NEN

New England Realty Associates Limited Partnership (the Partnership) is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Partnership, directly or through 31 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartments, condominium units and commercial properties located in Massachusetts and New Hampshire. The Partnership and its Subsidiary Partnerships owned approximately 2,943 residential apartment units in 27 residential and mixed-use complexes (Apartment Complexes). The Partnership also owns approximately 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively, the Condominium Units). The Partnership also owns a 40-50% interest in seven residential and mixed-use properties consisting of 688 apartment units, 12,500 square feet of commercial space and a 50-car parking lot.