<Page>

                                  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, 2001

                                       OR

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


                         Commission File Number 0-13782


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


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


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


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


           Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X  No
                                             ---   ---

<Page>

                         PART I - Financial Information

Item 1.  Financial Statements

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

<Table>
<Caption>
                                                      ====================  ====================
                                                           SEPTEMBER 25,          MARCH 25,
                                                               2001                  2001*
                                                      --------------------  --------------------
<S>                                                   <C>                   <C>
ASSETS
Property and equipment - less
  accumulated depreciation of
  $21,467,313 and $25,089,665,
  respectively                                             $  16,852,870         $  20,186,022
Property and equipment -
  held for sale - less accumulated
  depreciation of $13,867,712 and
  $21,272,511, respectively                                   12,562,810            18,795,939
Cash and cash equivalents                                      2,829,640             4,943,694
Cash - restricted for tenants'
  security deposits                                              449,464               541,659
Mortgage escrow deposits                                       5,554,156             5,654,637
Prepaid expenses and other assets                                984,459             1,060,972
                                                          --------------         -------------

  Total assets                                             $  39,233,399         $  51,182,923
                                                            ============          ============
</Table>

<Page>

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

<Table>
<Caption>
                                                      ====================  ====================
                                                             SEPTEMBER 25,         MARCH 25,
                                                                2001                  2001*
                                                      --------------------  --------------------
<S>                                                   <C>                   <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
  Mortgage notes payable                                    $ 20,306,328          $ 27,753,150
  Purchase Money Notes payable
    (Note 2)                                                  16,135,440            23,477,968
  Due to selling partners (Note 2)                            36,876,567            52,122,189
  Deferred revenue on sale of
    properties                                                10,900,346             3,838,789
  Accounts payable, accrued
    expenses and other liabilities                               987,314             1,644,571
  Tenants' security deposits payable                             413,046               481,950
  Due to general partners of
    subsidiaries and their affiliates                             98,238                98,265
  Due to general partners and
    affiliates                                                 3,127,839             2,978,008
  Distributions payable                                                0             1,402,535
                                                             -----------           -----------

Total liabilities                                             88,845,118           113,797,425
                                                             -----------           -----------

Minority interest                                                132,413               638,628
                                                             -----------           -----------
Commitments and contingencies
  (Note 5)
Partners' deficit:
  Limited partners                                           (48,709,166)          (62,083,074)
  General partners                                            (1,034,966)           (1,170,056)
                                                             -----------           -----------

Total partners' deficit                                      (49,744,132)          (63,253,130)
                                                             -----------           -----------

Total liabilities and partners' deficit                     $ 39,233,399          $ 51,182,923
                                                             ===========           ===========
</Table>


* Reclassified for comparative purposes.
See accompanying notes to consolidated financial statements.


                                       3
<Page>

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

<Table>
<Caption>
                           ===============================     ===============================
                                 THREE MONTHS ENDED                    SIX MONTHS ENDED
                                    SEPTEMBER 25,                       SEPTEMBER 25,
                           -------------------------------     -------------------------------
                               2001              2000             2001               2000
                           -------------------------------     -------------------------------
<S>                        <C>                <C>              <C>                <C>
Revenues:

Rentals, net                   $ 2,972,306    $  4,466,198         $ 6,330,360     $ 9,092,195
Other                              227,487         307,333             413,602         570,207
Gain on sale of
  property (Note 4)              2,664,619       9,512,645           1,657,081       9,077,102
                                ----------     -----------          ----------      ----------
Total revenues                   5,864,412      14,286,176           8,401,043      18,739,504
                                ----------     -----------          ----------      ----------

Expenses

Administrative and
  management                       683,697       1,189,864           1,364,535       2,310,198
Administrative and
  management-
  related parties
  (Note 3)                         475,193         538,119             959,430       1,091,199
Operating                          558,473         729,937           1,361,591       1,618,504
Repairs and
  maintenance                      758,529       1,005,759           1,539,926       2,017,913
Taxes and
  insurance                        388,125         526,348             797,783       1,046,583
Interest                         1,225,944       2,605,178           2,767,487       6,429,189
Depreciation                       320,066         875,676             764,854       1,794,273
                                ----------     -----------          ----------      ----------
Total expenses                   4,410,027       7,470,881           9,555,606      16,307,859
                                ----------     -----------          ----------      ----------

Net income (loss) before
  minority interest              1,454,385       6,815,295          (1,154,563)      2,431,645
Minority interest in loss
  (income) of
  subsidiaries                     109,450          (6,508)            350,578        (103,064)
                                ----------     -----------          ----------      ----------
Income (loss) before
  extra-ordinary item            1,563,835       6,808,787            (803,985)      2,328,581
Extraordinary item-
  forgiveness of
  indebtedness
  income (Note 4)               10,473,627         121,236          14,312,983      14,122,786
                                ----------     -----------          ----------      ----------
Net income                     $12,037,462    $  6,930,023         $13,508,998     $16,451,367
                                ==========     ===========          ==========      ==========

Limited Partners
  Share:
Income (loss) before
  extraordinary item           $ 1,548,196    $  6,740,699         $  (795,945)    $ 2,305,295
Extraordinary item              10,368,891         120,023          14,169,853      13,981,558
                                ----------     -----------          ----------      ----------

Net income                     $11,917,087    $  6,860,722         $13,373,908     $16,286,853
                                ==========     ===========          ==========      ==========
</Table>


                                       4
<Page>

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

<Table>
<Caption>
                           ===============================     ===============================
                                  THREE MONTHS ENDED                   SIX MONTHS ENDED
                                     SEPTEMBER 25,                       SEPTEMBER 25,
                           -------------------------------     -------------------------------
                               2001              2000             2001               2000
                           -------------------------------     -------------------------------
<S>                        <C>                 <C>             <C>                 <C>
Number of units
  outstanding                     12,074            12,074            12,074            12,074
                              ==========        ==========         =========         =========

Income (loss) before
  extraordinary
  item per limited
  partner unit               $       128       $       558      $        (66)      $       191
Extraordinary item
  per limited
  partner unit                       859                10             1,174             1,158
                              ----------        ----------         ---------         ---------

Net income
  per limited
  partner unit               $       987       $       568        $    1,108        $    1,349
                              ==========        ==========         =========         =========
</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, 2001                    $(63,253,130)           $(62,083,074)        $ (1,170,056)

Net income                            13,508,998              13,373,908              135,090
                                     -----------             -----------          -----------

Balance -
  September 25, 2001                $(49,744,132)           $(48,709,166)        $ (1,034,966)
                                     ===========             ===========          ===========
</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>
                                                        ======================================
                                                                    SIX MONTHS ENDED
                                                                       SEPTEMBER 25,
                                                        --------------------------------------
                                                              2001                  2000
                                                        --------------------------------------
<S>                                                     <C>                    <C>
Cash flows from operating activities:
Net income                                                  $ 13,508,998          $ 16,451,367
                                                             -----------           -----------
Adjustments to reconcile net income
  to net cash (used in) provided by
  operating activities:
Gain on sale of
  properties (Note 4)                                         (1,657,081)           (9,077,102)
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                               (14,312,983)          (14,122,786)
Depreciation                                                     764,854             1,794,273
Minority interest in (loss) income
  of subsidiaries                                               (350,578)              103,064
Decrease in cash-restricted for
  tenants' security deposits                                      13,016                15,000
(Increase) decrease in mortgage
  escrow deposits                                               (101,299)              616,662
Increase in prepaid
  expenses and other assets                                     (360,301)             (446,206)
Increase in due to selling partners                            2,327,661             6,098,026
Payments of interest to selling partners                         (94,019)           (2,652,035)
(Decrease) increase in accounts
  payable, accrued expenses and
  other liabilities                                           (1,887,603)            2,218,805
Increase (decrease) in tenants'
  security deposits payable                                        6,576               (56,867)
Increase in due to general partners
  of subsidiaries and their affiliates                               383               558,299
Decrease in due to general partners
  of subsidiaries and their affiliates                              (410)             (468,852)
Increase (decrease) in due to
  general partners and affiliates                                316,687              (211,849)
                                                             -----------           -----------
Total adjustments                                            (15,335,097)          (15,631,568)
                                                             -----------           -----------
Net cash (used in)provided by
  operating activities                                        (1,826,099)              819,799
                                                             -----------           -----------
</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>
                                                        ======================================
                                                                      SIX MONTHS ENDED
                                                                       SEPTEMBER 25,
                                                        --------------------------------------
                                                              2001                  2000
                                                        --------------------------------------
<S>                                                     <C>                   <C>
Cash flows from investing activities:
Proceeds from sale of properties                              11,393,542             2,857,350
Acquisitions of property and equipment                          (208,766)             (411,718)
Increase in mortgage escrow deposits                            (599,971)              (30,383)
                                                            ------------           -----------

Net cash provided by investing activities                     10,584,805             2,415,249
                                                            ------------           -----------

Cash flows from financing activities:
Increase in purchase money notes
  payable                                                              0                 5,209
Principal payment of mortgage
  notes payable                                               (7,446,822)           (1,385,695)
Principal payments of purchase
  money notes payable                                         (3,270,301)           (1,002,082)
Decrease in capitalization of
  minority interest                                             (155,637)              (10,209)
                                                            ------------           -----------

Net cash used in financing activities                        (10,872,760)           (2,392,777)
                                                            ------------           -----------

Net (decrease) increase in cash
  and cash equivalents                                        (2,114,054)              842,271
Cash and cash equivalents -
  beginning of period                                          4,943,694             4,095,787
                                                            ------------           -----------
Cash and cash equivalents -
  end of period                                            $   2,829,640          $  4,938,058
                                                            ============           ===========

Supplemental disclosures of noncash activities:
Increase in property and equipment -
  held for sale reclassified from
  property and equipment                                   $   2,163,925          $  2,755,607
Decrease in property and equipment,
  net of accumulated depreciation                                 (2,165)                    0
Increase in deferred revenue on sale of
  properties reclassified from purchase
  money notes payable and due to
  selling partners                                            10,892,510                     0
</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>
                                                        ======================================
                                                                       SIX MONTHS ENDED
                                                                        SEPTEMBER 25,
                                                        --------------------------------------
                                                              2001                  2000
                                                        --------------------------------------
<S>                                                     <C>                     <C>
Forgiveness of indebtedness income (Note 4):
Decrease in deferred revenue
  from sale of property                                       (3,839,356)                    0
Decrease in purchase money
  note payable                                                (1,148,096)           (7,741,369)
Decrease in due to selling
  partners                                                    (9,325,531)           (5,620,699)
Decrease in prepaid expenses
  and other assets                                                     0               (40,000)
Decrease in due to general partners
  of subsidiaries and their affiliates                                 0              (558,299)
Decrease in accounts payable,
  accrued expenses and
  other liabilities                                                    0              (162,419)

Summarized below are the components of the gain on sale
  of property:
Decrease in property and equipment,
  and property and equipment-held for
  sale                                                         9,008,040            13,624,809
Decrease in cash - restricted for
  tenants' security deposits                                      79,179                83,821
Decrease in mortgage escrow deposits                             801,751               696,164
Decrease in prepaid expenses and
  other assets                                                   436,814                95,322
Decrease in purchase money
  notes payable                                                        0            (5,172,016)
Decrease in due to selling partners                             (185,354)           (9,854,311)
Decrease in accounts payable,
  accrued expenses and other liabilities                        (161,609)             (446,906)
Decrease in tenant's security
  deposits payable                                               (75,480)              (80,594)
Decrease in due to
  general partners and affiliates                               (166,856)               (9,900)
Decrease in mortgage notes payable                                     0            (5,156,141)
</Table>

See accompanying notes to consolidated financial statements.


                                       9
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)

Note 1 - General

The consolidated financial statements for the six months ended September 25,
2001 and 2000 include the accounts of Cambridge Advantaged Properties Limited
Partnership (the "Partnership") and thirty and forty-three 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
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 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 (gains)
losses aggregated approximately $(3,000) and $16,000 and $17,000 and $21,000 for
the three and six


                                       10
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


months ended September 25, 2001 and 2000, 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 Form 10-K for the
year ended March 25, 2001. 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 September 25, 2001, the results of operations
for the three and six months ended September 25, 2001 and cash flows for the six
months ended September 25, 2001 and 2000. However, the operating results for the
six months ended September 25, 2001 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, 2001 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, are
obligations at the subsidiary partnership level, whereas the remaining
$53,526,257 is recorded at the Partnership level. The Purchase Money Notes
generally provided for compound interest at rates which, in general, ranged from
9% to 10% per annum through August 31, 1989. Thereafter, simple interest has
accrued, without further interest thereon, through maturity as extended (see
below).


                                       11
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


Purchase Money Notes at September 25, 2001 and March 25, 2001 include $4,336,417
of interest accrued through August 31, 1989.

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 extensions fees payable as of the
date of maturity at the lesser rate of 12% or the lowest legally allowable rate;
or prime plus 2% or the lowest legally allowable rate. Unpaid interest of
approximately $36,664,000 and $51,597,000 as of September 25, 2001 and March 25,
2001, 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 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 an extension fee of 1/2 % per annum of the outstanding principal
balance of the Purchase Money Notes aggregating $365,180. The Purchase Money
Notes with seven year extensions (one of which was sold) have maturity dates of
October 2003. Additionally, an oral agreement was reached in August 2000 to
extend the maturity dates of the remaining Purchase Money Notes to November 2001
and October 2002. The Partnership is working with the Local General Partners and
Purchase Money Note hold-


                                       12
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


ers to refinance or sell the properties. No assurance can be given that
management's efforts will be successful. Extension fees of $198,165 were accrued
and added to the Purchase Money Notes balance. The extension fees are being
amortized over the term of the extensions. The Partnership cannot sell or
otherwise liquidate its investments in those Local Partnerships that have
subsidy agreements with the United States Department of Housing and Urban
Development ("HUD") during the period that such agreements are in existence
without HUD's approval. 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 $3,884,000 and $4,230,000 were made to
the Partnership for the six months ended September 25, 2001 and 2000,
respectively, of which $3,355,000 and $2,054,000, respectively, were used to pay
principal and interest on the Purchase Money Notes. In addition, approximately
$0 and $598,000 was paid as "additional" interest on the Purchase Money Notes
for the six months ended September 25, 2001 and 2000, respectively.


                                       13
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


Note 3 - Related Party Transactions

The costs incurred to related parties for the three and six months ended
September 25, 2001 and 2000 were as follows:

<Table>
<Caption>
                                          THREE MONTHS ENDED                   SIX MONTHS ENDED
                                             SEPTEMBER 25,                       SEPTEMBER 25
                                 ------------------------------       -----------------------------
                                       2001              2000               2001         2000
                                 ----------------------------------   ---------------------------------
<S>                              <C>                   <C>            <C>            <C>
Partnership manage-
  ment fees (a)                        $271,000        $280,000         $542,000     $   560,000
Expense reimburse-
  ment (b)                               49,650          38,329           84,142          75,401
Local administra-
  tive fee (c)                           14,000          16,000           28,000          32,000
                                        -------         -------          -------       ---------
Total general and
  administrative-
  General Partners                      334,650         334,329          654,142         667,401
                                        -------         -------          -------       ---------

Property manage-
  ment fees incurred
  to affiliates of the
  subsidiary
  partnerships'
  general
  partners                              140,543         203,790          305,288         423,798
                                        -------         -------          -------       ---------

Total general and
  administrative-
  related parties                      $475,193        $538,119         $959,430      $1,091,199
                                        =======         =======          =======       =========
</Table>


(a) After all other expenses of the Partnership are paid, an annual partnership
management fee of up to .5% of invested assets is payable to the Partnership's
General Partners and affiliates. Partnership management fees owed to the General
Partners amounting to approximately $2,520,000 and $2,178,000 were accrued and
unpaid as of September 25, 2001 and March 25, 2001, 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.


                                       14
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


(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 Related General Partner performs asset monitoring for the
Partnership. These services include site visits and evaluations of the
subsidiary partnerships' performance. Expense reimbursements and asset
monitoring fees owed to the Related General Partner amounting to approximately
$41,000 and $61,187 were accrued and unpaid as of September 25, 2001 and March
25, 2001, 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. It
is anticipated that this process will take a number of years. As of September
25, 2001, the Partnership has disposed of forty of its sixty-one original
investments. Thirteen additional investments are listed for sale and the
Partnership anticipates that a number of the eight remaining investments will be
listed for sale by March 31, 2002. There can be no assurance as to when the
Partnership will dispose of its last remaining investments or the amount of
proceeds which may be received. However, based on the historical operating
results of the Local Partnerships and the current economic conditions including
changes in tax laws, it is unlikely that the proceeds received by the
Partnership from such sales will be sufficient to return their original
investment. Moreover, the Local General Partners and holders of the Purchase
Money Notes generally have minimal decision-making rights with respect to the
sale of each property which therefore makes it more cumbersome for the General
Partners to sell each property.


                                       15
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


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

On July 21, 1999, the Partnership contributed its limited partnership interest
in Decatur Apartments, Ltd., Florence Apartments, Ltd., Saraland Apartments,
Ltd., Dickens Ferry Apartments, Ltd., Boonie Doone Apartments, Ltd., University
Gardens Apartments, Ltd., and Southside Village Apartments, Ltd., to the Trust.
In each case, the interests were contributed subject to each respective Purchase
Money Note. The contribution did not involve any consideration being paid to the
Partnership, therefore, there should not be any tax effect to the limited
partners of the Partnership. As of September 25, 2001 all of these properties
were sold except for Saraland Apartments, Ltd.

INFORMATION REGARDING DISPOSITIONS.

On January 5, 2001, the property and the related assets and liabilities of West
Scenic Apartments, Ltd. ("West Scenic") were sold back to the Purchase Money
Note Holder for $1,218,000 resulting in a loss of approximately $973,000. No
proceeds were used to settle the associated Purchase Money Note and accrued
interest thereon, which had a total outstanding balance of approximately
$3,839,000, resulting in forgiveness of indebtedness income.

On April 11, 2001, the property and related assets and liabilities of Tall Pines
("Tall Pines") were sold to an unaffiliated third party for $2,145,000,
resulting in a gain of approximately $751,000. The Partnership used
approximately $1,015,000 of the proceeds to pay off the Purchase Money Note and
accrued interest thereon, which had a total outstanding balance of $3,424,000,
resulting in forgiveness of indebtedness income of approximately $2,409,000.

On April 20, 2001, the property and related assets and liabilities of Northwoods
III Apartments were sold to an unaffiliated third party for $3,316,000,
resulting in a gain of approximately $1,266,000. The Partnership used
approximately $791,000 of the proceeds to pay off the Purchase Money Note and
accrued interest


                                       16
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


thereon, which had a total outstanding balance of $1,756,000, resulting in
forgiveness of indebtedness income of approximately $965,000.

On May 10, 2001, the property and related assets and liabilities of Ware Manor
Associates ("Ware Manor") were sold to an unaffiliated third party for
$1,364,500, resulting in a gain of approximately $389,000. The Partnership used
approximately $472,000 of the proceeds to pay off the Purchase Money Note and
accrued interest thereon, which had a total outstanding balance of $1,846,000,
resulting in forgiveness of indebtedness income of approximately $1,374,000.

On May 21, 2001, Lexington Village ("Lexington") entered into a purchase and
sale agreement with an unaffiliated third party purchaser for a purchase price
of $1,350,000. The closing is expected to occur by the end of 2001. No assurance
can be given that the closing will actually occur.

On June 27, 2001, the property and related assets and liabilities of Oakwood
Manor ("Oakwood") were sold to an unaffiliated third party purchaser for
$3,099,000, resulting in a gain of approximately $259,000. The Partnership used
approximately $1,077,000 of the proceeds to pay off the Purchase Money Note and
accrued interest thereon, which had a total outstanding balance of $6,803,000
resulting in forgiveness of indebtedness income of $5,726,000.

On July 20, 2001, the property and related assets and liabilities of Washington
Highland Apts. ("Washington Highland") were sold to an unaffiliated third party
purchaser for $800,000, resulting in a loss of approximately $563,000. The
Partnership will use approximately $185,000 of the proceeds to pay off the
Purchase Money Note and accrued interest thereon, which had a total outstanding
balance of $1,905,000 resulting in forgiveness of indebtedness income of
$1,721,000, which will be recognized in the December 25, 2001 10-Q.


                                       17
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


On August 14, 2001, the Partnership's Limited Partnership Interest in Southside
Village Apts. ("Southside") was sold to the Local General Partner for $5,000.
The Partnership was released from the associated Purchase Money Note and accrued
interest thereon, which had a total outstanding balance of approximately
$3,926,000, resulting in gain on sale of property of approximately $3,681,000
which will be recognized in the December 25, 2001 10-Q.

On August 14, 2001 the Partnership's Limited Partnership Interest in University
Gardens Apts. ("University") was sold to the Local General Partner for $5,000.
The Partnership was released from the associated Purchase Money Note and accrued
interest thereon, which had a total outstanding balance of approximately
$3,246,000, resulting in gain on sale of property of approximately $2,932,000
which will be recognized in the December 25, 2001 10-Q.

On August 15, 2001 the Partnership's Limited Partnership Interest in Hackley
Village ("Hackley") was sold to the Local General Partner. The Partnership paid
approximately $9,000 to settle the associated Purchase Money Note and accrued
interest thereon, which had a total outstanding balance of approximately
$1,825,000, resulting in gain on sale of property of approximately $1,284,000,
which will be recognized in the December 25, 2001 10-Q.

On August 21, 2001, Nottingham Woods Apartments, Ltd. ("Nottingham Woods")
entered into a purchase and sale agreement with an unaffiliated third party
purchaser for a purchase price of $1,900,000. The closing is expected to occur
in the beginning of 2002. No assurance can be given that the closing will
actually occur.

On September 20, 2001, Shelton Beach Apartments, Ltd. ("Shelton Beach") entered
into a purchase and sale agreement with an unaffiliated third party purchaser
for a purchase price of $2,333,333. The closing is expected to occur in the
beginning of 2002. No assurance can be given that the closing will actually
occur.


                                       18
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


On September 20, 2001, Northpointe II Apartments, Ltd. ("Northpointe II")
entered into a purchase and sale agreement with an unaffiliated third party
purchaser for a purchase price of $1,666,667. The closing is expected to occur
in the beginning of 2002. No assurance can be given that the closing will
actually occur.


                                       19
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)

Note 5 - Commitments and Contingencies

The following disclosures include changes and/or additions to disclosures
regarding the subsidiary partnerships which were included in the Partnership's
Annual Report on Form 10-K for the period ended March 25, 2001.

MCCONNELL V. HUTTON ADVANTAGED PROPERTIES L.P.
On or about November 3, 1999, eight alleged holders of beneficial interests in
Purchase Money Notes issued by the Partnership in connection with the
Partnership's acquisition of limited partnership interests in the West Scenic
Apartments, Ltd. ("West Scenic"), Oakwood Manor, Ltd. ("Oakwood Manor") and
Robindale East Apartments, Ltd. ("Robindale East") Local Partnerships brought an
action in the Chancery Court of Pulaski County, Arkansas, entitled McConnell, et
al., v. Hutton Advantaged Properties Limited Partnership, et al., Case No. EQ
99-5769 (the "McConnell Action"). Plaintiffs' original complaint contained a
single count alleging fraud in connection with the Partnership's acquisition of
limited partnership interests in those three Local Partnerships and named as
defendants the Partnership, its general partners, its special limited partner
and the general partner of the special limited partner, as well as two other
defendants who are not affiliated with the Partnership. On or about December 27,
1999, the plaintiffs in the McConnell Action amended their complaint to add a
second count alleging that the Purchase Money Notes involved in the McConnell
Action had matured and were in default.

Defendants (other than the two defendants who are not affiliated with the
Partnership) have reached a written agreement with plaintiffs to settle the
claims between them, which settlement contemplates the sale of real property
owned by the West Scenic, Oakwood Manor, and Robindale East limited partnerships
and an allocation of the sale proceeds between the plaintiffs, the Partnership
and others. On January 5, 2001, the property and the related assets and
liabilities of West Scenic limited partnership were sold. On September 27, 2001,
the property and related assets and liabilities of Oakwood Manor were sold (see
Notes 4 and 6 for a description of such sales).


                                       20
<Page>

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 25, 2001
                                   (Unaudited)


UNIVERSITY GARDENS APARTMENTS, LTD. AND SOUTHSIDE VILLAGE APARTMENTS, LTD.
By letters dated December 29, 1999, from counsel for Skyline Properties, Inc.,
Trustee of the University Gardens Apartments, Ltd. Partners Liquidating Trust
and Southside Village Apartments, Ltd. Partners Liquidating Trust, ("Skyline"),
the Partnership was informed of Skyline's intent to file an involuntary
substitution affidavit pursuant to Section 7.1 of the relevant security
agreements. Pursuant to a standstill agreement between the parties, on August
14, 2001, both properties' Limited Partnership Interests were sold (see Note 4).

SARALAND APARTMENTS, LTD.
On March 21, 2001, Saraland Apartments, Ltd. ("Saraland") filed a petition for
relief under chapter 11 of the bankruptcy code in the United States Bankruptcy
Court for the Northern District of Texas, Dallas Division. The filing was
commenced in response to a nonjudicial foreclosure brought by HUD.

Another lawsuit under Section 107 of the Comprehensive Environmental Response,
Compensation and Liability Act, is currently pending in the District Court for
the Southern District of Alabama (the "District Court") against Saraland and
others who it claims are potentially responsible parties. Redwing Carriers, Inc.
("Redwing"), a codefendant in this lawsuit, has commenced an action, also in the
District Court, to recover all or a pro rata share of its environmental response
costs from Saraland and others.

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

The debtor has filed a preliminary plan of reorganization and disclosure
statement. Negotiations are currently ongoing among the Debtor, HUD, and the
USEPA concerning amendments to the plan or reorganization and disclosure
statement.


                                       21
<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 $2,836,000 and $2,514,000, were
accrued and unpaid as of September 25, 2001 and March 25, 2001, respectively.
Without the General Partners' continued allowance of accrual without payment of
certain fees and expense reimbursements, the Partnership will not be in a
position to meet its obligations. The General Partners have continued allowing
the accrual without payment of these amounts but are under no obligation to do
so. Proceeds received from future sales will be used to pay any outstanding
amounts due to the General Partners.

Distributions aggregating approximately $3,884,000 and $4,230,000 were made to
the Partnership for the six months ended September 25, 2001 and 2000,
respectively, of which $3,355,000 and $2,054,000, respectively, were used to pay
principal and interest on the Purchase Money Notes. In addition, approximately
$0 and $598,000 was paid as "additional" interest on the Purchase Money Notes
for the six months ended September 25, 2001 and 2000, respectively.

During the six months ended September 25, 2001, cash and cash equivalents of the
Partnerships and its thirty consolidated Local Partnerships decreased
approximately $2,114,000. This decrease was due to principal payment of mortgage
notes payable ($7,447,000), principal payments of Purchase Money Notes payable
($3,270,000), acquisitions of property and equipment ($209,000), an increase in
mortgage escrow deposits ($600,000), a decrease in capitalization of minority
interest ($156,000) and cash used in operating activities ($1,826,000) which
exceeded proceeds from mortgage notes payable ($11,394,000). Included in the
adjustments to reconcile the net income to cash used in operating activities are
gain on sale of properties ($1,657,000), forgiveness of indebtedness income
($14,313,000) and depreciation ($765,000).


                                       22
<Page>

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 interest, see Note 4 to the financial statements.

Even though sales have resulted in net gains for tax purposes, the net sales
proceeds have not been sufficient to permit investors to pay the tax incurred
and the funds available after payment of all or a portion of the Purchase Money
Notes is minimal.

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

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

RESULTS OF OPERATIONS

During the periods ended September 25, 2001 and 2000, Bellfort, Fircrest, Casa
Ramon, Cloisters (Sundown), Conifer 208, Cedarbay, West Scenic, Tall Pines,
Northwoods III (Windgate), Oakwood Manor and Ware Manor sold their properties
and the related assets and liabilities and Cranbrook, Caroline Forest Apts.,
Bonnie Doone Apartments, Florence Apartments, Dickens Ferry Apartments, Decatur
Apartments and Solemar sold their Local Partnership Interests (collectively the
"Sold Assets"). The results of operations of the Partnership, as well as the
Local Partnerships, remained fairly consistent during the three and six months
ended


                                       23
<Page>

September 25, 2001 and 2000, excluding the Sold Assets, gain on sale of
properties, forgiveness of indebtedness income, administrative and management,
operating and interest expense. The majority of Local Partnership income
continues to be in the form of rental income with the corresponding expenses
being divided among operations, depreciation and mortgage interest. In addition,
the Partnership incurred interest expense relating to the Purchase Money Notes
which were issued when the Local Partnerships were acquired.

Rental income decreased approximately 33% and 30% for the three and six months
ended September 25, 2001 as compared to 2000. Excluding the Sold Assets, rental
income increased approximately 3% and 5% for the three and six months ended
September 25, 2001 as compared to 2000, primarily due to rental rate increases.

Other income decreased approximately 26% and 27% for the three and six months
ended September 25, 2001 as compared to 2000 primarily due to decreases relating
to the Sold Assets.

Total expenses, excluding the Sold Assets, administrative and management,
operating and interest, remained fairly consistent with an increase of
approximately 1% for both the three and six months ended September 25, 2001 as
compared to 2000.

Administrative and management decreased approximately $506,000 and $946,000 for
the three and six months ended September 25, 2001 as compared to 2000. Excluding
the Sold Assets, such expense decreased approximately $136,000 and $217,000
primarily due to a decrease in legal and accounting expenses at the Partnership
level in 2001.

Operating expenses decreased approximately $171,000 and $257,000 for the three
and six months ended September 25, 2001 as compared to 2000. Excluding the Sold
Assets, such expense increased approximately $37,000 and $157,000, primarily due
to increased utility charges at four Local Partnerships.

Interest expense decreased approximately $1,379,000 and $3,662,000 for the three
and six months ended September 25, 2001 as compared to 2000. Excluding the Sold
Assets, such expense decreased approximately $449,000 and $1,368,000, primarily
due to an overaccrual of interest on the Purchase Money Notes in the first
quarter of 2000 which was corrected in the third quarter of 2000.


                                       24
<Page>

Administrative and management-related parties, repairs and maintenance, taxes
and insurance and depreciation decreased approximately $63,000 and $132,000,
$247,000 and $478,000, $138,000 and $249,000, $556,000 and $1,029,000,
respectively, for the three and six months ended September 25, 2001 as compared
to 2000, primarily due to decreases relating to the Sold Assets. Robindale,
Huntley #1, Huntley #2, Seymour-O'Brien, Autumn Ridge, Nu-Elm and Lexington are
not being depreciated during the period ended September 25, 2001 because they
are classified as assets held for sale.

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

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

None


                                       25
<Page>

                           PART II - OTHER INFORMATION

Item 1.    Legal Proceedings

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

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

Item 3.    Defaults Upon Senior Securities - None

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

Item 5.    Other information - None

Item 6.    Exhibits and Reports on Form 8-K

           (a)    Exhibits:

                  27      Financial Data Schedule (filed herewith).

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


                                       26
<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 31, 2001

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

Date:  October 31, 2001

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


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

Date:  October 31, 2001

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

Date:  October 31, 2001

                               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:  October 31, 2001

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

Date:  October 31, 2001

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