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

                                    FORM 10-Q

(Mark One)


   X    QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE  SECURITIES
------- EXCHANGE ACT OF 1934


For the quarterly period ended June 25, 2002

                                       OR

-------  TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
EXCHANGE ACT OF 1934


                         Commission File Number 0-13782


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)


           Delaware                                    13-3228969
-------------------------------                   -------------------
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                    Identification No.)


625 Madison Avenue, New York, New York                   10022
----------------------------------------          -------------------
(Address of principal executive offices)               (Zip Code)


Registrant's telephone number, including area code (212)421-5333


     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  preceding  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 ____



<PAGE>

                         PART I - Financial Information

Item 1.  Financial Statements

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                   ------------    ------------
                                                      June 25,       March 25,
                                                        2002           2002*
                                                   ------------    ------------

<S>                                                <C>             <C>
ASSETS
Property and equipment - less
  accumulated depreciation of
  $7,764,929 and $7,639,553,
  respectively                                     $  5,339,024    $  5,470,303
Property and equipment -
  held for sale - less accumulated
  depreciation of $11,828,782 and
  $16,326,084, respectively                           9,460,690      11,548,976
Cash and cash equivalents                             5,344,051       4,967,577
Cash - restricted for tenants'
  security deposits                                     299,378         304,539
Mortgage escrow deposits                              4,290,951       4,376,911
Prepaid expenses and other assets                       842,005         758,693
                                                   ------------    ------------

  Total assets                                     $ 25,576,099    $ 27,426,999
                                                   ============    ============
</TABLE>

                                       2
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   -------------   -------------
                                                      June 25,       March 25,
                                                        2002           2002*
                                                   -------------   -------------
<S>                                                <C>             <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
  Mortgage notes payable                           $ 10,891,274    $ 13,137,483
  Purchase Money Notes payable
   (Note 2)                                           5,513,598       9,861,837
  Due to selling partners (Note 2)                   14,422,825      22,957,424
  Deferred revenue on sale of
   properties                                        11,217,122       5,905,828
  Accounts payable, accrued
   expenses and other liabilities                     3,242,690         587,491
  Tenants' security deposits payable                    263,176         283,920
  Due to general partners of
   subsidiaries and their affiliates                    113,095         114,744
  Due to general partners and
   affiliates                                         3,176,170       3,329,471
                                                   -------------   -------------

Total liabilities                                    48,839,950      56,178,198
                                                   -------------   -------------

Minority interest                                       157,030         222,153
                                                   -------------   -------------
Commitments and contingencies
  (Note 5)
Partners' deficit:
  Limited partners                                  (22,649,148)    (28,146,094)
  General partners                                     (771,733)       (827,258)
                                                   -------------   -------------

Total partners' deficit                             (23,420,881)    (28,973,352)
                                                   -------------   -------------

Total liabilities and partners' deficit            $ 25,576,099    $ 27,426,999
                                                   =============   =============
</TABLE>

*Reclassified for comparative purposes.


          See accompanying notes to consolidated financial statements.

                                       3

<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                    ---------------------------
                                                        Three Months Ended
                                                              June 25,
                                                    ---------------------------
                                                        2002           2001
                                                    ---------------------------

<S>                                                 <C>             <C>
Revenues:

Rentals, net                                        $ 1,556,843     $ 3,358,054
Other                                                   163,491         186,115
Gain (loss) on sale of property
  (Note 4)                                              262,373      (1,007,538)
                                                    -----------     -----------
Total revenues                                        1,982,707       2,536,631
                                                    -----------     -----------

Expenses

Administrative and management                           339,622         680,838
Administrative and management-
  related parties (Note 3)                              376,451         484,237
Operating                                               354,203         803,118
Repairs and maintenance                                 324,355         781,397
Taxes and insurance                                     239,802         409,658
Interest                                                415,661       1,541,543
Depreciation                                            128,546         444,788
                                                    -----------     -----------
Total expenses                                        2,178,640       5,145,579
                                                    -----------     -----------

Net loss before minority interest                      (195,933)     (2,608,948)
Minority interest in loss of
  subsidiaries                                           64,728         241,128
                                                    -----------     -----------
Loss before extra-ordinary item                        (131,205)     (2,367,820)
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                        5,683,676       3,839,356
                                                    -----------     -----------
Net income                                          $ 5,552,471     $ 1,471,536
                                                    ===========     ===========

Limited Partners Share:
Loss before extraordinary item                      $  (129,893)    $(2,344,141)
Extraordinary item                                    5,626,839       3,800,962
                                                    -----------     -----------

Net income                                          $ 5,496,946     $ 1,456,821
                                                    ===========     ===========
</TABLE>

                                       4
<PAGE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                                   (continued)

<TABLE>
<CAPTION>
                                                    ---------------------------
                                                       Three Months Ended
                                                             June 25,
                                                    ---------------------------
                                                        2002            2001
                                                    ---------------------------

<S>                                                 <C>             <C>
Number of units outstanding                              12,074          12,074
                                                    ===========     ===========
Loss before extraordinary  item per
  limited partner unit                              $       (11)    $      (194)
Extraordinary item per limited
  partner unit                                              466             315
                                                    -----------     -----------
Net income per limited partner unit                 $       455     $       121
                                                    ===========     ===========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       5


<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)


<TABLE>
<CAPTION>

                            ------------------------------------------
                                             Limited        General
                               Total         Partners       Partners
                            ------------------------------------------
<S>                         <C>            <C>            <C>
Balance -
  March 26, 2002            $(28,973,352)  $(28,146,094)  $  (827,258)

Net income                     5,552,471      5,496,946        55,525
                            -------------  -------------  ------------

Balance -
  June 25, 2002             $(23,420,881)  $(22,649,148)  $  (771,733)
                            =============  =============  ============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       6

<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                    ----------------------------
                                                        Three Months Ended
                                                              June 25,
                                                    ----------------------------
                                                        2002           2001
                                                    ----------------------------

<S>                                                 <C>            <C>
Cash flows from operating activities:
Net income                                          $  5,552,471   $  1,471,536
                                                    -------------  -------------
Adjustments to reconcile net income
  to net cash (used in) provided by
  operating activities:
(Gain) loss on sale of properties (Note 4)              (262,373)     1,007,538
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                        (5,683,676)    (3,839,356)
Depreciation                                             128,546        444,788
Minority interest in loss of subsidiaries                (64,728)      (241,128)
(Increase) decrease in cash-restricted
  for tenants' security deposits                         (17,261)         5,968
Decrease (increase) in mortgage
  escrow deposits                                        110,963       (184,165)
Increase in prepaid
  expenses and other assets                             (151,009)      (190,635)
Increase in due to selling partners                      364,044      1,452,585
Payments of interest to selling partners                 (25,471)             0
Increase in accounts payable, accrued
  expenses and other liabilities                       2,145,375        590,254
(Decrease) increase in tenants'
  security deposits payable                                  (16)         5,030
Decrease in due to general partners
  of subsidiaries and their affiliates                         0           (410)
(Decrease) increase  in due to general
  partners and affiliates                                (65,601)       143,917
                                                    -------------  -------------
Total adjustments                                     (3,521,207)      (805,614)
                                                    -------------  -------------
Net cash provided by
  operating activities                                 2,031,264        665,922
                                                    -------------  -------------
</TABLE>
                                       7
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                    ----------------------------
                                                        Three Months Ended
                                                              June 25,
                                                    ----------------------------
                                                        2002           2001
                                                    ----------------------------
<S>                                                 <C>            <C>
Cash flows from investing activities:
Proceeds from sale of properties                       2,945,677      1,188,000
Acquisitions of property and equipment                    (6,273)      (128,004)
Increase in mortgage escrow deposits                    (422,977)      (426,028)
                                                    -------------  -------------

Net cash provided by investing activities              2,516,427        633,968
                                                    -------------  -------------

Cash flows from financing activities:
Principal payment of mortgage
  notes payable                                       (2,246,209)    (1,467,227)
Principal payments of purchase
  money notes payable                                 (1,924,613)    (1,776,591)
Decrease in capitalization of
  minority interest                                         (395)        (3,373)
                                                    -------------  -------------

Net cash used in financing activities                 (4,171,217)    (3,247,191)
                                                    -------------  -------------

Net increase (decrease) in cash
  and cash equivalents                                   376,474     (1,947,301)
Cash and cash equivalents -
  beginning of period                                  4,967,577      4,943,694
                                                    -------------  -------------
Cash and cash equivalents -
  end of period                                     $  5,344,051   $  2,996,393
                                                    =============  =============

Supplemental disclosures of noncash activities:
Increase in property and equipment -
  held for sale reclassified from
  property and equipment                            $          0   $  2,182,138
Decrease in property and equipment,
  net of accumulated depreciation                         (2,735)        (1,677)
Increase in deferred revenue on sale
  of properties reclassified from
  purchase money notes payable
  and due to selling partners                         11,245,818              0
Decrease in Purchase Money Notes
  payable                                              2,423,626        562,052
Decrease in due to selling partners                    8,824,927      4,687,164

</TABLE>

                                       8
<PAGE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                   (Unaudited)
                                   (continued)

<TABLE>
<CAPTION>
                                                    ----------------------------
                                                        Three Months Ended
                                                              June 25,
                                                    ----------------------------
                                                        2002           2001
                                                    ----------------------------
<S>                                                 <C>            <C>
Forgiveness of indebtedness income (Note 4):
Increase in deferred revenue
  from sale of property                                5,683,676      3,839,356

Summarized below are the
  components of the gain on
  sale of property:
Decrease in property and equipment,
  and property and equipment-held for
  sale                                                 2,094,557      2,074,284
Decrease in cash - restricted for
  tenants' security deposits                              22,422         17,230
Decrease in mortgage escrow deposits                     397,974        283,223
Decrease in prepaid expenses and
  other assets                                            67,697        325,849
Decrease in due to selling partners                      (48,245)      (185,354)
(Increase) decrease in accounts payable,
  accrued expenses and other liabilities                 258,976       (236,407)
Decrease in tenant's security
  deposits payable                                       (20,728)       (17,230)
Decrease in due to
  general partners and affiliates                        (87,700)       (66,057)
Decrease in due to general partners
  of subsidiaries and their affiliates                    (1,649)             0

</TABLE>
          See accompanying notes to consolidated financial statements.

                                       9
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)

Note 1 - General

The consolidated  financial  statements for the three months ended June 25, 2002
and 2001  include  the  accounts  of  Cambridge  Advantaged  Properties  Limited
Partnership (the "Partnership") and fourteen and thirty subsidiary partnerships,
respectively    ("subsidiaries,"    "subsidiary    partnerships"    or    "Local
Partnerships"). The Partnership is a limited partner, with an ownership interest
of 98.99% in each of the  subsidiary  partnerships.  Through  the  rights of the
Partnership  and/or an  affiliate  of one of its  General  Partners  (a "General
Partner"),  which affiliate has a contractual obligation to act on behalf of the
Partnership,  to remove the general partner of the subsidiary  partnerships (the
"Local General  Partner") and to approve  certain major  operating and financial
decisions,   the  Partnership  has  a  controlling  financial  interest  in  the
subsidiary partnerships.

For financial reporting purposes, the Partnership's fiscal quarter ends June 25.
All  subsidiaries  have  fiscal  quarters  ending  March  31.  Accounts  of  the
subsidiary  partnerships  have been adjusted for intercompany  transactions from
April 1 through  June 25. The  Partnership's  fiscal  quarter ends on June 25 in
order to allow adequate time for the  subsidiaries'  financial  statements to be
prepared  and  consolidated.  The  books  and  records  of the  Partnership  are
maintained on the accrual basis of  accounting,  in  accordance  with  generally
accepted accounting principles ("GAAP").

All   intercompany   accounts  and   transactions   have  been   eliminated   in
consolidation.

Increases  (decreases)  in  the  capitalization  of  consolidated   subsidiaries
attributable  to  minority  interest  arise  from  cash  contributions  and cash
distributions to the minority interest partners.

Losses  attributable to minority interests which exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately $5,000 and $20,000 for the three months ended June 25,
2002 and 2001, respectively.  The Partnership's investment in each subsidiary is
equal to the respective  subsidiary's  partners'  equity less minority  interest
capital,  if any.  In  consolidation,  all  subsidiary  partnership  losses  are
included in the  Partnership's  capital  account except for losses  allocated to
minority interest capital.

                                       10
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


The unaudited  financial  statements have been prepared on the same basis as the
audited financial  statements  included in the  Partnership's  Form 10-K for the
year  ended  March  25,  2002.  In the  opinion  of the  General  Partners,  the
accompanying unaudited financial statements contain all adjustments  (consisting
only of normal recurring  adjustments) necessary to present fairly the financial
position of the  Partnership  as of June 25, 2002, and the results of operations
and cash flows for the three months ended June 25, 2002 and 2001.  However,  the
operating results for the three months ended June 25, 2002 may not be indicative
of the results for the year.

Certain  information  and  note  disclosures   normally  included  in  financial
statements  prepared in accordance with GAAP have been omitted.  It is suggested
that these consolidated  financial statements should be read in conjunction with
the financial  statements and notes thereto included in the Partnership's  March
25, 2002 Annual Report on Form 10-K.


Note 2 - Purchase Money Notes Payable

Purchase  Money Notes (the  "Purchase  Money  Notes") in the original  amount of
$85,458,825 were issued to the selling  partners of the subsidiary  partnerships
as part of the  purchase  price  and are  secured  only by the  interest  in the
subsidiary  partnership to which the Purchase  Money Note relates.  A portion of
these  Purchase  Money  Notes,  in the  original  amount of  $31,932,568,  is an
obligation  at  the  subsidiary   partnership   level,   whereas  the  remaining
$53,526,257  is recorded at the  Partnership  level.  The  Purchase  Money Notes
generally provided for compound interest at rates which, in general, ranged from
9% to 10% per annum through  August 31, 1989.  Thereafter,  simple  interest has
accrued,  without further  interest  thereon,  through maturity as extended (see
below).  Purchase  Money  Notes at June 25,  2002 and  March  25,  2002  include
$4,336,417 of interest accrued through August 31, 1989.


                                       11
<PAGE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


The Purchase  Money Notes,  which  provide for simple  interest,  will not be in
default  if not less  than  60% of the cash  flow  actually  distributed  to the
Partnership  by  the  corresponding   subsidiary   partnership  (generated  from
operations, as defined) is applied first to accrued interest and then to current
interest  thereon.  Any interest not paid  currently  accrues,  without  further
interest  thereon,  through the extended  due date of the  Purchase  Money Note.
Continued  accrual of such interest  beyond the initial term,  without  payment,
reduces the effective  interest rate of 9%. The exact effect is not determinable
inasmuch as it is dependent on the actual future interest  payments and ultimate
repayment dates of the Purchase Money Notes. The Purchase Money Notes, after the
extended  maturity dates, call for the simple accrual of interest on the balance
of principal,  interest and Purchase Money Note extension fees payable as of the
date of maturity at one of the following two rates: (i) the lesser of 12% or the
legally  allowable  rate;  or (ii) the  lesser  of prime  plus 2% or the  lowest
legally  allowable  rate.  Unpaid  interest  of  approximately  $14,423,000  and
$22,909,000  as of June 25,  2002 and March  25,  2002,  respectively,  has been
accrued and is included in due to selling partners in the  consolidated  balance
sheets.  In general,  the interest on and the principal of each  Purchase  Money
Note is also  payable  to the  extent of the  Partnership's  actual  receipt  of
proceeds of the sale or refinancing of the apartment complex.

The Partnership extended the original terms of the Purchase Money Notes (ranging
from August to December 1996) for up to three  additional years (four years with
respect to three  subsidiary  partnerships and seven years with respect to three
subsidiary  partnerships).  In connection with such extensions,  the Partnership
incurred extension fees of 1/2 % per annum of the outstanding  principal balance
of the Purchase Money Notes. The Purchase Money Notes with seven year extensions
have all been sold.  Additionally,  an oral agreement was reached in August 2001
to extend the maturity dates of the remaining  Purchase Money Notes to September
2002 through  October 2003.  The  Partnership  is working with the Local General
Partners and Purchase Money Note holders to refinance or sell the properties. No
assurance can be given that  management's  efforts will be  successful.  Of such
fees  incurred,  $71,737  was  accrued  and added to the  Purchase  Money  Notes
balance. The extension fees are being amortized over the term of the extensions.
Based on the  historical  operating  results of the Local  Partnerships  and the
current economic conditions,  including changes in tax laws, it is unlikely that
the proceeds from such sales will be sufficient to meet the outstanding balances
of principal,  accrued interest and extension fees. The Purchase Money Notes are
without  personal  recourse to either the Partnership or any of its partners and
the  selling  partner's  recourse,  in the  event  of  nonpayment,  would  be to
foreclose  on  the   Partnership's   interests  in  the  respective   subsidiary
partnerships.
                                      12
<PAGE>
                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


Distributions  aggregating  approximately $3,046,000 and $2,200,000 were made to
the Partnership for the three months ended June 25, 2002 and 2001, respectively,
of which $2,173,000 and $1,777,000, respectively, were used to pay principal and
interest on the Purchase Money Notes.

                                       13
<PAGE>
                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


Note 3 - Related Party Transactions

The costs  incurred to related  parties for the three months ended June 25, 2002
and 2001 were as follows:
<TABLE>
<CAPTION>

                                                         Three Months Ended
                                                               June 25,
                                                    ---------------------------
                                                         2002           2001
                                                    ---------------------------
<S>                                                 <C>            <C>
Partnership management fees (a)                     $    267,000   $    271,000
Expense reimbursement (b)                                 28,621         34,492
Local administrative fee (c)                              10,000         14,000
                                                    ------------   ------------
Total general and administrative-
  General Partners                                       305,621        319,492
                                                    ------------   ------------

Property management fees incurred
  to affiliates of the subsidiary
  partnerships' general partners                          70,830        164,745
                                                    ------------   ------------

Total general and administrative-
  related parties                                   $    376,451   $    484,237
                                                    ============   ============
</TABLE>

(a) After all other expenses of the Partnership are paid, an annual  partnership
management fee of up to .5% of invested  assets is payable to the  Partnership's
General Partners and affiliates. Partnership management fees owed to the General
Partners  amounting to approximately  $2,839,000 and $2,847,000 were accrued and
unpaid as of June 25, 2002 and March 25, 2002, respectively. Without the General
Partner's  continued  allowance of accrual  without  payment of certain fees and
expense  reimbursements,  the Partnership  will not be in a position to meet its
obligations.  The General  Partners have continued  allowing the accrual without
payment of these  amounts  but are under no  obligation  to  continue  to do so.
Proceeds received from future sales will be used to pay any outstanding  amounts
due to the General Partners.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the partnership  agreement.  Another
affiliate of the General Partners performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance. Expense reimbursements and asset monitoring fees owed
to the General  Partners  amounting  to  approximately  $46,000 and $95,000 were
accrued and unpaid as of June 25, 2002 and March 25, 2002, respectively.


                                       14
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


(c)  C/R  Special  Partnership,  the  special  limited  partner,  owning  a .01%
interest,  is entitled to receive a local administrative fee of up to $2,500 per
year from each subsidiary partnership.


Note 4 - Sale of Properties

General
-------

The Partnership is currently in the process of disposing of its investments.  It
is  anticipated  that this process  will take a number of years.  As of June 25,
2002,  the  Partnership  has disposed of fifty-four  of its  sixty-one  original
investments. Four additional investments are listed for sale and the Partnership
anticipates  that the three  remaining  investments  will be listed  for sale by
December 31, 2002.  There can be no  assurance as to when the  Partnership  will
dispose of its last remaining investments or the amount of proceeds which may be
received.  However,  based on the  historical  operating  results  of the  Local
Partnerships and the current economic conditions  including changes in tax laws,
it is unlikely  that the proceeds  received by the  Partnership  from such sales
will be  sufficient to return their  original  investment.  Moreover,  the Local
General  Partners  and  holders  of the  Purchase  Money  Notes  generally  have
decision-making rights with respect to the sale of each property which therefore
makes it more cumbersome for the General Partners to sell each property.

In order to facilitate an orderly  disposition of the Partnership's  assets, the
Partnership formed a new entity:  Cambridge  Advantaged  Liquidating L.L.C. (the
"Trust"),  a Delaware  limited  liability  company which is  wholly-owned by the
Partnership.


                                       15
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


On July 21, 1999, the Partnership  contributed its limited partnership  interest
in Decatur Apartments,  Ltd., Florence  Apartments,  Ltd., Saraland  Apartments,
Ltd., Dickens Ferry Apartments,  Ltd., Boonie Doone Apartments, Ltd., University
Gardens Apartments,  Ltd., and Southside Village Apartments, Ltd., to the Trust.
In each case, the interests were contributed subject to each respective Purchase
Money Note. The contribution did not involve any consideration being paid to the
Partnership,  therefore,  there  should  not be any tax  effect  to the  limited
partners of the  Partnership.  As of June 25, 2002 all of these  properties were
sold except for Saraland Apartments, Ltd.

Information Regarding Dispositions.
-----------------------------------

On February  14,  2002,  the  property  and related  assets and  liabilities  of
Nottingham  Woods  Apartments  were  sold to an  unaffiliated  third  party  for
$1,900,000,  resulting in a gain of approximately $799,000. The Partnership used
approximately  $472,000 of the proceeds to settle the associated  Purchase Money
Note and accrued  interest  thereon,  which had a total  outstanding  balance of
approximately  $3,251,000,  resulting in forgiveness of  indebtedness  income of
approximately $2,779,000.

On February  15,  2002,  the  property  and related  assets and  liabilities  of
Robindale East Apartments were sold to an unaffiliated third party for $735,519,
resulting in a loss of approximately  $536,000.  No proceeds were used to settle
the related Purchase Money Note and accrued interest thereon,  which had a total
outstanding  balance of  approximately  $2,904,000,  resulting in forgiveness of
indebtedness income of such amount.

On April 30, 2002,  the property and related  assets and  liabilities of Shelton
Beach Apartments  ("Northpointe I") were sold to an unaffiliated third party for
$2,333,333,  resulting in a gain of approximately $417,000. The Partnership used
approximately  $1,032,000 of proceeds to settle the  associated  Purchase  Money
Note and accrued  interest  thereon,  which had a total  outstanding  balance of
approximately  $3,239,000,  which  is  included  in  accounts  payable,  accrued
expenses and other  liabilities  at June 25, 2002 and will result in forgiveness
of  indebtedness  income of  approximately  $2,188,000  during the quarter ended
September 25, 2002.

                                       16
<PAGE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


On  April  30,  2002,  the  property  and  related  assets  and  liabilities  of
Northpointe II were sold to an unaffiliated third party for $1,666,667 resulting
in a gain of approximately $286,000. The Partnership used approximately $517,000
of the  proceeds  to settle  the  associated  Purchase  Money  Note and  accrued
interest  thereon,  which  had a  total  outstanding  balance  of  approximately
$2,119,000,  which is included in accounts  payable,  accrued expenses and other
liabilities  at June 25, 2002 and will  result in  forgiveness  of  indebtedness
income of approximately $1,591,000 during the quarter ended September 25, 2002.

On May 9, 2002,  the property and related  assets and  liabilities of Huntley #1
were sold to the Local General Partner for approximately  $1,750,000,  resulting
in a loss of  approximately  $391,000.  The  Partnership  will  receive  and use
approximately  $865,000 of the proceeds to settle the associated  Purchase Money
Note and accrued  interest  thereon,  which had a total  outstanding  balance of
approximately  $2,645,000,  which  is  included  in  accounts  payable,  accrued
expenses and other  liabilities  at June 25, 2002 and will result in forgiveness
of  indebtedness  income of  approximately  $1,780,000  during the quarter ended
September 25, 2002.

On May 9, 2002,  the property and related  assets and  liabilities of Huntley #2
were sold to the Local General Partner for approximately  $1,750,000,  resulting
in a gain  of  approximately  $82,000.  The  Partnership  will  receive  and use
approximately  $865,000 of the proceeds to settle the associated  Purchase Money
Note and accrued  interest  thereon,  which had a total  outstanding  balance of
approximately  $1,725,000,  which  is  included  in  accounts  payable,  accrued
expenses and other  liabilities  at June 25, 2002 and will result in forgiveness
of  indebtedness  income of  approximately  $859,000  during the  quarter  ended
September 25, 2002.

On May 21, 2002, Pinewood Village ("Conifer 317") entered into a purchase and
sale agreement with an unaffiliated third party purchaser for a purchase price
of $2,000,000. The closing is expected to occur in late 2002. No assurance can
be given that the closing will actually occur.

                                       17
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


On May 30, 2002,  the property and related  assets and  liabilities of Lexington
Village ("Lexington") were sold to an affiliate of the Local General Partner for
approximately  $1,350,000,  resulting in a gain of approximately  $343,000.  The
Partnership  will use  approximately  $592,000  of the  proceeds  to settle  the
associated  Purchase Money Note and accrued interest thereon,  which had a total
outstanding balance of approximately  $3,445,000,  which is included in accounts
payable, accrued expenses and other liabilities at June 25, 2002 and will result
in forgiveness of indebtedness  income of  approximately  $2,853,000  during the
quarter ended September 25, 2002.


Note 5 - Commitments and Contingencies

The  following  disclosures  include  changes  and/or  additions to  disclosures
regarding the subsidiary  partnerships  which were included in the Partnership's
Annual Report on Form 10-K for the year ended March 25, 2002.

Southwest  Apartments  Ltd.  (the  Gossers)
-------------------------------------------
In or around  November 1999, the  Partnership  received  correspondence  from an
attorney representing Dr. and Mrs. Bob Gosser, (the "Gossers") who are allegedly
the  holders of  beneficial  interests  in Purchase  Money  Notes  issued by the
Partnership  in  connection  with  the  Partnership's   acquisition  of  limited
partnership  interests  in  Southwest  Apartments,  Ltd.  Local  partnership  in
December 1984.  Those Purchase  Money Notes issued by the  Partnership  have, on
their face, matured and have not been paid in full.

The Partnership  thereafter entered into a settlement agreement with the Gossers
which contemplated the sale of the real property owned by Southwest  Apartments,
Ltd. and an allocation  of the proceeds  from the sale between the Gossers,  the
Partnership  and others.  Subsequently,  the  Partnership  sold its  partnership
interest in Southwest  Apartments,  Ltd. to Marshall B. Coffman,  subject to the
agreement with the Gossers and pursuant to which Coffman agreed to indemnify the
Partnership  in the event of a suit brought by the  Gossers.  On April 29, 2002,
counsel for the Gossers  threatened  to bring suit against the  Partnership  and
Coffman unless Coffman complied with the obligations set forth in the agreement.
The  Partnership  promptly  placed  Coffman  on  notice  that in the  event  the
Partnership is sued by the Gossers,  the  Partnership  will seek to hold Coffman
liable pursuant to the indemnification given by him for all damages sustained by
the Partnership including but not limited to its attorneys' fees.


                                       18
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


Saraland Apartments, Ltd.
-------------------------
Saraland  Apartments,  Ltd.  ("Saraland")  has been placed on the  Environmental
Protection  Agency's  (EPA)  "Superfund  Cleanup  List".  During  the year ended
December 31, 1996,  the tenants of Saraland  were moved to temporary  housing to
facilitate  cleanup of the site.  However,  as of February  1997, the EPA, along
with other agencies, concluded that the apartment residents should not return to
the  site,  and the  tenants  were  permanently  relocated.  The  EPA has  since
concluded that the apartments  will have to be demolished in order to accomplish
the  removal  of  contamination  that has been  found  to exist  underneath  the
buildings.

On March 21, 2001,  Saraland filed a petition for relief under Chapter 11 of the
Bankruptcy Code in the United States  Bankruptcy Court for the Northern District
of Texas,  Dallas  Division.  The schedules list total assets valued at $924 and
liabilities of $12,962,501.  The value of the land is listed as undetermined and
the  Department  of Housing and Urban  Development  ("HUD")  possesses a secured
claim  related to mortgages it holds in the  estimated  amount of $681,527.  The
filing was commenced in response to a nonjudicial foreclosure brought by HUD.

The remaining  liabilities consist of unsecured  nonpriority claims, the bulk of
which  relate  to a  claim  held by the  U.S.  Environmental  Protection  Agency
("USEPA") and Rentokil Initial  Environmental  Services,  Inc., in the amount of
$12,000,000.  This  claim  relates  to  a  lawsuit  under  Section  107  of  the
Comprehensive  Environmental Response,  Compensation and Liability Act, which is
currently  pending in the District  Court for the  Southern  District of Alabama
(the "District Court") against Saraland and others who it claims are potentially
responsible parties. Redwing Carriers, Inc., a codefendant in the USEPA lawsuit,
has  commenced an action,  also in the District  Court,  to recover all or a pro
rata share of its environmental response costs from Saraland and others.


                                       19
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2002
                                   (Unaudited)


Another lawsuit,  pending in Circuit Court, Mobile County, Alabama, was filed by
the former tenants of Saraland  against Saraland and Redwing and is also related
to the environmental issues.

The Debtor has filed an Amended Plan of Reorganization  which will be considered
by the  Bankruptcy  Court this summer.  The plan provides for resolution of HUD,
EPA and  general  unsecured  claims.  The plan  also  requires  the  holders  of
partnership   interests,   including  the  Partnership,   to  make  new  capital
contributions to preserve their interests in the reorganized company.

Due to the uncertainty of the outcome of these lawsuits, no loss contingency has
been accrued in the accompanying financial statements. The Local Partnership has
virtually  abandoned  the property,  and is not making  payments on its mortgage
loan.


                                       20
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Liquidity and Capital Resources
-------------------------------

The  Partnership's  primary  sources  of funds are the cash  distributions  from
operations of the Local  Partnerships  in which the Partnership has invested and
net proceeds from sales.  These sources are available to meet obligations of the
Partnership.   However,   the  cash   distributions   received  from  the  Local
Partnerships  to date have not been  sufficient to meet all such  obligations of
the Partnership.  Accordingly,  certain fees and expense  reimbursements owed to
the General Partners amounting to approximately $3,160,000 and $2,662,000,  were
accrued and unpaid as of June 25, 2002 and March 25, 2002, respectively. Without
the General Partners'  continued allowance of accrual without payment of certain
fees and expense  reimbursements,  the Partnership  will not be in a position to
meet its obligations.  The General Partners have continued  allowing the accrual
without  payment  of these  amounts  but are under no  obligation  to do so. Net
proceeds  and  distributions  received  from future  sales of the  Partnership's
investments  will  be used to pay any  outstanding  amounts  due to the  General
Partners.

Distributions  aggregating  approximately $3,046,000 and $2,200,000 were made to
the Partnership for the three months ended June 25, 2002 and 2001, respectively,
of which $2,173,000 and $1,777,000, respectively, were used to pay principal and
interest on the Purchase Money Notes.

During the three months ended June 25, 2002,  cash and cash  equivalents  of the
Partnership and its  consolidated  Local  Partnerships  increased  approximately
$376,000.  This  increase  was  primarily  due to  cash  provided  by  operating
activities  ($2,031,000) and proceeds from sale of properties ($2,946,000) which
exceeded  principal  payment of mortgage notes payable  ($2,246,000),  principal
payments of Purchase Money Notes payable ($1,925,000),  acquisitions of property
and equipment  ($6,000) and an increase in mortgage escrow deposits  ($423,000).
Included in the  adjustments  to  reconcile  the net income to cash  provided by
operating activities are gain on sale of properties  ($262,000),  forgiveness of
indebtedness income ($5,684,000) and depreciation ($129,000).

For a discussion of Purchase Money Notes Payable, see Note 2 to the financial
statements.

                                       21
<PAGE>

For a discussion of the sale of properties in which the Partnership  owns direct
and indirect interests, see Note 4 to the financial statements.

Even though  sales have  resulted in net gains for tax  purposes,  the net sales
proceeds have not been  sufficient to permit any  significant  distributions  to
investors  after  payment  of all or a  portion  of the  Purchase  Money  Notes.
Therefore,  investors  should not expect  that they will  receive  distributions
sufficient to pay taxes incurred as a result of such sales.

For a discussion of contingencies affecting certain Local Partnerships, see Note
5 to the financial statements.  Since the maximum loss for which the Partnership
would be liable is its net investment in the respective Local Partnerships,  the
resolution of the existing  contingencies  is not  anticipated  to impact future
results of operations, liquidity or financial condition in a material way except
that  the  Partnership  would  lose its  investment  in the  properties  and any
potential proceeds from the sale or refinancing of the properties.

Management is not aware of any trends or events,  commitments  or  uncertainties
which  have not been  otherwise  disclosed,  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have not yet been  adopted.  The  portfolio  is  diversified  by the
location of the  properties  around the United States so that if one area of the
United States is experiencing downturns in the economy, the remaining properties
in  the  portfolio  may  be  experiencing  upswings.   However,  the  geographic
diversification  of the portfolio may not protect against a general  downturn in
the national economy.

Results of Operations
---------------------

During the periods ended June 25, 2002 and 2001, Bellfort,  Fircrest,  Cloisters
(Sundown),  Conifer 208, West Scenic,  Tall Pines,  Northwoods  III  (Windgate),
Oakwood Manor, Ware Manor,  Washington Highland,  Seymour O'Brien, Autumn Ridge,
Nottingham Woods and Robindale East sold their properties and the related assets
and  liabilities  and the  Partnership  sold its Local  Partnership  Interest in
Greenwood Manor,  Henslee  Heights,  Hereford Manor,  Malvern Manor,  Southwest,
Southside,  University and Hackley (collectively the "Sold Assets"). The results
of operations of the Partnership,  as well as the Local  Partnerships,  remained
fairly  consistent  during  the  three  months  ended  June 25,  2002 and  2001,
excluding  the  Sold  Assets,  gain  on  sale  of  properties,   forgiveness  of
indebtedness  income,  administrative and management,  interest and depreciation
expense. The majority of Local Partnership income continues to be in the form of
rental income with the  corresponding  expenses being divided among  operations,
depreciation  and mortgage  interest.  In  addition,  the  Partnership  incurred
interest expense relating to the Purchase Money Notes which were issued when the
Local Partnerships Interests were acquired.


                                       22
<PAGE>

Rental income  decreased  approximately  54% for the three months ended June 25,
2002 as compared to 2001.  Excluding the Sold Assets,  rental  income  decreased
approximately  3% for the three  months ended June 25, 2002 as compared to 2001,
primarily due to expired leases at two Local  Partnerships  in  anticipation  of
rehabilitation projects.

Total  expenses,  excluding  the Sold  Assets,  administrative  and  management,
interest  and  depreciation,  remained  fairly  consistent  with a  decrease  of
approximately 2% for the three months ended June 25, 2002 as compared to 2001.

Administrative  and management  decreased  approximately  $341,000 for the three
months ended June 25, 2002 as compared to 2001.  Excluding the Sold Assets, such
expense decreased  approximately  $64,000,  primarily due to a decrease in legal
and accounting expenses at the Partnership level.

Interest expense decreased  approximately  $1,126,000 for the three months ended
June 25, 2002 as compared  to 2001.  Excluding  the Sold  Assets,  such  expense
decreased  approximately  $240,000,  primarily  due to a  decrease  in the prime
interest rate in 2002.

Depreciation  decreased  approximately  $316,000 for the three months ended June
25, 2002 as compared to 2001.  Excluding the Sold Assets, such expense increased
approximately  $17,000,  primarily due to the  expiration of a sales contract at
one Local Partnership. The Local Partnership was classified as an asset held for
sale in 2001 and was not depreciated.

Administrative   and   management-related   parties,   operating,   repairs  and
maintenance and taxes and insurance decreased approximately $108,000,  $449,000,
$457,000 and $170,000, respectively, for the three months ended June 25, 2002 as
compared to 2001, primarily due to decreases relating to the Sold Assets. Summer
Arms,  Cabarrus,  Huntley #1, Huntley #2, Nu-Elm,  Lexington,  Shelton Beach and
Northpointe II are not being  depreciated  during the period ended June 25, 2002
because they are classified as assets held for sale.


                                       23
<PAGE>

Gain on sale of properties and forgiveness of indebtedness  income will continue
to fluctuate as a result of the  disposition  of  properties  (see Note 4 of the
financial statements).

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

None


                                       24
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          This  information  is  incorporated  by  reference  in  Note  5 to the
financial statements.

Item 2. Changes in Securities and Use of Proceeds - None

Item 3.   Defaults Upon Senior Securities - None

Item 4.   Submission of Matters to a Vote of Security Holders - None

Item 5.   Other information - None

Item 6.   Exhibits and Reports on Form 8-K

          (a) Exhibits - None

          (b) Reports on Form 8-K - No reports on Form 8-K were filed during the
quarter.


                                       25
<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  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.


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                                  (Registrant)


               By: Related Beta Corporation,
                   a General Partner

Date:  July 26, 2002

                   By:/s/ Alan P. Hirmes
                      ------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:  July 26, 2002

                   By:/s/ Glenn F. Hopps
                      ------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)


               By: ASSISTED HOUSING ASSOCIATES,
                   INC., a General Partner

Date:  July 26, 2002

                   By:/s/ Alan P. Hirmes
                      ------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:  July 26, 2002

                   By:/s/ Glenn F. Hopps
                      ------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)

               By: CAMBRIDGE AND RELATED ASSOCIATES
                   LIMITED PARTNERSHIP

                   By:Related Beta Corporation,

                                       26
<PAGE>

Date:  July 26, 2002

                   By:/s/ Alan P. Hirmes
                      ------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:  July 26, 2002

                   By:/s/ Glenn F. Hopps
                         ------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)