential apartment complexes. The Partnership has a 40% to 50% ownership interest in each investment property. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 60%. See Note 14 for a description of the properties and their operations.
	See Note 8 for information regarding the repurchase of Class B and General Partnership Units.

OTHER_ASSETS_10Q

OTHER ASSETS - 10Q	9 Months Ended
	Sep. 30, 2014
OTHER ASSETS	'
OTHER ASSETS	'
	NOTE 4. OTHER ASSETS
	Approximately $2,066,000 and $2,053,000 of security deposits are included in prepaid expenses and other assets at September 30, 2014 and December 31, 2013, respectively. The security deposits and escrow accounts are restricted cash.
	Included in prepaid expenses and other assets at September 30, 2014 and December 31, 2013 is approximately $234,000 and $123,000, respectively, held in escrow to fund future capital improvements.
	Intangible assets on the acquisition of Hamilton Green are included in prepaid expenses and other assets.  Intangible assets are approximately $57,000 net of accumulated amortization of approximately $1,695,000 and approximately $978,000 net of accumulated amortization of approximately $774,000 at September 30, 2014 and December 31, 2013, respectively.
	Financing fees of approximately $1,775,000 and $1,635,000 are net of accumulated amortization of approximately $557,000 and $548,000 at September 30, 2014 and December 31, 2013, respectively.

MORTGAGE_NOTES_PAYABLE_10Q

MORTGAGE NOTES PAYABLE - 10Q	9 Months Ended
	Sep. 30, 2014
MORTGAGE NOTES PAYABLE	'
MORTGAGE NOTES PAYABLE	'
	NOTE 5. MORTGAGE NOTES PAYABLE AND LINE OF CREDIT
	Mortgage Notes Payable
	At September 30, 2014 and December 31, 2013, the mortgages payable consisted of various loans, all of which were secured by first mortgages on properties referred to in Note 2. At September 30, 2014, the interest rates on these loans ranged from 3.76% to 5.97%, payable in monthly installments aggregating approximately $808,000 including principal, to various dates through 2029. The majority of the mortgages are subject to prepayment penalties. At September 30, 2014, the weighted average interest rate on the above mortgages was 4.81%. The effective rate of 4.92% includes the amortization expense of deferred financing costs. See Note 12 for fair value information. The Partnership’s mortgage debt and the mortgage debt of its unconsolidated joint ventures generally is non-recourse except for customary exceptions pertaining to misuse of funds and material misrepresentations.
	The Partnership has pledged tenant leases as additional collateral for certain of these loans.
	Approximate annual maturities at September 30, 2014 are as follows:
	2015—current maturities	$	133,000
	2016	726,000
	2017	1,821,000
	2018	7,840,000
	2019	1,912,000
	Thereafter	183,671,000
		$	196,103,000
	On February 25, 2013, the Partnership paid off the mortgage of approximately $3,967,000 on Hamilton Cypress LLC. There was no penalty on the early payoff. The funds used to pay off the mortgage were from the Partnership’s cash reserves.
	On March 11, 2013, the Partnership refinanced the property owned by School Street 9 LLC. The new loan is $15,000,000 with an interest rate of 3.7% due in 2023. The loan calls for interest only for three years followed by principal and interest payments over the remainder of the loan term. Principal payments will be on a 30 year amortization schedule. The Partnership paid off the prior mortgage in the amount of approximately $15,284,000 with the proceeds of the new mortgage and the Partnership’s cash reserves. The costs associated with this refinancing were approximately $159,000.
	On July 7, 2013, the Partnership refinanced the property owned by Boylston Downtown LP. The new 15 year $40,000,000 mortgage has an interest rate of 3.97%. The terms of the loan are interest only for the first three years, with a 30 year amortization thereafter until maturity in August 2028. Approximately $19,500,000 of loan proceeds was used to pay off the existing mortgage. The balance of the funds, approximately $20,000,000, after closing costs, were used in connection with the purchase of Hamilton Green Apartments. The costs associated with this refinancing are approximately $279,000.
	On October 1, 2013, the Partnership refinanced the property owned by Westgate Apartments LLC. The new mortgage is $15,700,000; the interest rate is 4.65%, interest only payable in 10 years. Approximately $7,616,000 of the loan proceeds was used to pay off the existing mortgage. The mortgage matures in September 2023. The costs associated with the refinancing were approximately $190,000.
	On December 20, 2013, the Partnership refinanced the property owned by Hamilton Green Apartments LLP. The new mortgage is $38,500,000; the interest rate is 4.67%; interest only for 2 years. After the first two years, principal is amortized on a 30-year amortization schedule through January 2029. The proceeds of the new mortgage as well as the Partnership’s cash reserves of approximately $1,846,000 were used to pay off the prior mortgage of $40,000,000 and cover the cost of this refinancing. The costs associated with the refinancing were approximately $346,000.
	In February 2014, the Partnership paid off the mortgages on Linewt in the amount of approximately $1,466,000 and Linhart in the amount of approximately $1,926,000. There were no prepayment penalties. The Partnership’s cash reserves were used to pay off these mortgages.
	On June 11, 2014, the Partnership refinanced the property owned by NERA Dean Street Associates, LLC.  The new mortgage is $5,687,000; the interest rate is 4.22%, interest only payable in 10 years. Approximately $5,077,000 of the loan proceeds were used to pay off the existing mortgage.  The mortgage matures in June 2024. The costs associated with the refinancing were approximately $89,000.
	On July 11, 2014, the Partnership refinanced the property owned by Westgate Apartments Burlington, LLC.  The new mortgage is $2,500,000; the interest rate is 4.31%; interest only, payable in 10 years.  Approximately $2,010,000 of loan proceeds were used to pay off the existing mortgage.  The mortgage matures in August 2024.  The costs associated with the refinancing were approximately $75,000.
	Line of Credit
	On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit.  The term of the line is three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus an applicable margin of 2.5% to 3.5%. The costs associated with the line of credit were approximately $125,000.  As of September 30, 2014, no funds have been drawn on this credit line.
	The line of credit may be used for acquisition, refinancing, improvements, working capital and other needs of the Partnership. The line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership.
	The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 23 of its subsidiary properties and joint ventures. Pledged interests range from 49% to 100% of the Partnership’s ownership interest in the respective entities.
	The Partnership paid fees to secure the line of credit. Any unused balance of the line of credit is subject to a fee ranging from 15 to 20 basis points per annum.
	The line of credit agreement contains several covenants including, but not limited to, providing cash flow projections and compliance certificates, as well as other financial information. Additional covenants include certain restrictions on additional encumbrances of Partnership assets, limitations on debt, maintenance of leverage ratios, minimum tangible net worth, limitations on total aggregate indebtedness, minimum ratio of net operating income to total indebtedness debt service, disposition of properties, and other items.
	See Form 8-K filed on August 6, 2014 for additional information.

ADVANCE_RENTAL_PAYMENTS_AND_SE

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS - 10Q	9 Months Ended
	Sep. 30, 2014
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	'
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	'
	NOTE 6. ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
	The Partnership’s residential lease agreements may require tenants to maintain a one-month advance rental payment and/or a security deposit. At September 30, 2014, amounts received for prepaid rents of approximately $1,538,000 are included in cash and cash equivalents, and security deposits of approximately $2,066,000 are included in prepaid expenses and other assets and are restricted cash.

PARTNERS_CAPITAL_10Q

PARTNERS' CAPITAL - 10Q	9 Months Ended
	Sep. 30, 2014
PARTNERS' CAPITAL	'
PARTNERS' CAPITAL	'
	NOTE 7. PARTNERS’ CAPITAL
	The Partnership has two classes of Limited Partners (Class A and B) and one category of General Partner. Under the terms of the Partnership Agreement, distributions to holders of Class B Units and General Partnership Units must represent 19% and 1%, respectively, of the total units outstanding. All classes have equal profit sharing and distribution rights, in proportion to their ownership interests.
	Effective January 3, 2012, the Partnership authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt represents one-thirtieth (1/30) of a Class A Unit of the Partnership.
	In 2014, the Partnership paid quarterly distributions of $7.50 per unit ($0.25 per receipt) on March 31, June 30, and September 30, 2014.
	In 2013, the Partnership paid quarterly distributions of $7.50 per unit ($0.25 per receipt) in March, June, September, and December for a total distribution of $30.00 per unit ($1.00 per receipt) for the year.
	The Partnership has entered into a deposit agreement with an agent to facilitate public trading of limited partners’ interests in Class A Units. Under the terms of this agreement, the holders of Class A Units have the right to exchange each Class A Unit for 30 Depositary Receipts. The following is information per Depositary Receipt:
		Nine Months Ended
		September30,
		2014		2013
	Income per Depositary Receipt before Discontinued Operations	$	0.11	$	0.42
	Income per Depository Receipt from Discontinued Operations	0.00		0.95
	Net Income per Depositary Receipt after Discontinued Operations	$	0.11	$	1.37
	Distributions per Depositary Receipt	$	0.75	$	0.75

TREASURY_UNITS_10Q

TREASURY UNITS - 10Q	9 Months Ended
	Sep. 30, 2014
TREASURY UNITS	'
TREASURY UNITS	'
	NOTE 8. TREASURY UNITS
	Treasury Units at September 30, 2014 are as follows:
	Class A	41,455
	Class B	9,845
	General Partnership	518
		51,818
	On August 20, 2007, NewReal, Inc., the General Partner authorized an equity repurchase program (“Repurchase Program”) under which the Partnership was permitted to purchase, over a period of twelve months, up to 300,000 Depositary Receipts (each of which is one-tenth of a Class A Unit). On January 15, 2008, the General Partner authorized an increase in the Repurchase Program from 300,000 to 600,000 Depositary Receipts. On January 30, 2008 the General Partner authorized an increase the Repurchase Program from 600,000 to 900,000 Depositary Receipts. On March 6, 2008, the General Partner authorized the increase in the total number of Depositary Receipts that could be repurchased pursuant to the Repurchase Program from 900,000 to1,500,000. On August 8, 2008, the General Partner re-authorized and renewed the Repurchase Program for an additional 12-month period ended August 19, 2009. On March 22, 2010, the General Partner re-authorized and renewed the Repurchase Program that expired on August 19, 2009. Under the terms of the renewed Repurchase Program, the Partnership may purchase up to 1,500,000 Depositary Receipts from the start of the program in 2007 through March 31, 2015. The Repurchase Program requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership’s Second Amended and Restate Contract of Limited Partnership. Repurchases of Depositary Receipts or Partnership Units pursuant to the Repurchase Program may be made by the Partnership from time to time in its sole discretion in open market transactions or in privately negotiated transactions. From August 20, 2007 through September 30, 2014, the Partnership has repurchased 1,268,811 Depositary Receipts at an average price of $25.32 per receipt (or $759.60 per underlying Class A Unit), 2,308 Class B Units and 122 General Partnership Units, both at an average price of $726.25 per Unit, totaling approximately $34,045,000 including brokerage fees paid by the Partnership.
	During the nine months ended September 30, 2014, the Partnership purchased a total of 25,920 Depositary Receipts. The average price was $47.22 per receipt or $1,416.60 per unit. The total cost including commission was $1,258,399. The Partnership was required to repurchase 205 Class B Units and 11 General Partnership units at a cost of $290,698 and $15,300 respectively.
	From October 1, 2014 through November 4, 2014, the Partnership purchased a total of 5,277 Depositary Receipts. The average price was $47.37 per receipt or $1,421.10 per unit. The total cost was $257,098. The Partnership is required to repurchase 41.8 Class B Units and 2.2 General Partnership Units at a cost of $59,369 and $3,125 respectively.

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES - 10Q	9 Months Ended
	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 9. COMMITMENTS AND CONTINGENCIES
	From time to time, the Partnership is involved in various ordinary routine litigation incidental to their business. The Partnership either has insurance coverage or provides for any uninsured claims when appropriate. The Partnership is not involved in any material pending legal proceedings.

RENTAL_INCOME_10Q

RENTAL INCOME - 10Q	9 Months Ended
	Sep. 30, 2014
RENTAL INCOME	'
RENTAL INCOME	'
	NOTE 10. RENTAL INCOME
	During the nine months ended September 30, 2014, approximately 92% of rental income was related to residential apartments and condominium units with leases of one year or less. The majority of these leases expire in June, July and August. Approximately 8% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at September 30, 2014 as follows:
		Commercial
		Property Leases
	2015	$	2,754,000
	2016	2,299,000
	2017	1,532,000
	2018	1,188,000
	2019	794,000
	Thereafter	837,000
		$	9,404,000
	The aggregate minimum future rental income does not include contingent rentals that may be received under various leases in connection with common area charges and real estate taxes. Aggregate contingent rentals from continuing operations were approximately $532,000 and $489,000 for the nine months ended September 30, 2014 and 2013 respectively. Staples and Trader Joes, tenants at Staples Plaza, are approximately 29% of the total commercial rental income.
	The following information is provided for commercial leases:
						Percentage of
		Annual base rent		Total square feet	Total number	annual base rent for
		for expiring leases		for expiring leases	of leases expiring	expiring leases
	Through September 30,
	2015	$	386,561	20,703	11	13	%
	2016	685,229		24,656	7	23	%
	2017	576,040		20,023	9	20	%
	2018	340,173		10,377	6	11	%
	2019	632,886		22,657	7	21	%
	2020	141,831		3,056	2	5	%
	2021	64,800		1,800	1	2	%
	2022	0		0	0	0	%
	2023	0		0	0	0	%
	2024	157,443		4,771	1	5	%
	Totals	$	2,984,963	108,043	44	100	%
	Rents receivable are net of an allowance for doubtful accounts of approximately $570,000 and $344,000 at September 30, 2014 and December 31, 2013. Included in rents receivable at September 30, 2014 is approximately $183,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. The majority of this amount is for long-term leases with Staples and Trader Joe’s at Staples Plaza in Framingham, Massachusetts.
	Rents receivable at September 30, 2014 also includes approximately $68,000 representing the deferral of rental concession primarily related to the residential properties.
	For the nine months ended September 30, 2014, rent at the commercial properties includes approximately $2,000 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.

CASH_FLOW_INFORMATION_10Q

CASH FLOW INFORMATION - 10Q	9 Months Ended
	Sep. 30, 2014
CASH FLOW INFORMATION	'
CASH FLOW INFORMATION	'
	NOTE 11. CASH FLOW INFORMATION
	During the nine months ended September 30, 2014 and 2013, cash paid for interest was approximately $6,444,000, and $5,795,000 respectively.  Cash paid for state income taxes was approximately $50,000 and $59,000 during the nine months ended September 30, 2014 and 2013 respectively.

FAIR_VALUE_MEASUREMENTS_10Q

FAIR VALUE MEASUREMENTS - 10Q	9 Months Ended
	Sep. 30, 2014
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
	NOTE 12. FAIR VALUE MEASUREMENTS
	Fair Value Measurements on a Recurring Basis
	At September 30, 2014 and December 31, 2013, we do not have any significant financial assets or financial liabilities that are measured at fair value on a recurring basis in our consolidated financial statements.
	Financial Assets and Liabilities not Measured at Fair Value
	At September 30, 2014 and December 31, 2013 the carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, and note payable, accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments or, the recent acquisition of these items.
	At September 30, 2014 and December 31, 2013, we estimated the fair value of our mortgages payable and other notes based upon quoted market prices for the same (Level 1) or similar (Level 2) issues when current quoted market prices are available. We estimated the fair value of our secured mortgage debt that does not have current quoted market prices available by discounting the future cash flows using rates currently available to us for debt with similar terms and maturities (Level 3). The differences in the fair value of our debt from the carrying value are the result of differences in interest rates and/or borrowing spreads that were available to us at September 30, 2014 and December 31, 2013, as compared with those in effect when the debt was issued or acquired. The secured mortgage debt contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so.
	The following methods and assumptions were used by the Partnership in estimating the fair value of its financial instruments:
		·		For cash and cash equivalents, accounts receivable, other assets, investment in partnerships, accounts payable, advance rents and security deposits: fair value approximates the carrying value of such assets and liabilities.
		·		For mortgage notes payable: fair value is generally based on estimated future cash flows, which are discounted using the quoted market rate from an independent source for similar obligations. Refer to the table below for the carrying amount and estimated fair value of such instruments.
	The following table reflects the carrying amounts and estimated fair value of our debt.
			Carrying Amount		Estimated Fair Value
	Mortgage Notes Payable
	Partnership Properties
	At September 30, 2014		$	196,103,164	$	205,947,641
	At December 31, 2013		$	198,520,478	$	196,059,827
	Investment Properties
	At September 30, 2014		$	138,334,647	$	147,420,121
	At December 31, 2013		$	137,875,515	$	147,975,521
	Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2014 and December 31, 2013. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2014 and current estimates of fair value may differ significantly from the amounts presented herein.

TAXABLE_INCOME_AND_TAX_BASIS_1

TAXABLE INCOME AND TAX BASIS - 10Q	9 Months Ended
	Sep. 30, 2014
TAXABLE INCOME AND TAX BASIS	'
TAXABLE INCOME AND TAX BASIS	'
	NOTE 13. TAXABLE INCOME AND TAX BASIS
	Taxable income reportable by the Partnership and includable in its partners’ tax returns is different than financial statement income because of tax free exchanges, accelerated depreciation, different tax lives, and timing differences related to prepaid rents, allowances and intangible assets at significant acquisitions. Taxable income was approximately $4,300,000 less than statement income for the year ended December 31, 2013. The primary reason for the decrease is due to tax free exchanges of approximately $3,700,000 from the sale of Nashoba and accelerated tax depreciation of approximately $1,100,000 at the related acquisition of Hamilton Green and other depreciation timing difference and accelerated depreciation in prior years. The cumulative tax basis of the Partnership’s real estate at December 31, 2013 is approximately $4,800,000, less than the statement basis. The primary reasons for the lower tax basis are tax free exchanges, and accelerated depreciation. The Partnership’s tax basis in its joint venture investments is approximately $1,300,000 less than statement basis because of accelerated depreciation.
	Certain entities included in the Partnership’s consolidated financial statements are subject to certain state taxes. These taxes are not significant and are recorded as operating expenses in the accompanying consolidates financial statements.
	Allowable accelerated depreciation deductions have expired for 2014. This may result in higher taxable income in future years. Future tax law changes may significantly affect taxable income.
	The Partnership adopted the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes. As a result of the implementation of the guidance, the Partnership recognized no material adjustment regarding its’ tax accounting treatment. The Partnership expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which would be included in general and administrative expense.
	In the normal course of business the Partnership or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2014, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2008 forward.

INVESTMENT_IN_UNCONSOLIDATED_J

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - 10Q	9 Months Ended
	Sep. 30, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
	NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
	Since November 2001, the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 57%, with the balance owned by the others. A description of each investment is as follows:
	On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage was $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. The balance of this mortgage is approximately $86,567,000 at September 30, 2014. In order to fund this investment, the Partnership used approximately $8,757,000 of its cash reserves and borrowed approximately $7,168,000 with an interest rate of 6% from HBC Holdings, LLC, an entity owned by Harold Brown and his affiliates (“HBC”). The term of the loan was four years with a provision requiring payment in whole or in part upon demand by HBC with six months notice. The loan was paid in full in April 2012. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.
	On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Partnership sold 120 units as condominiums and retained 48 units for long-term investment. In February 2007, the Partnership refinanced the 48 units with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan will be amortized over 30 years thereafter and matures in March 2017. As of September 30, 2014, the balance of the mortgage is approximately $4,590,000. This investment is referred to as Hamilton Bay Apartments, LLC. In April 2008, the Partnership refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matured in 2013. On October 18, 2013, the Partnership and its joint venture partner each made capital contributions to the entity of $660,000. The capital was used to pay off the outstanding mortgage.  Six units have been sold during the first nine months of 2014 with a gain of approximately $351,000.  As of November 1, 2014, nine units are still owned by the Partnership. This investment is referred to as Hamilton Bay, LLC.
	On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Partnership plans to operate the building and may initiate development of the parking lot. In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC. The mortgage on Hamilton Essex 81, LLC is approximately $8,141,000, at September 30, 2014, amortizing over 30 years at 5.79% due in August 2016. The mortgage on Essex Development, LLC, or the parking lot is approximately $2,001,000 with a variable interest rate of 2.25% over the daily Libor rate (0.156%) at September 30, 2014. This loan was extended to August 2013 with the same conditions except for the addition of fixed principal payments in the amount of $4,301 per month. The cost associated with the extension was approximately $6,000. In September 2013, the loan was extended for an additional two years to August 2015 with the same conditions except for the increased principal payments of $4,443 per month. The costs associated with the extension were approximately $9,000. Harold Brown has issued a personal guaranty up to $1,000,000 of this mortgage. In the event that he is obligated to make payments to the lender as a result of this guaranty, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC.
	On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long-term investment. The Partnership obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan is 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. The balance of this mortgage is approximately $4,824,000 at September 30, 2014. This investment is referred to as Hamilton 1025, LLC.
	In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000.  The Partnership sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place.
	In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only.  The Joint Venture Partnership paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership.
	In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Joint Venture Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10- year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan is 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. At September 30, 2014, the balance of this mortgage is approximately $5,312,000. This investment is referred to as Hamilton Minuteman,  LLC.
	In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Partnership paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the property made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. This investment is referred to as 345 Franklin, LLC.
	Summary financial information as of September 30, 2014
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	ASSETS
	Rental Properties	$	8,619,846		$	2,622,203		$	7,230,839		$	5,215,054		$	1,011,453		$	6,473,921		$	6,628,931		$	19,644,258		$	98,343,487		$	155,789,992
	Cash & Cash Equivalents	28,937			149,705			203,001			7,697			741,509			4,188			111,378			2,404,047			1,231,163			4,881,625
	Rent Receivable	17,700			—			1,703			14,718			3,049			1,102			2,326			9,845			149,200			199,643
	Real Estate Tax Escrow	98,555			—			41,934			71,690			—			43,591			40,212			52,130			356,155			704,267
	Prepaid Expenses & Other Assets	95,311			895			50,550			44,962			27,327			44,461			44,558			96,377			1,657,149			2,061,590
	Financing & Leasing Fees	33,515			7,753			91,554			10,849			—			15,110			9,005			159,175			295,874			622,835
	Total Assets	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
	LIABILITIES AND PARTNERS’ CAPITAL
	Mortgage Notes Payable	$	8,140,592		$	2,001,159		$	10,000,000		$	4,823,762		$	—		$	4,590,276		$	5,311,923		$	16,900,000		$	86,566,934		$	138,334,646
	Accounts Payable & Accrued Expense	150,481			55,616			172,833			27,905			724,100			16,076			123,765			2,142,549			931,507			4,344,832
	Advance Rental Pmts & Security Deposits	174,103			—			197,412			103,182			13,487			88,756			95,052			301,976			2,205,078			3,179,046
	Total Liabilities	8,465,176			2,056,775			10,370,245			4,954,849			737,587			4,695,108			5,530,740			19,344,525			89,703,519			145,858,524
	Partners’ Capital	428,688			723,781			(2,750,664		)	410,121			1,045,751			1,887,265			1,305,670			3,021,307			12,329,509			18,401,428
	Total Liabilities and Capital	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
	Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
	Investment in Unconsolidated Joint Ventures	$	214,344		$	361,891		$	—		$	205,061		$	522,876		$	943,633		$	652,833		$	1,510,654		$	4,931,804		9,343,093
	Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,375,332	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,375,332		)
	Total Investment in Unconsolidated Joint Ventures (Net)																												$	7,967,761
	Total units/condominiums
	Apartments	48			—			40			175			120			48			42			148			409			1,030
	Commercial	1			1			—			1			—			—			—			—			—			3
	Total	49			1			40			176			120			48			42			148			409			1,033
	Units to be retained	49			1			40			49			—			48			42			148			409			786
	Units to be sold	—			—			—			127			120			—			—			—			—			247
	Units sold through November 1, 2014	—			—			—			127			111			—			—			—			—			238
	Unsold units	—			—			—			—			9			—			—			—			—			9
	Unsold units with deposits for future sale as of November 1, 2014	—			—			—			—			—			—			—			—			—			—
	Financial information for the nine months ended September 30, 2014
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	Revenues
	Rental Income	$	1,043,460		$	218,995		$	994,756		$	698,401		$	151,937		$	704,397		$	683,025		$	2,177,950		$	10,143,620		$	16,816,541
	Laundry and Sundry Income	12,425			—			(425		)	—			—			—			844			29,213			75,213			117,270
		1,055,885			218,995			994,331			698,401			151,937			704,397			683,869			2,207,163			10,218,833			16,933,811
	Expenses
	Administrative	23,376			1,180			32,580			6,784			3,388			14,493			8,104			42,799			181,661			314,365
	Depreciation and Amortization	324,833			8,466			300,816			180,524			57,524			238,744			240,486			716,092			4,048,679			6,116,164
	Management Fees	43,937			8,760			41,823			27,973			5,888			28,206			28,489			86,429			217,031			488,536
	Operating	96,904			—			45,984			523			1,028			1,683			60,631			288,912			960,938			1,456,603
	Renting	11,875			—			11,368			5,918			753			5,042			7,571			21,131			156,856			220,514
	Repairs and Maintenance	125,411			3,150			56,421			246,576			74,719			223,566			58,132			292,004			927,771			2,007,750
	Taxes and Insurance	172,802			40,498			87,842			119,861			30,025			120,392			89,496			279,034			1,155,775			2,095,725
		799,138			62,054			576,834			588,159			173,325			632,126			492,909			1,726,401			7,648,711			12,699,657
	Income Before Other Income	256,747			156,941			417,497			110,242			(21,388		)	72,271			190,960			480,762			2,570,122			4,234,154
	Other Income (Loss)
	Interest Expense	(361,857		)	(41,932		)	(293,469		)	(210,158		)	(485		)	(197,633		)	(231,196		)	(610,958		)	(3,710,651		)	(5,658,339		)
	Interest Income	—			—			—			15			—			—			—			—			—			—
Interest Income from Note	—			—			—			—			468			—			—			—			—			—
Gain on Sale of Real Estate	—			—			—			—			350,523			—			—			—			—			—
	(361,857		)	(41,932		)	(293,469		)	(210,143		)	350,506			(197,633		)	(231,196		)	(610,958		)	(3,710,651		)	(5,658,339		)
Net Income (Loss)	$	(105,110	)	$	115,009		$	124,028		$	(99,901	)	$	329,118		$	(125,362	)	$	(40,236	)	$	(130,196	)	$	(1,140,529	)	$	(1,424,185	)
Net Income (Loss) - NERA 50%	$	(52,555	)	$	57,505		$	62,014		$	(49,951	)	$	164,560		$	(62,681	)	$	(20,118	)	$	(65,097	)				33,677
Net Income (Loss) - NERA 40%																									$	(456,212	)	(456,212		)
																												$	(422,535	)
Financial information for the three months ended September 30, 2014
				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
Revenues
Rental Income	$	373,304		$	72,523		$	336,267		$	250,921		$	45,216		$	242,294		$	226,213		$	737,588		$	3,433,856		$	5,718,182
Laundry and Sundry Income	4,306			—			(660		)	—			—			—			676			10,065			26,620			41,007
	377,610			72,523			335,607			250,921			45,216			242,294			226,889			747,653			3,460,476			5,759,189
Expenses
Administrative	6,235			350			12,719			2,624			715			3,916			2,661			12,037			64,668			105,925
Depreciation and Amortization	108,663			2,822			100,712			60,204			19,174			80,047			81,233			242,960			1,354,577			2,050,392
Management Fees	14,832			2,901			13,319			9,330			1,613			9,606			9,536			28,609			68,588			158,334
Operating	27,938			—			13,390			171			423			643			16,528			82,442			224,085			365,620
Renting	908			—			7,745			(459		)	—			—			1,482			3,034			99,320			112,030
Repairs and Maintenance	51,584			—			25,489			82,066			27,069			79,825			19,697			101,601			413,587			800,918
Taxes and Insurance	55,807			12,859			29,643			38,487			7,360			38,387			30,264			87,450			398,451			698,708
	265,967			18,932			203,017			192,423			56,354			212,424			161,401			558,133			2,623,276			4,291,927
Income Before Other Income	111,643			53,591			132,590			58,498			(11,138		)	29,870			65,488			189,520			837,200			1,467,262
Other Income (Loss)
Interest Expense	(121,659		)	(14,036		)	(97,895		)	(70,528		)	(86		)	(66,300		)	(77,635		)	(208,944		)	(1,245,694		)	(1,902,777		)
Interest Income	—			—			—			6			—			—			—			—			—			6
Interest Income from Note	—			—			—			—			—			—			—			—			—			—
Gain on Sale of Real Estate	—			—			—			—			50,001			—			—			—			—			50,001
	(121,659		)	(14,036		)	(97,895		)	(70,522		)	49,915			(66,300		)	(77,635		)	(208,944		)	(1,245,694		)	(1,852,770		)
Net Income (Loss)	$	(10,016	)	$	39,555		$	34,695		$	(12,024	)	$	38,777		$	(36,430	)	$	(12,147	)	$	(19,424	)	$	(408,494	)	$	(385,508	)
Net Income (Loss) - NERA 50%	$	(5,007	)	$	19,778		$	17,348		$	(6,011	)	$	19,389		$	(18,215	)	$	(6,074	)	$	(9,711	)				11,496
Net Income (Loss) - NERA 40%																									$	(163,398	)	(163,398		)
																												$	(151,902	)
Future annual mortgage maturities at September 30, 2014 are as follows:
				Hamilton
	Hamilton			Essex 81			345			Hamilton			Hamilton			Hamilton			Hamilton on			Dexter
Period End	Essex 81			Development			Franklin			1025			Bay Apts			Minuteman			Main Apts			Park			Total
9/30/15	$	138,298		$	2,001,159		$	—		$	71,689		$	72,279		$	78,516		$	—		$	1,620,796		$	3,982,737
9/30/16	8,002,294			—			42,990			75,155			76,732			82,308			—			1,479,627			9,759,106
9/30/17	—			—			180,476			4,676,918			4,441,265			5,151,099			—			1,564,180			16,013,938
9/30/18	—			—			189,025			—			—			—			—			1,653,563			1,842,588
9/30/19	—			—			196,473			—			—			—			—			1,748,055			1,944,528
Thereafter	—			—			9,391,036			—			—			—			16,900,000			78,500,713			104,791,749
	$	8,140,592		$	2,001,159		$	10,000,000		$	4,823,762		$	4,590,276		$	5,311,923		$	16,900,000		$	86,566,934		$	138,334,646
At September  30, 2014 the weighted average interest rate on the above mortgages was 5.28%. The effective rate was 5. 36% including the amortization expense of deferred financing costs.
Summary financial information as of September 30, 2013
				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	8,855,213		$	2,617,557		$	7,596,004		$	5,448,764		$	1,785,933		$	6,752,521		$	6,851,307		$	20,455,309		$	103,516,956		$	163,879,564
Cash & Cash Equivalents	18,578			24,337			15,400			743			901			14,460			60,794			15,593			919,270			1,070,076
Rent Receivable	25,174			—			3,684			5,841			4,019			10,560			—			8,402			72,166			129,846
Real Estate Tax Escrow	92,679			—			39,518			77,637			—			51,134			38,025			70,460			417,391			786,844
Prepaid Expenses & Other Assets	89,720			889			43,130			46,234			113,082			28,815			51,583			306,657			1,532,522			2,212,632
Financing & Leasing Fees	51,002			9,067			98,212			15,876			—			21,472			12,973			9,435			355,190			573,227
Total Assets	$	9,132,366		$	2,651,850		$	7,795,948		$	5,595,095		$	1,903,935		$	6,878,962		$	7,014,682		$	20,865,856		$	106,813,495		$	168,652,189
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,263,635		$	2,054,475		$	10,000,000		$	4,885,643		$	1,318,000		$	4,655,194		$	5,379,695		$	15,390,766		$	87,707,013		$	139,654,421
Accounts Payable & Accrued Expense	50,122			5,642			76,207			52,855			21,118			8,792			77,740			188,156			1,037,568			1,518,200
Advance Rental Pmts & Security Deposits	160,109			—			162,242			86,196			26,410			89,430			73,462			276,764			2,107,529			2,982,142
Total Liabilities	8,473,866			2,060,117			10,238,449			5,024,694			1,365,528			4,753,416			5,530,897			15,855,686			90,852,110			144,154,763
Partners’ Capital	658,500			591,733			(2,442,501		)	570,401			538,407			2,125,546			1,483,785			5,010,170			15,961,385			24,497,426
Total Liabilities and Capital	$	9,132,366		$	2,651,850		$	7,795,948		$	5,595,095		$	1,903,935		$	6,878,962		$	7,014,682		$	20,865,856		$	106,813,495		$	168,652,189
Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	329,250		$	295,867		$	—		$	285,201		$	269,204		$	1,062,773		$	741,893		$	2,505,085		$	6,384,554		11,873,825
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,221,250	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,221,250		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	10,652,575
Total units/condominiums
Apartments	48			—			40			175			120			48			42			148			409			1,030
Commercial	1			1			—			1			—			—			—			—			—			3
Total	49			1			40			176			120			48			42			148			409			1,033
Units to be retained	49			1			40			49			—			48			42			148			409			786
Units to be sold	—			—			—			127			120			—			—			—			—			247
Units sold through November 1, 2013	—			—			—			127			105			—			—			—			—			232
Unsold units	—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of November 1, 2013	—			—			—			—			—			—			—			—			—			—
Financial information for the nine months ended September 30, 2013
				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
Revenues
Rental Income	$	1,006,954		$	215,601		$	931,629		$	666,484		$	189,661		$	676,641		$	638,208		$	2,046,366		$	9,487,525		$	15,859,069
Laundry and Sundry Income	12,144			—			3,483			—			—			—			675			27,391			70,846			114,538
	1,019,097			215,601			935,112			666,484			189,661			676,641			638,883			2,073,756			9,558,371			15,973,608
Expenses
Administrative	15,037			1,021			18,796			7,968			9,502			14,367			4,253			26,848			191,418			289,209
Depreciation and Amortization	319,895			6,671			321,730			180,399			60,895			230,538			237,847			733,437			4,326,808			6,418,221
Management Fees	41,713			8,624			38,633			27,108			7,614			26,682			25,801			83,965			203,719			463,860
Operating	94,588			—			53,310			927			2,038			1,232			56,899			252,383			802,142			1,263,520
Renting	10,831			—			1,788			5,378			1,425			9,753			6,096			4,331			66,105			105,705
Repairs and Maintenance	93,194			4,400			62,553			239,752			70,217			224,156			50,840			278,025			843,069			1,866,206
Taxes and Insurance	164,374			37,050			85,152			114,730			31,912			109,188			91,893			257,239			1,170,929			2,062,466
	739,632			57,765			581,962			576,261			183,604			615,915			473,628			1,636,229			7,604,189			12,469,187
Income Before Other Income (Loss)	279,465			157,835			353,150			90,223			6,057			60,726			165,255			437,527			1,954,182			3,504,421
Other Income (Loss)
Interest Expense	(366,060		)	(43,776		)	(355,345		)	(212,962		)	(70,021		)	(200,200		)	(234,140		)	(616,349		)	(3,757,844		)	(5,856,697		)
Interest Income	—			—			26			5			122			—			—			—			57			210
Interest Income from Note	—			—			—			—			2,729			—			—			—			—			2,729
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			(68,588		)	—			—			—			—			—			—			(68,588		)
	(366,060		)	(43,776		)	(423,908		)	(212,957		)	(67,170		)	(200,200		)	(234,140		)	(616,349		)	(3,757,786		)	(5,922,346		)
Net Income (Loss)	$	(86,594	)	$	114,059		$	(70,758	)	$	(122,734	)	$	(61,113	)	$	(139,474	)	$	(68,884	)	$	(178,822	)	$	(1,803,605	)	$	(2,417,925	)
Net Income (Loss) - NERA 50%	$	(43,297	)	$	57,029		$	(35,379	)	$	(61,367	)	$	(30,556	)	$	(69,737	)	$	(34,442	)	$	(89,411	)				$	(307,160	)
NERA 40%																									$	(721,442	)	(721,442		)
																												$	(1,028,602	)
Financial information for the three months ended September 30, 2013
				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
Revenues
Rental Income	$	343,035		$	71,809		$	315,594		$	224,602		$	68,189		$	235,198		$	205,420		$	693,178		$	3,155,855		$	5,312,880
Laundry and Sundry Income	3,146			—			1,550			—			—			—			—			10,109			24,417			39,222
	346,181			71,809			317,144			224,602			68,189			235,198			205,420			703,287			3,180,272			5,352,102
Expenses
Administrative	5,109			317			4,365			4,162			5,916			6,816			1,788			8,440			77,694			114,608
Depreciation and Amortization	107,829			2,182			105,992			60,185			19,797			76,900			79,914			244,670			1,448,329			2,145,798
Management Fees	15,699			2,872			12,851			8,922			2,627			8,795			8,725			26,626			70,212			157,330
Operating	31,039			—			13,266			215			77			615			14,951			61,202			237,482			358,848
Renting	1,281			—			—			1,453			—			2,503			2,054			1,026			39,451			47,766
Repairs and Maintenance	29,100			700			24,374			82,343			24,231			76,461			25,303			112,318			389,052			763,882
Taxes and Insurance	52,614			12,642			28,897			37,599			11,293			38,040			29,945			87,950			427,973			726,954
	242,671			18,715			189,745			194,878			63,942			210,131			162,681			542,233			2,690,194			4,315,188
Income Before Other Income (Loss)	103,510			53,095			127,399			29,724			4,248			25,068			42,739			161,054			490,078			1,036,914
Other Income (Loss)
Interest Expense	(122,858		)	(14,510		)	(97,798		)	(71,481		)	(21,332		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,961		)
Interest Income	—			—			—			2			36			—			—			—			—			39
Interest Income from Note	—			—			—			—			722			—			—			—			—			722
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(122,858		)	(14,510		)	(97,798		)	(71,479		)	(20,574		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,200		)
Net Income (Loss)	$	(19,348	)	$	38,584		$	29,601		$	(41,755	)	$	(16,326	)	$	(42,159	)	$	(35,862	)	$	(45,708	)	$	(772,312	)	$	(905,286	)
Net Income (Loss) - NERA 50%	$	(9,674	)	$	19,292		$	14,801		$	(20,878	)	$	(8,163	)	$	(21,079	)	$	(17,931	)	$	(22,854	)				$	(66,487	)
NERA 40%																									$	(308,925	)	(308,925		)
																												$	(375,412	)

IMPACT_OF_RECENTLYISSUED_ACCOU

IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS - 10Q	9 Months Ended
	Sep. 30, 2014
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	'
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	'
	NOTE 15. IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS
	In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when 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. ASU 2014-15 is effective for the annual period ended December 31,2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Partnership’s consolidated financial statements.

DISCONTINUED_OPERATIONS_AND_SA

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE - 10Q	9 Months Ended
	Sep. 30, 2014
DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE	'
DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE	'
	NOTE 16. DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE
	The following tables summarize income from discontinued operations and the related realized gain on sale of rental property for the nine months ended September 30, 2014 and 2013:
		2014		2013
	Total Revenues	$	—	$	193,857
	Operating and other expenses	—		172,586
	Depreciation and amortization	—		2,111
		—		174,697
	Income from discontinued operations	$	—	$	19,160

SUBSEQUENT_EVENTS_10Q

SUBSEQUENT EVENTS - 10Q	9 Months Ended
	Sep. 30, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 17—SUBSEQUENT EVENTS
	Depository Receipts
	Pursuant to the Repurchase Program, from October 1, 2014 through November 4, 2014, the Partnership purchased a total of 5,277 Depositary Receipts. The average price was $47.37 per receipt or $1,421.10 per unit. The total cost was $257,098. Under the terms of the Repurchase Program, the Partnership is required to repurchase 41.8 Class B Units and 2.2 General Partnership Units at a cost of $59,369 and $3,125 respectively.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies) - 10Q	9 Months Ended
	Sep. 30, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Line of Business	'
	Line of Business:  New England Realty Associates Limited Partnership (“NERA” or the “Partnership”) was organized in Massachusetts in 1977. NERA and its subsidiaries own 24 properties which include 16 residential buildings; 4 mixed use residential, retail and office buildings; 3 commercial buildings and individual units at one condominium complex. These properties total 2,412 apartment units, 19 condominium units and 108,043 square feet of commercial space. Additionally, the Partnership also owns a 40-50% interest in 9 residential and mixed use properties consisting of 792 apartment units, 12,500 square feet of commercial space and a 50 car parking lot. The properties are located in Eastern Massachusetts and Southern New Hampshire.
Basis of Presentation	'
	Basis of Presentation:  The preparation of the financial statements, in conformity with accounting principles generally accepted in the United State of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Accordingly, actual results could differ from those estimates.
Principles of Consolidation	'
	Principles of Consolidation:  The consolidated financial statements include the accounts of NERA and its subsidiaries. NERA has a 99.67% to 100% ownership interest in each subsidiary except for the nine limited liability companies (the “Investment Properties” or “Joint Ventures”) in which the Partnership has a 40 - 50% ownership interest. The consolidated group is referred to as the “Partnership.” Minority interests are not recorded, since they are insignificant. All significant intercompany accounts and transactions are eliminated in consolidation. The Partnership accounts for its investment in the above-mentioned Investment Properties using the equity method of consolidation. (See Note 14: Investments in Unconsolidated Joint Ventures).
	The Partnership accounts for its investments in joint ventures using the equity method of accounting. These investments are recorded initially at cost, as Investments in Unconsolidated Joint Ventures, and subsequently adjusted for equity in earnings and cash contributions and distributions. Generally, the Partnership would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Partnership has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Partnership only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. In 2013, the carrying value of an investment fell below zero. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. (See Note 14: Investment in Unconsolidated Joint Ventures.)
	The authoritative guidance on consolidation provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIE (the “primary beneficiary”). Generally, the consideration of whether an entity is a VIE applies when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that equity’s activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance; and (2) the obligation to absorb losses and rights to receive the returns from VIE that would be significant to the VIE.
Impairment	'
	Impairment:  On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties or investments in unconsolidated subsidiaries may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near term mortgage debt maturities or other factors that might impact the Partnership’s intent and ability to hold property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Partnership’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved.
Revenue Recognition	'
	Revenue Recognition:  Rental income from residential and commercial properties is recognized over the term of the related lease. For residential tenants, amounts 60 days in arrears are charged against income. The commercial tenants are evaluated on a case by case basis. Certain leases of the commercial properties provide for increasing stepped minimum rents, which are accounted for on a straight-line basis over the term of the lease. Contingent rent for commercial properties are received from tenants for certain costs as provided in the lease agreement. The costs generally include real estate taxes, utilities, insurance, common area maintenance and recoverable costs. Rental concessions are also accounted for on the straight-line basis.
	Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases.
Rental Properties	'
	Rental Properties:  Rental properties are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred; improvements and additions which improve or extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost of the asset and related accumulated depreciation is eliminated from the accounts, and any gain or loss on such disposition is included in income. Fully depreciated assets are removed from the accounts. Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives. Upon acquisition of rental property, the Partnership estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Partnership allocated the purchase price to the assets acquired and liabilities assumed based on their fair values. The Partnership records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Partnership considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.
	Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Partnership’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Partnership’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships.
	In the event that facts and circumstances indicate that the carrying value of a rental property may be impaired, an analysis of the value is prepared. The estimated future undiscounted cash flows are compared to the asset’s carrying value to determine if a write-down to fair value is required.
Financing and Leasing Fees	'
	Financing and Leasing Fees:  Financing fees are capitalized and amortized, using the interest method, over the life of the related mortgages. Leasing fees are capitalized and amortized on a straight-line basis over the life of the related lease. Unamortized balances are expensed when the corresponding fee is no longer applicable.
Income Taxes	'
	Income Taxes:  The financial statements have been prepared on the basis that NERA and its subsidiaries are entitled to tax treatment as partnerships. Accordingly, no provision for income taxes have been recorded (See Note 13).
Cash Equivalents	'
	Cash Equivalents:  The Partnership considers cash equivalents to be all highly liquid instruments purchased with a maturity of three months or less.
Segment Reporting	'
	Segment Reporting:  Operating segments are revenue producing components of the Partnership for which separate financial information is produced internally for management. Under the definition, NERA operated, for all periods presented, as one segment.
Comprehensive Income	'
	Comprehensive Income:  Comprehensive income is defined as changes in partners’ equity, exclusive of transactions with owners (such as capital contributions and dividends). NERA did not have any comprehensive income items in 2014 or 2013 other than net income as reported.
Income (Loss) Per Depositary Receipt	'
	Income Per Depositary Receipt:  Effective January 3, 2012, the Partnership authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt represents one-thirtieth (1/30) of a Class A Unit of the Partnership. All references to Depositary Receipts in the report are reflective of the 3- for-1 forward split.
Income Per Unit	'
	Income Per Unit:  Net income per unit has been calculated based upon the weighted average number of units outstanding during each period presented. The Partnership has no dilutive units and, therefore, basic net income is the same as diluted net income per unit (see Note 7).
Concentration of Credit Risks and Financial Instruments	'
	Concentration of Credit Risks and Financial Instruments:  The Partnership’s properties are located in New England, and the Partnership is subject to the general economic risks related thereto. No single tenant accounted for more than 5% of the Partnership’s revenues in 2014 or 2013. The Partnership makes its temporary cash investments with high-credit quality financial institutions. At September 30, 2014, substantially all of the Partnership’s cash and cash equivalents were held in interest-bearing accounts at financial institutions, earning interest at rates from 0.01% to 0.35%.  At September 30, 2014 and December 31, 2013, respectively approximately $13,372,000 and $15,275,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts.
Advertising Expense	'
	Advertising Expense:  Advertising is expensed as incurred. Advertising expense was $79,346 and $23,483 for the nine months ended September 30, 2014 and 2013, respectively.
Discontinued Operations and Rental Property Held for Sale	'
	Discontinued Operations and Rental Property Held for Sale:  When significant assets are identified by management as held for sale, the Partnership discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, a valuation allowance is established. Properties identified as held for sale and/or sold are presented in discontinued operations for all periods presented.
	If circumstances arise that previously were considered unlikely and, as a result, the Partnership decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Interest Capitalized	'
	Interest Capitalized:  The Partnership follows the policy of capitalizing interest as a component of the cost of rental property when the time of construction exceeds one year. During the nine months ended September 30, 2014 and 2013 there was no capitalized interest.
Extinguishment of Debt	'
	Extinguishment of Debt:  When existing mortgages are refinanced with the same lender and it is determined that the refinancing is substantially different, then they are recorded as an extinguishment of debt. However if it is determined that the refinancing is substantially the same, then they are recorded as an exchange of debt. All refinancing qualify as extinguishment of debt.
Reclassifications	'
	Reclassifications:  Certain reclassifications have been made to prior period amounts in order to conform to current period presentation.

RENTAL_PROPERTIES_Tables_10Q

RENTAL PROPERTIES (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
RENTAL PROPERTIES	'
Schedule of rental properties	'
		September 30, 2014			December 31, 2013			Useful Life
	Land, improvements and parking lots	$	44,300,508		$	43,919,728		15–40 years
	Buildings and improvements	152,926,255			152,130,635			15–40 years
	Kitchen cabinets	6,791,528			5,956,078			5–10 years
	Carpets	6,601,426			5,820,516			5–10 years
	Air conditioning	736,933			707,928			5–10 years
	Laundry equipment	422,552			404,775			5–7 years
	Elevators	1,139,296			1,139,296			20–40 years
	Swimming pools	444,629			444,629			10–30 years
	Equipment	5,476,998			5,038,530			5–7 years
	Motor vehicles	86,657			86,657			5 years
	Fences	24,670			24,670			5–15 years
	Furniture and fixtures	5,967,285			5,564,621			5–7 years
	Smoke alarms	236,719			216,223			5–7 years
	Total fixed assets	225,155,456			221,454,286
	Less: Accumulated depreciation	(75,396,430		)	(68,549,625		)
		$	149,759,026		$	152,904,661

MORTGAGE_NOTES_PAYABLE_Tables_

MORTGAGE NOTES PAYABLE (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
MORTGAGE NOTES PAYABLE	'
Schedule of approximate annual maturities	'
	2015—current maturities	$	133,000
	2016	726,000
	2017	1,821,000
	2018	7,840,000
	2019	1,912,000
	Thereafter	183,671,000
		$	196,103,000

PARTNERS_CAPITAL_Tables_10Q

PARTNERS' CAPITAL (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
PARTNERS' CAPITAL	'
Schedule of information per depositary receipt	'
		Nine Months Ended
		September30,
		2014		2013
	Income per Depositary Receipt before Discontinued Operations	$	0.11	$	0.42
	Income per Depository Receipt from Discontinued Operations	0.00		0.95
	Net Income per Depositary Receipt after Discontinued Operations	$	0.11	$	1.37
	Distributions per Depositary Receipt	$	0.75	$	0.75

TREASURY_UNITS_Tables_10Q

TREASURY UNITS (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
TREASURY UNITS	'
Schedule of treasury units	'
	Class A	41,455
	Class B	9,845
	General Partnership	518
		51,818

RENTAL_INCOME_Tables_10Q

RENTAL INCOME (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
RENTAL INCOME	'
Schedule of minimum future annual rental income on non-cancellable operating leases	'
		Commercial
		Property Leases
	2015	$	2,754,000
	2016	2,299,000
	2017	1,532,000
	2018	1,188,000
	2019	794,000
	Thereafter	837,000
		$	9,404,000
Schedule of information for commercial leases	'
						Percentage of
		Annual base rent		Total square feet	Total number	annual base rent for
		for expiring leases		for expiring leases	of leases expiring	expiring leases
	Through September 30,
	2015	$	386,561	20,703	11	13	%
	2016	685,229		24,656	7	23	%
	2017	576,040		20,023	9	20	%
	2018	340,173		10,377	6	11	%
	2019	632,886		22,657	7	21	%
	2020	141,831		3,056	2	5	%
	2021	64,800		1,800	1	2	%
	2022	0		0	0	0	%
	2023	0		0	0	0	%
	2024	157,443		4,771	1	5	%
	Totals	$	2,984,963	108,043	44	100	%

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of carrying amounts and estimated fair value of debt	'
		Carrying Amount		Estimated Fair Value
	Mortgage Notes Payable
	Partnership Properties
	At September 30, 2014	$	196,103,164	$	205,947,641
	At December 31, 2013	$	198,520,478	$	196,059,827
	Investment Properties
	At September 30, 2014	$	138,334,647	$	147,420,121
	At December 31, 2013	$	137,875,515	$	147,975,521

INVESTMENT_IN_UNCONSOLIDATED_J1

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
Summary of financial position relating to investment in unconsolidated joint ventures	'
	Summary financial information as of September 30, 2014
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	ASSETS
	Rental Properties	$	8,619,846		$	2,622,203		$	7,230,839		$	5,215,054		$	1,011,453		$	6,473,921		$	6,628,931		$	19,644,258		$	98,343,487		$	155,789,992
	Cash & Cash Equivalents	28,937			149,705			203,001			7,697			741,509			4,188			111,378			2,404,047			1,231,163			4,881,625
	Rent Receivable	17,700			—			1,703			14,718			3,049			1,102			2,326			9,845			149,200			199,643
	Real Estate Tax Escrow	98,555			—			41,934			71,690			—			43,591			40,212			52,130			356,155			704,267
	Prepaid Expenses & Other Assets	95,311			895			50,550			44,962			27,327			44,461			44,558			96,377			1,657,149			2,061,590
	Financing & Leasing Fees	33,515			7,753			91,554			10,849			—			15,110			9,005			159,175			295,874			622,835
	Total Assets	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
	LIABILITIES AND PARTNERS’ CAPITAL
	Mortgage Notes Payable	$	8,140,592		$	2,001,159		$	10,000,000		$	4,823,762		$	—		$	4,590,276		$	5,311,923		$	16,900,000		$	86,566,934		$	138,334,646
	Accounts Payable & Accrued Expense	150,481			55,616			172,833			27,905			724,100			16,076			123,765			2,142,549			931,507			4,344,832
	Advance Rental Pmts & Security Deposits	174,103			—			197,412			103,182			13,487			88,756			95,052			301,976			2,205,078			3,179,046
	Total Liabilities	8,465,176			2,056,775			10,370,245			4,954,849			737,587			4,695,108			5,530,740			19,344,525			89,703,519			145,858,524
	Partners’ Capital	428,688			723,781			(2,750,664		)	410,121			1,045,751			1,887,265			1,305,670			3,021,307			12,329,509			18,401,428
	Total Liabilities and Capital	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
	Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
	Investment in Unconsolidated Joint Ventures	$	214,344		$	361,891		$	—		$	205,061		$	522,876		$	943,633		$	652,833		$	1,510,654		$	4,931,804		9,343,093
	Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,375,332	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,375,332		)
	Total Investment in Unconsolidated Joint Ventures (Net)																												$	7,967,761
	Total units/condominiums
	Apartments	48			—			40			175			120			48			42			148			409			1,030
	Commercial	1			1			—			1			—			—			—			—			—			3
	Total	49			1			40			176			120			48			42			148			409			1,033
	Units to be retained	49			1			40			49			—			48			42			148			409			786
	Units to be sold	—			—			—			127			120			—			—			—			—			247
	Units sold through November 1, 2014	—			—			—			127			111			—			—			—			—			238
	Unsold units	—			—			—			—			9			—			—			—			—			9
	Unsold units with deposits for future sale as of November 1, 2014	—			—			—			—			—			—			—			—			—			—
	Summary financial information as of September 30, 2013
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	ASSETS
	Rental Properties	$	8,855,213		$	2,617,557		$	7,596,004		$	5,448,764		$	1,785,933		$	6,752,521		$	6,851,307		$	20,455,309		$	103,516,956		$	163,879,564
	Cash & Cash Equivalents	18,578			24,337			15,400			743			901			14,460			60,794			15,593			919,270			1,070,076
	Rent Receivable	25,174			—			3,684			5,841			4,019			10,560			—			8,402			72,166			129,846
	Real Estate Tax Escrow	92,679			—			39,518			77,637			—			51,134			38,025			70,460			417,391			786,844
	Prepaid Expenses & Other Assets	89,720			889			43,130			46,234			113,082			28,815			51,583			306,657			1,532,522			2,212,632
	Financing & Leasing Fees	51,002			9,067			98,212			15,876			—			21,472			12,973			9,435			355,190			573,227
	Total Assets	$	9,132,366		$	2,651,850		$	7,795,948		$	5,595,095		$	1,903,935		$	6,878,962		$	7,014,682		$	20,865,856		$	106,813,495		$	168,652,189
	LIABILITIES AND PARTNERS’ CAPITAL
	Mortgage Notes Payable	$	8,263,635		$	2,054,475		$	10,000,000		$	4,885,643		$	1,318,000		$	4,655,194		$	5,379,695		$	15,390,766		$	87,707,013		$	139,654,421
	Accounts Payable & Accrued Expense	50,122			5,642			76,207			52,855			21,118			8,792			77,740			188,156			1,037,568			1,518,200
	Advance Rental Pmts & Security Deposits	160,109			—			162,242			86,196			26,410			89,430			73,462			276,764			2,107,529			2,982,142
	Total Liabilities	8,473,866			2,060,117			10,238,449			5,024,694			1,365,528			4,753,416			5,530,897			15,855,686			90,852,110			144,154,763
	Partners’ Capital	658,500			591,733			(2,442,501		)	570,401			538,407			2,125,546			1,483,785			5,010,170			15,961,385			24,497,426
	Total Liabilities and Capital	$	9,132,366		$	2,651,850		$	7,795,948		$	5,595,095		$	1,903,935		$	6,878,962		$	7,014,682		$	20,865,856		$	106,813,495		$	168,652,189
	Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
	Investment in Unconsolidated Joint Ventures	$	329,250		$	295,867		$	—		$	285,201		$	269,204		$	1,062,773		$	741,893		$	2,505,085		$	6,384,554		11,873,825
	Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,221,250	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,221,250		)
	Total Investment in Unconsolidated Joint Ventures (Net)																												$	10,652,575
	Total units/condominiums
	Apartments	48			—			40			175			120			48			42			148			409			1,030
	Commercial	1			1			—			1			—			—			—			—			—			3
	Total	49			1			40			176			120			48			42			148			409			1,033
	Units to be retained	49			1			40			49			—			48			42			148			409			786
	Units to be sold	—			—			—			127			120			—			—			—			—			247
	Units sold through November 1, 2013	—			—			—			127			105			—			—			—			—			232
	Unsold units	—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of November 1, 2013	—			—			—			—			—			—			—			—			—			—
Summary of income statement relating to investment in unconsolidated joint ventures	'
	Financial information for the nine months ended September 30, 2014
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	Revenues
	Rental Income	$	1,043,460		$	218,995		$	994,756		$	698,401		$	151,937		$	704,397		$	683,025		$	2,177,950		$	10,143,620		$	16,816,541
	Laundry and Sundry Income	12,425			—			(425		)	—			—			—			844			29,213			75,213			117,270
		1,055,885			218,995			994,331			698,401			151,937			704,397			683,869			2,207,163			10,218,833			16,933,811
	Expenses
	Administrative	23,376			1,180			32,580			6,784			3,388			14,493			8,104			42,799			181,661			314,365
	Depreciation and Amortization	324,833			8,466			300,816			180,524			57,524			238,744			240,486			716,092			4,048,679			6,116,164
	Management Fees	43,937			8,760			41,823			27,973			5,888			28,206			28,489			86,429			217,031			488,536
	Operating	96,904			—			45,984			523			1,028			1,683			60,631			288,912			960,938			1,456,603
	Renting	11,875			—			11,368			5,918			753			5,042			7,571			21,131			156,856			220,514
	Repairs and Maintenance	125,411			3,150			56,421			246,576			74,719			223,566			58,132			292,004			927,771			2,007,750
	Taxes and Insurance	172,802			40,498			87,842			119,861			30,025			120,392			89,496			279,034			1,155,775			2,095,725
		799,138			62,054			576,834			588,159			173,325			632,126			492,909			1,726,401			7,648,711			12,699,657
	Income Before Other Income	256,747			156,941			417,497			110,242			(21,388		)	72,271			190,960			480,762			2,570,122			4,234,154
	Other Income (Loss)
	Interest Expense	(361,857		)	(41,932		)	(293,469		)	(210,158		)	(485		)	(197,633		)	(231,196		)	(610,958		)	(3,710,651		)	(5,658,339		)
	Interest Income	—			—			—			15			—			—			—			—			—			—
	Interest Income from Note	—			—			—			—			468			—			—			—			—			—
	Gain on Sale of Real Estate	—			—			—			—			350,523			—			—			—			—			—
		(361,857		)	(41,932		)	(293,469		)	(210,143		)	350,506			(197,633		)	(231,196		)	(610,958		)	(3,710,651		)	(5,658,339		)
	Net Income (Loss)	$	(105,110	)	$	115,009		$	124,028		$	(99,901	)	$	329,118		$	(125,362	)	$	(40,236	)	$	(130,196	)	$	(1,140,529	)	$	(1,424,185	)
	Net Income (Loss) - NERA 50%	$	(52,555	)	$	57,505		$	62,014		$	(49,951	)	$	164,560		$	(62,681	)	$	(20,118	)	$	(65,097	)				33,677
	Net Income (Loss) - NERA 40%																									$	(456,212	)	(456,212		)
																													$	(422,535	)
	Financial information for the three months ended September 30, 2014
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	Revenues
	Rental Income	$	373,304		$	72,523		$	336,267		$	250,921		$	45,216		$	242,294		$	226,213		$	737,588		$	3,433,856		$	5,718,182
	Laundry and Sundry Income	4,306			—			(660		)	—			—			—			676			10,065			26,620			41,007
		377,610			72,523			335,607			250,921			45,216			242,294			226,889			747,653			3,460,476			5,759,189
	Expenses
	Administrative	6,235			350			12,719			2,624			715			3,916			2,661			12,037			64,668			105,925
	Depreciation and Amortization	108,663			2,822			100,712			60,204			19,174			80,047			81,233			242,960			1,354,577			2,050,392
	Management Fees	14,832			2,901			13,319			9,330			1,613			9,606			9,536			28,609			68,588			158,334
	Operating	27,938			—			13,390			171			423			643			16,528			82,442			224,085			365,620
	Renting	908			—			7,745			(459		)	—			—			1,482			3,034			99,320			112,030
	Repairs and Maintenance	51,584			—			25,489			82,066			27,069			79,825			19,697			101,601			413,587			800,918
	Taxes and Insurance	55,807			12,859			29,643			38,487			7,360			38,387			30,264			87,450			398,451			698,708
		265,967			18,932			203,017			192,423			56,354			212,424			161,401			558,133			2,623,276			4,291,927
	Income Before Other Income	111,643			53,591			132,590			58,498			(11,138		)	29,870			65,488			189,520			837,200			1,467,262
	Other Income (Loss)
	Interest Expense	(121,659		)	(14,036		)	(97,895		)	(70,528		)	(86		)	(66,300		)	(77,635		)	(208,944		)	(1,245,694		)	(1,902,777		)
	Interest Income	—			—			—			6			—			—			—			—			—			6
	Interest Income from Note	—			—			—			—			—			—			—			—			—			—
	Gain on Sale of Real Estate	—			—			—			—			50,001			—			—			—			—			50,001
		(121,659		)	(14,036		)	(97,895		)	(70,522		)	49,915			(66,300		)	(77,635		)	(208,944		)	(1,245,694		)	(1,852,770		)
	Net Income (Loss)	$	(10,016	)	$	39,555		$	34,695		$	(12,024	)	$	38,777		$	(36,430	)	$	(12,147	)	$	(19,424	)	$	(408,494	)	$	(385,508	)
	Net Income (Loss) - NERA 50%	$	(5,007	)	$	19,778		$	17,348		$	(6,011	)	$	19,389		$	(18,215	)	$	(6,074	)	$	(9,711	)				11,496
	Net Income (Loss) - NERA 40%																									$	(163,398	)	(163,398		)
																													$	(151,902	)
	Financial information for the nine months ended September 30, 2013
					Hamilton															Hamilton			Hamilton
		Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
	Revenues
	Rental Income	$	1,006,954		$	215,601		$	931,629		$	666,484		$	189,661		$	676,641		$	638,208		$	2,046,366		$	9,487,525		$	15,859,069
	Laundry and Sundry Income	12,144			—			3,483			—			—			—			675			27,391			70,846			114,538
	1,019,097			215,601			935,112			666,484			189,661			676,641			638,883			2,073,756			9,558,371			15,973,608
Expenses
Administrative	15,037			1,021			18,796			7,968			9,502			14,367			4,253			26,848			191,418			289,209
Depreciation and Amortization	319,895			6,671			321,730			180,399			60,895			230,538			237,847			733,437			4,326,808			6,418,221
Management Fees	41,713			8,624			38,633			27,108			7,614			26,682			25,801			83,965			203,719			463,860
Operating	94,588			—			53,310			927			2,038			1,232			56,899			252,383			802,142			1,263,520
Renting	10,831			—			1,788			5,378			1,425			9,753			6,096			4,331			66,105			105,705
Repairs and Maintenance	93,194			4,400			62,553			239,752			70,217			224,156			50,840			278,025			843,069			1,866,206
Taxes and Insurance	164,374			37,050			85,152			114,730			31,912			109,188			91,893			257,239			1,170,929			2,062,466
	739,632			57,765			581,962			576,261			183,604			615,915			473,628			1,636,229			7,604,189			12,469,187
Income Before Other Income (Loss)	279,465			157,835			353,150			90,223			6,057			60,726			165,255			437,527			1,954,182			3,504,421
Other Income (Loss)
Interest Expense	(366,060		)	(43,776		)	(355,345		)	(212,962		)	(70,021		)	(200,200		)	(234,140		)	(616,349		)	(3,757,844		)	(5,856,697		)
Interest Income	—			—			26			5			122			—			—			—			57			210
Interest Income from Note	—			—			—			—			2,729			—			—			—			—			2,729
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			(68,588		)	—			—			—			—			—			—			(68,588		)
	(366,060		)	(43,776		)	(423,908		)	(212,957		)	(67,170		)	(200,200		)	(234,140		)	(616,349		)	(3,757,786		)	(5,922,346		)
Net Income (Loss)	$	(86,594	)	$	114,059		$	(70,758	)	$	(122,734	)	$	(61,113	)	$	(139,474	)	$	(68,884	)	$	(178,822	)	$	(1,803,605	)	$	(2,417,925	)
Net Income (Loss) - NERA 50%	$	(43,297	)	$	57,029		$	(35,379	)	$	(61,367	)	$	(30,556	)	$	(69,737	)	$	(34,442	)	$	(89,411	)				$	(307,160	)
NERA 40%																									$	(721,442	)	(721,442		)
																												$	(1,028,602	)
Financial information for the three months ended September 30, 2013
				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
Revenues
Rental Income	$	343,035		$	71,809		$	315,594		$	224,602		$	68,189		$	235,198		$	205,420		$	693,178		$	3,155,855		$	5,312,880
Laundry and Sundry Income	3,146			—			1,550			—			—			—			—			10,109			24,417			39,222
	346,181			71,809			317,144			224,602			68,189			235,198			205,420			703,287			3,180,272			5,352,102
Expenses
Administrative	5,109			317			4,365			4,162			5,916			6,816			1,788			8,440			77,694			114,608
Depreciation and Amortization	107,829			2,182			105,992			60,185			19,797			76,900			79,914			244,670			1,448,329			2,145,798
Management Fees	15,699			2,872			12,851			8,922			2,627			8,795			8,725			26,626			70,212			157,330
Operating	31,039			—			13,266			215			77			615			14,951			61,202			237,482			358,848
Renting	1,281			—			—			1,453			—			2,503			2,054			1,026			39,451			47,766
Repairs and Maintenance	29,100			700			24,374			82,343			24,231			76,461			25,303			112,318			389,052			763,882
Taxes and Insurance	52,614			12,642			28,897			37,599			11,293			38,040			29,945			87,950			427,973			726,954
	242,671			18,715			189,745			194,878			63,942			210,131			162,681			542,233			2,690,194			4,315,188
Income Before Other Income (Loss)	103,510			53,095			127,399			29,724			4,248			25,068			42,739			161,054			490,078			1,036,914
Other Income (Loss)
Interest Expense	(122,858		)	(14,510		)	(97,798		)	(71,481		)	(21,332		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,961		)
Interest Income	—			—			—			2			36			—			—			—			—			39
Interest Income from Note	—			—			—			—			722			—			—			—			—			722
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(122,858		)	(14,510		)	(97,798		)	(71,479		)	(20,574		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,200		)
Net Income (Loss)	$	(19,348	)	$	38,584		$	29,601		$	(41,755	)	$	(16,326	)	$	(42,159	)	$	(35,862	)	$	(45,708	)	$	(772,312	)	$	(905,286	)
Net Income (Loss) - NERA 50%	$	(9,674	)	$	19,292		$	14,801		$	(20,878	)	$	(8,163	)	$	(21,079	)	$	(17,931	)	$	(22,854	)				$	(66,487	)
NERA 40%																									$	(308,925	)	(308,925		)
																												$	(375,412	)
Schedule of future annual mortgage maturities	'
					Hamilton
		Hamilton			Essex 81			345			Hamilton			Hamilton			Hamilton			Hamilton on			Dexter
	Period End	Essex 81			Development			Franklin			1025			Bay Apts			Minuteman			Main Apts			Park			Total
	9/30/15	$	138,298		$	2,001,159		$	—		$	71,689		$	72,279		$	78,516		$	—		$	1,620,796		$	3,982,737
	9/30/16	8,002,294			—			42,990			75,155			76,732			82,308			—			1,479,627			9,759,106
	9/30/17	—			—			180,476			4,676,918			4,441,265			5,151,099			—			1,564,180			16,013,938
	9/30/18	—			—			189,025			—			—			—			—			1,653,563			1,842,588
	9/30/19	—			—			196,473			—			—			—			—			1,748,055			1,944,528
	Thereafter	—			—			9,391,036			—			—			—			16,900,000			78,500,713			104,791,749
		$	8,140,592		$	2,001,159		$	10,000,000		$	4,823,762		$	4,590,276		$	5,311,923		$	16,900,000		$	86,566,934		$	138,334,646

DISCONTINUED_OPERATIONS_AND_SA1

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE (Tables) - 10Q	9 Months Ended
	Sep. 30, 2014
DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE	'
Summary of income from discontinued operations	'
		2014		2013
	Total Revenues	$	—	$	193,857
	Operating and other expenses	—		172,586
	Depreciation and amortization	—		2,111
		—		174,697
	Income from discontinued operations	$	—	$	19,160

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Details) - 10Q	Sep. 30, 2014
	item
Residential and mixed-use properties	'
Line of Business	'
Number of properties	20
Number of units	2,412
Condominium	'
Line of Business	'
Number of units	19
Wholly owned properties	'
Line of Business	'
Number of properties	24
Wholly owned properties | Residential buildings	'
Line of Business	'
Number of properties	16
Number of units	2,412
Wholly owned properties | Mixed use residential, retail and office buildings	'
Line of Business	'
Number of properties	4
Wholly owned properties | Commercial	'
Line of Business	'
Number of properties	3
Area of property (in square feet)	108,043
Wholly owned properties | Condominium	'
Line of Business	'
Number of properties	1
Number of units	19
Partially owned properties | Residential and mixed-use properties	'
Line of Business	'
Number of properties	9
Number of units	792
Area of property (in square feet)	12,500
Partially owned properties | Residential and mixed-use properties | Minimum	'
Line of Business	'
Percentage of ownership interest	40.00%
Partially owned properties | Residential and mixed-use properties | Maximum	'
Line of Business	'
Percentage of ownership interest	50.00%
Partially owned properties | Car parking lot	'
Line of Business	'
Capacity of real estate property (in cars per lot)	50

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details 2) - 10Q (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 03, 2012

Jan. 03, 2012

Aug. 20, 2007

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

item

Class A

Class A

Class A

Minimum

Minimum

Maximum

Maximum

Total

Total

Total

Cash and cash equivalents

Cash and cash equivalents

item

Minimum

Maximum

Principles of Consolidation

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest in each subsidiary (as a percent)

'

'

'

'

'

'

99.67%

'

100.00%

'

'

'

'

Number of limited liability companies

'

'

'

'

'

'

'

'

'

'

9

'

'

Percentage of ownership in Joint Ventures

'

'

'

'

'

'

'

'

'

'

'

40.00%

50.00%

Value of equity method investment to discontinued partnership

$0

'

'

'

'

'

'

'

'

'

'

'

'

Revenue Recognition

'

'

'

'

'

'

'

'

'

'

'

'

'

Period for which arrears are charged against income

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

Income Taxes

'

'

'

'

'

'

'

'

'

'

'

'

'

Provision for income taxes

0

'

'

'

'

'

'

'

'

'

'

'

'

Segment Reporting

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of segments

1

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Per Depositary Receipt

'

'

'

'

'

'

'

'

'

'

'

'

'

Forward split of depositary receipts

'

'

'

3

'

'

'

'

'

'

'

'

'

Exchange ratio of depositary receipts for partnership units before adjustment

'

'

'

10

'

'

'

'

'

'

'

'

'

Exchange ratio of depositary receipts for partnership units after adjustment

'

'

'

30

'

'

'

'

'

'

'

'

'

Number of units in each depository receipt

'

'

'

'

0.03333

0.1

'

'

'

'

'

'

'

Income Per Unit

'

'

'

'

'

'

'

'

'

'

'

'

'

Dilutive units

0

'

'

'

'

'

'

'

'

'

'

'

'

Concentration of Credit Risks and Financial Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate on interest bearing accounts (as a percent)

'

'

'

'

'

'

'

0.01%

'

0.35%

'

'

'

Federally uninsured amounts of cash and cash equivalents, and security deposits included in prepaid expenses and other assets

13,372,000

'

15,275,000

'

'

'

'

'

'

'

'

'

'

Advertising Expense

'

'

'

'

'

'

'

'

'

'

'

'

'

Advertising expense

79,346

23,483

'

'

'

'

'

'

'

'

'

'

'

Interest Capitalized

'

'

'

'

'

'

'

'

'

'

'

'

'

Criteria of capitalization of interest on property based on specified period of construction

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

Capitalized interest

$0

$0

'

'

'

'

'

'

'

'

'

'

'

RENTAL_PROPERTIES_Details_10Q

RENTAL PROPERTIES (Details) - 10Q (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Rental properties	'	'
Total fixed assets	$225,155,456	$221,454,286
Less: Accumulated depreciation	-75,396,430	-68,549,625
Total fixed assets, net	149,759,026	152,904,661
Land, improvements and parking lots	'	'
Rental properties	'	'
Total fixed assets, net	44,300,508	43,919,728
Land, improvements and parking lots | Minimum	'	'
Rental properties	'	'
Useful Life	'15 years	'
Land, improvements and parking lots | Maximum	'	'
Rental properties	'	'
Useful Life	'40 years	'
Buildings and Improvements	'	'
Rental properties	'	'
Total fixed assets, net	152,926,255	152,130,635
Buildings and Improvements | Minimum	'	'
Rental properties	'	'
Useful Life	'15 years	'
Buildings and Improvements | Maximum	'	'
Rental properties	'	'
Useful Life	'40 years	'
Kitchen cabinets	'	'
Rental properties	'	'
Total fixed assets, net	6,791,528	5,956,078
Kitchen cabinets | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Kitchen cabinets | Maximum	'	'
Rental properties	'	'
Useful Life	'10 years	'
Carpets	'	'
Rental properties	'	'
Total fixed assets, net	6,601,426	5,820,516
Carpets | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Carpets | Maximum	'	'
Rental properties	'	'
Useful Life	'10 years	'
Air conditioning	'	'
Rental properties	'	'
Total fixed assets, net	736,933	707,928
Air conditioning | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Air conditioning | Maximum	'	'
Rental properties	'	'
Useful Life	'10 years	'
Laundry equipment	'	'
Rental properties	'	'
Total fixed assets, net	422,552	404,775
Laundry equipment | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Laundry equipment | Maximum	'	'
Rental properties	'	'
Useful Life	'7 years	'
Elevators	'	'
Rental properties	'	'
Total fixed assets, net	1,139,296	1,139,296
Elevators | Minimum	'	'
Rental properties	'	'
Useful Life	'20 years	'
Elevators | Maximum	'	'
Rental properties	'	'
Useful Life	'40 years	'
Swimming pools	'	'
Rental properties	'	'
Total fixed assets, net	444,629	444,629
Swimming pools | Minimum	'	'
Rental properties	'	'
Useful Life	'10 years	'
Swimming pools | Maximum	'	'
Rental properties	'	'
Useful Life	'30 years	'
Equipment	'	'
Rental properties	'	'
Total fixed assets, net	5,476,998	5,038,530
Equipment | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Equipment | Maximum	'	'
Rental properties	'	'
Useful Life	'7 years	'
Motor vehicles	'	'
Rental properties	'	'
Total fixed assets, net	86,657	86,657
Useful Life	'5 years	'
Fences	'	'
Rental properties	'	'
Total fixed assets, net	24,670	24,670
Fences | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Fences | Maximum	'	'
Rental properties	'	'
Useful Life	'15 years	'
Furniture and fixtures	'	'
Rental properties	'	'
Total fixed assets, net	5,967,285	5,564,621
Furniture and fixtures | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Furniture and fixtures | Maximum	'	'
Rental properties	'	'
Useful Life	'7 years	'
Smoke alarms	'	'
Rental properties	'	'
Total fixed assets, net	$236,719	$216,223
Smoke alarms | Minimum	'	'
Rental properties	'	'
Useful Life	'5 years	'
Smoke alarms | Maximum	'	'
Rental properties	'	'
Useful Life	'7 years	'
Residential and mixed-use properties	'	'
RENTAL PROPERTIES	'	'
Number of units	2,412	'
Number of properties	20	'
Residential and mixed-use properties | Partially owned properties	'	'
RENTAL PROPERTIES	'	'
Number of units	792	'
Number of properties	9	'
Residential and mixed-use properties | Partially owned properties | Minimum	'	'
RENTAL PROPERTIES	'	'
Percentage of ownership interest	40.00%	'
Residential and mixed-use properties | Partially owned properties | Maximum	'	'
RENTAL PROPERTIES	'	'
Percentage of ownership interest	50.00%	'
Condominium	'	'
RENTAL PROPERTIES	'	'
Number of units	19	'

RENTAL_PROPERTIES_Details_3_10

RENTAL PROPERTIES (Details 3) - 10Q (USD $)	Sep. 30, 2014	31-May-13	Jul. 15, 2013	Jul. 15, 2013	31-May-13	Sep. 30, 2014	Dec. 20, 2013	Dec. 20, 2013
			Hamilton Green	Hamilton Green	Nashoba Apartments in Acton, Massachusetts	Mortgages payable	Mortgages payable	Mortgages payable
				item			Hamilton Green	Hamilton Green
RENTAL PROPERTIES	'	'	'	'	'	'	'	'
Sales price of real estate properties	'	'	'	'	$4,300,000	'	'	'
Amount of sale proceeds transferred to Investment Property	'	2,100,000	'	'	'	'	'	'
Gain on sale of property	'	'	'	'	3,679,000	'	'	'
Number of units	'	'	'	193	'	'	'	'
Purchase price of real estate properties	'	'	62,500,000	'	'	'	'	'
Purchase price allocated to the value of the in-place leases	'	'	'	1,656,000	'	'	'	'
Purchase price allocated to the value of the tenant relationships	'	'	'	96,000	'	'	'	'
Amortization period of value of the in-place leases	'	'	'12 months	'	'	'	'	'
Amortization period of value of the tenant relationships	'	'	'36 months	'	'	'	'	'
Short term finance for real estate properties	'	'	'	40,000,000	'	'	'	'
Proceeds from sale of discontinued operations	'	'	'	2,100,000	'	'	'	'
Closing costs associated with financing	'	'	38,000	'	'	'	346,000	'
Amount of new loan	'	'	'	'	'	'	'	38,500,000
Interest rate (as a percent)	'	'	'	'	'	'	'	4.67%
Term of debt	'	'	'	'	'	'	'15 years	'
Period for which the entity is required to make interest only payments	'	'	'	'	'	'	'2 years	'
Amortization period of debt	'	'	'	'	'	'	'30 years	'
Additional capital required for refinancing	'	'	'	'	'	'	$1,846,000	'
Effective interest rate (as a percent)	5.46%	'	'	'	'	4.92%	'	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) - 10Q (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

item

Limited Partnerships

Limited Partnerships

General Partner or Management Company

General Partner or Management Company

Management Company

Management Company

Management Company

Hamilton Company

Dexter Park

President of Management Company

President of Management Company

President of Management Company

President of Management Company

Harold Brown

Harold Brown

Minimum

Maximum

item

Minimum

Maximum

RELATED PARTY TRANSACTIONS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fee as percentage of gross receipts rental revenue

'

'

4.00%

'

'

'

'

'

'

'

'

4.00%

2.00%

'

'

'

'

'

'

Management fee as a percentage of gross receipts rental revenue of Linewt, LLC

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees of related party

'

'

$1,304,000

$1,153,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Costs related to professional services

'

'

'

'

'

'

630,000

817,000

'

'

'

'

'

'

'

'

'

'

'

Repairs and maintenance

2,087,290

1,641,608

4,899,746

4,238,821

'

'

256,000

'

'

'

'

64,000

'

'

'

'

'

'

'

Administrative expense

543,704

451,268

1,643,185

1,601,123

'

'

261,000

'

'

'

'

36,000

'

'

'

'

'

'

'

Rental commission

'

'

'

'

'

'

6,000

'

'

'

'

'

'

'

'

'

'

'

'

Expenses for construction, architectural services and supervision of capital projects

'

'

'

'

'

'

107,000

'

'

'

'

95,000

'

'

'

'

'

'

'

Amount paid to related party

'

'

'

'

'

'

'

'

'

'

'

684,000

'

'

'

'

'

'

'

Management fee

438,319

400,588

1,303,780

1,144,462

'

'

'

'

'

'

'

489,000

'

'

'

'

'

'

'

Reimbursement to related party for payroll transfers

'

'

'

'

'

'

'

'

2,385,000

2,170,000

'

'

'

'

'

'

'

'

'

Employer contributions in 401K plan

'

'

'

'

'

'

'

'

0

'

0

'

'

'

'

'

'

'

'

Number of accounting staff of related party providing bookkeeping and accounting functions

'

'

'

'

'

'

'

'

14

'

'

'

'

'

'

'

'

'

'

Fees for accounting and bookkeeping services

'

'

'

'

'

'

'

'

93,750

93,750

'

'

'

'

'

'

'

'

'

Fees for accounting and bookkeeping services per year

'

'

'

'

'

'

'

'

125,000

'

'

'

'

'

'

'

'

'

'

Quarterly fee for asset management consulting services

'

'

'

'

'

'

'

'

'

'

'

'

'

$56,250

$56,250

$56,250

$56,250

'

'

Number of limited partnerships and limited liability companies in which the entity has invested

'

'

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of ownership interest

'

'

'

'

40.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

43.20%

60.00%

Number of employees having ownership interest in the investment properties

'

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

OTHER_ASSETS_Details_10Q

OTHER ASSETS (Details) - 10Q (USD $)	Sep. 30, 2014	Dec. 31, 2013
OTHER ASSETS	'	'
Security deposits	$2,066,000	$2,053,000
Escrow deposits to fund future capital improvements	234,000	123,000
Intangible assets, net of accumulated amortization	57,000	978,000
Accumulated amortization on intangible assets in connection with the acquisition of Windsor Green	1,695,000	774,000
Financing fees, net	1,775,000	1,635,000
Accumulated amortization on financing and leasing fees	$557,000	$548,000

MORTGAGE_NOTES_PAYABLE_Details

MORTGAGE NOTES PAYABLE (Details) - 10Q (USD $)

9 Months Ended

85 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 15, 2013

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Sep. 30, 2014

Dec. 20, 2013

Dec. 20, 2013

Jun. 11, 2014

Jun. 11, 2014

Oct. 01, 2013

Oct. 01, 2013

Jul. 11, 2014

Jul. 11, 2014

Feb. 25, 2013

Feb. 28, 2014

Mar. 11, 2013

Mar. 11, 2013

Jul. 07, 2013

Jul. 07, 2013

Feb. 28, 2014

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Base Rate [Member]

Prime Rate [Member]

Federal Funds Rate [Member]

London Interbank Offered Rate (LIBOR) [Member]

Hamilton Green

Minimum

Minimum

Maximum

Maximum

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

item

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Base Rate [Member]

Line of Credit [Member]

Base Rate [Member]

Hamilton Green

Hamilton Green

NERA Dean Street Associates, LLC

NERA Dean Street Associates, LLC

Westgate Apartments LLC

Westgate Apartments LLC

Westgate Apartments Burlington LLC [Member]

Westgate Apartments Burlington LLC [Member]

Hamilton Cypress LLC Commercial-1031Exchange Brookline, Massachusetts

Hamilton Cypress LLC Commercial-1031Exchange Brookline, Massachusetts

Property located at School Street

Property located at School Street

Boylston Downtown L.P. Residential Apartments Boston, Massachusetts

Boylston Downtown L.P. Residential Apartments Boston, Massachusetts

Hamilton Linewt LLC Commercial-1031Exchange Newton, Massachusetts

Linhart L.P. Residential/Commercial Newton, Massachusetts

Minimum

Maximum

Line of Credit [Member]

Line of Credit [Member]

MORTGAGE NOTES PAYABLE

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.67%

'

4.22%

'

4.65%

'

4.31%

'

'

'

3.70%

'

3.97%

'

'

3.76%

5.97%

Amount of monthly installments including principal

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$808,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.81%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective interest rate (as a percent)

5.46%

'

5.46%

'

'

'

'

'

'

'

'

'

'

'

'

4.92%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual maturities of mortgage debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015-current maturities

133,000

'

133,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

726,000

'

726,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

1,821,000

'

1,821,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

7,840,000

'

7,840,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2019

1,912,000

'

1,912,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

183,671,000

'

183,671,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

196,103,000

'

196,103,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months

133,000

'

133,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional disclosures related to mortgages

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of mortgage paid off

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

'

'

'

'

'

'

'

3,967,000

'

'

'

'

'

1,466,000

1,926,000

'

'

Mortgage prepayment penalties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

Amount of new loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

38,500,000

'

5,687,000

'

15,700,000

'

'

'

'

'

15,000,000

'

40,000,000

'

'

'

'

'

Period of interest only payments on loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'10 years

'

'10 years

'

'10 years

'

'

'

'3 years

'

'

'

'

'

'

'

Term of debt

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'15 years

'

'

'

'

'

'

'

'

'

'

'

'15 years

'

'

'

'

'

Period for which the entity is required to make interest only payments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

Amortization period of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'

'

'

'30 years

'

'30 years

'

'

'

'

'

Amount of loan proceeds utilized for pay off the existing mortgage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,846,000

'

5,077,000

'

7,616,000

'

2,010,000

'

'

'

15,284,000

'

19,500,000

'

'

'

'

Deferred financing cost associated with mortgage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

159,000

'

'

'

'

'

'

Net proceed from the loan - cash back

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

'

Refinancing cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

346,000

'

89,000

'

190,000

'

'

'

'

'

'

'

279,000

'

'

'

'

'

Closing costs associated with financing

'

'

'

'

'

'

'

'

'

'

38,000

'

'

'

'

'

346,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of new loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

38,500,000

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

Repurchase of depository receipts

25,920

'

1,268,811

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase price of depository receipts

$47.22

'

$25.32

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase price of units

$1,416.60

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of depository receipts

1,258,399

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of units

1,080

905

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total cost of repurchase

1,564,397

1,021,987

34,045,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of refinancing costs

'

'

'

'

'

125,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000

'

'

'

'

'

'

'

'

'

'

Maximum borrowings

'

'

'

'

'

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reference rate used in calculation of Base Rate

'

'

'

'

'

'

'base

'Prime

'Federal Funds

'one month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis of effective interest rate used in calculation of Base Rate (as a percent)

'

'

'

'

'

'

'

'

0.50%

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Basis Spread on Variable Rate

'

'

'

'

'

'

'

'

'

'

'

'

2.50%

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Funds drawn by the company

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pledged interests rate of the Partnership's ownership interest (as a percent)

'

'

'

'

'

'

'

'

'

'

'

49.00%

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties in which borrowing amount collateralized

'

'

'

'

'

23

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fee for unused amount (as a percent)

'

'

'

'

'

'

'

'

'

'

'

0.15%

'

0.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

ADVANCE_RENTAL_PAYMENTS_AND_SE1

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details) - 10Q (USD $)	9 Months Ended
	Sep. 30, 2014
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	'
Period for advance rental payment	'1 month
Amount received for prepaid rent	$1,538,000
Security deposits	$2,066,000

PARTNERS_CAPITAL_Details_10Q

PARTNERS' CAPITAL (Details) - 10Q (USD $)

9 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Jan. 03, 2012

Sep. 30, 2014

Jan. 03, 2012

Aug. 20, 2007

Sep. 30, 2014

Sep. 30, 2014

Limited Partner

Class A

Class A

Class A

Class A

Class A

Class A

Class A

Class B

General Partnership

item

item

Number of classes of partners

'

'

'

'

'

2

'

'

'

'

'

'

'

'

1

Fixed distribution percentage of unit holders

'

'

'

'

'

'

'

'

'

'

80.00%

'

'

19.00%

1.00%

Forward split of depositary receipts

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

Exchange ratio of depositary receipts for partnership units before adjustment

'

'

'

'

'

'

'

'

'

10

'

'

'

'

'

Exchange ratio of depositary receipts for partnership units after adjustment

'

'

'

'

'

'

'

'

'

30

'

'

'

'

'

Number of units in each depository receipt

'

'

'

'

'

'

'

'

'

'

'

0.03333

0.1

'

'

Quarterly distribution per unit approved (in dollars per unit)

'

'

'

'

'

'

7.5

7.5

7.5

'

'

'

'

'

'

Quarterly distribution per unit (in dollars per unit)

'

7.5

7.5

7.5

7.5

'

'

'

'

'

'

'

'

'

'

Quarterly distributions per depositary receipt (in dollars per share)

'

$0.25

$0.25

$0.25

$0.25

'

'

'

'

'

$0.25

'

'

'

'

Distribution per unit (in dollars per unit)

'

'

$30

'

'

'

'

'

'

'

'

'

'

'

'

Earnings per depository receipt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income per Depositary Receipt before Discontinued Operations

0.11

0.42

'

'

'

'

'

'

'

'

'

'

'

'

'

Income from Discontinued Operations

0

0.95

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income per Depositary Receipt after Discontinued Operations

0.11

1.37

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions per Depositary Receipt (in dollars per share)

0.75

0.75

1

'

'

'

'

'

'

'

'

'

'

'

'

TREASURY_UNITS_Details_10Q

TREASURY UNITS (Details) - 10Q (USD $)

0 Months Ended

9 Months Ended

85 Months Ended

1 Months Ended

2 Months Ended

9 Months Ended

85 Months Ended

9 Months Ended

85 Months Ended

1 Months Ended

2 Months Ended

9 Months Ended

85 Months Ended

1 Months Ended

2 Months Ended

Aug. 08, 2008

Aug. 20, 2007

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Mar. 06, 2008

Jan. 30, 2008

Jan. 15, 2008

Aug. 20, 2007

Nov. 04, 2014

Nov. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Jan. 03, 2012

Aug. 20, 2007

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Nov. 04, 2014

Nov. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Nov. 04, 2014

Nov. 30, 2014

Subsequent event

Subsequent event

Class A

Class A

Class A

Class A

Class A

Class B

Class B

Class B

Class B

Class B

General Partnership

General Partnership

General Partnership

General Partnership

General Partnership

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Treasury units

'

'

51,818

'

51,818

'

'

'

'

'

'

41,455

'

41,455

'

'

9,845

'

9,845

'

'

518

'

518

'

'

Period for repurchase of depository receipts

'12 months

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depository receipts authorized to be repurchased

'

'

'

'

'

1,500,000

900,000

600,000

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in each depository receipt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.03333

0.1

'

'

'

'

'

'

'

'

'

'

Fixed distribution percentage of unit holders

'

'

'

'

'

'

'

'

'

'

'

80.00%

'

'

'

'

19.00%

'

'

'

'

1.00%

'

'

'

'

Repurchase of depository receipts

'

'

25,920

'

1,268,811

'

'

'

'

5,277

5,277

'

'

'

'

'

'

'

2,308

'

'

'

'

122

'

'

Repurchase price of depository receipts

'

'

$47.22

'

$25.32

'

'

'

'

$47.37

$47.37

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase price of units

'

'

$1,416.60

'

'

'

'

'

'

$1,421.10

$1,421.10

'

'

$759.60

'

'

'

'

$726.25

'

'

'

'

'

'

'

Repurchase of units

'

'

1,080

905

'

'

'

'

'

'

'

'

'

'

'

'

205

'

'

41.8

41.8

11

'

'

2.2

2.2

Total cost of repurchase

'

'

$1,564,397

$1,021,987

$34,045,000

'

'

'

'

'

'

$1,258,399

$819,240

'

'

'

$290,698

$192,610

'

$59,369

'

$15,300

$10,137

'

$3,125

'

Repurchase of depository receipts

'

'

$1,258,399

'

'

'

'

'

'

$257,098

$257,098

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

RENTAL_INCOME_Details_10Q

RENTAL INCOME (Details) - 10Q (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	sqft
	item
Minimum future rental income	'	'	'
2015	$2,754,000	'	'
2016	2,299,000	'	'
2017	1,532,000	'	'
2018	1,188,000	'	'
2019	794,000	'	'
Thereafter	837,000	'	'
Commercial Property Leases	9,404,000	'	'
Annual base rent for expiring leases	2,984,963	'	'
Total square feet for expiring leases	108,043	'	'
Total number of leases expiring	44	'	'
Percentage of annual base rent for expiring leases	100.00%	'	'
Allowance for doubtful rent receivable	570,000	'	344,000
Recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis	183,000	'	'
Deferred rental concession	68,000	'	'
Amortization of deferred rents	2,000	'	'
Percentage of rental income related to residential apartments and condominium units with leases of one year or less	92.00%	'	'
Maximum period of non-cancelable operating lease	'1 year	'	'
Percentage of rental income related to commercial properties	8.00%	'	'
Aggregate contingent rentals from continuing operations	532,000	489,000	'
Through September 30, 2015	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	386,561	'	'
Total square feet for expiring leases	20,511	'	'
Total number of leases expiring	12	'	'
Percentage of annual base rent for expiring leases	13.00%	'	'
Through September 30, 2016	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	685,229	'	'
Total square feet for expiring leases	26,744	'	'
Total number of leases expiring	8	'	'
Percentage of annual base rent for expiring leases	23.00%	'	'
Through September 30, 2017	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	576,040	'	'
Total square feet for expiring leases	18,157	'	'
Total number of leases expiring	7	'	'
Percentage of annual base rent for expiring leases	20.00%	'	'
Through September 30, 2018	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	340,173	'	'
Total square feet for expiring leases	10,725	'	'
Total number of leases expiring	7	'	'
Percentage of annual base rent for expiring leases	11.00%	'	'
Through September 30, 2019	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	632,886	'	'
Total square feet for expiring leases	6,403	'	'
Total number of leases expiring	4	'	'
Percentage of annual base rent for expiring leases	21.00%	'	'
Through September 30, 2020	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	141,831	'	'
Total square feet for expiring leases	18,932	'	'
Total number of leases expiring	4	'	'
Percentage of annual base rent for expiring leases	5.00%	'	'
Through September 30, 2021	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	64,800	'	'
Total square feet for expiring leases	1,800	'	'
Total number of leases expiring	1	'	'
Percentage of annual base rent for expiring leases	2.00%	'	'
Through September 30, 2022	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	0	'	'
Total square feet for expiring leases	0	'	'
Total number of leases expiring	0	'	'
Percentage of annual base rent for expiring leases	0.00%	'	'
Through September 30, 2023	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	0	'	'
Total square feet for expiring leases	0	'	'
Total number of leases expiring	0	'	'
Percentage of annual base rent for expiring leases	0.00%	'	'
Through September 30, 2024	'	'	'
Minimum future rental income	'	'	'
Annual base rent for expiring leases	$157,443	'	'
Total square feet for expiring leases	4,771	'	'
Total number of leases expiring	1	'	'
Percentage of annual base rent for expiring leases	5.00%	'	'

RENTAL_INCOME_Details_2_10Q

RENTAL INCOME (Details 2) - 10Q (Commercial rental income)	9 Months Ended
	Sep. 30, 2014
Commercial rental income	'
Concentration Risk [Line Items]	'
Concentration risk percentage	29.00%

CASH_FLOW_INFORMATION_Details_

CASH FLOW INFORMATION (Details) - 10Q (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOW INFORMATION	'	'
Cash paid for interest	$6,444,000	$5,795,000
Cash paid for state income taxes	$50,000	$59,000

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) - 10Q (USD $)	Sep. 30, 2014	Dec. 31, 2013
Mortgage Notes Payable	'	'
Carrying Amount	$196,103,164	$198,520,478
Wholly owned properties	'	'
Mortgage Notes Payable	'	'
Carrying Amount	196,103,164	198,520,478
Estimated Fair Value	205,947,641	196,059,827
Partially owned properties	'	'
Mortgage Notes Payable	'	'
Carrying Amount	138,334,647	137,875,515
Estimated Fair Value	$147,420,121	$147,975,521

TAXABLE_INCOME_AND_TAX_BASIS_D

TAXABLE INCOME AND TAX BASIS (Details) - 10Q (USD $)	12 Months Ended
	Dec. 31, 2013
TAXABLE INCOME AND TAX BASIS	'
Excess amount of statement income over taxable income	$4,300,000
Excess amount of cumulative statement basis over cumulative taxable basis	4,800,000
Excess amount of statement income from joint venture investments over taxable income	1,300,000
Hamilton Green	'
Reconciliation of GAAP net income to taxable income	'
Book/Tax differences from Investment Properties	1,100,000
Nashoba Apartments in Acton, Massachusetts	'
Reconciliation of GAAP net income to taxable income	'
Book/Tax differences from Investment Properties	$3,700,000

INVESTMENT_IN_UNCONSOLIDATED_J2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) - 10Q (USD $)

9 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Oct. 18, 2013

Sep. 30, 2014

Oct. 28, 2008

Sep. 30, 2013

Oct. 28, 2009

Oct. 28, 2008

Oct. 28, 2009

Oct. 28, 2008

Sep. 30, 2014

Oct. 28, 2009

Feb. 28, 2007

Sep. 30, 2013

Oct. 03, 2005

Sep. 30, 2014

Oct. 18, 2013

Sep. 30, 2014

Sep. 30, 2014

Nov. 01, 2014

Sep. 30, 2013

Apr. 30, 2008

Mar. 07, 2005

Mar. 07, 2005

Sep. 30, 2013

Mar. 07, 2005

Sep. 30, 2014

Aug. 31, 2008

Sep. 30, 2013

Mar. 07, 2005

Sep. 30, 2014

Sep. 30, 2013

Aug. 31, 2008

Sep. 30, 2014

Sep. 30, 2013

Mar. 02, 2005

Mar. 02, 2005

Sep. 30, 2014

Mar. 02, 2005

Oct. 31, 2004

Sep. 30, 2013

Dec. 31, 2006

Sep. 30, 2004

Jan. 31, 2007

Oct. 31, 2004

Sep. 30, 2014

Sep. 30, 2013

31-May-08

Aug. 31, 2004

Aug. 31, 2014

Dec. 31, 2005

Sep. 30, 2014

Jun. 30, 2013

Sep. 30, 2013

Nov. 30, 2001

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Oct. 28, 2009

Oct. 28, 2008

Oct. 28, 2009

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

item

item

Limited Partnerships

Limited Partnerships

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Essex Development, LLC and Hamilton Essex 81, LLC

Hamilton Essex Development, LLC and Hamilton Essex 81, LLC

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apartments, LLC

Hamilton on Main Apartments, LLC

Hamilton on Main Apartments, LLC

345 Franklin

345 Franklin

345 Franklin

345 Franklin

Residential buildings

Residential buildings

Residential buildings

Residential buildings

Residential buildings

Residential buildings

Residential buildings

Residential buildings

Commercial

Commercial

Commercial

HBC

HBC

HBC

Management Company

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

item

item

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

item

item

Mortgages payable

item

item

Mortgages payable

Mortgages payable

item

item

Mortgages payable

Mortgages payable

item

item

Mortgages payable

Mortgages payable

Mortgages payable

Mortgages payable

item

item

Mortgages payable

Mortgages payable

Mortgages payable

item

item

Mortgages payable

Mortgages payable

Mortgages payable

item

item

item

Mortgages payable

Mortgages payable

Mortgages payable

item

item

Mortgages payable

Dexter Park

Hamilton Bay Apartments

Hamilton Bay Sales

Hamilton Essex 81

Hamilton 1025

Hamilton Minuteman

Hamilton on Main Apts

345 Franklin

Hamilton Essex 81

Hamilton Essex Development

Hamilton 1025

Dexter Park

Dexter Park

Dexter Park

item

Mortgages payable

Limited Partnerships

Harold Brown

Mortgages payable

Limited Partnerships

Harold Brown

item

item

item

item

item

item

item

item

item

item

item

item

item

Mortgages payable

Mortgages payable

Mortgages payable

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of limited partnerships and limited liability companies in which the entity has invested

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of partnerships investing in commercial property

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of ownership interest

'

'

'

'

'

'

'

'

40.00%

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

50.00%

'

'

'

'

'

50.00%

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40.00%

43.20%

'

50.00%

60.00%

Number of employees having ownership interest in the investment properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

'

'

'

Investments in joint venture

$9,343,093

'

$12,025,142

'

$9,343,093

'

$6,384,554

'

$15,925,000

'

'

'

'

'

'

$2,500,000

'

'

'

'

'

'

'

$2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

$2,352,000

'

'

'

'

'

'

$5,075,000

'

'

'

'

'

$8,000,000

'

'

'

'

'

$1,533,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units

'

'

'

'

'

'

409

'

409

'

'

'

'

'

48

168

'

'

'

'

'

120

20

'

'

49

48

'

'

1

'

'

'

'

'

176

176

'

'

'

'

42

'

42

'

'

'

148

'

280

'

'

'

'

40

40

'

409

48

120

48

175

42

148

40

1

1

1

'

'

'

'

'

'

'

'

'

'

Number of properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase price of investments

'

'

'

'

'

'

'

129,500,000

'

'

'

'

'

'

'

30,875,000

'

'

'

'

'

'

'

14,300,000

'

'

'

'

'

'

'

'

'

'

'

'

23,750,000

'

'

'

'

'

'

10,100,000

'

'

'

'

'

56,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings

'

'

'

'

'

'

'

'

'

'

89,914,000

'

'

4,750,000

'

'

'

'

'

'

'

'

2,368,000

'

10,750,000

'

'

8,141,000

'

'

'

2,001,000

'

'

'

'

'

5,000,000

'

'

'

'

'

'

5,500,000

8,025,000

'

'

'

'

16,900,000

16,825,000

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

7,168,000

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

5.57%

5.57%

'

'

'

'

'

'

'

'

5.75%

'

'

'

'

'

5.79%

'

'

'

'

'

'

'

'

'

'

5.67%

'

'

'

'

5.67%

'

'

'

'

'

4.34%

5.18%

'

'

'

'

3.87%

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

3.76%

'

'

5.97%

'

'

Period for which the entity is required to make interest only payments

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'3 years

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization period of debt

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'30 years

'

'

'

'

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding amount of mortgage loan

196,103,164

'

198,520,478

'

'

'

87,707,013

'

'

'

'

86,567,000

'

'

4,655,194

'

4,590,000

'

'

'

'

1,318,000

'

'

'

8,263,635

'

'

'

2,054,475

'

'

'

'

'

4,885,643

'

'

4,824,000

'

'

5,379,695

'

'

'

'

5,312,000

15,390,766

'

'

'

'

16,900,000

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments funded using cash reserves

'

'

'

'

'

8,757,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

'10 years

'

'

'

'

'

'10 years

'10 years

'

'

'

'

'15 years

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

'

'

'

'

Notice period for principal paydown of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'6 months

'

'

'

'

'

'

'

'

'

Repayment of loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,776,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal payments elected to be made

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,443

4,301

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest paid

6,444,000

5,795,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital contributions

'

'

'

660,000

'

'

'

'

'

'

'

'

'

'

'

'

'

660,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on Sale of Real Estate

'

3,678,839

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,001

350,523

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on sale of real estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

351,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units retained for long-term investment

'

'

'

'

'

'

409

'

'

'

'

'

'

'

48

48

'

'

'

'

'

'

'

'

'

49

'

'

'

1

'

'

'

'

'

49

49

'

'

'

'

42

'

'

'

'

'

148

'

'

'

'

'

'

40

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units retained

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

120

'

'

'

'

'

105

'

'

'

'

'

'

'

'

'

'

'

'

'

127

127

'

'

'

'

'

'

'

'

'

'

'

137

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units to be sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

120

'

'

'

'

'

'

'

'

'

'

'

'

'

127

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capacity of real estate property (in cars per lot)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Margin over basis of interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis of interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Libor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional margin over basis of interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.16%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost associated with loan extension

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000

6,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extended term of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum personal guaranty on mortgage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount returned to partnership

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,775,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash contribution by the entity towards loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term excluding period for which interest only payments to be made

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'7 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds after funding escrow accounts and closing costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distribution to the Partnership

2,898,801

2,922,143

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,610,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of investment to discontinue applying the equity method

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Loan Proceeds Utilized to Pay Off Existing Mortgage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,205,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Loan Proceeds distributed to the Partnership

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$850,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INVESTMENT_IN_UNCONSOLIDATED_J3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details 2) - 10Q (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Mar. 07, 2005

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Nov. 30, 2001

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Mar. 02, 2005

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 03, 2005

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2004

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

31-May-08

Aug. 31, 2004

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 28, 2008

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Limited Partnerships

Limited Partnerships

Limited Partnerships

Limited Partnerships

Limited Partnerships

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Total

Total

Total

Total

Total

Total

Total

NERA 50%

NERA 50%

NERA 40%

item

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

Commercial

Commercial

item

NERA 50%

NERA 50%

Commercial

Commercial

item

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

item

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

Commercial

Commercial

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

item

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

item

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

item

item

item

NERA 50%

NERA 50%

Residential buildings

Residential buildings

item

item

NERA 40%

NERA 40%

Residential buildings

Residential buildings

item

item

NERA 40%

Residential buildings

Residential buildings

Commercial

Commercial

item

item

NERA 50%

item

NERA 50%

item

item

NERA 50%

item

item

NERA 50%

item

item

NERA 50%

item

NERA 50%

item

item

NERA 50%

item

item

NERA 50%

item

item

NERA 50%

item

item

NERA 50%

item

item

NERA 40%

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

ASSETS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Rental Properties

$149,759,026

$152,904,661

'

'

'

'

'

'

'

$8,855,213

'

$8,619,846

'

'

'

'

'

$2,617,557

$2,622,203

'

'

'

$7,596,004

'

$7,230,839

'

'

'

$5,448,764

'

$5,215,054

'

'

'

'

'

$1,785,933

$1,011,453

'

'

'

$6,752,521

'

$6,473,921

'

'

'

$6,851,307

'

$6,628,931

'

'

'

$20,455,309

'

'

$19,644,258

'

'

'

$103,516,956

'

$98,343,487

'

'

'

$155,789,992

$163,879,564

'

'

'

'

'

Cash & Cash Equivalents

13,744,651

14,013,380

5,259,049

6,981,906

'

'

'

'

'

18,578

'

28,937

'

'

'

'

'

24,337

149,705

'

'

'

15,400

'

203,001

'

'

'

743

'

7,697

'

'

'

'

'

901

741,509

'

'

'

14,460

'

4,188

'

'

'

60,794

'

111,378

'

'

'

15,593

'

'

2,404,047

'

'

'

919,270

'

1,231,163

'

'

'

4,881,625

1,070,076

'

'

'

'

'

Rent Receivable

568,560

496,149

'

'

'

'

'

'

'

25,174

'

17,700

'

'

'

'

'

'

'

'

'

'

3,684

'

1,703

'

'

'

5,841

'

14,718

'

'

'

'

'

4,019

3,049

'

'

'

10,560

'

1,102

'

'

'

'

'

2,326

'

'

'

8,402

'

'

9,845

'

'

'

72,166

'

149,200

'

'

'

199,643

129,846

'

'

'

'

'

Real Estate Tax Escrow

304,398

375,560

'

'

'

'

'

'

'

92,679

'

98,555

'

'

'

'

'

'

'

'

'

'

39,518

'

41,934

'

'

'

77,637

'

71,690

'

'

'

'

'

'

'

'

'

'

51,134

'

43,591

'

'

'

38,025

'

40,212

'

'

'

70,460

'

'

52,130

'

'

'

417,391

'

356,155

'

'

'

704,267

786,844

'

'

'

'

'

Prepaid Expenses & Other Assets

3,364,841

3,895,189

'

'

'

'

'

'

'

89,720

'

95,311

'

'

'

'

'

889

895

'

'

'

43,130

'

50,550

'

'

'

46,234

'

44,962

'

'

'

'

'

113,082

27,327

'

'

'

28,815

'

44,461

'

'

'

51,583

'

44,558

'

'

'

306,657

'

'

96,377

'

'

'

1,532,522

'

1,657,149

'

'

'

2,061,590

2,212,632

'

'

'

'

'

Financing & Leasing Fees

1,775,187

1,635,076

'

'

'

'

'

'

'

51,002

'

33,515

'

'

'

'

'

9,067

7,753

'

'

'

98,212

'

91,554

'

'

'

15,876

'

10,849

'

'

'

'

'

'

'

'

'

'

21,472

'

15,110

'

'

'

12,973

'

9,005

'

'

'

9,435

'

'

159,175

'

'

'

355,190

'

295,874

'

'

'

622,835

573,227

'

'

'

'

'

Total Assets

178,859,756

185,345,157

'

'

'

'

'

'

'

9,132,366

'

8,893,864

'

'

'

'

'

2,651,850

2,780,556

'

'

'

7,795,948

'

7,619,581

'

'

'

5,595,095

'

5,364,970

'

'

'

'

'

1,903,935

1,783,338

'

'

'

6,878,962

'

6,582,373

'

'

'

7,014,682

'

6,836,410

'

'

'

20,865,856

'

'

22,365,832

'

'

'

106,813,495

'

102,033,028

'

'

'

164,259,952

168,652,189

'

'

'

'

'

LIABILITIES AND PARTNERS' CAPITAL

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Notes Payable

196,103,164

198,520,478

'

'

'

'

'

'

'

8,263,635

'

8,140,592

'

'

'

'

'

2,054,475

2,001,159

'

'

'

10,000,000

'

10,000,000

'

'

'

4,885,643

'

4,823,762

'

'

'

'

'

1,318,000

'

'

'

'

4,655,194

'

4,590,276

'

'

'

5,379,695

'

5,311,923

'

'

'

15,390,766

'

'

16,900,000

'

'

'

87,707,013

'

86,566,934

'

'

'

138,334,646

139,654,421

'

'

'

'

'

Accounts Payable and Accrued Expenses

2,908,670

3,178,495

'

'

'

'

'

'

'

50,122

'

150,481

'

'

'

'

'

5,642

55,616

'

'

'

76,207

'

172,833

'

'

'

52,855

'

27,905

'

'

'

'

'

21,118

724,100

'

'

'

8,792

'

16,076

'

'

'

77,740

'

123,765

'

'

'

188,156

'

'

2,142,549

'

'

'

1,037,568

'

931,507

'

'

'

4,344,832

1,518,200

'

'

'

'

'

Advance Rental Payments and Security Deposits

4,350,638

4,242,401

'

'

'

'

'

'

'

160,109

'

174,103

'

'

'

'

'

'

'

'

'

'

162,242

'

197,412

'

'

'

86,196

'

103,182

'

'

'

'

'

26,410

13,487

'

'

'

89,430

'

88,756

'

'

'

73,462

'

95,052

'

'

'

276,764

'

'

301,976

'

'

'

2,107,529

'

2,205,078

'

'

'

3,179,046

2,982,142

'

'

'

'

'

Total Liabilities

204,737,804

207,193,720

'

'

'

'

'

'

'

8,473,866

'

8,465,176

'

'

'

'

'

2,060,117

2,056,775

'

'

'

10,238,449

'

10,370,245

'

'

'

5,024,694

'

4,954,849

'

'

'

'

'

1,365,528

737,587

'

'

'

4,753,416

'

4,695,108

'

'

'

5,530,897

'

5,530,740

'

'

'

15,855,686

'

'

19,344,525

'

'

'

90,852,110

'

89,703,519

'

'

'

145,858,524

144,154,763

'

'

'

'

'

Partners' Capital

-25,878,048

-21,848,563

-21,121,940

-22,515,677

'

'

'

'

'

658,500

'

428,688

'

'

'

'

'

591,733

723,781

'

'

'

-2,442,501

'

-2,750,664

'

'

'

570,401

'

410,121

'

'

'

'

'

538,407

1,045,751

'

'

'

2,125,546

'

1,887,265

'

'

'

1,483,785

'

1,305,670

'

'

'

5,010,170

'

'

3,021,307

'

'

'

15,961,385

'

12,329,509

'

'

'

18,401,428

24,497,427

'

'

'

'

'

Total Liabilities and Partners' Capital

178,859,756

185,345,157

'

'

'

'

'

'

'

9,132,366

'

8,893,864

'

'

'

'

'

2,651,850

2,780,556

'

'

'

7,795,948

'

7,619,581

'

'

'

5,595,095

'

5,364,970

'

'

'

'

'

1,903,935

1,783,338

'

'

'

6,878,962

'

6,582,373

'

'

'

7,014,682

'

6,836,410

'

'

'

20,865,856

'

'

22,365,832

'

'

'

106,813,495

'

102,033,028

'

'

'

164,259,952

168,652,189

'

'

'

'

'

Percentage of ownership interest

'

'

'

'

'

'

'

'

'

'

'

50.00%

50.00%

'

'

'

'

'

50.00%

50.00%

'

'

'

50.00%

50.00%

50.00%

'

'

'

50.00%

50.00%

50.00%

'

'

'

'

'

50.00%

50.00%

'

'

'

50.00%

50.00%

50.00%

'

'

'

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

'

'

'

40.00%

40.00%

40.00%

'

'

'

'

'

'

'

'

'

Investment in Unconsolidated Joint Ventures

9,343,093

12,025,142

'

'

9,343,093

'

4,411,292

5,489,273

4,931,804

'

'

214,344

329,250

'

'

'

'

'

361,891

295,867

'

'

'

1,533,000

'

'

'

'

'

2,352,000

205,061

285,201

'

'

'

'

'

522,876

269,204

'

'

'

2,500,000

943,633

1,062,773

'

'

'

5,075,000

652,833

741,893

'

'

'

'

8,000,000

1,510,654

2,505,085

'

'

6,384,554

15,925,000

4,931,804

'

'

'

'

11,873,825

6,384,554

'

'

'

'

Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture

-1,375,332

-1,252,346

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,375,332

-1,221,250

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,375,332

'

'

'

'

'

'

Total Investment in Unconsolidated Joint Ventures (Net)

'

'

'

'

'

$10,652,575

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7,967,761

'

'

'

'

'

'

Total units/ condominiums

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

'

'

'

'

'

'

'

'

'

49

48

49

'

48

48

1

1

1

1

'

1

1

40

40

40

'

40

40

176

176

176

'

175

175

1

1

120

120

'

120

120

48

168

48

'

48

48

42

42

42

'

42

42

148

'

280

148

'

148

148

409

409

409

'

409

409

1,033

1,033

'

1,030

1,030

3

3

Units to be retained

'

'

'

'

'

'

'

'

'

49

'

49

'

'

'

'

'

1

1

'

'

'

40

'

40

'

'

'

49

49

49

'

'

'

'

'

'

'

'

'

'

48

48

48

'

'

'

42

'

42

'

'

'

148

'

'

148

'

'

'

409

'

409

'

'

'

786

786

'

'

'

'

'

Units to be sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

127

'

127

'

'

'

'

'

120

120

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

247

247

'

'

'

'

'

Units sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

127

127

127

'

'

'

'

'

105

111

'

'

'

'

120

'

'

'

'

'

'

'

'

'

'

'

137

'

'

'

'

'

'

'

'

'

'

'

238

232

'

'

'

'

'

Unsold units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

15

'

'

'

'

'

INVESTMENT_IN_UNCONSOLIDATED_J4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details 3) - 10Q (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Nov. 30, 2001

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Mar. 02, 2005

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 03, 2005

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2004

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 31, 2004

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 28, 2008

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex 81

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

Hamilton Essex Development

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

345 Franklin

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton 1025

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Sales

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Bay Apartments

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton Minuteman

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Hamilton on Main Apts

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Dexter Park

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 40%

NERA 40%

NERA 40%

NERA 40%

NERA 50%

NERA 50%

NERA 50%

NERA 50%

NERA 40%

NERA 40%

NERA 40%

NERA 40%

Revenues

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Rental income

$10,546,055

$9,859,135

$31,500,342

$27,687,903

$373,304

$343,035

$1,043,460

$1,006,954

'

'

'

'

$72,523

$71,809

$218,995

$215,601

'

'

'

'

$336,267

$315,594

$994,756

$931,629

'

'

'

'

'

$250,921

$224,602

$698,401

$666,484

'

'

'

'

'

$45,216

$68,189

$151,937

$189,661

'

'

'

'

$242,294

$235,198

$704,397

$676,641

'

'

'

'

'

$226,213

$205,420

$683,025

$638,208

'

'

'

'

'

$737,588

$693,178

$2,177,950

$2,046,366

'

'

'

'

'

$3,433,856

$3,155,855

$10,143,620

$9,487,525

'

'

'

'

'

$5,718,182

$5,312,880

$16,816,541

$15,859,069

'

'

'

'

'

'

'

'

Laundry and sundry income

96,973

108,617

321,150

302,305

4,306

3,146

12,425

12,144

'

'

'

'

'

'

'

'

'

'

'

'

-660

1,550

-425

3,483

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

676

'

844

675

'

'

'

'

'

10,065

10,109

29,213

27,391

'

'

'

'

'

26,620

24,417

75,213

70,846

'

'

'

'

'

41,007

39,222

117,270

114,538

'

'

'

'

'

'

'

'

Total Revenues

10,643,028

9,967,752

31,821,492

27,990,208

377,610

346,181

1,055,885

1,019,097

'

'

'

'

72,523

71,809

218,995

215,601

'

'

'

'

335,607

317,144

994,331

935,112

'

'

'

'

'

250,921

224,602

698,401

666,484

'

'

'

'

'

45,216

68,189

151,937

189,661

'

'

'

'

242,294

235,198

704,397

676,641

'

'

'

'

'

226,889

205,420

683,869

638,883

'

'

'

'

'

747,653

703,287

2,207,163

2,073,756

'

'

'

'

'

3,460,476

3,180,272

10,218,833

9,558,371

'

'

'

'

'

5,759,189

5,352,102

16,933,811

15,973,608

'

'

'

'

'

'

'

'

Expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Administrative

543,704

451,268

1,643,185

1,601,123

6,235

5,109

23,376

15,037

'

'

'

'

350

317

1,180

1,021

'

'

'

'

12,719

4,365

32,580

18,796

'

'

'

'

'

2,624

4,162

6,784

7,968

'

'

'

'

'

715

5,916

3,388

9,502

'

'

'

'

3,916

6,816

14,493

14,367

'

'

'

'

'

2,661

1,788

8,104

4,253

'

'

'

'

'

12,037

8,440

42,799

26,848

'

'

'

'

'

64,668

77,694

181,661

191,418

'

'

'

'

'

105,925

114,608

314,365

289,209

'

'

'

'

'

'

'

'

Depreciation and amortization

2,463,708

2,824,318

7,935,355

5,758,310

108,663

107,829

324,833

319,895

'

'

'

'

2,822

2,182

8,466

6,671

'

'

'

'

100,712

105,992

300,816

321,730

'

'

'

'

'

60,204

60,185

180,524

180,399

'

'

'

'

'

19,174

19,797

57,524

60,895

'

'

'

'

80,047

76,900

238,744

230,538

'

'

'

'

'

81,233

79,914

240,486

237,847

'

'

'

'

'

242,960

244,670

716,092

733,437

'

'

'

'

'

1,354,577

1,448,329

4,048,679

4,326,808

'

'

'

'

'

2,050,392

2,145,798

6,116,164

6,418,221

'

'

'

'

'

'

'

'

Management fees

'

'

'

'

14,832

15,699

43,937

41,713

'

'

'

'

2,901

2,872

8,760

8,624

'

'

'

'

13,319

12,851

41,823

38,633

'

'

'

'

'

9,330

8,922

27,973

27,108

'

'

'

'

'

1,613

2,627

5,888

7,614

'

'

'

'

9,606

8,795

28,206

26,682

'

'

'

'

'

9,536

8,725

28,489

25,801

'

'

'

'

'

28,609

26,626

86,429

83,965

'

'

'

'

'

68,588

70,212

217,031

203,719

'

'

'

'

'

158,334

157,330

488,536

463,860

'

'

'

'

'

'

'

'

Operating

838,728

786,179

3,540,985

3,032,964

27,938

31,039

96,904

94,588

'

'

'

'

'

'

'

'

'

'

'

'

13,390

13,266

45,984

53,310

'

'

'

'

'

171

215

523

927

'

'

'

'

'

423

77

1,028

2,038

'

'

'

'

643

615

1,683

1,232

'

'

'

'

'

16,528

14,951

60,631

56,899

'

'

'

'

'

82,442

61,202

288,912

252,383

'

'

'

'

'

224,085

237,482

960,938

802,142

'

'

'

'

'

365,620

358,848

1,456,603

1,263,520

'

'

'

'

'

'

'

'

Renting

155,865

78,874

301,334

135,540

908

1,281

11,875

10,831

'

'

'

'

'

'

'

'

'

'

'

'

7,745

'

11,368

1,788

'

'

'

'

'

-459

1,453

5,918

5,378

'

'

'

'

'

'

'

753

1,425

'

'

'

'

'

2,503

5,042

9,753

'

'

'

'

'

1,482

2,054

7,571

6,096

'

'

'

'

'

3,034

1,026

21,131

4,331

'

'

'

'

'

99,320

39,451

156,856

66,105

'

'

'

'

'

112,030

47,766

220,514

105,705

'

'

'

'

'

'

'

'

Repairs and maintenance

2,087,290

1,641,608

4,899,746

4,238,821

51,584

29,100

125,411

93,194

'

'

'

'

'

700

3,150

4,400

'

'

'

'

25,489

24,374

56,421

62,553

'

'

'

'

'

82,066

82,343

246,576

239,752

'

'

'

'

'

27,069

24,231

74,719

70,217

'

'

'

'

79,825

76,461

223,566

224,156

'

'

'

'

'

19,697

25,303

58,132

50,840

'

'

'

'

'

101,601

112,318

292,004

278,025

'

'

'

'

'

413,587

389,052

927,771

843,069

'

'

'

'

'

800,918

763,882

2,007,750

1,866,206

'

'

'

'

'

'

'

'

Taxes and insurance

1,388,807

1,301,388

4,180,961

3,667,180

55,807

52,614

172,802

164,374

'

'

'

'

12,859

12,642

40,498

37,050

'

'

'

'

29,643

28,897

87,842

85,152

'

'

'

'

'

38,487

37,599

119,861

114,730

'

'

'

'

'

7,360

11,293

30,025

31,912

'

'

'

'

38,387

38,040

120,392

109,188

'

'

'

'

'

30,264

29,945

89,496

91,893

'

'

'

'

'

87,450

87,950

279,034

257,239

'

'

'

'

'

398,451

427,973

1,155,775

1,170,929

'

'

'

'

'

698,708

726,954

2,095,725

2,062,466

'

'

'

'

'

'

'

'

Total Expenses

7,916,421

7,484,223

23,805,346

19,578,400

265,967

242,671

799,138

739,632

'

'

'

'

18,932

18,715

62,054

57,765

'

'

'

'

203,017

189,745

576,834

581,962

'

'

'

'

'

192,423

194,878

588,159

576,261

'

'

'

'

'

56,354

63,942

173,325

183,604

'

'

'

'

212,424

210,131

632,126

615,915

'

'

'

'

'

161,401

162,681

492,909

473,628

'

'

'

'

'

558,133

542,233

1,726,401

1,636,229

'

'

'

'

'

2,623,276

2,690,194

7,648,711

7,604,189

'

'

'

'

'

4,291,927

4,315,188

12,699,657

12,469,187

'

'

'

'

'

'

'

'

Income Before Other Income

2,726,607

2,483,529

8,016,146

8,411,808

111,643

103,510

256,747

279,465

'

'

'

'

53,591

53,095

156,941

157,835

'

'

'

'

132,590

127,399

417,497

353,150

'

'

'

'

'

58,498

29,724

110,242

90,223

'

'

'

'

'

-11,138

4,248

-21,388

6,057

'

'

'

'

29,870

25,068

72,271

60,726

'

'

'

'

'

65,488

42,739

190,960

165,255

'

'

'

'

'

189,520

161,054

480,762

437,527

'

'

'

'

'

837,200

490,078

2,570,122

1,954,182

'

'

'

'

'

1,467,262

1,036,914

4,234,154

3,504,421

'

'

'

'

'

'

'

'

Other Income (loss)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense

-2,393,427

-2,142,817

-7,160,489

-5,746,533

-121,659

-122,858

-361,857

-366,060

'

'

'

'

-14,036

-14,510

-41,932

-43,776

'

'

'

'

-97,895

-97,798

-293,469

-355,345

'

'

'

'

'

-70,528

-71,481

-210,158

-212,962

'

'

'

'

'

-86

-21,332

-485

-70,021

'

'

'

'

-66,300

-67,226

-197,633

-200,200

'

'

'

'

'

-77,635

-78,601

-231,196

-234,140

'

'

'

'

'

-208,944

-206,762

-610,958

-616,349

'

'

'

'

'

-1,245,694

-1,262,391

-3,710,651

-3,757,844

'

'

'

'

'

-1,902,777

-1,942,961

-5,658,339

-5,856,697

'

'

'

'

'

'

'

'

Interest Income

209

230

592

945

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26

'

'

'

'

'

6

2

15

5

'

'

'

'

'

'

36

'

122

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

57

'

'

'

'

'

6

39

'

210

'

'

'

'

'

'

'

'

Interest Income from Note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

722

468

2,729

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

722

'

2,729

'

'

'

'

'

'

'

'

Gain on Sale of Real Estate

'

'

'

3,678,839

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,001

'

350,523

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,001

'

'

'

'

'

'

'

'

'

'

'

Other Income (Expenses)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-68,588

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-68,588

'

'

'

'

'

'

'

'

Total Other Income (loss)

-2,545,120

-2,515,749

-7,582,432

-6,771,939

-121,659

-122,858

-361,857

-366,060

'

'

'

'

-14,036

-14,510

-41,932

-43,776

'

'

'

'

-97,895

-97,798

-293,469

-423,908

'

'

'

'

'

-70,522

-71,479

-210,143

-212,957

'

'

'

'

'

49,915

-20,574

350,506

-67,170

'

'

'

'

-66,300

-67,226

-197,633

-200,200

'

'

'

'

'

-77,635

-78,601

-231,196

-234,140

'

'

'

'

'

-208,944

-206,762

-610,958

-616,349

'

'

'

'

'

-1,245,694

-1,262,391

-3,710,651

-3,757,786

'

'

'

'

'

-1,852,770

-1,942,200

-5,658,339

-5,922,346

'

'

'

'

'

'

'

'

Net Income (Loss)

181,487

-32,874

433,714

5,337,867

-10,016

-19,348

-105,110

-86,594

'

'

'

'

39,555

38,584

115,009

114,059

'

'

'

'

34,695

29,601

124,028

-70,758

'

'

'

'

'

-12,024

-41,755

-99,901

-122,734

'

'

'

'

'

38,777

-16,326

329,118

-61,113

'

'

'

'

-36,430

-42,159

-125,362

-139,474

'

'

'

'

'

-12,147

-35,862

-40,236

-68,884

'

'

'

'

'

-19,424

-45,708

-130,196

-178,822

'

'

'

'

'

-408,494

-772,312

-1,140,529

-1,803,605

'

'

'

'

'

-385,508

-905,286

-1,424,185

-2,417,925

'

'

'

'

'

'

'

'

Proportionate share of net loss

'

'

'

'

'

'

'

'

($5,007)

($9,674)

($52,555)

($43,297)

'

'

'

'

$19,778

$19,292

$57,505

$57,029

'

'

'

'

'

$17,348

$14,801

$62,014

($35,379)

'

'

'

'

'

($6,011)

($20,878)

($49,951)

($61,367)

'

'

'

'

$19,389

($8,163)

$164,560

($30,556)

'

'

'

'

'

($18,215)

($21,079)

($62,681)

($69,737)

'

'

'

'

'

($6,074)

($17,931)

($20,118)

($34,442)

'

'

'

'

'

($9,711)

($22,854)

($65,097)

($89,411)

'

'

'

'

'

($163,398)

($308,925)

($456,212)

($721,442)

($151,902)

($375,412)

($422,535)

($1,028,602)

$11,496

($66,487)

$33,677

($307,160)

($163,398)

($308,925)

($456,212)

($721,442)

Percentage of ownership interest

'

'

'

'

'

'

'

'

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

50.00%

'

'

'

'

50.00%

50.00%

50.00%

50.00%

50.00%

'

'

'

'

40.00%

40.00%

40.00%

40.00%

40.00%

'

'

'

'

'

'

'

'

'

'

'

'

INVESTMENT_IN_UNCONSOLIDATED_J5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details 4) - 10Q (USD $)	Sep. 30, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	$133,000
9/30/16	726,000
9/30/17	1,821,000
9/30/18	7,840,000
9/30/19	1,912,000
Thereafter	183,671,000
Total	196,103,000
Weighted average interest rate (as a percent)	5.38%
Effective interest rate (as a percent)	5.46%
Hamilton Essex 81	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	138,298
9/30/16	8,002,294
Total	8,140,592
Hamilton Essex 81 Development	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	2,001,159
Total	2,001,159
345 Franklin	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/16	42,990
9/30/17	180,476
9/30/18	189,025
9/30/19	196,473
Thereafter	9,391,036
Total	10,000,000
Hamilton 1025	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	71,689
9/30/16	75,155
9/30/17	4,676,918
Total	4,823,762
Hamilton Bay Apartments	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	72,279
9/30/16	76,732
9/30/17	4,441,265
Total	4,590,276
Hamilton Minuteman	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	78,516
9/30/16	82,308
9/30/17	5,151,099
Total	5,311,923
Hamilton on Main Apts	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
Thereafter	16,900,000
Total	16,900,000
Dexter Park	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	1,620,796
9/30/16	1,479,627
9/30/17	1,564,180
9/30/18	1,653,563
9/30/19	1,748,055
Thereafter	78,500,713
Total	86,566,934
Total	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
9/30/15	3,982,737
9/30/16	9,759,106
9/30/17	16,013,938
9/30/18	1,842,588
9/30/19	1,944,528
Thereafter	104,791,749
Total	$138,334,646

DISCONTINUED_OPERATIONS_AND_SA2

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE (Details) - 10Q (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Gain on the sale of real estate property	'	'	'
Total Revenues	'	'	$193,857
Operating and other expenses	'	'	172,586
Depreciation and amortization	'	0	2,111
Total Expenses	'	'	174,697
Income from discontinued operations	($654)	$0	$19,160

SUBSEQUENT_EVENTS_Details_10Q

SUBSEQUENT EVENTS (Details) - 10Q (USD $)

9 Months Ended

85 Months Ended

9 Months Ended

85 Months Ended

9 Months Ended

85 Months Ended

1 Months Ended

2 Months Ended

1 Months Ended

2 Months Ended

1 Months Ended

2 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Nov. 04, 2014

Nov. 30, 2014

Nov. 04, 2014

Nov. 30, 2014

Nov. 04, 2014

Nov. 30, 2014

Class B

Class B

Class B

General Partnership

General Partnership

General Partnership

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Class B

Class B

General Partnership

General Partnership

Subsequent events

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of depository receipts

25,920

'

1,268,811

'

'

2,308

'

'

122

5,277

5,277

'

'

'

'

Repurchase price of depository receipts

$47.22

'

$25.32

'

'

'

'

'

'

$47.37

$47.37

'

'

'

'

Repurchase price of units

$1,416.60

'

'

'

'

$726.25

'

'

'

$1,421.10

$1,421.10

'

'

'

'

Repurchase of depository receipts

$1,258,399

'

'

'

'

'

'

'

'

$257,098

$257,098

'

'

'

'

Repurchase of units

1,080

905

'

205

'

'

11

'

'

'

'

41.8

41.8

2.2

2.2

Total cost of repurchase

1,564,397

1,021,987

34,045,000

290,698

192,610

'

15,300

10,137

'

'

'

59,369

'

3,125

'

Gain on the sale

'

$3,678,839

'

'

'

'

'

'

'

'

'

'

'

'

'