SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   SCHEDULE TO

               TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                            (NAME OF SUBJECT COMPANY)

           BOSTON FINANCIAL APARTMENT ASSOCIATES LIMITED PARTNERSHIP,

                         A DELAWARE LIMITED PARTNERSHIP

                             AT $25.00 NET PER UNIT

                                       BY

               EQUITY RESOURCE LEXINGTON FUND LIMITED PARTNERSHIP,
                       A MASSACHUSETTS LIMITED PARTNERSHIP

                          EQUITY RESOURCES GROUP, INC.



                            LIMITED PARTNERSHIP UNITS

                  Eggert Dagbjartsson, Executive Vice President
                          Equity Resources Group, Inc.
                                 14 Story Street
                               Cambridge, MA 02138
                                 (617) 876-4800

                            CALCULATION OF FILING FEE

================================================================================

    TRANSACTION VALUATION*                         AMOUNT OF FILING FEE
          $187,500                                       $37.50
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*   FOR PURPOSES OF CALCULATING THE FILING FEE ONLY. THIS CALCULATION
    ASSUMES THE PURCHASE OF 7,500 UNITS AT A PURCHASE PRICE OF $25 PER UNIT
    IN THE PARTNERSHIP.

[ ] CHECK BOX IF ANY PART OF THE FEE IS OFFSET AS PROVIDED BY RULE
    0-11(a)(2) AND IDENTIFY THE FILING WITH WHICH THE OFFSETTING FEE WAS
    PREVIOUSLY PAID. IDENTIFY THE PREVIOUS FILING BY REGISTRATION STATEMENT
    NUMBER, OR THE FORM OR SCHEDULE AND THE DATE OF ITS FILING.

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    AMOUNT PREVIOUSLY PAID:    NOT APPLICABLE    FILING PARTY:    NOT APPLICABLE
    FORM OF REGISTRATION NO.:  NOT APPLICABLE    DATE FILED:      NOT APPLICABLE
- --------------------------------------------------------------------------------

================================================================================


                                  TENDER OFFER

         This Tender Offer Statement on Schedule TO (the "Schedule TO") relates
to an offer by Equity Resource Lexington Fund LP, a Massachusetts limited
partnership (the "Purchaser") to purchase 7,500 units (the "Units") of limited
partnership interests in Boston Financial Apartment Associates Limited
Partnership, a Delaware limited partnership (the "Partnership"), at $25.00 for
each Unit, net to the seller in cash, without interest, less any transfer fee
charged by the general partner of the Partnership and less the amount of any
distributions declared or paid from any source by the Partnership with respect
to the Units after March 5, 2001 (without regard to the record date), upon the
terms and subject to the conditions set forth in the Offer to Purchase (the
"Offer to Purchase") and in the related Agreement of Sale, copies of which are
attached hereto as Exhibits (a)(l) and (a)(3) (which are herein collectively
referred to as the "Offer"). The information in the Offer to Purchase, including
all schedules and annexes thereto, is hereby expressly incorporated herein by
reference in response to all the items of this Statement, except as otherwise
set forth below.

ITEM 12.          EXHIBITS

            (a)(1)    Offer to Purchase, dated March 5, 2001;
            (a)(2)    Transmittal letter, dated March 5, 2001
            (a)(3)    Agreement of Sale
            (a)(4)    Summary Advertisement
            (b)       Not applicable
            (c)       Not applicable
            (d)       Not applicable
            (e)       Not applicable
            (f)       Not applicable
            (g)       Not applicable
            (h)       Not applicable


                                    SIGNATURE

            After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  March 5, 2001        Equity Resource Lexington Fund Limited Partnership,
                                    a Massachusetts limited partnership

                                      By:   Equity Resources Group, Inc.
                                            its Manager


                                      By:  /s/    EGGERT DAGBJARTSSON
                                           --------------------------
                                                  Eggert Dagbjartsson
                                                  Executive Vice President


                                  EXHIBIT INDEX

- -------------------------------- -----------------------------------------------

                                                                  Sequential
Exhibit No.                Description                            Page Number
- --------------------------------------------------------------------------------

(a)(1) -       Offer to Purchase, dated March 5, 2001.               4-28
- --------------------------------------------------------------------------------

(a)(2) -       Transmittal letter, dated March 5, 2001                29
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(a)(3) -       Agreement of Sale                                    30-33
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(a)(4)         Summary Advertisement                                  34
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(b) -          Not applicable.
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(c) -          Not applicable.
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(d) -          Not applicable.
- --------------------------------------------------------------------------------

(e) -          Not applicable.
- --------------------------------------------------------------------------------

(f) -          Not applicable.
- --------------------------------------------------------------------------------

(g)            Not applicable
- --------------------------------------------------------------------------------

(h)            Not applicable.
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