New England Realty Associates Limited Partnership (NERA) is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Company, directly or through 24 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartment buildings, condominium units and commercial properties located in Massachusetts and New Hampshire. It owns between a 99.67% and 100% interest in each of the Subsidiary Partnerships, except in nine limited liability companies (the Investment Properties or Joint Ventures), in which NERA has between a 40% and 50% ownership interest. On March 1, 2011, the Company entered into a purchase and sale agreement to sell the Avon Street Apartments. As of February 1, 2011, the Company and its subsidiary partnerships owned 2,269 residential apartment units in 20 residential and mixed-use complexes (the Apartment Complexes).