UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                     --------------------------------------

                                    FORM 10-K
(Mark  One)
     [X]    ANNUAL  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF  THE  SECURITIES
            EXCHANGE  ACT OF 1934 [NO FEE REQUIRED]

            For the fiscal year ended             December 31, 2001
                                      -----------------------------------------

                                       OR

     [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
            EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

            For the transition period from                  to
                                           ----------------    ----------------

                         Commission File number 0-11987
                          ----------------------------

                       Krupp Realty Limited Partnership-IV
-------------------------------------------------------------------------------

Massachusetts                                              04-2772783
--------------------------------------------- ---------------------------------
(State or other jurisdiction of               (IRS employer identification no.)
incorporation or organization

One Beacon Street, Boston, Massachusetts                                02108
------------------------------------------------                     ----------
(Address of principal executive                                      (Zip code)
offices)

(Registrant's telephone number, including area code)      (617) 523-7722
                                                    ---------------------------

Securities registered pursuant to Section 12(b) of the Act:   None

Securities registered pursuant to Section 12(g) of the Act:   Units of Investor
                                                              Limited Partner
                                                              Interest

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the  preceeding 12 months (or for such shorter period that the registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

                                 Yes  [X]     No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Aggregate market value of voting securities held by
  non-affiliates: Not Applicable

Documents incorporated by reference: Part IV, Item 14.

The exhibit index is located on pages 11-13.

The total number of pages in this document is 31.



<PAGE>
                                     PART I

This Form 10-K contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934.  Actual  results could differ  materially  from those  projected in the
forward-looking  statements as a result of a number of factors,  including those
identified herein.

ITEM 1. BUSINESS
------

Krupp Realty Limited  Partnership-IV  ("KRLP-IV") was formed on December 1, 1982
by  filing  a  Certificate  of  Limited   Partnership  in  The  Commonwealth  of
Massachusetts. The Krupp Corporation, a Massachusetts corporation, and The Krupp
Company Limited  Partnership-II,  a Massachusetts  limited partnership,  are the
General Partners of KRLP-IV. KRLP-IV has also issued all of the Original Limited
Partner  Interests to The Krupp Company Limited  Partnership-II.  On January 18,
1983,  KRLP-IV  commenced the offering of up to 30,000 units of Investor Limited
Partner  Interests  (the  "Units").  As of  March  31,  1983,  KRLP-IV  received
subscriptions for all 30,000 Units at $1,000 per Unit and therefore,  the public
offering was  successfully  completed on that date.  For details,  see Note A to
Consolidated  Financial  Statements  included  in  Item 8  (Appendix  A) of this
report.

The primary business of KRLP-IV is to acquire, operate and ultimately dispose of
real estate.  KRLP-IV initially  acquired six multi-family  apartment  complexes
(Copper Creek,  Walden Pond (formerly  Westbridge),  Indian Run,  Fenland Field,
Pavillion and Tilbury Woods  Apartments),  a retail center  (Lakeview Plaza) and
invested in a joint  venture in Lakeview  Tower (the  "Joint  Venture")  with an
affiliated limited  partnership.  KRLP-IV considers itself to be engaged in only
one industry segment, investment in real estate.

KRLP-IV  sold  Lakeview  Plaza and Tilbury  Woods  Apartments  in 1990 and 1991,
respectively.  Additionally, KRLP-IV received a terminating capital distribution
from the Joint Venture with proceeds from the sale of Lakeview Tower in 1992. In
1990,  the  General  Partners  formed  three  limited  partnerships:   Pavillion
Partners, Ltd., Copper Creek Partners, Ltd. and Westbridge Partners, Ltd. At the
same time, the General Partners transferred ownership of Pavillion Apartments to
Pavillion  Partners,  Ltd.,  Copper Creek  Apartments to Copper Creek  Partners,
Ltd., and Walden Pond Apartments to Westbridge Partners,  Ltd. in exchange for a
99%  Limited  Partner  Interest in the new  entities.  Westcop  Corporation,  an
affiliate  of  KRLP-IV,  contributed  a total of  $11,216 in  exchange  for a 1%
General Partner Interest in the new entities. KRLP-IV, Pavillion Partners, Ltd.,
Copper Creek  Partners,  Ltd. and Westbridge  Partners,  Ltd., are  collectively
known as Krupp Realty  Limited  Partnership-IV  and  Subsidiaries  (collectively
referred  to  herein  as  the  "Partnership").  The  Partnership  endeavored  to
renegotiate the debt on these properties, the negotiations were unsuccessful and
these partnerships  subsequently  petitioned for relief under federal bankruptcy
laws.

On August 1, 2001, the Partnership  sold Fenland Field, a 234-unit  multi-family
apartment complex, located in Maryland, to an unaffiliated third party (see Note
E to Consolidated Financial Statements,  included in Item 8 (Appendix A) of this
report).

On November 14, 2001, the Partnership sold Walden Pond, a 416-unit  multi-family
apartment  complex,  located in Texas,  to Walden Pond Limited  Partnership,  an
affiliate  of  the  general  partner.  (see  Note  E to  Consolidated  Financial
Statements, included in Item 8 (Appendix A) of this report).

On November 20, 2001,  the  Partnership  sold Pavillion  Apartments,  a 350-unit
multi-family apartment complex, located in Texas, to an unaffiliated third party
(see Note E to Consolidated  Financial Statements,  included in Item 8 (Appendix
A) of this report).











                                       2
<PAGE>

The future  performance of the Partnership will depend upon factors which cannot
be predicted.  Such factors include general  economic,  both on a national basis
and in those areas where the Partnership's real estate investments were located,
liquidation  expenses,  government  regulations and federal and state income tax
laws as well as the ultimate  settlement  of contingent  liabilities  associated
with the sale of certain  of the  Partnerships  real  estate  investments..  The
requirements  for compliance with federal,  state and local  regulations to date
have not had an adverse effect on the Partnership's  operations,  and no adverse
effect therefrom is anticipated in the future.

     As of December 31, 2001, the Partnership held no multi-family investments.

     As of December 31, 2001, the Partnership did not employ any personnel.

ITEM 2. PROPERTIES
------

As of December 31,  2001,  the  Partnership  held no  multi-family  investments.
Historical occupancy percentages are as follows:

                                                Average Occupancy For the Year
                                                       Ended December 31,
                           Year of    Total   ----------------------------------
         Description       Aquisition Units    2001   2000   1999   1998   1997
------------------------   ---------- ------  ------ ------ ------ ------ ------
Fenland Field Apartments
Columbia, Maryland           1983        234    N/A    95%    97%    99%   100%

Pavillion Apartments
Garland, Texas               1983        350    N/A    94%    95%    96%    95%

Walden Pond Apartments
Houston, Texas               1983        416    N/A    89%    94%    97%    98%
                                      ------

                                       1,000  Units
                                      ======


ITEM 3. LEGAL PROCEEDINGS
------

There are no material  pending legal  proceedings to which the  Partnership is a
party or to which any of its property is the subject.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------

On November 12, 2001, a special  meeting of the partners of Krupp Realty Limited
Partnership  IV was held to approve  the sale of Walden Pond  Apartments,  a 416
unit multi-family apartment community,  located in Houston, Texas to Walden Pond
Limited  Partnership,  and  affiliate  of the general  partner and to approve an
amendment to the  partnership  agreement  necessary to effect the sale. The sale
and amendment were passed by a majority of the unit holders.



                                       3
<PAGE>

                                     PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS


The  transfer  of Units of  Limited  Partner  Interest  is  subject  to  certain
limitations  contained in the Partnership  Agreement.  There is no public market
for the  Units  and it is not  anticipated  that any  such  public  market  will
develop.

The  number  of  Investor   Limited   Partners  as  of  December  31,  2001  was
approximately 1,535.

The  Partnership  made the following  distributions  to its Partners  during the
years ended December 31, 2001 and 2000:

                                             Year Ended December 31,
                                  ---------------------------------------------
                                          2001                     2000
                                  ---------------------   ---------------------
                                     Amount    Per Unit      Amount    Per Unit
                                  -----------  --------   -----------  --------
Limited Partners:

     Investor Limited Partners
       (30,000 Units Outstanding) $16,872,259   $562.41   $   740,589   $24.69

     Original Limited Partner          31,183                  31,182

General Partners                      170,742                   7,796
                                  -----------             -----------

                                  $17,074,184             $   779,567
                                  ===========             ===========


One of the  objectives  of the  Partnership  is to generate  cash  available for
distribution.  In 2000 and thereafter,  semiannual distributions were paid at an
annual rate of $24.69 per unit.

The Partnership  made special capital  distributions  of $255.96 and $281.76 per
Unit during the fourth and third quarter of 2001,  respectively,  with the funds
received from the sale of Fenland  Field and Walden Pond in 2001,  respectively.
Pursuant to the Partnership Agreement,  distributions from capital transactions,
such as the sale of a property,  are allocated 99% to Investor  Limited Partners
and 1% to  the  General  Partners.  For  details,  see  Note  H to  Consolidated
Financial Statements included in Item 8 (Appendix A if this report).



                                       4
<PAGE>

ITEM 6. SELECTED FINANCIAL DATA
------

     The following table sets forth selected financial information regarding the
Partnership's  financial position and operating results. This information should
be read in conjunction  with  Management's  Discussion and Analysis of Financial
Condition  and  Results  of  Operations   and  the  Financial   Statements   and
Supplementary  Data,  which  are  included  in  Items  7 and 8 of  this  report,
respectively.

                        2001        2000        1999        1998        1997
                     ----------  ----------  ----------  ----------  ----------
Total revenue        $5,992,724  $7,290,609  $7,052,216  $7,169,243  $7,721,285

Income (loss) before
 gain on sale of
 property and
 extraordinary loss    (127,155)    333,985     464,369     574,090     157,116

Gain on sale of
 property            33,203,086           -           -   2,960,743           -

Extraordinary loss
 from early
 extinguishment of
 debt                   (16,487)          -           -    (389,523)          -

Net income           33,059,444     333,985     464,369   3,145,310     157,116

Net income (loss)
 allocated to:
     Investor Limited
       Partners      31,056,853     317,286     441,150   3,090,894     149,260

         Per Unit      1,035.23       10.58       14.71      103.03        4.98

     Original Limited
       Partner        1,413,444      13,359      18,575      22,964       6,285

     General Partners   589,147       3,340       4,644      31,452       1,571

Total assets at
   December 31,      11,120,118  12,017,592  12,588,568  13,245,952  16,718,318

Long-term obligations
 at December 31,              -   9,363,967  12,496,331  10,552,809  19,544,471

Distributions:

     Investor Limited
       Partners      16,872,259     740,589     740,590   2,853,592   1,119,903

         Per Unit        562.41       24.69       24.69       95.12       37.33

     Original Limited
       Partner           31,183      31,182      31,183      35,369      47,158

     General Partners   170,742       7,796       7,796      29,182      11,790

Operating  results for the periods  presented are not comparable due to the sale
of Indian Run  Apartments  on March 31, 1998,  Fenland  Field on August 1, 2001,
Walden Pond on November 14, 2001 and Pavillion Apartments on November 20, 2001.

The per Unit  distributions  for the years ended December 31, 2001,  2000, 1999,
1998 and 1997 were $562.41, $24.69, $24.69, $95.12 and $37.33, respectively,  of
which $537.72, $0, $0, $67.12 and $0 represented a return of capital.

Prior  performance of the  Partnership is not  necessarily  indicative of future
operations.

                                       5
<PAGE>



ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

This Management's  Discussion and Analysis of Financial Condition and Results of
Operations  contains  forward-looking   statements  including  those  concerning
Management's  expectations regarding the future financial performance and future
events.   These   forward-looking   statements  involve   significant  risk  and
uncertainties,  including  those  described  herein.  Actual  results may differ
materially from those anticipated by such forward-looking statements.

Liquidity and Capital Resources

On August 1, 2001, the Partnership  sold Fenland Field to an unaffiliated  third
party. The Partnership received $14,443,077, net of closing costs of $56,923 and
repaid the mortgage note payable of $3,637,387 and accrued  interest of $28,793.
For  further  details,  see  Note E to  the  Consolidated  Financial  Statements
included in Item 8 (Appendix A) of this report.

On November 14, 2001, the Partnership  sold Walden Pond to a related party, KR 5
Acquisition,  LLC. The Partnership received $12,521,805, net of closing costs of
$278,195 and repaid the mortgage note payable of $5,819,727 and accrued interest
of  $16,824.  For  further  details,  see Note E to the  Consolidated  Financial
Statements included in Item 8 (Appendix A) of this report.

On  November  20,  2001,  the  Partnership  sold  Pavillion   Apartments  to  an
unaffiliated third party. The Partnership received  $15,485,089,  net of closing
costs of $87,850 and repaid the mortgage note payable of $6,531,153  and accrued
interest  of  $35,109.  For  further  details,  see  Note E to the  Consolidated
Financial Statements included in Item 8 (Appendix A) of this report.

Operations

The following  discussion  relates to the operations of the  Partnership and its
properties (Fenland Field,  Walden Pond and Pavillion  Apartments) for the years
ended December 31, 2001,  2000 and 1999. The sale of Fenland Field,  Walden Pond
and  Pavillion  Apartments  as of December  31, 2001  significantly  impacts the
comparability of the Partnership's operations between these periods.

2001 compared to 2000

Net  income  increased  during  2001  when  compared  to 2000 as a result of the
Partnership  recognizing  the  gain on the  sale of its  remaining  real  estate
assets.

Total  expenses  decreased in 2001 when  compared to 2000 due the  Partnership's
sale of its remaining real estate assets in August and November. Management fees
increased  due to  increases in expense  reimbursements  paid to  affiliates  to
extinguish   management  contracts  and  general  and  administrative   expenses
increased as a result of increased investor  communication costs, which includes
printing and mailing of quarterly and annual reports










                                       6
<PAGE>

2000 compared to 1999

Net income  decreased during 2000 when compared to 1999 as the increase in total
expenses more than offset the increase in total  revenue.  The increase in total
revenue is primarily a result of rental rate increases implemented at all of the
Partnership's  properties at the end of the first quarter of 2000.  Revenue also
increased due to increases in interest income resulting from higher average cash
and cash equivalent balances available for investment when compared to 1999.

Total  expenses in 2000  increased  when compared to 1999 with increases in real
estate tax, depreciation and interest expenses partially offset by a decrease in
maintenance  expense.  Real  estate  tax  expense  increased  as a  result  of a
reassessment  of  property  values at  Walden  Pond and  Pavillion  by the local
authority.  Depreciation and amortization  expense increased in conjunction with
increased  capital  improvements  completed at the properties.  Interest expense
increased  as a result of  increases  in the  prime  lending  rate.  Maintenance
expense decreased as a result of capital improvements completed during the year.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The  Partnership's  future  earnings,  cash flows and fair  values  relevant  to
financial  instruments are dependent upon prevalent market rates. Market risk is
the risk of loss from adverse changes in market prices and interest  rates.  The
Partnership  manages its market risk by matching  projected  cash  inflows  from
operating  activities,   investing  activities  and  financing  activities  with
projected  cash  outflows  to fund  the  debt  payments,  acquisitions,  capital
expenditures, distributions and other cash requirements.

All of the Partnership's mortgage debt has been repaid as of December 31, 2001.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The  financial  statements  and  supplementary  data are  listed in the Index to
Financial  Statements and Financial  Statement Schedule appearing on Page F-2 of
this Annual Report on Form 10-K.


ITEM 9.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
         FINANCIAL DISCLOSURE

     None.


                                       7
<PAGE>



                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The  Partnership has no directors or executive  officers.  Information as to the
directors and executive  officers of The Krupp  Corporation,  which is a General
Partner of KRLP-IV,  and The Krupp  Company  Limited  Partnership-II,  the other
General Partner of KRLP-IV, is as follows:

         Name and Age                   Position with The Krupp Corporation
         ----------------------         ---------------------------------------
         Douglas Krupp (55)             Co-Chairman of the Board
         George Krupp (57)              Co-Chairman of the Board
         Frank Apeseche (44)            President
         David Quade (58)               Treasurer

Douglas Krupp  co-founded and serves as Co-Chairman and Chief Executive  Officer
of The  Berkshire  Group,  an  integrated  real estate  financial  services firm
engaged in real estate  acquisitions,  property  management,  mortgage  banking,
investment sponsorship,  venture capital investing and financial management. Mr.
Krupp  has held the  position  of  Co-Chairman  since  The  Berkshire  Group was
established  as The  Krupp  Companies  in 1969 and he has  served  as the  Chief
Executive  Officer  since  1992.  Mr.  Krupp  serves as a member of the Board of
Trustees at Brigham & Women's Hospital. He is a graduate of Bryant College where
he received an honorary Doctor of Science in Business Administration in 1989 and
was elected trustee in 1990.

George Krupp, the brother of Douglas Krupp, is the Co-Founder and Co-Chairman of
The Berkshire Group, an integrated real estate  financial  services firm engaged
in real estate acquisitions,  property management,  mortgage banking, investment
sponsorship,  venture capital investing and financial management.  Mr. Krupp has
held the position of Co-Chairman  since The Berkshire  Group was  established as
The Krupp  Companies in 1969. Mr. Krupp has been an instructor of history at the
New Jewish High School in Waltham,  Massachusetts  since  September of 1997. Mr.
Krupp attended the University of Pennsylvania and Harvard University and holds a
Master's Degree in History from Brown University.

Frank Apeseche is the President of The Berkshire  Group. Mr. Apeseche joined The
Berkshire Group in 1986. He served as Chief Financial Officer and Chief Planning
Officer from 1992 to 1995. Mr. Apeseche was the founding  Managing Partner of BG
Affiliates,  a private equity  investment  firm.  Prior to joining The Berkshire
Group he served as a manager with Andersen  Consulting  where he  specialized in
providing  technology  solutions to Fortune 500 clients. Mr. Apeseche received a
BA with  distinction  from  Cornell  University  and an MBA with Honors from the
University of Michigan.

David C. Quade is the Treasurer and  Executive  Vice  President of The Berkshire
Group.  Mr.  Quade  joined The  Berkshire  Group in 1998.  Prior to joining  The
Berkshire  Group,  he was a Principal  and  Executive  V.P./CFO at Leggat McCall
Properties  for eighteen  years.  At Leggatt  McCall,  Mr.  Quade had  extensive
experience in business strategic planning, financial workouts, funds management,
and corporate  financing  regarding asset  management.  Prior to that, Mr. Quade
worked in senior  financial  capacities for two NYSE  companies,  North American
Mortgage  Investors and Equitable Life Mortgage & Realty Investors,  and he also
worked at Coopers & Lybrand.  He has a P.A.P.  from the Northwestern  University
Graduate School of Business, and a B.S. degree and a Master's degree in Business
Administration from Central Michigan University.


ITEM 11. EXECUTIVE COMPENSATION

     The Partnership has no directors or executive officers.




                                       8
<PAGE>

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     As of February 15, 2002, beneficial owners of record owning more than 5% of
the Partnership's 30,000 outstanding Units were as follows:

  Title           Name and Address           Amount and Nature         Percent
   of                  of                           of                   of
  Class          Beneficial Owner           Beneficial Ownership        Class
---------  -----------------------------   ----------------------     ----------
Investor   Madison Avenue Investment
 Limited     Partners, LLC                  2,458.38   Units(1)(2)        8.2%
 Partner   P.O. Box 7533
 Units     Incline Village, NV 89452

Investor   First Equity Realty, LLC         2,458.38   Units(1)(3)        8.2%
 Limited
 Partner   555 Fifth Avenue, 9th Floor
 Units     New York, NY 10017

Investor   The Harmony Group II, LLC        2,458.38   Units(1)(4)        8.2%
 Limited
 Partner   P.O. Box 7533
 Units     Incline Village, NV 89452

Investor   Ronald M. Dickerman              2,458.38   Units(1)(5)        8.2%
 Limited
 Partner   555 Fifth Avenue, 9th Floor
 Units     New York, NY 10017

Investor   Bryan E. Gordon                  2,458.38   Units(1)(6)        8.2%
 Limited
 Partner   P.O. Box 7533
 Units     Incline Village, NV 89452

Investor   Equity Resources Group,
 Limited    Incorporated
 Partner   14 Story Street
 Units     Cambridge, MA 02138              1,704.50   Units(7)           5.7%


(1)  According to the statement on Schedule 13G originally  filed on December 6,
     1999 by Madison  Avenue  Investment  Partners,  LLC ("MAIP"),  First Equity
     Realty , LLC ("First Equity"), The Harmony Group II, LLC ("Harmony Group"),
     Ronald M.  Dickerman  and Bryan E.  Gordon  (collectively,  the  "Reporting
     Persons"),  as amended by Amendment No. 1 thereto  dated  February 11, 2000
     and  Amendment  No. 2 thereto  dated  February 14, 2001 and Amendment No. 3
     thereto date February 15, 2002 (as amended,  the "Madison  Schedule  13G"),
     each of MAIP,  First Equity,  Harmony  Group and  Reporting  Persons may be
     deemed to  constitute a "group"  within the meaning of Section  13(d)(3) of
     the  Exchange  Act.  According  to the Madison  Schedule  13D,  MAIP is the
     controlling  person of various entities which are the nominee owners of, or
     the  successors  by merger to the  assets of  nominee  owners  of,  Limited
     Partner  Interest  (the  "Units") of the  Issuer.  As stated in the Madison
     Schedule 13D, these nominees,  none of which beneficially own 5% or more of
     the Units, are ISA Partnership Liquidity Investors,  Madison/AG Partnership
     Value Partners III and Cobble Hill Investments, LP.

     According to the Madison Schedule 13D, the controlling  members of MAIP are
     The Harmony Group II, LLC, a Delaware  limited  liability  company of which
     Bryan E. Gordon is the Managing Member, and First Equity Realty, LLC, a New
     York limited liability company of which Ronald M. Dickerman is the Managing
     Member.

(2)  According to the Madison Schedule 13G, Madison Avenue Investment  Partners,
     LLC has sole voting and dispositive power with respect to 2,458.38 units of
     the Partnership.

(3)  According to the Madison Schedule 13G, First Equity Realty,  LLC has shared
     voting  and  dispositive  power  with  respect  to  2,458.38  units  of the
     Partnership.


                                       9
<PAGE>

(4)  According to the Madison Schedule 13G, The Harmony Group II, LLC has shared
     voting  and  dispositive  power  with  respect  to  2,458.38  units  of the
     Partnership.

(5)  According  to the Madison  Schedule  13G,  Ronald M.  Dickerman  has shared
     voting  and  dispositive  power  with  respect  to  2,458.38  units  of the
     Partnership.

(6)  According to the Madison  Schedule  13G,  Bryan E. Gordon has shared voting
     and dispositive power with respect to 2,458.38 units of the Partnership.

(7)  According to the statement on Schedule 13D originally filed on December 12,
     1996 by Equity Resources  Group,  Incorporated,  Equity Resource  Cambridge
     Fund Limited Partnership, Equity Resource General Fund Limited Partnership,
     Equity  Resource Fund XVI Limited  Partnership,  Equity  Resource Fund XVII
     Limited Partnership, Equity Resource Fund XIX Limited Partnership, James E.
     Brooks,  Marks S. Thompson and Eggert  Dagbjartsson as amended by Amendment
     No. 1 thereto  dated April 14,  1997 (as  amended,  the  "Equity  Resources
     Schedule 13D"), Equity Resources Group, Incorporated, James E. Brooks, Mark
     S.  Thompson  and  Eggert  Dagbjartsson,  in their  capacities  as  general
     partners of each of Equity  Resource  Cambridge  Fund Limited  Partnership,
     Equity Resource General fund Limited Partnership,  Equity Resource Fund XVI
     Limited  Partnership,  Equity  Resource Fund XVII Limited  Partnership  and
     Equity Resource Fund XIX Limited Partnership, respectively, share the power
     to vote or direct the vote and to dispose of or direct the  disposition  of
     1,704.5 units.

The only interests  held by management or its affiliates  consist of its General
Partner and Original Limited Partner Interests.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Partnership does not have any directors,  executive officers or nominees for
election as director. Please see Note I to the Consolidated Financial Statements
(Appendix A).

                                       10
<PAGE>



                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
-------

(a)  1. Consolidated  Financial Statements - see Index to Consolidated Financial
        Statements and Schedule  included under Item 8 (Appendix A), on page F-2
        of this Report.

     2. Consolidated  Financial  Statement Schedule - see  Index to Consolidated
        Financial  Statements and  Schedule included under  Item 8 (Appendix A),
        on page F-2 of this Report.  All  other  schedules  are omitted  as they
        are not  applicable or not  required or the  information is  provided in
        the Consolidated Financial Statements or the Notes thereto.

(c)  Exhibits:

     Number and Description Under Regulation S-K

     The following  reflects all applicable  Exhibits required under Item 601 of
Regulation S-K:

   (4)  Instruments   defining  the  rights  of  security  holders   including
        indentures:

        (4.1)  Amended Agreement of Limited  Partnership dated as of January 12,
               1983   [Exhibit  A  to   Prospectus   included  in   Registrant's
               Registration Statement on Form S-11 (File 2-80650)].*

        (4.2)  Amended   Certificate  of  Limited  Partnership  filed  with  the
               Massachusetts  Secretary of State on March 31, 1983  [Exhibit 4.2
               to  Registrant's  Annual  Report on Form 10-K dated  December 31,
               1983 (File No. 2-80650)].*

  (10) Material Contracts

       Fenland Field Apartments

       (10.1)  Management  Agreement  dated  December  19, 1986 between  Krupp
               Realty  Limited  Partnership-IV,  as  Owner,  and BRI OP  Limited
               Partnership,  formerly known as Berkshire Property Management,  a
               subsidiary of Berkshire  Realty  Company,  Inc.  [Exhibit 10.3 to
               Registrant's  Annual Report on Form 10-K dated  December 31, 1986
               (File No. 0-11987)].*

       (10.2)  Modification and Restatement of Promissory Note dated April 28,
               1993 between Krupp Realty Limited Partnership-IV and John Hancock
               Mutual  Life  Insurance  Company  [Exhibit  10.2 to  Registrant's
               Annual  Report on Form 10-K  dated  December  31,  1993 (File No.
               0-11987)].*

       (10.3)  Modification  and  Restatement  of Indemnity Deed of Trust and
               Security  Agreement  dated April 28, 1993  between  Krupp  Realty
               Limited  Partnership-IV  and John Hancock  Mutual Life  Insurance
               Company [Exhibit 10.3 to Registrant's  Annual Report on Form 10-K
               dated December 31, 1993 (File No. 0-11987)].*







                                       11
<PAGE>

       Walden Pond Apartments

       (10.4)  Management  Agreement  dated June 2, 1983 between  Krupp Realty
               Limited Partnership-IV, as Owner, and BRI OP Limited Partnership,
               formerly known as Berkshire Property Management,  a subsidiary of
               Berkshire  Realty  Company,  Inc.  [Exhibit 10.19 to Registrant's
               Annual  Report on Form 10-K  dated  December  31,  1983 (File No.
               2-80650)].*

       (10.5)  Certificate  of Limited  Partnership  of  Westbridge  Partners,
               Ltd.,  executed  March 1,  1990.  [Exhibit  19.9 to  Registrant's
               Report on Form 10-Q dated June 30, 1990 (File No. 0-11987)].*

       (10.6)  Westbridge  Partners,  Ltd.  Agreement  of Limited  Partnership
               executed March 1, 1990.  [Exhibit 20.1 to Registrant's  Report on
               Form 10-Q dated June 30, 1990 (File No. 0-11987)].*

       (10.7)  Bill  of  Sale   Agreement   between   Krupp  Realty   Limited
               Partnership-IV and Westbridge  Partners,  Ltd., executed March 1,
               1990.  [Exhibit  20.2 to  Registrant's  Report on Form 10-Q dated
               June 30, 1990 (File No. 0-11987)].*

       (10.8)  Westbridge  Partners,  Ltd.  First  Amendment  to Agreement of
               Limited  Partnership,  executed  April 9, 1990.  [Exhibit 20.3 to
               Registrant's  Report on Form 10-Q dated  June 30,  1990 (File No.
               0-11987)].*

       (10.9)  Order Granting  Motion of First Boston  Mortgage  Capital Corp.
               for Relief  from the  Automatic  Stay  dated  January  28,  1992.
               [Exhibit C to Registrant's Report on Form 8-K dated March 3, 1992
               (File No. 0-11987)].*

       (10.10)  Modification   Agreement  dated  February  28,  1992  between
               Westbridge  Partners,  Ltd. and University  Mortgage  Acquisition
               Corp.  [Exhibit 10.14 to Registrant's  Annual Report on Form 10-K
               dated December 31, 1993 (File No. 0-11987)].*

       (10.11) Renewal  Multifamily  Note dated  February  28,  1992  between
               Westbridge  Partners,  Ltd. and University  Mortgage  Acquisition
               Corp.  [Exhibit 10.15 to Registrant's  Annual Report on Form 10-K
               dated December 31, 1993 (File No. 0-11987)].*

       (10.12) Renewal  Multifamily  Deed of Trust,  Assignment  of Rents and
               Security   Agreement   dated  February  28,  1992  by  Westbridge
               Partners,   Ltd.  and  John  M.  Walker,  Jr.,  as  Trustee,  and
               University   Mortgage   Acquisition   Corp.   [Exhibit  10.16  to
               Registrant's  Annual Report on Form 10-K dated  December 31, 1993
               (File No. 0-11987)].*

       (10.13) First Renewal,  Extension and  Modification  Agreements  dated
               February 28, 1999  between  Westbridge  Partners,  Ltd. and First
               Trust Savings Bank.  [Exhibit 10.1 to Registrant's Report on Form
               10-Q dated March 31, 1999 (File No. 0-11987)].

       Pavillion Apartments

       (10.14) Management  Agreement  dated June 2, 1983 between Krupp Realty
               Limited Partnership-IV, as Owner, and BRI OP Limited Partnership,
               formerly known as Berkshire Property Management,  a subsidiary of
               Berkshire  Realty  Company,  Inc.  [Exhibit 10.25 to Registrant's
               Annual  Report on Form 10-K  dated  December  31,  1983 (File No.
               2-80650)].*



                                       12
<PAGE>

       (10.15)  Certificate  of Limited  Partnership  of Pavillion  Partners,
               Ltd.,  executed  March 1,  1990.  [Exhibit  19.1 to  Registrant's
               Report on Form 10-Q dated June 30, 1990 (File No. 0-11987)].*

       (10.16) Pavillion  Partners,  Ltd.  Agreement  of Limited  Partnership
               executed March 1, 1990.  [Exhibit 19.2 to Registrant's  Report on
               Form 10-Q dated June 30, 1990 (File No. 0-11987)].*

       (10.17)  Bill  of  Sale   Agreement   between  Krupp  Realty   Limited
               Partnership-IV and Pavillion  Partners,  Ltd.,  executed March 1,
               1990.  [Exhibit  19.3 to  Registrant's  Report on Form 10-Q dated
               June 30, 1990 (File No. 0-11987)].*

       (10.18)  Pavillion  Partners,  Ltd.  First  Amendment  to Agreement of
               Limited  Partnership,  executed  April 9, 1990.  [Exhibit 19.4 to
               Registrant's  Report on Form 10-Q dated  June 30,  1990 (File No.
               0-11987)].*

       (10.19)  Pavillion  Partners,   Ltd.  Chapter  11  Voluntary  Petition
               executed June 4, 1990 in The United States  Bankruptcy  Court for
               the Northern District of Texas,  Dallas Division.  [Exhibit 10.51
               to  Registrant's  Annual  Report on Form 10-K for the year  ended
               December 31, 1990 (File No. 0-11987)].*

       (10.20)  Pavillion  Partners,  Ltd.,  Debtor's  First  Amended Plan of
               Reorganization  executed  January 16,  1991 in The United  States
               Bankruptcy  Court for the  Northern  District  of  Texas,  Dallas
               Division.  [Exhibit 10.52 to  Registrant's  Annual Report on Form
               10-K for the year ended December 31, 1990 (File No. 0-11987)].*

       (10.21) Promissory Note dated April 13, 1994 by and between  Pavillion
               Partners, Ltd. and Sunlife Insurance Company of America. [Exhibit
               10.1 to  Registrant's  Report on Form 10-Q  dated  June 30,  1994
               (File No. 0-11987)].*

       (10.22) Deed of Trust and  Security  Agreement  dated  April 13,  1994
               between Pavillion Partners, Ltd. and Sunlife Insurance Company of
               America.  [Exhibit 10.2 to Registrant's Report on Form 10-Q dated
               June 30, 1994 (File No. 0-11987)].*

        * Incorporated by reference.

(b)  Reports on Form 8-K

          On November 14, 2001 and November 20, 2001, the Partnership filed Form
          8-K  regarding  the  sale of  Walden  Pond  Apartments  and  Pavillion
          Apartments, respectively.

















                                       13
<PAGE>

                                   SIGNATURES


     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the  undersigned,  thereunto duly  authorized,  on the 1st day of
April, 2002.

                                       Krupp Realty Limited Partnership-IV
                                       ----------------------------------------
                                                 (Registrant)

                                   BY: The Krupp Corporation, a General Partner
                                       ----------------------------------------

                                   BY:  /s/ Douglas Krupp
                                       ----------------------------------------
                                       Douglas Krupp
                                       Co-Chairman (Principal Executive Officer)
                                       and Director of The Krupp Corporation

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  registrant and
in the capacities indicated, on the 1st day of April, 2002.

Signatures                             Titles

/s/ Douglas Krupp                      Co-Chairman (Principal Executive Officer)
-------------------------------         and Director of The
Douglas Krupp                           Krupp Corporation, a General Partner.



/s/ George Krupp                       Co-Chairman (Principal Executive Officer)
-------------------------------         and Director of the
George Krupp                            Krupp Corporation, a General Partner.



/s/ Frank Apeseche                     President of the Krupp Corporation, a
-------------------------------         General Partner.
Frank Apeseche

/s/ David Quade                        Treasurer (Principal Financial and
-------------------------------         Accounting Officer) of the
David Quade                             Krupp Corporation, a General Partner.






                                       14
<PAGE>


































                                   APPENDIX A

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES











                 CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
                               ITEM 8 OF FORM 10-K

             ANNUAL REPORT TO THE SECURITIES AND EXCHANGE COMMISSION
                      For the Year Ended December 31, 2001











                                      F-1
<PAGE>






              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

             INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE




Report of Independent Accountants                                          F-3


Consolidated Balance Sheets at December 31, 2001 and
December 31, 2000                                                          F-4


Consolidated Statements of Operations For the Years Ended
December 31, 2001, 2000 and 1999                                     F-5 - F-6


Consolidated Statements of Changes in Partners' Deficit
For the Years Ended December 31, 2001, 2000 and 1999                       F-7


Consolidated Statements of Cash Flows For the Years Ended
December 31, 2001, 2000 and 1999                                           F-8


Notes to Consolidated Financial Statements                           F-9 - F-16

Schedule III - Real Estate and Accumulated Depreciation                    F-17




All other schedules are omitted as they are not applicable, not required, or the
information is provided in the  consolidated  financial  statements or the notes
thereto.




                                      F-2
<PAGE>











                        REPORT OF INDEPENDENT ACCOUNTANTS


     To the Partners of
     Krupp Realty Limited Partnership-IV and Subsidiaries:


     In  our  opinion,  the  consolidated  financial  statements  listed  in the
     accompanying index present fairly, in all material respects,  the financial
     position of Krupp  Realty  Limited  Partnership-IV  and  Subsidiaries  (the
     "Partnership")  at  December  31,  2001 and 2000,  and the results of their
     operations  and their cash flows for each of the three  years in the period
     ended December 31, 2001 in conformity with accounting  principles generally
     accepted in the United States of America. In addition,  in our opinion, the
     financial  statement  schedule  listed in the  accompanying  index presents
     fairly,  in all material  respects,  the information set forth therein when
     read in conjunction  with the related  consolidated  financial  statements.
     These  financial  statements  and  financial  statement  schedule  are  the
     responsibility of the Partnership's  management;  our  responsibility is to
     express an opinion on these  financial  statements and financial  statement
     schedule based on our audits.  We conducted our audits of these  statements
     in accordance  with  auditing  standards  generally  accepted in the United
     States of  America,  which  require  that we plan and  perform the audit to
     obtain reasonable assurance about whether the financial statements are free
     of material  misstatement.  An audit includes  examining,  on a test basis,
     evidence   supporting   the  amounts  and   disclosures  in  the  financial
     statements,  assessing  the  accounting  principles  used  and  significant
     estimates  made  by  management,   and  evaluating  the  overall  financial
     statement  presentation.  We believe  that our audits  provide a reasonable
     basis for our opinion.

     As explained in Note A, the Partnership  implemented a liquidation  plan to
     dispose of the remaining real estate assets of the Partnership. At December
     31, 2001, the  Partnership has completed its disposition of its real estate
     assets and expects to  complete  the  liquidation  and  dissolution  of the
     Partnership  in 2002. As such, at December 31, 2001,  the  Partnership  has
     adopted the liquidation basis of accounting.

     /s/ PricewaterhouseCoopers LLP

     Boston, Massachusetts
     March 26, 2002




                                      F-3
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                  CONSOLIDATED BALANCE SHEETS (In Liquidation)
                           December 31, 2001 and 2000


                                     ASSETS

                                                   2001           2000
                                               ------------   ------------
Multi-family apartment complexes,
 net of accumulated depreciation of
 $0 and $26,362,441, respectively (Note B)     $          -   $ 10,139,898
Cash and cash equivalents (Note C)               11,068,529        740,853
Real estate tax escrows                              32,399        723,394
Prepaid expenses and other assets                    19,190        277,631
Investment in Securities (Note D)                         -         95,516
Deferred expenses, net of accumulated
 amortization of $0 and $341,854, respectively            -         40,300
                                               ------------   ------------
         Total assets                          $ 11,120,118   $ 12,017,592
                                               ============   ============

                   LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities:
     Mortgage notes payable (Note F)           $          -   $ 16,224,646
     Due to affiliates (Note I)                      25,115              -
     Other liabilities (Note G)                     506,925      1,190,128
                                               ------------   ------------
         Total liabilities                          532,040     17,414,774

Partners' equity (deficit) (Note H):
     Investor Limited Partners (30,000 Units
      outstanding)                               10,482,197     (3,702,397)
     Original Limited Partner                             -     (1,382,261)
     General Partners                               105,881       (312,524)
                                               ------------   ------------
       Total partners' equity (deficit)          10,588,078     (5,397,182)
                                               ------------   ------------
       Total liabilities and partners' equity
       (deficit)                               $ 11,120,118   $ 12,017,592
                                               ============   ============

               The accompanying notes are an integral part of the
                       consolidated financial statements.




                                      F-4
<PAGE>




              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

             CONSOLIDATED STATEMENTS OF OPERATIONS (In Liquidation)
              For the Year Ended December 31, 2001, 2000, and 1999


                                          2001           2000           1999
                                      -----------    -----------    -----------
Revenue:
     Rental                           $ 5,837,297    $ 7,213,565    $ 6,989,114
     Interest income                      155,427         77,044         63,102
                                      -----------    -----------    -----------

         Total revenue                  5,992,724      7,290,609      7,052,216
                                      -----------    -----------    -----------

Expenses:
     Operating (Note I)                 1,612,740      1,846,098      1,830,422
     Maintenance                          465,532        557,813        594,780
     Real estate taxes                    667,249        816,275        701,956
     Management fees (Note I)             302,882        291,677        271,555
     General and administrative
      (Note I)                            349,156        222,339        225,045
     Depreciation and amortization      1,318,072      1,676,566      1,537,145
     Interest                           1,191,662      1,543,174      1,422,506
                                      -----------    -----------    -----------

         Total expenses                 5,907,293      6,953,942      6,583,409
                                      -----------    -----------    -----------

Income before minority interest, gain
 on sale of real estate assets and
 extraordinary loss from early
 extinguishment of debt                    85,431        336,667        468,807

Minority interest                        (212,586)        (2,682)        (4,438)
                                      -----------    -----------    -----------

Income  (loss)  before gain on sale of
 real  estate assets and extraordinary
 loss from early extinguishment of debt  (127,155)       333,985        464,369

Gain on sale of real estate assets
 (Note E)                              33,203,086              -              -
                                      -----------    -----------    -----------

Net income beforeextraordinaryloss
from early extinguishment of debt      33,075,931        333,985        464,369

Extraordinary loss from early
 extinguishment of debt (Note E)          (16,487)             -              -
                                      -----------    -----------    -----------

Net Income (Note J)                   $33,059,444    $   333,985    $   464,369
                                      ===========    ===========    ===========










                                    Continued

               The accompanying notes are an integral part of the
                       Consolidated financial statements.


                                      F-5
<PAGE>




              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

        CONSOLIDATED STATEMENTS OF OPERATIONS (In Liquidation), Continued
              For the Year Ended December 31, 2001, 2000, and 1999


                                         2001           2000           1999
                                      -----------    -----------    -----------
Allocation of net income (loss)
 (Note H):

  Investor Limited Partners
   (30,000 Units outstanding):
     Income (loss) before gain of sale
      of real estate assets and
      extraordinary loss on early
      extinguishment of debt          $(1,797,880)   $   317,286    $   441,150
     Gain on sale of real estate
      assets                           32,871,055              -              -
     Extraordinary loss from early
      extinguishment of debt              (16,322)             -              -
                                      -----------    -----------    -----------

         Net Income                   $31,056,853    $   317,286    $   441,150
                                      ===========    ===========    ===========


  Investor Limited Partners, Per Unit:
     Income (loss) before gain on sale
      of real estate assets and
      extraordinary loss from early
      extinguishment of debt          $    (59.93)   $     10.58    $     14.71
     Gain on sale of real estate
      assets                             1,095.70              -              -
     Extraordinary loss from early
      extinguishment of debt                 (.54)             -              -
                                      -----------    -----------    -----------

         Net Income                   $  1,035.23    $     10.58    $     14.71
                                      ===========    ===========    ===========

  Original Limited Partner:
     Income (loss) before gain on sale
      of real estate assets and
      extraordinary loss from early
      extinguishment of debt          $ 1,413,444    $    13,359    $    18,575
     Gain on sale of real estate
      assets                                    -              -              -
     Extraordinary loss from early
      extinguishment of debt                    -              -              -
                                      -----------    -----------    -----------

         Net Income                   $ 1,413,444    $    13,359    $    18,575
                                      ===========    ===========    ===========

  General Partners:
     Income (loss) before gain on sale
      of real estate assets and
      extraordinary loss from early
      extinguishment of debt          $   257,281    $     3,340    $     4,644
     Gain on sale of real estate
      assets                              332,031              -              -
     Extraordinary loss from early
      extinguishment of debt                 (165)             -              -
                                      -----------    -----------    -----------

         Net Income                   $   589,147    $     3,340    $     4,644
                                      ===========    ===========    ===========





               The accompanying notes are an integral part of the
                       consolidated financial statements.



                                      F-6
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY(DEFICIT) (In Liquidation)
               For the Year Ended December 31, 2001, 2000 and 1999

                                                                   Total
                   Investor        Original                        Partners'
                   Limited         Limited         General         Equity/
                   Partners        Partner         Partners        (Deficit)
                   ------------    ------------    ------------    ------------
                   $ (2,979,654)   $ (1,351,830)   $   (304,916)   $ (4,636,400)
Balance at
 December 31, 1998

Net Income              441,150          18,575           4,644         464,369

Distributions          (740,590)        (31,183)         (7,796)       (779,569)
                   ------------    ------------    ------------    ------------
Balance at
 December 31, 1999   (3,279,094)     (1,364,438)       (308,068)     (4,951,600)

Net Income              317,286          13,359           3,340         333,985

Distributions          (740,589)        (31,182)         (7,796)       (779,567)
                   ------------    ------------    ------------    ------------
Balance at
 December 31, 2000   (3,702,397)     (1,382,261)       (312,524)     (5,397,182)

Net Income           31,056,853       1,413,444         589,147      33,059,444

Distributions       (16,872,259)        (31,183)       (170,742)    (17,074,184)
                   ------------    ------------    ------------    ------------

Balance at
 December 31, 2001 $ 10,482,197    $          -    $    105,881    $ 10,588,078
                   ============    ============    ==+=========    ============

The per Unit  distributions for the years ended December 31, 2001, 2000 and 1999
were  $562.41,  $24.69 and $24.69,  respectively,  of which  $537.72,  $0 and $0
represented a return of capital, respectively.















               The accompanying notes are an integral part of the
                       consolidated financial statements.

                                      F-7
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

             CONSOLIDATED STATEMENTS OF CASH FLOWS (In Liquidation)
              For the Year Ended December 31, 2001, 2000, and 1999


                                          2001           2000           1999
                                      -----------    -----------    -----------
Cash flows from operating activities:
  Net income                          $33,059,444    $   333,985    $   464,369
  Adjustments to reconcile net
   income to net cash provided by
   operating activities:
     Depreciation and amortization      1,318,072      1,676,566      1,537,145
     Gain on sale of real estate
      assets                          (33,203,086)             -              -
     Extraordinary loss from early
      extinguishment of debt               16,487              -              -
     Impairment of securities              95,516              -              -
     Changes in assets and
      liabilities:
         Decrease (increase) in
          prepaid expenses and other
          assets                          943,318        (99,797)      (105,521)
         Increase (decrease) in other
          liabilities                    (683,203)       134,187         23,850
         Increase (decrease) in due
          to affiliates                    25,115        (33,723)        22,989
                                      -----------    -----------    -----------

            Net cash provided by
             operating activities       1,571,663      2,011,218      1,942,832
                                      -----------    -----------    -----------

Cash flows from investing activities:
  Additions to fixed assets              (395,128)      (991,607)      (661,282)
  Decrease (increase) in other
   liabilities for fixed asset
   additions                                    -         (7,893)         5,899
  Proceeds from sale of property, net  42,449,971              -              -
                                      -----------    -----------    -----------

            Net cash provided by
             (used in) investing
             activities                42,054,843       (999,500)      (655,383)
                                      -----------    -----------    -----------

Cash flows from financing activities:
  Principal payments on mortgage notes
   payable                               (236,380)      (313,481)      (394,922)
  Decrease in deferred expenses                 -        (34,555)       (30,450)
  Repayment of mortgage notes payable (15,988,266)             -              -
  Distributions                       (17,074,184)      (779,567)      (779,569)
                                      -----------    -----------    -----------

            Net cash used in financing
             activities               (33,298,830)    (1,127,603)    (1,204,941)
                                      -----------    -----------    -----------

Net increase (decrease) in cash and
 cash equivalents                      10,327,676       (115,885)        82,508
Cash and cash equivalents, beginning
 of year                                  740,853        856,738        774,230
                                      -----------    -----------    -----------
Cash and cash equivalents, end of
 year                                 $11,068,529    $   740,853    $   856,738
                                      ===========    ===========    ===========

Non-cash investing activities:
  Investment in securities            $         -    $    95,516    $         -






               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                      F-8
<PAGE>




              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation)


A.   Organization

     Krupp Realty Limited  Partnership-IV  ("KRLP-IV") was formed on December 1,
     1982 by filing a Certificate of Limited  Partnership in The Commonwealth of
     Massachusetts.  KRLP-IV  terminates  on December 31, 2020,  unless  earlier
     terminated  upon  the  sale  of  the  last  of  KRLP-IV  and  Subsidiaries'
     properties  or the  occurrence  of certain other events as set forth in the
     Partnership Agreement.

     KRLP-IV  issued  all  of  the  General  Partner   Interests  to  The  Krupp
     Corporation,  a  Massachusetts  corporation,  and The Krupp Company Limited
     Partnership-II,  a  Massachusetts  limited  partnership,  in  exchange  for
     capital  contributions  aggregating  $1,000.  Except under certain  limited
     circumstances  upon  termination of KRLP-IV,  the General  Partners are not
     required to make any additional capital contributions.  KRLP-IV also issued
     all of the Original Limited Partner  Interests to The Krupp Company Limited
     Partnership-II  in  exchange  for a capital  contribution  of  $4,000.  The
     Original  Limited  Partner is not required to make any  additional  capital
     contributions  to  KRLP-IV.  On January 18,  1983,  KRLP-IV  commenced  the
     offering of up to 30,000 Units of Investor  Limited Partner  Interests (the
     "Units").  As of March 31, 1983,  KRLP-IV  received  subscriptions  for all
     30,000  Units at $1,000 per Unit and  therefore,  the public  offering  was
     successfully completed on that date.

     In 1990,  the General  Partners on behalf of KRLP-IV  formed three  limited
     partnerships:  Pavillion  Partners,  Ltd., Copper Creek Partners,  Ltd. and
     Westbridge   Partners,   Ltd.  At  the  same  time,  the  General  Partners
     transferred ownership of Pavillion Apartments to Pavillion Partners,  Ltd.,
     Copper Creek  Apartments to Copper Creek  Partners,  Ltd.,  and Walden Pond
     Apartments  to  Westbridge  Partners,  Ltd. in exchange for  KRLP-IV's  99%
     Limited  Partner  Interest in the new  entities.  Westcop  Corporation,  an
     affiliate of the General  Partners,  contributed a total of $11,216 in cash
     to the entities and is the General Partner in each, with a 1% interest.  On
     March 3, 1992,  Copper Creek was foreclosed upon by the holder of the first
     and  second  mortgage  notes  pursuant  to an  agreement  approved  by  the
     Bankruptcy Court.

     KRLP-IV,  Pavillion  Partners,  Ltd.,  and  Westbridge  Partners,  Ltd. are
     collectively known as Krupp Realty Limited  Partnership-IV and Subsidiaries
     (collectively the "Partnership").

     As  described in Note E, the  Partnership  sold its  remaining  real estate
     investments  in 2001 and intends to liquidate the  Partnership's  remaining
     assets, distribute any remaining cash and dissolve the Partnership in 2002.

B.   Significant Accounting Policies

     The  Partnership  uses the  following  accounting  policies  for  financial
     reporting  purposes,  which may differ in certain  respects from those used
     for federal income tax purposes (see Note J).

     Basis of Presentation

     The  accompanying  financial  statements  have been prepared on the accrual
     basis of accounting  in accordance  with  accounting  principles  generally
     accepted in The United States of America.

     In  connection  with its adoption of a  liquidation  plan during 2001,  the
     Partnership  adopted the liquidation basis of accounting which, among other
     things,  requires that assets be stated at net realizable  value and that a
     net loss during the  liquidation  period,  if any,  be accrued.  Management
     believes  there is currently  no material  liquidation  period  losses that
     require accrual.

     The consolidated  financial  statements  present the  consolidated  assets,
     liabilities  and  operations  of  Pavillion  Partners,   Ltd.,   Westbridge
     Partners,  Ltd.  and KRLP-IV  (see Note A). All  intercompany  balances and
     transactions have been eliminated.  At December 31, 2001 and 2000, minority
     interest of $(203,998) and $8,589,  were included in other  liabilities and
     other assets, respectively.

                                    Continued


                                      F-9
<PAGE>
              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

B.   Risks and Uncertainties

     The  Partnership  invests its cash  primarily  in deposits and money market
     funds with commercial  banks.  The Partnership has not experienced any loss
     to date on its invested cash.

     The  preparation  of financial  statements  in conformity  with  accounting
     principles  generally  accepted  in the United  States of America  requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amount of assets and  liabilities,  contingent  assets and  liabilities and
     revenues and expenses  during the reporting  period.  Actual  results could
     differ from those estimates.

     Cash and Cash Equivalents

     The  Partnership  includes all short-term  investments  with  maturities of
     three  months  or less  from  the  date of  acquisition  in cash  and  cash
     equivalents.  The cash investments are recorded at cost, which approximates
     current market values.

     Rental Revenue

     Residential  leases require the advance  payment of monetary  base.  Rental
     revenues are recorded on the accrual basis.

     Real Estate Assets

     Real estate assets and equipment are stated at depreciated  cost.  Pursuant
     to Financial  Accounting  Standards  Statement No. 121  "Accounting for the
     Impairment of Long-Lived  Assets and for  Long-Lived  Assets to be Disposed
     of", impairment losses are recorded on long-lived assets used in operations
     on a property by property  basis,  when events and  circumstances  indicate
     that  the  real  estate   assets  might  be  impaired  and  the   estimated
     undiscounted cash flows, without interest charges, to be generated by those
     assets  are  less  than  the  carrying   amount  of  those   assets.   Upon
     determination  that impairment has occurred,  those assets shall be reduced
     to fair value.

     Expenditures   for  ordinary   maintenance  and  repairs  are  expensed  to
     operations as they are incurred.  Significant  renovations and improvements
     which  improve  or extend the  useful  life of the assets are  capitalized.
     Except for amounts attributed to land, rental property and improvements are
     depreciated  over their  estimated  useful  lives  using the  straight-line
     method. The estimated useful lives by asset category are:

              Buildings and improvements            3 to 25 years
              Appliances, carpeting and equipment   3 to 8 years

     The Partnership  classifies  assets as available fore sale upon the General
     Partners committing to a formal plan of disposal. Realized gains and losses
     from  sales  of  real  estate  assets  are  recognized  when  the  sale  is
     consummated, the earnings process is complete, and the Partnership does not
     have substantial continuing involvement with the property.

     Deferred Expenses

     Costs of obtaining and recording  mortgages on the properties are amortized
     over the term of the related mortgage notes using the straight-line  method
     which approximates the effective interest method.

     Income Taxes

     The  Partnership  is not  liable  for  federal  or  state  income  taxes as
     Partnership's  income or loss is  allocated  to the Partners for income tax
     purposes.  In the event that the  Partnership's tax returns are examined by
     the Internal  Revenue Service or state taxing authority and the examination
     results in a change in Partnership taxable income or loss, such change will
     be reported to the Partners.




                                   Continued

                                      F-10
<PAGE>
              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

B.   Significant Accounting Policies, Continued

     Descriptive Information About Reportable Segments

     The  Partnership   operated  and  developed  apartment   communities  which
     generated  rental and other income through the leasing of apartment  units.
     The General  Partners  separately  evaluated the performance of each of the
     Partnership's apartment communities. However, because each of the apartment
     communities have similar economic characteristics, facilities, services and
     tenants,  the  apartment  communities  have been  aggregated  into a single
     dominant apartment communities segment.

     All revenue is from external  customers  and no revenue are generated  from
     transactions  with other segments.  There are no tenants which  contributed
     10% or more of the Partnership's total revenue during 2001, 2000 or 1999.

     Investment in Securities

     Investment in securities is carried at its original  issuance  valuation as
     the  common  stock  is not  listed  or  traded  on an  exchange  and is not
     considered  a  marketable  security  pursuant  to  Statement  of  Financial
     Accounting  Standards  Board  Statement  No. 115,  "Accounting  for Certain
     Investments in Debt and Equity Securities" ("FAS 115").

C.   Cash and Cash Equivalents

     Cash and cash  equivalents  consisted of the following at December 31, 2001
     and 2000:


                                            2001            2000
                                        ------------    ------------

Cash and money market accounts          $ 11,068,529    $    740,853
                                        ============    ============

D.   Investment in Securities

     On October 5, 2000,  the  Partnership,  as a member of an alliance of major
     multifamily  real  estate  companies,  executed  a master  lease  agreement
     ("MLA") with a provider of high-speed internet, video and voice services to
     multifamily  communities.  Pursuant to the MLA, the Partnership granted the
     provider  preferred  lease,  license  and  access  rights to  provide  data
     services,  consisting of high-speed  broadband  internet access,  and video
     services, to the residents at some of its multifamily communities for a ten
     year period. In exchange for these rights, the Partnership received 366,691
     shares of common stock which were valued at $.2285 per share or $83,823. In
     addition,  the Partnership will receive 7.5% of the gross revenues that the
     provider  obtains from providing its services as well as a fixed amount for
     each resident that executes a subscriber agreement. In conjunction with the
     execution  of the MLA,  the  Partnership  made an  investment  of $8,406 in
     exchange for 36,785 additional shares of common stock also valued at $.2285
     per share. The Partnership  incurred  approximately $3,287 in closing costs
     related  to the  acquisition  by the  Partnership  and  the  closing  costs
     incurred  were  recorded as an  investment  in  securities in the financial
     statements as of December 31, 2000.

     On November 14, 2001,  concurrent  with the sale of Walden Pond  Apartments
     ("Walden Pond"), the Partnership wrote down its investment in securities by
     approximately  $51,873.  This amount was  attributable  to the value of the
     investment  related to the  master  lease  agreement  ("MLA")  signed  with
     respect to Walden Pond.





                                    Continued


                                      F-11
<PAGE>
              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

D.   Investment in Securities, Continued

     On November 20,  2001,  concurrent  with the sale of  Pavillion  Apartments
     ("Pavillion"),  the Partnership  wrote down its investment in securities by
     approximately  $43,643.  This amount was  attributable  to the value of the
     investment  related to the  master  lease  agreement  ("MLA")  signed  with
     respect to Pavillion.

E.   Sale of Property

     On  August  1,  2001,  the  Partnership  sold  Fenland  Field,  a  234-unit
     multi-family  apartment  complex,  located in Maryland,  to an unaffiliated
     third party. The Partnership received $14,443,077,  net of closing costs of
     $56,923 and repaid the  mortgage  note  payable of  $3,637,387  and accrued
     interest of $28,973.  For financial  reporting  purposes,  the  Partnership
     realized a gain of  $12,192,858 on the sale. The gain was calculated as the
     difference  between the property's selling price less net book value of the
     property and closing costs.

     On  November  14,  2001,  the  Partnership  sold  Walden  Pond,  a 416-unit
     multi-family  apartment complex,  located in Texas, to a related party, KRF
     V. The Partnership received  $12,521,805,  net of closing costs of $278,195
     and repaid the mortgage note payable of $5,819,727 and accrued  interest of
     $16,824. For financial reporting purposes,  the Partnership realized a gain
     of  $8,674,304  on the  sale.  The gain was  calculated  as the  difference
     between the  property's  selling  price less net book value of the property
     and closing costs.

     On November 20, 2001, the Partnership sold Pavillion Apartments, a 350-unit
     multi-family apartment complex,  located in Texas, to an unaffiliated third
     party.  The  Partnership  received  $15,485,089,  net of  closing  costs of
     $87,850 and repaid the  mortgage  note  payable of  $6,531,153  and accrued
     interest of $35,109.  For financial  reporting  purposes,  the  Partnership
     realized a gain of  $12,335,924 on the sale. The gain was calculated as the
     difference  between the property's selling price less net book value of the
     property and closing costs.

F.   Mortgage Notes Payable

     The  properties  that  were  owned  by  the  Partnership  were  pledged  as
     collateral   for  the  respective   non-recourse   mortgage  notes  payable
     outstanding at December 31, 2000.  Mortgage notes payable  consisted of the
     following:



                          Principal Rate
                   ----------------------------       Annual         Maturity
   Property            2001            2000          Interest          Date
------------------ ------------    ------------    ------------    ------------

Fenland Field
 Apartments        $          -    $  3,720,715        9.25%       June 1, 2002

Walden Pond
 Apartments                   -       5,903,327     See below  November 1, 2002

Pavillion
 Apartments                   -       6,600,604        9.25%        May 1, 2002
                   ------------    ------------

      Total        $         -     $ 16,224,646
                   ============    ============










                                    Continued


                                      F-12
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

F.   Mortgage Notes Payable, Continued

          Fenland Field Apartments

          Concurrent  with the sale of Fenland  Field  Apartments,  the mortgage
          note was repaid in full on August 1, 2001.

          The  property was subject to a  non-recourse  mortgage  note  payable,
          based on a 20-year  amortization,  in equal  monthly  installments  of
          principal and interest of $42,167.  At maturity,  all unpaid principal
          ($3,824,206)  and any accrued and unpaid interest would have been due.
          The mortgage note was collateralized by the property.

          As of December  31, 2000 the General  Partners  had signed  agreements
          extending the mortgage note payable,  under the original terms,  until
          June 1, 2002. The Partnership paid an extension fee of $5,000 for this
          privilege.

          Walden Pond Apartments

          Concurrent with the sale of Walden Pond Apartments,  the mortgage note
          was repaid in full on November 14, 2001.

          On February 28, 1999 the General  Partners  refinanced the Walden Pond
          mortgage  notes of  $5,500,000  and $900,000  with  monthly  principal
          payments of $6,500 and $1,100, respectively,  and interest payments at
          the  contract  rate of  interest  equal to the greater of (a) 0.5% per
          annum in excess  of the prime  rate,  or (b) 8% per  annum.  The notes
          matured on February 28, 2001.

          On  November  9,  2000,  the  General  Partners  signed  an  agreement
          extending the mortgage note payable, until November 1, 2002. Under the
          terms of the  extension  agreement  the  interest  rate on the debt is
          reduced from prime + 0.5% to prime - 0.5%, 9% as of December 31, 2000.
          The Partnership paid an extension fee of $29,555 for this privilege.

          Pavillion Apartments

          Concurrent  with the sale of Pavillion  Apartments,  the mortgage note
          was repaid in full on November 20, 2001.

          The  property was subject to a  non-recourse  mortgage  note  payable,
          based on a 30-year  amortization,  in equal  monthly  installments  of
          principal and interest of $57,587.  At maturity,  all unpaid principal
          ($6,580,326) and any accrued and unpaid interest were due.

The  Partnership  wrote off the unamortized  balance of deferred  mortgage costs
related  to the early  extinguishment  of  mortgage  debt  of$16,487,  which was
recorded as an extraordinary loss on the consolidated statement of operations.

The  Partnership  paid interest on its mortgage notes of $1,183,898,  $1,542,659
and  $1,422,506  during  the  years  ended  December  31,  2001,  2000 and 1999,
respectively.










                                    Continued


                                      F-13
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

G.   Other Liabilities

     Other liabilities consisted of the following at December 31, 2001 and 2000:

                                                2001                  2000
                                          ------------------    ---------------
Accounts payable                            $     139,168        $30,998
Accrued real estate taxes                               -             608,519
Other liabilities                                 367,757             392,943
Tenant security deposits                                -             157,668
                                          ------------------    ---------------
                                            $     506,925        $1,190,128
                                          ==================    ===============

H.   Partners' Equity (Deficit)
     --------------------------

     Under the terms of the  Partnership  Agreement,  profits  and  losses  from
     operations are allocated 95% to the Investor  Limited  Partners,  4% to the
     Original  Limited  Partner and 1% to the General  Partners  until such time
     that the Investor  Limited  Partners  have received a return of their total
     invested capital plus a 9% per annum cumulative return thereon. Thereafter,
     profits and losses will be allocated 65% to the Investor Limited  Partners,
     28% to the Original Limited Partner and 7% to the General Partners.

     In accordance with the Partnership  Agreement,  distributions are generally
     made on the same basis as the  allocations of profits and losses  described
     above.  Upon the  occurrence  of a capital  transaction,  as defined in the
     Partnership Agreement, proceeds will be applied to the payment of all debts
     and liabilities of the Partnership  then due and then fund any reserves for
     contingent liabilities.  Remaining net cash proceeds will then be allocated
     and  distributed  99% to the  Investor  Limited  Partners  until  they have
     received  a return  of their  total  invested  capital  plus a 9% per annum
     cumulative  return  and 1% to the  General  Partners,  thereafter  net cash
     proceeds will be distributed in accordance with the Partnership Agreement.

     The  Partnership  entered  into a Sales  Agent  Agreement  for  the  public
     offering of Units.  Under that  Agreement,  the Partnership was required to
     pay to the sales  agent  underwriting  commissions  and  related  financial
     consulting  fees equal to 9% of the gross  proceeds from the  offering.  In
     addition, the sales agent will be entitled to receive, over the life of the
     Partnership,  a  subordinated  financial  consulting fee based upon the net
     cash  proceeds  received  by the  Partnership  as a  result  of  sales  and
     refinancings of Partnership properties, which fee shall be in an amount not
     exceeding 1.5% of the gross proceeds of the offering of Units. No such fees
     will,  however,  be payable  unless and until all Partners  have received a
     return of their  Invested  Capital and the Investor  Limited  Partners have
     received a 9% per annum cumulative  return. The Partnership does not expect
     to incur any subordinated financial consulting fees.















                                   Continued


                                      F-14
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

H.   Partners' Equity (Deficit), Continued

     As of December 31, 2001, the following cumulative partner contributions and
     allocations have been made since inception of KRLP-IV:

                                                                   Total
                   Investor        Original                        Partners'
                   Limited         Limited         General         Equity/
                   Partners        Partner         Partners        (Deficit)
                   ------------    ------------    ------------    ------------
    Capital
     contributions  $30,000,000    $      4,000    $      1,000    $ 30,005,000
    Syndication
     costs           (4,050,000)              -               -      (4,050,000)
    Distributions:
     Operations     (10,195,816)       (429,310)       (107,326)    (10,732,452)
     Capital
      transaction   (21,445,230)              -        (216,619)    (21,661,849)
    Income (loss):
     Operations     (28,504,582)        127,388         (25,475)    (28,402,669)
     Capital
      transaction    44,677,825         297,922         454,301      45,430,048
                   ------------    ------------    ------------    ------------
    Balance at
     December 31,
      2001         $ 10,482,197    $          -    $    105,881    $ 10,588,078
                   ============    ============    ============    ============

I.   Related Party Transactions

     The  Partnership  pays  property  management  fees to an  affiliate  of the
     General  Partners'  for  management  services.  Pursuant to the  management
     agreements,  management  fees are  payable  monthly  at a rate of 5% of the
     gross receipts from the properties under  management.  The Partnership also
     reimburses affiliates of the General Partners for certain expenses incurred
     in connection  with the  operation of the  Partnership  and its  properties
     including administrative expenses.

     On  November  14,  2001,  the  Partnership  sold  Walden  Pond,  a 416-unit
     multi-family  apartment  complex,  located in Texas, to Walden Pond Limited
     Partnership, an affiliate of the general partner. (see Note E)

     Amounts accrued or paid to the General  Partners'  affiliates for the years
     ended December 31, 2001, 2000 and 1999 were as follows:

                                          2001           2000           1999
                                      -----------    -----------    -----------
  Property management fees            $   302,882    $   291,677    $   271,555

  Expense reimbursements                  456,098        295,476        269,037
                                      -----------    -----------    -----------

     Charged to operations            $   758,980    $   587,153    $   540,592
                                      ===========    ===========    ===========

     Due from affiliates  consisted of expense  reimbursements of $0 and $28,007
     and is included in prepaid  expenses  and other assets at December 31, 2001
     and 2000.








                                   Continued


                                      F-15
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In Liquidation), Continued

J.   Federal Income Taxes

     For federal income tax purposes,  the Partnership is depreciating  property
     using the  Accelerated  Cost  Recovery  System  ("ACRS")  and the  Modified
     Accelerated   Cost  Recovery  System   ("MACRS")   depending  on  which  is
     applicable.

     The  reconciliation  of the  net  income  for  each  year  reported  in the
     accompanying  Consolidated  Statement  of  Operations  with  the  net  loss
     reported in the Partnership's federal income tax return for the years ended
     December 31, 2001, 2000 and 1999 is as follows:

                                         2001            2000           1999
                                      -----------    -----------    -----------
     Net income per Consolidated
      Statement of Operations         $33,059,444    $   333,985    $   464,369

       Difference in book and tax
        depreciation for Fenland Field    616,685        213,609        172,556

       Difference in Partnership's
        share of Pavillion Partners
        net income for tax purposes        95,143        289,727        255,803

       Difference in Partnership's
        share of Westbridge Partners
        net income for tax purposes      (777,525)       533,554        390,020
                                      -----------    -----------    -----------

     Net income for federal income tax
      purposes                        $32,993,747    $ 1,370,875    $ 1,282,748
                                      ===========    ===========    ===========

     The  allocation of the net income for federal  income tax purposes for 2001
     is as follows:

                                       Portfolio       Passive
                                         Income         Income         Total
                                      -----------    -----------    -----------

     Investor Limited Partners        $   156,840    $29,535,807    $29,692,647
     Original Limited Partner               6,604      2,588,941      2,595,545
     General Partners                       1,651        703,904        705,555
                                      -----------    -----------    -----------
                                      $   165,095    $32,828,652    $32,993,747
                                      ===========    ===========    ===========

     During the years ended  December 31,  2001,  2000 and 1999 the per Unit net
     income to the Investor Limited Partners for federal income tax purposes was
     $989.76, $43.41 and $40.62, respectively.

     The basis of the  Partnership's  assets for  financial  reporting  purposes
     exceeded its tax basis by approximately $150,000 and $2,829,000 at December
     31, 2001 and 2000, respectively. The basis of the Partnership's liabilities
     for   financial   reporting   purposes  is  less  than  its  tax  basis  by
     approximately  $88,000  and  $4,492,000  at  December  31,  2001 and  2000,
     respectively.



                                      F-16
<PAGE>

              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2001
                                                                 -----

Reconciliation of Real Estate and Accumulated Depreciation for each of the three
years in the period ended December 31, 2001:

                                          2001          2000            1999
                                      -----------    -----------    -----------

     Real Estate

Balance at beginning of year          $36,502,339    $35,510,732    $34,849,450

Acquisition and improvements              395,127        991,607        661,282

Sale of property                      (36,897,466)             -              -
                                      -----------    -----------    -----------

Balance at end of year                $         -    $36,502,339    $35,510,732
                                      ===========    ===========    ===========



                                          2001          2000            1999
                                      -----------    -----------    -----------

     Accumulated Depreciation

Balance at beginning of year          $26,362,441    $24,736,628    $23,263,961

Depreciation expense                    1,288,140      1,625,813      1,472,667

Sale of property                      (27,650,581)             -              -
                                      -----------    -----------    -----------

Balance at end of year                $         -    $26,362,441    $24,736,628
                                      ===========    ===========    ===========

The Partnership  uses the cost basis for property  valuation for both income tax
and financial statement  purposes.  The aggregate cost of the Partnership's real
estate for federal  income tax  purposes at December  31, 2001 is $5,908 and the
aggregate accumulated depreciation for federal income tax purposes is $857.



                                      F-17