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)

                 Nantucket Island Associates Limited Partnership

                       A Massachusetts limited partnership

                             at $7,500 Net Per Unit

                                       by

               Equity Resource Lexington Fund Limited Partnership,
                       a Massachusetts limited partnership

                          Equity Resources Group, Inc.
                               Eggert Dagbjartsson

                            Limited Partnership Units

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



                            Calculation of Filing Fee
===============================================================================================

                   Transaction Valuation*                             Amount of Filing Fee
                        $1,185,000                                          $237.00
- -----------------------------------------------------------------------------------------------
                                                                        
*        For purposes of calculating the filing fee only. This calculation
         assumes the purchase of 158 Units at a purchase price of $7,500
         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.
- ------------------------------------------------------------------------------------------------
         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, Limited Partnership, a
Massachusetts limited partnership, Eggert Dagbjartsson, its general partner and
Equity Resources Group, Inc., its manager (collectively the "Purchaser") to
purchase 158 units (the "Units") of limited partnership interests in
Nantucket Island Associates Limited Partnership, a Massachusetts limited
partnership (the "Partnership"), at $7,500 for each Unit, net to the seller in
cash, without interest, less the amount of any distributions declared or paid
from any source by the Partnership with respect to the Units after February 8,
2002 (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 February 8, 2002
            (a)(2)    Transmittal letter, dated February 8, 2002
            (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:  February 8, 2002     Equity Resource Lexington Fund Limited Partnership,
                             a Massachusetts limited partnership

                             By:  /s/ Eggert Dagbjartsson
                                  --------------------------------
                                        Eggert Dagbjartsson
                                        General Partner


                             Equity Resources Group, Inc.
                             A Massachusetts Corporation

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


                             Eggert Dagbjartsson

                             By:  /s/ Eggert Dagbjartsson
                                  --------------------------------
                                        Eggert Dagbjartsson



                                  EXHIBIT INDEX

- --------------------------------------------------------------------------------
                                                                  Sequential
Exhibit No.                          Description                 Page Number
- --------------------------------------------------------------------------------
(a)(1) -          Offer to Purchase, dated February 8, 2002.         4-28
- --------------------------------------------------------------------------------
(a)(2) -          Transmittal letter, dated February 8, 2002.         29
- --------------------------------------------------------------------------------
(a)(3) -          Agreement of Sale                                 30-33
- --------------------------------------------------------------------------------
(a)(4)            Summary Advertisement                               34
- --------------------------------------------------------------------------------
(b) -             Not applicable.
- --------------------------------------------------------------------------------
(c) -             Not applicable.
- --------------------------------------------------------------------------------
(d) -             Not applicable.
- --------------------------------------------------------------------------------
(e) -             Not applicable.
- --------------------------------------------------------------------------------
(f) -             Not applicable.
- --------------------------------------------------------------------------------
(g)               Not applicable
- --------------------------------------------------------------------------------
(h)               Not applicable.
- --------------------------------------------------------------------------------