New England Realty Associates (NERA) is a Massachusetts limited partnership that owns and operates residential apartment properties in the greater Boston area. NERA owns 3,411 residential apartment units across 27 apartment complexes, plus minority interests in 7 additional residential and mixed-use complexes through joint ventures, adding another 688 residential units. NERA also owns a smaller commercial portfolio — two shopping centers, commercial buildings, and mixed-use commercial space — totaling roughly 138,000 square feet, though this is clearly secondary to the residential business. NERA makes money by collecting rent from residential tenants, with occupancy rates and rental rates as the key revenue drivers. As a leveraged real estate partnership, NERA finances acquisitions with mortgage debt, and profitability is driven by the spread between rental income and interest, operating, and management costs. NERA does not manage properties directly — day-to-day management is contracted to The Hamilton Company, a related-party firm, which is a meaningful operating cost. NERA grows primarily through acquisitions in the Boston metro area, funded by cash, mortgage debt, and its revolving credit facility; recent deals include a 396-unit property in Belmont for $172M. NERA is structured as a limited partnership and distributes cash to unitholders quarterly rather than retaining earnings, and also repurchases Depositary Receipts under an active buyback program.