New England Realty Associates LP (NYSE American: NEN) is a real estate limited partnership that owns and operates residential and commercial rental properties concentrated in Eastern Massachusetts and Southern New Hampshire. Revenue comes from rental income collected on apartment units and commercial space. The partnership was formed in 1977 and is managed by its general partner, NewReal, Inc., with property management handled by The Hamilton Company. As of February 1, 2026, the residential portfolio totaled 3,430 units with a 4.4% vacancy rate, and the commercial portfolio totaled 140,991 square feet with a 7.7% vacancy rate. In FY2025, tenant renewals ran at approximately 73% with average rental increases of approximately 5.3%. Properties span multiple Boston-area submarkets including Allston, Brookline, Newton, Needham, Lexington, Andover, Framingham, Belmont, Norwood, Brockton, Lowell, and Woburn, as well as Nashua, NH. The partnership carries debt financing across its portfolio, including a master credit facility with KeyBank National Association.

Revenue model

Rental income from residential apartment units and commercial retail space. Transactional lease model with annual renewals. In FY2025, tenant renewals were approximately 73% of leases at average rent increases of approximately 5.3%; new leases were approximately 27% at average rent decreases of approximately 0.5%.

Products and services

Residential apartment rentals (studios, one-bedroom, two-bedroom, and three-bedroom units) and commercial retail space leasing. Properties are operated under various subsidiary entities including Commonwealth 1144 LP, Hill Estates NERA LLC, Hamilton Green Apartments LLC, Hamilton Oaks Associates LLC, and others.

Customers and end markets

Residential tenants in the Greater Boston metro area and Southern New Hampshire. Commercial tenants occupying retail space, primarily in Framingham, MA. End demand tied to the Eastern Massachusetts housing and retail rental markets.

Value-chain role

Property owner and landlord. Day-to-day property management, repairs, maintenance, construction, legal, and accounting services are provided by The Hamilton Company under a management fee arrangement. The partnership acquires, develops, and holds properties on behalf of limited partners.

Geographic exposure

Primarily Eastern Massachusetts, including Boston (Allston), Brookline, Newton, Needham, Lexington, Andover, Framingham, Belmont, Norwood, Brockton, Lowell, and Woburn. Also Nashua, NH. Concentrated in the Greater Boston metropolitan area.

Source: SEC 10-K, filed 2026-03-13

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