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 September 25, 2005



                                       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)




          Massachusetts                                          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) 317-5700


       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 [ ]


     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). Yes [ ] No [X]


     Indicate  by check mark  whether  the  registrant  is a shell  company  (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]



<PAGE>



                         PART I - Financial Information

Item 1. Financial Statements

      CAMBRIDGE ADVANTAGED PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF NET ASSETS IN LIQUIDATION


<TABLE>
<CAPTION>

                                                                                    September 25,    March 25,
                                                                                        2005           2005
                                                                                    -------------   ----------
                                                                                     (Unaudited)     (Audited)

                                     ASSETS
<S>                                                                                <C>            <C>
Operating assets
  Cash and cash equivalents                                                           $  434,146     $  460,403
  Other assets                                                                           272,757        287,791
                                                                                      ----------     ----------
Total operating assets                                                                   706,903        748,194
                                                                                      ----------     ----------

Assets from discontinued operations (Note 5)
   Property and equipment held for sale, net of accumulated depreciation               1,583,573      1,043,010
   Net assets held for sale                                                            2,049,330      2,549,562
                                                                                      ----------     ----------
  Total assets from discontinued operations                                            3,632,903      3,592,572
                                                                                      ----------     ----------

Total assets                                                                           4,339,806      4,340,766
                                                                                      ----------     ----------

                    LIABILITIES AND NET ASSETS IN LIQUIDATION

Operating liabilities
  Accounts payable, accrued expenses and other liabilities                                16,823         24,657
  Due to general partners and affiliates (Note 3)                                        403,816        315,550
                                                                                      ----------     ----------
Total operating liabilities                                                              420,639        340,207
                                                                                      ----------     ----------

Liabilities from discontinued operations (including minority interest)(Note 5)
  Mortgage notes payable of assets held for sale                                       1,913,241      1,987,373
  Net liabilities held for sale                                                          229,642        115,179
                                                                                      ----------     ----------
Total liabilities from discontinued operations                                         2,142,883      2,102,552
                                                                                      ----------     ----------

Total liabilities                                                                     2,563,522      2,442,759
                                                                                      ----------     ----------

Commitments and contingencies (Note 7)

Net assets in liquidation                                                             $1,776,284     $1,898,007
                                                                                      ==========     ==========

</TABLE>


          See accompanying notes to consolidated financial statements.



                                       2
<PAGE>



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

<TABLE>
<CAPTION>

                                                                                   Three Months    Six Months
                                                                                       Ended          Ended
                                                                                   September 25,  September 25,
                                                                                       2004*          2004*
                                                                                   -------------  -------------
<S>                                                                                  <C>            <C>
Operations:

Revenues:
  Other                                                                              $   6,983      $  13,869
                                                                                     ---------      ---------

Expenses
  Administrative and management                                                          5,553         39,423
  Administrative and management- related parties (Note 3)                              311,594        618,070
  Interest                                                                              90,784        176,155
                                                                                     ---------      ---------
Total expenses                                                                         407,931        883,648
                                                                                     ---------      ---------

Loss from operations                                                                  (400,948)      (819,779)

Discontinued operations:
  Net income from discontinued operations (including minority interest) (Note 5)       114,963        168,701
                                                                                     ---------      ---------
Net loss                                                                             $(285,985)     $(651,078)
                                                                                     =========      =========

Limited Partners Share:
Loss from operations                                                                 $(396,938)     $(811,581)
Income from discontinued operations (including minority interest)                      113,813        167,014
                                                                                     ---------      ---------

Net loss                                                                             $(283,125)     $(644,567)
                                                                                     =========      =========

Number of units outstanding                                                             12,074         12,074
                                                                                     =========      =========

Loss from operations per limited partner unit                                        $     (33)     $     (67)
Income from discontinued operations (including minority interest) per limited
  partner unit                                                                              10             14
                                                                                     ---------      ---------
Net loss per limited partner unit                                                    $     (23)     $     (53)
                                                                                     =========      =========

</TABLE>

* Reclassified for comparative purposes.

          See accompanying notes to consolidated financial statements.



                                       3
<PAGE>



                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CHANGES
                          IN NET ASSETS IN LIQUIDATION
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                  Three Months      Six Months
                                                                      Ended           Ended
                                                                  September 25,    September 25,
                                                                      2005             2005
                                                                  -------------    -------------
<S>                                                                <C>              <C>
Liquidating activities:

Increases (decreases) in net assets in liquidation

  Interest earned on cash and cash equivalents                     $     8,062      $    15,846
  Administrative and management costs                                  (30,452)         (47,241)
  Administrative and management costs-related parties (Note 3)         (30,731)         (90,328)
                                                                   -----------      -----------

Decrease in net assets in liquidation                                  (53,121)        (121,723)

Net assets in liquidation at beginning of period                     1,829,405        1,898,007
                                                                   -----------      -----------

Net assets in liquidation at September 25, 2005                    $ 1,776,284      $ 1,776,284
                                                                   ===========      ===========

Limited Partners Share:

Decrease in net assets in liquidation per limited partner unit     $   (52,590)     $  (120,506)
                                                                   ===========      ===========

Number of units outstanding                                             12,074           12,074
                                                                   ===========      ===========

Decrease in net assets in liquidation per limited partner unit     $        (4)     $       (10)
                                                                   ===========      ===========

</TABLE>



                                       4
<PAGE>



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

<TABLE>
<CAPTION>

                                                                                    Six Months
                                                                                       Ended
                                                                                   September 25,
                                                                                       2004
                                                                                   -------------
<S>                                                                                 <C>
Cash flows from operating activities:
Net loss                                                                            $  (651,078)
                                                                                    -----------

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation                                                                            111,629
Minority interest in income of subsidiaries                                               1,721
Decrease in cash-restricted for tenants' security deposits                              107,883
Decrease in mortgage escrow deposits                                                     65,043
Increase in prepaid expenses and other assets                                           (11,067)
Increase in due to selling partners                                                     176,155
Decrease in accounts payable, accrued expenses and other liabilities                    (60,136)
Increase in tenants' security deposits payable                                              236
Increase in due to general partners and their affiliates                                618,070
                                                                                    -----------
Total adjustments
                                                                                      1,009,534
                                                                                    -----------

Net cash provided by operating activities                                               358,456
                                                                                    -----------


Cash flows from investing activities:
Acquisitions of property and equipment                                                  (70,531)
Increase in mortgage escrow deposits                                                   (226,908)
                                                                                    -----------

Net cash used in investing activities                                                  (297,439)
                                                                                    -----------


Cash flows from financing activities:
Principal payments of mortgage notes payable                                            (92,621)
Decrease in capitalization of minority interest                                         (26,076)
                                                                                    -----------

Net cash used in financing activities                                                  (118,697)
                                                                                    -----------


Net decrease in cash and cash equivalents                                               (57,680)
Cash and cash equivalents - beginning of period                                         864,630
                                                                                    -----------
Cash and cash equivalents - end of period                                           $   806,950
                                                                                    ===========

</TABLE>

          See accompanying notes to consolidated financial statements.



                                       5
<PAGE>



                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2005
                                   (Unaudited)



Note 1 - General

The  consolidated  financial  statements for the six months ended  September 25,
2005 and 2004 include the accounts of Cambridge  Advantaged  Properties  Limited
Partnership (the  "Partnership") and two 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. As of September
25,  2005,  the  Partnership  has  sold  fifty-nine  of its  sixty-one  original
investments.

For  financial  reporting  purposes,   the  Partnership's  fiscal  quarter  ends
September 25. All subsidiaries  have fiscal quarters ending June 30. Accounts of
the subsidiary  partnerships  have been adjusted for  intercompany  transactions
from July 1 through  September  25. The  Partnership's  fiscal  quarter  ends on
September 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 U.S. generally accepted accounting principles ("GAAP").

On December  15,  2004,  the  Partnership  entered  into  contracts  to sell its
remaining  two  limited  partnership  interests.   Upon  the  closing  of  these
contracts,  the General  Partners will commence the process of  liquidating  the
Partnership.  To fairly  present  the  financial  position  of the  Partnership,
management  has prepared the September 25, 2005 financial  statements  using the
liquidation basis of accounting. The remaining assets were written down to their
estimated net realizable  value of approximately  $4,340,000,  and the remaining
liabilities  were  written  down to  their  estimated  net  settlement  value of
approximately  $2,564,000.  Management plans to distribute the remaining assets,
if any, after all remaining  expenses and accrued  expenses have been settled in
accordance with the Partnership Agreement. The accompanying financial statements
for the period ended  September  25, 2004 are  presented on the accrual basis of
accounting.

In accordance with FASB 144, the results of discontinued operations are reported
as a separate component of income before extraordinary items on the Consolidated
Statements  of  Operations.  Discontinued  operations  include  the  results  of
operations and any gain or loss recognized for Local Partnerships that have been
disposed of or are held for sale. A gain or loss  recognized  on the disposal is
disclosed  in the notes to the  financials  statements.  Adjustments  to amounts
previously reported in operations that are directly related to the disposal of a
Local  Partnership  are  reclassified  in the  current  period  as  discontinued
operations  for  comparability  purposes.  Assets  and  liabilities  of a  Local
Partnership that are classified as held for sale are presented separately in the
asset and liability sections, respectively, of the Consolidated Balance Sheets.

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.  No such losses
have  been  charged  to the  Partnership  for the  three  and six  months  ended
September 25, 2005 and 2004, 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.

The unaudited  financial  statements have been prepared on the same basis as the
audited financial  statements  included in the Partnership's  Annual Report Form
10-K for the year ended March 25, 2005. In the opinion of the General  Partners,
the  accompanying   unaudited  financial   statements  contain  all  adjustments
(consisting only of normal recurring  adjustments and adjustments to present the
liquidation  basis of accounting)  necessary to present fairly the  consolidated
statement of net assets in  liquidation  of the  Partnership as of September 25,
2005, the consolidated statement of changes in net assets in liquidation for the
three and six months ended  September 25, 2005, the statements of operations for
the three and six months  ended  September  25,  2004 and cash flows for the six
months ended September 25, 2004.

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, 2005 Annual Report on Form 10-K.


Note 2 - Purchase Money Notes Payable

Nonrecourse Purchase Money Notes (the "Purchase Money Notes") were issued to the
selling  partners of the subsidiary  partnerships as part of the purchase price,
and  are  secured  only  by  the   Partnership's   interest  in  the  subsidiary
partnerships to which the Purchase Money Note relates. On December 15, 2004, the
Partnership entered into contracts to sell its limited partnership  interests in
the remaining two subsidiary  partnerships  to an affiliate of the Local General
Partner (See Note 4). In accordance  with the  liquidation  basis of accounting,
the Purchase Money Notes relating to these two subsidiary partnerships, totaling
approximately  $7,801,000 (including  approximately $5,792,000 of interest) were
written  down  to  their  estimated  settlement  value,  resulting  in a gain on
liquidation of approximately $7,801,000.



                                       6
<PAGE>



                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2005
                                   (Unaudited)



There were no  distributions  made to the  Partnership  for the six months ended
September 25, 2005 and 2004,  and no payments of principal or interest were made
on the Purchase Money Notes.


Note 3 - Related Party Transactions

The costs incurred to related parties were as follows:

<TABLE>
<CAPTION>

                                                       Three Months Ended         Six Months Ended
                                                          September 25,             September 25,
                                                     ---------------------     ---------------------
                                                       2005         2004         2005         2004
                                                     --------     --------     --------     --------
<S>                                                  <C>          <C>          <C>          <C>
Partnership management fees (a)                      $      0     $285,500     $      0     $571,000
Expense reimbursement (b)                              30,731       26,094       90,328       47,070
                                                     --------     --------     --------     --------
Total general and administrative-related parties     $ 30,731     $311,594     $ 90,328     $618,070
                                                     ========     ========     ========     ========

</TABLE>

The costs  incurred to related  parties  from  discontinued  operations  were as
follows:

<TABLE>
<CAPTION>

                                                       Three Months Ended        Six Months Ended
                                                          September 25,            September 25,
                                                       -------------------     -------------------
                                                         2005        2004        2005        2004
                                                       -------     -------     -------     -------
<S>                                                    <C>         <C>         <C>         <C>
Local administrative fee                               $     0     $   313     $     0     $   625
Property management fees incurred to affiliates
  of the subsidiary partnerships' general partners           0      24,607           0      49,215
                                                       -------     -------     -------     -------
Total general and administrative-related parties       $     0     $24,920     $     0     $49,840
                                                       =======     =======     =======     =======

</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  $250,000  were  accrued and unpaid as of
September 25, 2005 and March 25, 2005. In accordance with the liquidation  basis
of accounting,  partnership  management  fees owed to the General  Partners were
written  down to their  estimated  settlement  value  during the  quarter  ended
December  25,  2004,  resulting  in  a  gain  on  liquidation  of  approximately
$4,800,000.  Commencing with the quarter ended December 25, 2004, and throughout
the  liquidation  of the  Partnership  the  General  Partners  have  waived  any
Partnership  management  fees to which they otherwise may have been, or will be,
entitled under the Partnership's Agreement of Limited Partnership.

(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.  Expense
reimbursements owed to the General Partners amounting to approximately  $156,000
and $66,000 were accrued and unpaid as of September 25, 2005 and March 25, 2005,
respectively.


Note 4 - Sale of Properties

General
-------

The Partnership is currently in the process of disposing of its investments.  As
of September  25,  2005,  the  Partnership  has  disposed of  fifty-nine  of its
sixty-one original  investments.  On December 15, 2004, the Partnership  entered
into  contracts to sell the Limited  Partnership  Interest in its  remaining two
subsidiary  partnerships.  There can be no  assurance  as to whether or when the
sales will actually occur.

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

On December  15,  2004,  the  Partnership  entered  into two  purchase  and sale
agreements  to sell its Limited  Partnership  Interest in Pebble Creek  ("Pebble
Creek") and Nu Elm  Apartments  ("Nu Elm") to an affiliate of the Local  General
Partner for purchase  prices of $1,490,000 and $20,  respectively.  In order for
the Local  Partnerships to continue as operating entities after the sales occur,
the contracts specify that the sales will be completed in two installments.  The
first  installment is expected to take place during the Fiscal Year ending March
25, 2006, and the final  installment is expected to take place during the Fiscal
Year ending  March 25,  2007.  The sales are  contingent  on the approval of the
Department of Housing and Urban Development  ("HUD"). No assurances can be given
as to whether or when HUD will approve the sales.



                                       7
<PAGE>



                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2005
                                   (Unaudited)



Note 5 - Discontinued Operations:

The following table summarizes the financial  position of the Local Partnerships
that are classified as  discontinued  operations  because the  respective  Local
Partnerships  were  classified as assets held for sale. As of September 25, 2005
and March 25, 2005,  Pebble  Creek and Nu Elm were  classified  as  discontinued
operations in the Consolidated Statements of Net Assets in Liquidation.

Consolidated Balance Sheets:

<TABLE>
<CAPTION>

                                                              September 25,    March 25,
                                                                  2005           2005
                                                              ------------    ----------
                                                               (Unaudited)     (Audited)
<S>                                                            <C>            <C>
 Assets
  Property and equipment                                       $1,583,573     $1,043,010
  Cash and cash equivalents                                        99,127        195,947
  Cash - restricted for tenants security deposits                  79,745         85,152
  Mortgage escrow deposits                                      1,731,520      2,211,932
  Other assets                                                    138,938         56,531
                                                               ----------     ----------
Total assets                                                   $3,632,903     $3,592,572
                                                               ==========     ==========

Liabilities
  Mortgage notes payable                                       $1,913,241     $1,987,373
  Accounts payable, accrued expenses and other liabilities        155,704         39,154
  Tenants' security deposits payable                               73,938         76,025
                                                               ----------     ----------
Total liabilities                                              $2,142,883     $2,102,552
                                                               ==========     ==========

</TABLE>

Consolidated Statements of Discontinued Operations:

<TABLE>
<CAPTION>

                                                           Three Months Ended            Six Months Ended
                                                              September 25,                September 25,
                                                        -----------------------      -----------------------
                                                           2005          2004           2005          2004
                                                        ---------     ---------      ---------     ---------
<S>                                                     <C>           <C>            <C>           <C>
Revenue
Rental income                                           $       0     $ 376,204      $       0     $ 753,051
Other                                                           0        36,738              0        77,102
                                                        ---------     ---------      ---------     ---------

Total revenue                                                   0       412,942              0       830,153
                                                        ---------     ---------      ---------     ---------

Expenses
Administrative and management                                   0        34,780              0        73,605
Administrative and management-related parties (Note 3)          0        24,920              0        49,840
Operating                                                       0        69,177              0       143,971
Repairs and maintenance                                         0        44,453              0       143,711
Taxes and insurance                                             0        66,133              0       136,975
Depreciation                                                    0        57,343              0       111,629
                                                        ---------     ---------      ---------     ---------

Total expenses                                                  0       296,806              0       659,731
                                                        ---------     ---------      ---------     ---------

Income before minority interest                                 0       116,136              0       170,422
Minority interest in income of subsidiaries from
  discontinued operations                                       0        (1,173)             0        (1,721)
                                                        ---------     ---------      ---------     ---------

Total net income from discontinued operations           $       0     $ 114,963      $       0     $ 168,701
                                                        =========     =========      =========     =========

Income - limited partners from discontinued
  operations                                            $       0     $ 113,813      $       0     $ 167,014
                                                        =========     =========      =========     =========

Number of BACs outstanding                                 12,074        12,074         12,074        12,074
                                                        =========     =========      =========     =========

Income discontinued operations per BAC                  $       0     $      10      $       0     $      14
                                                        =========     =========      =========     =========

</TABLE>



                                       8
<PAGE>



                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2005
                                   (Unaudited)



Cash flows from Discontinued Operations:

<TABLE>
<CAPTION>

                                                                    Six Months
                                                                       Ended
                                                                   September 25,
                                                                       2004
                                                                   -------------
<S>                                                                  <C>
Net cash provided by operating activities                            $ 567,035
                                                                     ---------
Net cash used in investing activities                                 (297,439)
                                                                     ---------
Net cash used in financing activities                                $(118,697)
                                                                     ---------

</TABLE>

During the six months ended September 25, 2005 one Local  Partnership  purchased
fixed assets of  approximately  $510,000.  These  purchases  were made primarily
using funds from the replacement reserve account.


Note 6 - Recent Accounting Pronouncements

In June 2005, the Financial Accounting Standards Board ("FASB") issued Statement
of  Financial  Accounting  Standards  No.  154,  Accounting  Changes  and  Error
Corrections ("FAS 154"). FAS 154 replaces APB Opinion No. 20, Accounting Changes
and FAS No. 3, Reporting Accounting Changes in Interim Financial Statements. FAS
154  requires  that a voluntary  change in an  accounting  principle  be applied
retrospectively  with all prior period financial statements presented on the new
accounting  principle.  FAS  154  also  requires  that a  change  in  method  of
depreciating  or  amortizing a long-lived  nonfinancial  asset be accounted  for
prospectively  as a change in estimate,  and corrections of errors in previously
issue financial statements should be termed a restatement.  FAS 154 is effective
for accounting  changes and corrections of errors made in fiscal years beginning
after December 15, 2005. The Partnership does not expect the adoption of FAS 154
to  have  a  material  impact  on  the  Partnership's   consolidated   financial
statements.

In June 2005,  the FASB issued  Emerging  Issues Task Force  ("EITF")  No. 04-5,
Determining  Whether a General  Partner,  or the  General  Partners  as a Group,
Controls a Limited  Partnership or Similar Entity When the Limited Partners Have
Certain  Rights.  EITF No. 04-5 replaces  counterpart  requirements in SOP 78-9,
which provides  guidance on accounting for  investments in real-estate  ventures
and limited  partnerships.  Under EITF No. 04-5, the general  partner's  control
would be overcome if the limited  partners have either  "kick-out  rights" - the
right to dissolve or liquidate the  partnership or otherwise  remove the general
partner  "without  cause" or  "participating  rights" - the right to effectively
participate  in  significant  decisions  made  in  the  ordinary  course  of the
partnership's business. The kick-out rights and the participating rights must be
substantive in order to overcome the general partner's control. EITF 04-5 is now
effective.  The Partnership  does not expect the adoption of EITF 04-5 to have a
material effect on the consolidated financial statements.

Note 7 - Commitments and Contingencies

a) The Partnership is subject to the risks incident to potential  losses arising
from the  management  and ownership of improved real estate.  Due to the sale of
properties,  the portfolio is not  diversified by the location of the properties
around the United  States.  The  Partnership  has two remaining  properties  and
therefore the Partnership may not be protected against a general downturn in the
national  economy.  There are also  substantial  risks  associated  with  owning
properties  receiving  government  assistance,  for example the possibility that
Congress  may not  appropriate  funds to enable  HUD to make  rental  assistance
payments.  HUD also  restricts  annual cash  distributions  to partners based on
operating  results and a  percentage  of the owner's  equity  contribution.  The
Partnership cannot sell or substantially liquidate its investments in subsidiary
partnerships  during the period that the subsidy  agreements  are in  existence,
without  HUD's  approval.  Furthermore,  there  may  not be  market  demand  for
apartments at full market rents when the rental assistance contracts expire.

b) The subsidiary partnerships have entered into management agreements which are
with affiliates of the subsidiaries' general partners, which require annual fees
based upon a percentage of gross rental revenues.  Such management fees amounted
to $27,453  and  $24,607  and  $54,886  and $49,215 for the three and six months
ended September 25, 2005 and 2004, respectively.

c) Uninsured Cash and Cash Equivalents

The  Partnership  maintains  its cash and cash  equivalents  in  various  banks.
Accounts  at  each  bank  are  guaranteed  by  the  Federal  Deposit   Insurance
Corporation  ("FDIC") up to $100,000.  As of September 25, 2005,  uninsured cash
and cash equivalents approximated $404,000.



                                       9
<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 $250,000 were accrued and unpaid
as of September 25, 2005 and March 25, 2005,  respectively.  Without the General
Partners' continued allowance of accrual with partial payment of the partnership
management  fees,  the  Partnership  will  not  be in a  position  to  meet  its
obligations. In accordance with the liquidation basis of accounting, partnership
management  fees  owed to the  General  Partners  were  written  down  to  their
estimated  settlement  value of $250,000  during the quarter ended  December 25,
2004, resulting in a gain on liquidation of approximately $4,800,000. Commencing
with the quarter ended December 25, 2004, and throughout the  liquidation of the
Partnership the General Partners have waived any partnership  management fees to
which they otherwise may have been, or will be, entitled under the Partnership's
Agreement of Limited Partnership.

Short-Term
----------

As of September 25, 2005, the Partnership has a working capital of approximately
$434,000.

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

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

There were no  distributions  made to the  Partnership  for the six months ended
September  25, 2005 and 2004,  respectively,  and no payments  of  principal  or
interest were made on the Purchase Money Note.

Total  expenses for the three and six months ended  September 25, 2005 and 2004,
excluding interest and general and administrative - related parties,  totaled $0
and $5,563 and $0 and $39,423, respectively.

Accounts payable are short term  liabilities  which are expected to be paid from
operating cash flows,  working capital balances at the Local Partnership  level,
Local General Partner  advances and in certain  circumstances  advances from the
Partnership. The Partnership believes it (and the applicable Local Partnerships)
has  sufficient  liquidity and ability to generate cash and to meet existing and
known or reasonably likely future cash requirements over both the short and long
term.  Accounts payable and other  liabilities  totaled $16,823 and $24,657,  at
September 25, 2005 and March 25, 2005, respectively.

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.

On December  15,  2004,  the  Partnership  entered  into  contracts  to sell its
remaining  two  limited  partnership  interests.   Upon  the  closing  of  these
contracts,  the General  Partners will commence the process of  liquidating  the
Partnership.  To fairly  present  the  financial  position  of the  Partnership,
management  has prepared the September 25, 2005 financial  statements  using the
liquidation basis of accounting. The remaining assets were written down to their
estimated net realizable  value of approximately  $4,340,000,  and the remaining
liabilities  were  written  down to  their  estimated  net  settlement  value of
approximately  $2,564,000.  Management plans to distribute the remaining assets,
if any, after all remaining  expenses and accrued  expenses have been settled in
accordance with the Partnership Agreement. The accompanying financial statements
for the period ended  September  25, 2004 are  presented on the accrual basis of
accounting.

Long-Term
---------

Critical Accounting Policies
----------------------------

In  preparing  the  consolidated  financial  statements,   management  has  made
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes are critical to the  preparation of the  consolidated
financial  statements.  The summary should be read in conjunction  with the more
complete  discussion of the Company's  accounting policies included in Note 2 to
the consolidated  financial  statements which are included in the  Partnership's
Annual Report on Form 10-K for the year ended March 25, 2005.

a)  Property and Equipment

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts and the profit or loss on such disposition is reflected in earnings.

In  accordance  with FASB 144,  "Accounting  for the  Impairment  of Disposal of
Long-Lived  Assets",  the results of  discontinued  operations are reported as a
separate  component of income  before  extraordinary  items on the  Consolidated
Statements  of  Operations.  Discontinued  operations  include  the  results  of
operations and any gain or loss recognized for Local Partnerships that have been
disposed of or are held for sale. A gain or loss  recognized  on the disposal is
disclosed  in the notes to the  financial  statements.  Adjustments  to  amounts
previously reported in operations that are directly related to the disposal of a
Local  Partnership  are  reclassified  in the  current  period  as  discontinued
operations  for  comparability  purposes.  Assets  and  liabilities  of a  Local



                                       10
<PAGE>



Partnership that are classified as held for sale are presented separately in the
asset and liability sections, respectively, of the Consolidated Balance Sheets.

A loss on  impairment of assets is recorded when  management  estimates  amounts
recoverable   through  future   operations  and  sale  of  the  property  on  an
undiscounted basis are below depreciated cost. At that time property investments
themselves are reduced to estimated fair value  (generally using discounted cash
flows).  No loss on  impairment  has  been  recorded  for the six  months  ended
September 25, 2005.  Through  September 25, 2005, the  Partnership  has recorded
approximately $11,240,000 as a loss on impairment of assets.

b)  Income Taxes

No  provision  has been made for income taxes in the  accompanying  consolidated
financial  statements  since such taxes, if any, are the  responsibility  of the
individual partners.  For income tax purposes, the Partnership has a fiscal year
ending December 31.

c)  Method of Accounting

The accompanying  financial  statements for the periods ended September 25, 2005
and March 25, 2005 were prepared on the liquidation basis of accounting, and for
three  and six  months  ended  September  25,  2004,  on the  accrual  basis  of
accounting.

d)  Discontinued Operations

In accordance with FASB 144, the results of discontinued operations are reported
as a separate component of income before extraordinary items on the Consolidated
Statements  of  Operations.  Discontinued  operations  include  the  results  of
operations and any gain or loss recognized for Local Partnerships that have been
disposed of or are held for sale. A gain or loss  recognized  on the disposal is
disclosed  in the notes to the  financial  statements.  Adjustments  to  amounts
previously reported in operations that are directly related to the disposal of a
Local  Partnership  are  reclassified  in the  current  period  as  discontinued
operations  for  comparability  purposes.  Assets  and  liabilities  of a  Local
Partnership that are classified as held for sale are presented separately in the
asset and liability sections, respectively, of the Consolidated Balance Sheets.

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

The  General   Partners  are  currently  in  the  process  of  liquidating   the
Partnership. Therefore, all operations have been discontinued.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Pebble Creek's  mortgage note is payable in aggregate  monthly  installments  of
approximately  $10,000,  including principal and interest at a rate of 6.75% per
annum, through July 2012. The subsidiary  partnership's mortgage note payable is
collateralized   by  the  land  and  buildings  of  the  respective   subsidiary
partnership, the assignment of certain subsidiary partnership's rents and leases
and is without further recourse.  Under the terms of regulatory  agreements with
the Secretary of HUD, the subsidiary  partnerships paid only that portion of the
monthly  payments  that would be required if the interest rate was 1% per annum;
the balance was  subsidized  under  Section 236 of the National  Housing Act. In
accordance  with the liquidation  basis of accounting,  the Nu Elm mortgage note
payable,  totaling  approximately  $476,000,  was written down to its  estimated
settlement value, resulting in a gain on liquidation of approximately  $476,000.
The  Partnership  currently  discloses  in  Item  8,  Note  3 to  the  financial
statements  in the  Partnership's  Annual Report on Form 10-K for the year ended
March 25, 2005, the fair value of the mortgage notes payable.

Item 4. Controls and Procedures

(a)  EVALUATION  OF  DISCLOSURE  CONTROLS AND  PROCEDURES.  The Chief  Executive
Officer and Chief Financial Officer of the Assisted Housing Associates Inc., the
Related Beta Corporation and  Cambridge/Related  Associates Limited Partnership,
the general partners of the Partnership,  has evaluated the effectiveness of the
Partnership's  disclosure  controls and  procedures  (as such term is defined in
Rules  13a-15(e) and  15d-15(e)  under the  Securities  Exchange Act of 1934, as
amended  ("Exchange  Act") as of the end of the period  covered by this  report.
Based on such evaluation, such officer has concluded that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) INTERNAL CONTROL OVER FINANCIAL  REPORTING.  There have not been any changes
in  Partnership's  internal  control over financial  reporting during the fiscal
quarter to which this  report  relates  that have  materially  affected,  or are
reasonably likely to materially affect, the Partnership's  internal control over
financial reporting.



                                       11
<PAGE>



                           PART II - OTHER INFORMATION

Item 1.    Legal Proceedings -  None

Item 2.    Unregistered Sales of Equity 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

       (3)    Amended  and  Restated   Agreement  and   Certificate  of  Limited
              Partnership as filed with the Secretary of the Commonwealth of the
              Commonwealth of Massachusetts.**

       (31.1) Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a).

       (31.2) Certification  Pursuant to Rule  13a-14(b) or Rule  15d-14(b)  and
              Section  1350 of Title 18 of the  United  States  Code (18  U.S.C.
              1350).

          **  Incorporated  by  reference to exhibits filed with Amendment No. 1
              to  Cambridge Advantaged Properties L.P.'s Registration  Statement
              on Form S-11 Registration File No. 2-91993.




<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:  October 26, 2005

                                           By:  /s/ Alan P. Hirmes
                                                ------------------
                                                Alan P. Hirmes,
                                                Director and President
                                                (Chief Executive Officer and
                                                Chief Financial Officer)

Date:  October 26, 2005

                                           By:  /s/ Glenn F. Hopps
                                                ------------------
                                                Glenn F. Hopps,
                                                Treasurer
                                                (Chief Accounting Officer)


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

Date:  October 26, 2005

                                           By:  /s/ Alan P. Hirmes
                                                ------------------
                                                Alan P. Hirmes,
                                                Director and President
                                                (Chief Executive Officer and
                                                Chief Financial Officer)

Date:  October 26, 2005

                                           By:  /s/ Glenn F. Hopps
                                                ------------------
                                                Glenn F. Hopps,
                                                Treasurer
                                                (Chief Accounting Officer)


                                      By:  CAMBRIDGE AND RELATED ASSOCIATES
                                           LIMITED PARTNERSHIP

                                           By:  Related Beta Corporation,

Date:  October 26, 2005

                                                By: /s/ Alan P. Hirmes
                                                    ------------------
                                                    Alan P. Hirmes,
                                                    Director and President
                                                    (Chief Executive Officer and
                                                    Chief Financial Officer)

Date:  October 26, 2005

                                                By: /s/ Glenn F. Hopps
                                                    ------------------
                                                    Glenn F. Hopps,
                                                    Treasurer
                                                    (Chief Accounting Officer)


<PAGE>



                                                                    Exhibit 31.1


                             CERTIFICATION PURSUANT
                       TO RULE 13a-14(a) OR RULE 15d-14(a)


I, Alan P.  Hirmes,  Chief  Executive  Officer  and Chief  Financial  Officer of
Related  Beta  Corporation  (general  partner  of  each of the  Partnership  and
Cambridge  and Related  Associates,  General  Partners of the  Partnership)  and
Assisted Housing Associates, Inc. (general partner of the Partnership),  certify
that:

     1.  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending September 25, 2005 of the Partnership;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the  Partnership  as of,  and for,  the  periods  presented  in this
         report;

     4.  I am responsible for establishing and maintaining  disclosure  controls
         and  procedures  (as  defined  in  Exchange  Act  Rules  13a-15(e)  and
         15d-15(e)) and internal control over financial reporting (as defined in
         Exchange Act Rules 13a-15(f)) for the Partnership and have:

         a) designed such  disclosure  controls and  procedures,  or caused such
         disclosure controls and procedures to be designed under my supervision,
         to  ensure  that  material  information  relating  to the  Partnership,
         including its consolidated subsidiaries,  is made known to me by others
         within  those  entities,  particularly  during the period in which this
         report is being prepared;

         b) designed such internal control over financial  reporting,  or caused
         such internal control over financial  reporting to be designed under my
         supervision,  to provide reasonable assurance regarding the reliability
         of financial reporting and the preparation of financial  statements for
         external  purposes in accordance  with  generally  accepted  accounting
         principles;

         c) evaluated the effectiveness of the Partnership's disclosure controls
         and procedures  and presented in this report my  conclusions  about the
         effectiveness of the disclosure controls and procedures,  as of the end
         of the period covered by this report based on such evaluation; and

         d) disclosed in this quarterly  report any change in the  Partnership's
         internal  control over  financial  reporting  that occurred  during the
         Partnership's most recent fiscal quarter that has materially  affected,
         or  is  reasonably  likely  to  materially  affect,  the  Partnership's
         internal control over financial reporting; and

     5.  I have  disclosed,  based  on my most  recent  evaluation  of  internal
         control over financial reporting,  to the Partnership's auditors and to
         the boards of directors of the General Partners:

         a) all significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect the  Partnership's  ability to
         record, process, summarize and report financial information; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in the  Partnership's
         internal control over financial reporting.



         Date: October 26, 2005
               ----------------
                                                By:  /s/ Alan P. Hirmes
                                                     ------------------
                                                     Alan P. Hirmes
                                                     Chief Executive Officer and
                                                     Chief Financial Officer



<PAGE>


                                                                    Exhibit 32.1


                            CERTIFICATION PURSUANT TO
                      RULE 13a-14(b) OR RULE 15d-14(b) AND
                                  SECTION 1350
                        OF TITLE 18 OF THE UNITED STATES
                              CODE (18 U.S.C. 1350)


In  connection  with the  Quarterly  Report of Cambridge  Advantaged  Properties
Limited  Partnership  (the  "Partnership")  on Form 10-Q for the  period  ending
September 25, 2005 as filed with the Securities and Exchange  Commission ("SEC")
on the date hereof (the "Report"),  I, Alan P. Hirmes,  Chief Executive  Officer
and Chief Financial Officer of Related Beta Corporation (general partner of each
of the Partnership and Cambridge and Related Associates,  general partner of the
Partnership)  and Assisted  Housing  Associates,  Inc.  (general  partner of the
Partnership),  certify,  pursuant to 18 U.S.C.  ss. 1350, as adopted pursuant to
ss. 906 of the Sarbanes-Oxley Act of 2002, that:


       (1) The Report fully complies with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


       (2) The  information  contained  in the Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Partnership.

A signed  original of this  written  statement  required by Section 906 has been
provided  to the  Partnership  and  will  be  retained  by the  Partnership  and
furnished to the SEC or its staff upon request.



By:  /s/ Alan P. Hirmes
     ------------------
     Alan P. Hirmes
     Chief Executive Officer and
     Chief Financial Officer
     October 26, 2005