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, 2003

                                       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
                                             -----  ------

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

<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,
                                                     2003              2003
                                                 ------------      ------------
<S>                                              <C>               <C>
ASSETS
Property and equipment - less
  accumulated depreciation of
  $3,325,428 and $3,271,756,
  respectively                                   $  3,424,574      $  3,478,246
Property and equipment -
  held for sale - less accumulated
  depreciation of $6,870,471 and
  $6,870,471, respectively                          2,465,394         2,465,394
Cash and cash equivalents                           1,134,848         1,224,252
Cash - restricted for tenants'
  security deposits                                   128,207           127,214
Mortgage escrow deposits                            2,890,699         2,754,151
Prepaid expenses and other assets                     467,519           534,117
                                                 ------------      ------------

  Total assets                                   $ 10,511,241      $ 10,583,374
                                                 ============      ============
</TABLE>

                                       2
<PAGE>
                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>

                                                 ============      ============
                                                   June 25,          March 25,
                                                     2003              2003
                                                 ------------      ------------
<S>                                              <C>               <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
  Mortgage notes payable                         $  4,984,794      $  5,059,854
  Purchase Money Notes payable
   (Note 2)                                         3,635,924         3,635,924
  Due to selling partners (Note 2)                 10,083,497         9,917,404
  Accounts payable, accrued
   expenses and other liabilities                     194,312           153,890
  Tenants' security deposits payable                  122,110           119,183
  Due to general partners of
   subsidiaries and their affiliates                   22,391            22,391
  Due to general partners and
   affiliates                                       3,699,573         3,511,595
                                                 ------------      ------------

Total liabilities                                  22,742,601        22,420,241
                                                 ------------      ------------

Minority interest                                      61,192            59,888
                                                 ------------      ------------
Commitments and contingencies
  (Note 6)
Partners' deficit:
  Limited partners                                (11,632,102)      (11,240,263)
  General partners                                   (660,450)         (656,492)
                                                 ------------      ------------

Total partners' deficit                           (12,292,552)      (11,896,755)
                                                 ------------      ------------

Total liabilities and partners' deficit          $ 10,511,241      $ 10,583,374
                                                 ============      ============

</TABLE>

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,
                                                  ------------------------------
                                                     2003               2002
                                                  ------------------------------
<S>                                               <C>               <C>
Revenues:
Rentals, net                                      $   697,161       $ 1,556,843
Other                                                  57,416           163,491
Gain on sale of properties
  (Note 4)                                                  0           262,373
                                                  -----------       -----------
Total revenues                                        754,577         1,982,707
                                                  -----------       -----------

Expenses

Administrative and management                         166,279           339,622
Administrative and management-
related parties  (Note 3)                             338,182           376,451
Operating                                             156,215           354,203
Repairs and maintenance                               151,229           324,355
Taxes and insurance                                   114,602           239,802
Interest                                              168,891           415,661
Depreciation                                           53,672           128,546
                                                  -----------       -----------
Total expenses                                      1,149,070         2,178,640
                                                  -----------       -----------

Net loss before minority interest                    (394,493)         (195,933)
Minority interest in (income) loss
  of subsidiaries                                      (1,304)           64,728
                                                  -----------       -----------
Loss before extra-ordinary item                      (395,797)         (131,205)
Extraordinary item-forgiveness of
  indebtedness income  (Note 4)                             0         5,683,676
                                                  -----------       -----------
Net (loss) income                                 $  (395,797)      $ 5,552,471
                                                  ===========       ===========

Limited Partners Share:
Loss before extraordinary item                    $  (391,839)      $  (129,893)
Extraordinary item                                          0         5,626,839
                                                  -----------       -----------

Net (loss) income                                 $  (391,839)      $ 5,496,946
                                                  ===========       ===========
</TABLE>

                                       4
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>

                                                  ==============================
                                                        Three Months Ended
                                                             June 25,
                                                  ------------------------------
                                                     2003               2002
                                                  ------------------------------
<S>                                               <C>               <C>
Number of units outstanding                            12,074            12,074
                                                  ===========       ===========

Loss before extraordinary item
  per limited partner unit                        $       (32)      $       (11)
Extraordinary item per limited
  partner unit                                              0               466
                                                  -----------       -----------
Net (loss) income per limited
  partner unit                                    $       (32)      $       455
                                                  ===========       ===========
</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, 2003             $(11,896,755)      $(11,240,263)      $   (656,492)

Net loss                         (395,797)          (391,839)            (3,958)
                             ------------       ------------       ------------

Balance -
  June 25, 2003              $(12,292,552)      $(11,632,102)      $   (660,450)
                             ============       ============       ============
</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)

<TABLE>
<CAPTION>
                                                  ==============================
                                                        Three Months Ended
                                                             June 25,
                                                  ------------------------------
                                                     2003               2002
                                                  ------------------------------
<S>                                               <C>              <C>
Cash flows from operating activities:
Net (loss) income                                 $   (395,797)    $  5,552,471
                                                  ------------     ------------
Adjustments to reconcile net (loss)
  income to net cash provided by
  operating activities:
Gain on sale of properties (Note 4)                          0         (262,373)
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                               0       (5,683,676)
Depreciation                                            53,672          128,546
Minority interest in income (loss) of
  subsidiaries                                           1,304          (64,728)
Increase in cash-restricted for tenants'
  security deposits                                       (993)         (17,261)
(Increase) decrease in mortgage
  escrow deposits                                      (69,243)         110,963
Decrease (Increase) in prepaid
  expenses and other assets                             66,598         (151,009)
Increase in due to selling partners                    166,093          364,044
Payments of interest to selling
  partners                                                   0          (25,471)
Increase in accounts payable, accrued
  expenses and other liabilities                        40,422        2,145,375
Increase (decrease) in tenants' security
  deposits payable                                       2,927              (16)
Increase (decrease) in due to general
  partners and their affiliates                        187,978          (65,601)
                                                  ------------     ------------
Total adjustments                                      448,758       (3,521,207)
                                                  ------------     ------------
Net cash provided by operating
  activities                                            52,961        2,031,264
                                                  ------------     ------------
</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,
                                                  ------------------------------
                                                     2003               2002
                                                  ------------------------------
<S>                                               <C>              <C>
Cash flows from investing activities:
Proceeds from sale of properties                             0        2,945,677
Acquisitions of property and
  equipment                                                  0           (6,273)
Increase in mortgage escrow deposits                   (67,305)        (422,977)
                                                  ------------     ------------

Net cash (used in) provided by
  investing activities                                 (67,305)       2,516,427
                                                  ------------     ------------

Cash flows from financing activities:
Principal payments of mortgage
  notes payable                                        (75,060)      (2,246,209)
Principal payments of purchase
  money notes payable                                        0       (1,924,613)
Decrease in capitalization of
  minority interest                                          0             (395)
                                                  ------------     ------------

Net cash used in financing activities                  (75,060)      (4,171,217)
                                                  ------------     ------------

Net (decrease) increase in cash
  and cash equivalents                                 (89,404)         376,474
Cash and cash equivalents -
  beginning of period                                1,224,252        4,967,577
                                                  ------------     ------------
Cash and cash equivalents -
  end of period                                   $  1,134,848     $  5,344,051
                                                  ============     ============

Supplemental disclosures of noncash
  activities:
Decrease in property and equipment,
  net of accumulated depreciation                 $          0     $     (2,735)
Increase in deferred revenue on sale
  of properties reclassified from
  purchase money notes payable
  and due to selling partners                                0       11,245,818
Decrease in Purchase Money Notes
  payable                                                    0        2,423,626
Decrease in due to selling partners                          0        8,824,927
</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,
                                                  ------------------------------
                                                     2003               2002
                                                  ------------------------------
<S>                                                          <C>      <C>
Forgiveness of indebtedness income
  (Note 4):
Increase in deferred revenue from sale
  of property                                                0        5,683,676

Summarized below are the components
  of the gain on sale of property:
Decrease in property and equipment,
  and property and equipment-held
  for sale                                                   0        2,094,557
Decrease in cash - restricted for tenants'
  security deposits                                          0           22,422
Decrease in mortgage escrow deposits                         0          397,974
Decrease in prepaid expenses and other
  assets                                                     0           67,697
Decrease in due to selling partners                          0          (48,245)
Increase in accounts payable,
  accrued expenses and other liabilities                     0          258,976
Decrease in tenant's security deposits
  payable                                                    0          (20,728)
Decrease in due to general partners and
  affiliates                                                 0          (87,700)
Decrease in due to general partners
  of subsidiaries and their affiliates                       0           (1,649)
</TABLE>


See accompanying notes to consolidated financial statements.

                                       9
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

Note 1 - General

The consolidated  financial  statements for the three months ended June 25, 2003
and 2002  include  the  accounts  of  Cambridge  Advantaged  Properties  Limited
Partnership (the "Partnership") and four and fourteen  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 $0 and $5,000 for the three months ended June 25, 2003
and 2002, 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

                                       10
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

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  Form 10-K for the
year  ended  March  25,  2003.  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, 2003 and the results of  operations
and cash flows for the three months ended June 25, 2003 and 2002,  respectively.
However,  the operating results for the three months ended June 25, 2003 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, 2003 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  was 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. Through August 31, 1989, $4,336,417
of interest  was accrued.  Thereafter,  simple  interest  has  accrued,  without
further interest  thereon,  through  maturity as extended (see below).  Purchase
Money Notes  aggregated  approximately  $3,589,000 as of June 25, 2003 and March
25,  2003,  respectively.  As of June 25,  2003  four  Subsidiary  Partnership's

                                       11
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

Purchase Money Notes remained outstanding. Subsequently, on June 30, 2003 two of
the remaining four notes totaling approximately $1,602,000 were forgiven.

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  $10,083,000  and
$9,917,000  as of June 25,  2003 and  March  25,  2003,  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.  Of such fees  incurred,  $47,367 was accrued and
added to the  Purchase  Money  Notes  balance.  The  extension  fees  are  being
amortized  over  the term of the  extensions.  The  Purchase  Money  Notes  with
seven-year  extensions have all been sold.  Additionally,  an oral agreement was
reached in November  2002 that  extended  the  maturity  dates of the  remaining

                                       12
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

Purchase  Money Notes through  December  2003.  Further  extensions,  until such
properties are sold, are currently in the discussion  stage.  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.  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.

Distributions  aggregating  approximately  $0 and  $3,046,000  were  made to the
Partnership for the three months ended June 25, 2003 and 2002, respectively,  of
which approximately $0 and $2,173,000,  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, 2003
                                   (Unaudited)

Note 3 - Related Party Transactions

The costs  incurred to related  parties for the three months ended June 25, 2003
and 2002 were as follows:
<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                                June 25,
                                                        ------------------------
                                                          2003            2002
                                                        ------------------------
<S>                                                     <C>             <C>
Partnership management fees (a)                         $285,500        $267,000
Expense reimbursement (b)                                 26,228          28,621
Local administrative fee (c)                               2,500          10,000
                                                        --------        --------
Total general and administrative-
  General Partners                                       314,228         305,621
                                                        --------        --------

Property management fees incurred
  to affiliates of the subsidiary
  partnerships' general partners                          23,954          70,830
                                                        --------        --------

Total general and administrative-
  related parties                                       $338,182        $376,451
                                                        ========        ========
</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  $3,410,000 and $3,249,000 were accrued and
unpaid as of June 25, 2003 and March 25, 2003, 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

                                       14
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

partnerships' performance. Expense reimbursements and asset monitoring fees owed
to the General  Partners  amounting  to  approximately  $64,000 and $38,000 were
accrued and unpaid as of June 25, 2003 and March 25, 2003, respectively.

(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.  As
of June 25, 2003, the  Partnership  has disposed of fifty-seven of its sixty-one
original investments.  Three additional  investments are listed for sale and the
Partnership  anticipates  that  the  remaining  investment  will  be  liquidated
sometime  during  2003.  There  can be no  assurance  as to  whether  or not the
Partnership will achieve this goal. Furthermore,  there can be no assurance that
any proceeds will be realized based on the historical  operating  results of the
Local  Partnerships and the current  economic  conditions.  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 makes it
more cumbersome for the General Partners to cause a sale of each property.

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

On May 30,  2002,  the  property  and the  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
$412,000. The Partnership used approximately $617,000 of the proceeds to pay off
the  Purchase  Money  Note  and  accrued  interest  thereon,  which  had a total
outstanding  balance of  approximately  $3,445,000,  resulting in forgiveness of
indebtedness income of approximately $2,828,000.

On May 9, 2002, the property and the related  assets and  liabilities of Huntley
#1  were  sold  to the  Local  General  Partner  for  approximately  $1,750,000,

                                       15
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

resulting  in  a  gain  of   approximately   $158,000.   The  Partnership   used
approximately  $1,277,000 of the proceeds to pay off the Purchase Money Note and
accrued  interest  thereon,  which had an outstanding  balance of  approximately
$2,645,000,  resulting in forgiveness of  indebtedness  income of  approximately
$1,368,000.

On May 9, 2002, the property and the 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   $379,000.   The  Partnership   used
approximately  $1,194,000 of the proceeds to pay off the Purchase Money Note and
accrued  interest  thereon,  which had an outstanding  balance of  approximately
$1,725,000,  resulting in forgiveness of  indebtedness  income of  approximately
$531,000.

On April 30,  2002,  the  property  and the 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  $598,000.  The
Partnership used  approximately  $1,124,000 of proceeds to settle the associated
Purchase Money Note and accrued interest thereon,  which had a total outstanding
balance of  approximately  $3,239,000,  resulting in forgiveness of indebtedness
income of approximately $2,115,000.

On April 30,  2002,  the  property  and the related  assets and  liabilities  of
Northpointe II were sold to an unaffiliated third party for $1,666,667 resulting
in a gain of approximately $394,000. The Partnership used approximately $570,000
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,  resulting in forgiveness of  indebtedness  income of  approximately
$1,549,000.

On February 15, 2002,  the property and the related  assets and  liabilities  of
Robindale East Apartments ("Robindale") were sold to an unaffiliated third party
for $735,000,  resulting in a loss of approximately  $527,000.  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.

                                       16
<PAGE>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 25, 2003
                                   (Unaudited)

On February 14, 2002,  the property and the related  assets and  liabilities  of
Nottingham Woods Apartments  ("Nottingham")  were sold to an unaffiliated  third
party  for  $1,900,000,  resulting  in a gain  of  approximately  $806,000.  The
Partnership used approximately $249,000 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.   During  the  year  ended  March  25,  2003,   additional  proceeds  of
approximately  $298,000 were received, of which approximately  $223,000 was paid
on the Purchase Money Note,  resulting in net forgiveness of indebtedness income
of approximately $2,779,000.

Note 5 - Subsequent Events

On June 30, 2003 the Partnership's Limited Partnership Interest in Cabarras Arms
Associates  ("Cabarras") was sold to the Purchase Money Note Holder for $30,000,
resulting in a loss in the amount of approximately  $74,000. The Partnership was
released from the associated  Purchase Money Note and accrued interest  thereon,
which had a total outstanding balance of approximately $2,415,000,  resulting in
gain on sale of property of such amount.

On June 30, 2003, the  Partnership's  Limited  Partnership  Interest in Hathaway
Court  Associates  ("Hathaway")  was sold to the Purchase  Money Note Holder for
$60,000,  resulting  in a gain in the  amount  of  approximately  $579,000.  The
Partnership  was released from the  associated  Purchase  Money Note and accrued
interest  thereon,  which  had a  total  outstanding  balance  of  approximately
$4,035,000, resulting in gain on sale of property of such amount.

                                       17
<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 $3,626,000 and $3,439,000,  were
accrued and unpaid as of June 25, 2003 and March 25, 2003, 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.  The General Partners have continued  allowing the accrual with
partial payment of the partnership  management fees, 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  $0 and  $3,046,000  were  made to the
Partnership for the three months ended June 25, 2003 and 2002, respectively,  of
which approximately $0 and $2,173,000,  respectively, were used to pay principal
and interest on the Purchase Money Notes.

During the three months ended June 25, 2003,  cash and cash  equivalents  of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$89,000.  This decrease was due to principal  payment of mortgage  notes payable
($75,000)  and an increase in mortgage  escrow  deposits  relating to  investing
activities  ($67,000)  which  exceeded  cash  provided by  operating  activities
($53,000).  Included  in the  adjustments  to  reconcile  the  net  loss to cash
provided by operating activities is depreciation ($54,000).

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 and Note 5 to the financial statements.

                                       18
<PAGE>

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.

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.  Due to the  sale of  properties,  the
portfolio is not diversified by the location of the properties around the United
States.  The  Partnership  has  four  properties  remaining  and  therefore  the
Partnership  may not be  protected  against a general  downturn in the  national
economy.

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 include in the  Partnership's
annual report on Form 10-K for the year ended March 25, 2003.

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.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)

                                       19
<PAGE>


No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets". 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) when the property is considered to be impaired and the  depreciated  cost
exceeds estimated fair value.

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.

New Accounting Pronouncements
-----------------------------

In  January  2003,  the  Financial   Accounting   Standards  Board  issued  FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003,  the  provisions of FIN 46 are  applicable no later than July 1, 2003. The
Partnership has not identified any variable  interest entities that were created
after January 31, 2003 and is currently  evaluating the impact of the provisions
of FIN 46 on its consolidated financial statements.

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

During the three  months  ended June 25, 2003 and the year ended March 25, 2003,
Nottingham  Woods,  Robindale East,  Northpointe I,  Northpointe II, Huntley #1,
Huntley #2 Lexington and Conifer 317  (Pinewood)  sold their  properties and the
related assets and liabilities and the Partnership sold or transferred its Local
Partnership  Interest  in  Saraland  and  Summer  Arms  (collectively  the "Sold
Assets").

Rental income  decreased  approximately  55% for the three months ended June 25,
2003 as compared to 2002.  Excluding the Sold Assets,  rental  income  increased
approximately  3% for the three  months ended June 25, 2003 as compared to 2002,
primarily due to rental rate increases.

Other income  decreased  approximately  $106,000 for the three months ended June
25, 2003, as compared to 2002. Excluding the Sold Assets, other income decreased
approximately  $12,000 for the three  months  ended June 25, 2003 as compared to

                                       20
<PAGE>

2002 primarily due smaller cash and cash  equivalents  balances earning interest
at the Local Partnerships and at the Partnership level.

Administrative  and management  decreased  approximately  $173,000 for the three
months  ended June 25,  2003 as  compared to 2002.  Excluding  the Sold  Assets,
administrative and management increased  approximately  $39,000 primarily due to
an underaccrual of audit fees in 2002 at the Partnership level.

Operating decreased  approximately  $198,000 for the three months ended June 25,
2003 as  compared  to 2002.  Excluding  the  Sold  Assets,  operating  increased
approximately  $25,000  primarily due to increases in heating costs at the Local
Partnerships.

Repairs and maintenance  decreased  approximately  $173,000 for the three months
ended June 25, 2003 as compared to 2002. Excluding the Sold Assets,  repairs and
maintenance decreased approximately $24,000 primarily due to repairs relating to
a fire in 2002 at one Local  Partnership  and  decreases  in repairs  related to
tenant turnovers at a second Local Partnership.

Taxes and insurance decreased  approximately $125,000 for the three months ended
June 25,  2003,  as  compared  to 2002.  Excluding  the Sold  Assets,  taxes and
insurance  increased  approximately  $25,000  primarily  due to an  increase  in
liability insurance premiums at the remaining Local Partnerships.

Administrative  and  management-related   parties,   interest  and  depreciation
decreased  approximately $38,000,  $247,000 and $75,000,  respectively,  for the
three months ended June 25, 2003 as compared to 2002, primarily due to decreases
relating  to the Sold  Assets.  Cabarrus,  Nu-Elm  and  Hathaway  are not  being
depreciated  during the period ended June 25, 2003,  because they are classified
as assets held for sale.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

None

Item 4. Controls and Procedures

The Chief  Executive  Officer  and  Chief  Financial  Officer  of  Related  Beta
Corporation  and Assisted  Housing,  Inc., each of which is a general partner of
Cambridge  Advantaged  Properties Limited Partnership (the  "Partnership"),  has
evaluated the Partnership's  disclosure  controls and procedures relating to the

                                       21
<PAGE>

Partnership's quarterly report on Form 10-Q for the period ending June 25, 2003,
as filed with  Securities  and Exchange  Commission and has judged such controls
and procedures to be effective as of June 25, 2003 (the "Evaluation Date").

There have been no  significant  changes in the  internal  controls  or in other
factors  that could  significantly  affect  internal  controls  relating  to the
Partnership since the Evaluation Date.

                                       22
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.    Legal Proceedings -  None

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

           99.1  Certification  Pursuant to 18 U.S.C.  Section  1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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


                                       23
<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 22, 2003

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

Date:  July 22, 2003

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


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

Date:  July 22, 2003

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

Date:  July 22, 2003

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

<PAGE>


                          By: CAMBRIDGE AND RELATED ASSOCIATES
                              LIMITED PARTNERSHIP

                              By: Related Beta Corporation,

Date:  July 22, 2003

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

Date:  July 22, 2003

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


<PAGE>

                                  CERTIFICATION


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),  hereby
certify that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q for the  period
          ending June 25, 2003 of the Partnership;

     2.   Based on my  knowledge,  this  quarterly  report  does not contain any
          untrue  statement of a material  fact or omit to state a material fact
          necessary  in  order  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 quarterly report;

     3.   Based on my knowledge,  the financial statements,  and other financial
          information  included in this quarterly 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 quarterly report;

     4.   I am responsible for establishing and maintaining  disclosure controls
          and  procedures  (as defined in Exchange Act Rules 13a-14 and 15-d-14)
          for the Partnership and we have:

          a)   designed such  disclosure  controls and procedures to ensure that
               material information  relating to the Partnership,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report was being prepared;

          b)   evaluated  the  effectiveness  of  the  Partnership's  disclosure
               controls  and  procedures  as of June 25,  2003 (the  "Evaluation
               Date"); and

          c)   presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               my evaluation as of the Evaluation Date;

     5.   I  have  disclosed,  based  on  our  most  recent  evaluation,  to the
          Partnership's  auditors  and to the board of  directors of the General
          Partners:

          a)   all  significant  deficiencies  in the  design  or  operation  of
               internal  controls which could adversely affect the Partnership's
               ability to record,  process,  summarize and report financial data
               and have identified for the  Partnership's  auditors any material
               weaknesses in internal controls; and

          b)   any fraud,  whether or not material,  that involves management or
               other employees who have a significant role in the  Partnership's
               internal controls; and

     6.   I have  indicated in this  quarterly  report whether or not there were
          significant  changes in  internal  controls or in other  factors  that
          could significantly affect internal controls subsequent to the date of
          our most recent  evaluation,  including  any  corrective  actions with
          regard to significant deficiencies and material weaknesses.




                              By: /s/ Alan P. Hirmes
                                  ------------------
                                  Alan P. Hirmes
                                  Chief Executive Officer and
                                  Chief Financial Officer
                                  July 22, 2003


<PAGE>


                                                                    Exhibit 99.1


                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In  connection  with the  Quarterly  Report of Cambridge  Advantaged  Properties
Limited  Partnership (the "Partnership") on Form 10-Q for the period ending June
25, 2003 as filed with the Securities and Exchange Commission on the date hereof
(the "Report"),  I, Alan P. Hirmes,  Principal  Executive  Officer and Principal
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. Section 1350, as adopted pursuant
to Section 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.



By:  /s/ Alan P. Hirmes
     ------------------
     Alan P. Hirmes
     Chief Executive Officer and
     Chief Financial Officer
     July 22, 2003