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 December 25, 2002

                                       OR

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


                         Commission File Number 0-13782


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


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


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


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


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

<PAGE>
                         PART I - Financial Information

Item 1.  Financial Statements

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

<TABLE>
<CAPTION>

                                                   ===========       ===========
                                                   December 25,       March 25,
                                                       2002              2002*
                                                   -----------       -----------
<S>                                                <C>               <C>
ASSETS
Property and equipment - less
  accumulated depreciation of
  $3,214,590 and $7,639,553,
  respectively                                     $ 3,526,547       $ 5,470,303
Property and equipment -
  held for sale - less accumulated
  depreciation of $9,155,587 and
  $16,326,084, respectively                          4,397,105        11,548,976
Cash and cash equivalents                            7,125,043         4,967,577
Cash - restricted for tenants'
  security deposits                                    254,436           304,539
Mortgage escrow deposits                             3,275,193         4,376,911
Prepaid expenses and other assets                      949,127           758,693
                                                   -----------       -----------

  Total assets                                     $19,527,451       $27,426,999
                                                   ===========       ===========
</TABLE>

                                       2
<PAGE>

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

<TABLE>
<CAPTION>

                                                   ============    ============
                                                   December 25,      March 25,
                                                       2002            2002*
                                                   ------------    ------------
<S>                                                <C>             <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
  Mortgage notes payable                           $  6,203,531    $ 13,137,483
  Purchase Money Notes payable
   (Note 2)                                           4,549,492       9,861,837
  Due to selling partners (Note 2)                   12,102,612      22,957,424
  Deferred revenue on sale of
   properties                                         1,610,858       5,905,828
  Accounts payable, accrued
   expenses and other liabilities                       654,212         587,491
  Tenants' security deposits payable                    218,293         283,920
  Due to general partners of
   subsidiaries and their affiliates                     95,811         114,744
  Due to general partners and
   affiliates                                         3,278,545       3,329,471
                                                   ------------    ------------

Total liabilities                                    28,713,354      56,178,198
                                                   ------------    ------------

Minority interest                                       109,826         222,153
                                                   ------------    ------------
Commitments and contingencies
  (Note 6)
Partners' deficit:
  Limited partners                                   (8,665,247)    (28,146,094)
  General partners                                     (630,482)       (827,258)
                                                   ------------    ------------

Total partners' deficit                              (9,295,729)    (28,973,352)
                                                   ------------    ------------

Total liabilities and partners' deficit            $ 19,527,451    $ 27,426,999
                                                   ============    ============
</TABLE>

*Reclassified for comparative purposes.

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

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

<TABLE>
<CAPTION>

                           ============================    ============================
                                Three Months Ended              Nine Months Ended
                                    December 25,                    December 25,
                           ----------------------------    ----------------------------
                               2002            2001            2002            2001
                           ----------------------------    ----------------------------
<S>                        <C>             <C>             <C>             <C>
Revenues:

Rentals, net               $    870,791    $  2,591,487    $  3,615,550    $  8,921,847
Other                            53,784         152,337         293,600         565,939
Gain on sale
  of properties
  (Note 4)                    2,605,134       7,436,742       4,827,510       9,093,823
                           ------------    ------------    ------------    ------------
Total revenues                3,529,709      10,180,566       8,736,660      18,581,609
                           ------------    ------------    ------------    ------------

Expenses
Administrative
  and management                159,764         502,271         805,566       1,866,806
Administrative
  and management-
  related parties
  (Note 3)                      319,544         448,858       1,050,009       1,408,288
Operating                       149,684         485,216         697,684       1,846,807
Repairs and
  maintenance                   257,828         602,519         807,112       2,142,445
Taxes and insur-
  ance                          112,448         311,758         684,631       1,109,541
Interest                        184,890         781,508         932,105       3,548,995
Depreciation                     49,872         259,492         299,713       1,024,346
Loss on impairment
  of assets (Note 5)            268,523               0         268,523               0
                           ------------    ------------    ------------    ------------

Total expenses                1,502,553       3,391,622       5,545,343      12,947,228
                           ------------    ------------    ------------    ------------

Net income before
  minority interest           2,027,156       6,788,944       3,191,317       5,634,381
Minority interest
  in loss (income) of
  subsidiaries                   21,514        (123,311)        (59,416)        227,267
                           ------------    ------------    ------------    ------------
Income before
  extra-ordinary item         2,048,670       6,665,633       3,131,901       5,861,648
Extraordinary
  item-forgiveness
  of indebtedness
  income (Note 4)              (242,779)      1,667,561      16,545,722      15,980,544
                           ------------    ------------    ------------    ------------
Net income                 $  1,805,891    $  8,333,194    $ 19,677,623    $ 21,842,192
                           ============    ============    ============    ============
</TABLE>

                                       4
<PAGE>

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

<TABLE>
<CAPTION>

                           ============================    ============================
                                Three Months Ended              Nine Months Ended
                                    December 25,                    December 25,
                           ----------------------------    ----------------------------
                               2002            2001            2002            2001
                           ----------------------------    ----------------------------
<S>                        <C>             <C>             <C>             <C>
Limited Partners
  Share:
Income before
  extraordinary item       $  2,028,183    $  6,598,977    $  3,100,582    $  5,803,032
Extraordinary item             (240,351)      1,650,885      16,380,265      15,820,738
                           ------------    ------------    ------------    ------------

Net income                 $  1,787,832    $  8,249,862    $ 19,480,847    $ 21,623,770
                           ============    ============    ============    ============

Number of units
  outstanding                    12,074          12,074          12,074          12,074
                           ============    ============    ============    ============
Income before
  extraordinary item per
  limited partner unit     $        168    $        547    $        257    $        481

Extraordinary item
  per limited partner
  unit                              (20)            137           1,356           1,310
                           ------------    ------------    ------------    ------------
Net income per limited
  partner unit             $        148    $        684    $      1,613    $      1,791
                           ============    ============    ============    ============

</TABLE>

See accompanying notes to consolidated financial statements.

                                       5
<PAGE>

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

<TABLE>
<CAPTION>

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

Net income                       19,677,623        19,480,847           196,776
                               ------------      ------------      ------------

Balance -
  December 25, 2002            $ (9,295,729)     $ (8,665,247)     $   (630,482)
                               ============      ============      ============
</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>

                                                  ==============================
                                                        Nine Months Ended
                                                           December 25,
                                                  ------------------------------
                                                      2002             2001
                                                  ------------------------------
<S>                                               <C>              <C>
Cash flows from operating activities:
Net income                                        $ 19,677,623     $ 21,842,192
                                                  ------------     ------------
Adjustments to reconcile net income
  to net cash provided by (used in)
  operating activities:
Gain on sale of properties (Note 4)                 (4,827,510)      (9,093,823)
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                     (16,545,722)     (15,980,544)
Depreciation                                           299,713        1,024,346
Loss on impairment of assets (Note 5)                  268,523                0
Minority interest in income (loss)
  of subsidiaries                                       59,416         (227,267)
(Increase) decrease in cash-restricted
  for tenants' security deposits                       (11,137)          10,481
Increase in mortgage escrow deposits                  (291,161)        (296,468)
Increase in prepaid
  expenses and other assets                           (255,156)        (325,882)
Increase in due to selling partners                    837,294        3,059,794
Payments of interest to selling partners            (1,049,874)         (94,019)
Increase (decrease) in accounts payable,
  accrued expenses and other liabilities             1,999,022       (1,827,887)
Increase in tenants' security
  deposits payable                                      12,623            3,177
Increase in due to general partners of
  subsidiaries and their affiliates                      7,867              383
Decrease in due to general partners
  of subsidiaries and their affiliates                 (17,284)            (410)
Increase in due to general
  partners and affiliates                               88,649          514,178
                                                  ------------     ------------
Total adjustments                                  (19,424,737)     (23,233,941)
                                                  ------------     ------------
Net cash provided by (used in)
 operating activities                                  252,886       (1,391,749)
                                                  ------------     ------------
</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>

                                                  ==============================
                                                        Nine Months Ended
                                                           December 25,
                                                  ------------------------------
                                                      2002             2001
                                                  ------------------------------
<S>                                               <C>              <C>

Cash flows from investing activities:
Proceeds from sale of properties                    10,760,000       12,203,542
Acquisitions of property and equipment                (134,966)        (312,006)
Increase in mortgage escrow deposits                  (175,527)        (823,988)
                                                  ------------     ------------

Net cash provided by investing activities           10,449,507       11,067,548
                                                  ------------     ------------

Cash flows from financing activities:
Principal payment of mortgage
  notes payable                                     (5,633,717)      (8,164,825)
Principal payments of purchase
  money notes payable                               (2,739,467)      (3,507,870)
Decrease in capitalization of
  minority interest                                   (171,743)        (176,923)
                                                  ------------     ------------

Net cash used in financing activities               (8,544,927)     (11,849,618)
                                                  ------------     ------------

Net increase (decrease) in cash
  and cash equivalents                               2,157,466       (2,173,819)
Cash and cash equivalents -
  beginning of period                                4,967,577        4,943,694
                                                  ------------     ------------
Cash and cash equivalents -
  end of period                                   $  7,125,043     $  2,769,875
                                                  ============     ============

Supplemental disclosures of noncash
  activities:
Increase in property and equipment -
  held for sale reclassified from
  property and equipment                          $          0     $  5,764,304
Decrease in property and equipment,
  net of accumulated depreciation                         (590)          (1,114)
Increase in deferred revenue on sale
  of properties reclassified from
  purchase money notes payable
  and due to selling partners                          181,280        5,407,677
</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>

                                                  ==============================
                                                        Nine Months Ended
                                                           December 25,
                                                  ------------------------------
                                                      2002             2001
                                                  ------------------------------
<S>                                               <C>              <C>


Forgiveness of indebtedness income
  (Note 4):
Decrease in accounts payable, accrued
  expenses and other liabilities                    (5,683,676)      (3,839,356)
Decrease in purchase money
  note payable                                      (2,037,119)      (1,479,557)
Decrease in due to selling partners                 (8,824,927)     (10,661,631)

Summarized below are the
  components of the gain on
  sale of property:
Decrease in property and equipment,
  and property and equipment-held for
  sale                                               8,661,767       13,005,337
Decrease in cash - restricted for
  tenants' security deposits                            61,240          141,512
Decrease in mortgage
  escrow deposits                                    1,568,406        1,191,695
(Increase) decrease in prepaid expenses
  and other assets                                     (10,278)         486,838
Decrease in purchase money notes
  payable                                             (535,759)      (2,355,100)
Decrease in due to selling partners                 (1,636,025)      (6,817,633)
Decrease in accounts payable, accrued
  expenses and other liabilities                      (649,285)        (224,675)
Decrease in tenant's security deposits
  payable                                              (78,250)        (127,129)
Decrease in due to
  general partners and affiliates                     (139,575)        (166,856)
Decrease in due to general partners
  of subsidiaries and their affiliates                  (9,516)               0
Decrease in mortgage notes payable                  (1,300,235)               0

</TABLE>

See accompanying notes to consolidated financial statements.


                                       9
<PAGE>

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

Note 1 - General

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

For financial reporting purposes, the Partnership's fiscal quarter ends December
25. All  subsidiaries  have fiscal quarters ending September 30. Accounts of the
subsidiary  partnerships  have been adjusted for intercompany  transactions from
October 1 through December 25. The Partnership's fiscal quarter ends on December
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 $7,000 and $5,000 and $24,000 for the three and
nine months ended December 25, 2002 and 2001,  respectively.  The  Partnership's
investment in each subsidiary is equal to the respective  subsidiary's partners'

                                       10
<PAGE>

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

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,  2002.  In the  opinion  of the  General  Partners,  the
accompanying unaudited financial statements contain all adjustments  (consisting
only of normal recurring  adjustments) necessary to present fairly the financial
position of the  Partnership  as of December 25, 2002, the results of operations
for the three and nine months  ended  December  25, 2002 and 2001 and cash flows
for the nine months ended December 25, 2002 and 2001, respectively. However, the
operating  results  for the  nine  months  ended  December  25,  2002 may not be
indicative of the results for the year.

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


Note 2 - Purchase Money Notes Payable

Purchase  Money Notes (the  "Purchase  Money  Notes") in the original  amount of
$85,458,825 were issued to the selling  partners of the subsidiary  partnerships
as part of the  purchase  price  and are  secured  only by the  interest  in the
subsidiary  partnership to which the Purchase  Money Note relates.  A portion of
these  Purchase  Money  Notes,  in the  original  amount of  $31,932,568,  is an
obligation  at  the  subsidiary   partnership   level,   whereas  the  remaining
$53,526,257 was recorded at the Partnership  level. As of December 25, 2002, and
March 25, 2002,  Purchase Money Notes  aggregated  approximately  $4,489,000 and
$9,757,000,  respectively.  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

                                       11
<PAGE>

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

further interest  thereon,  through  maturity as extended (see below).  Purchase
Money  Notes at  December  25, 2002 and March 25,  2002  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 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  $12,103,000  and
$22,909,000 as of December 25, 2002 and March 25, 2002,  respectively,  has been
accrued and is included in due to selling partners in the  consolidated  balance
sheets.  In general,  the interest on and the principal of each  Purchase  Money
Note is also  payable  to the  extent of the  Partnership's  actual  receipt  of
proceeds of the sale or refinancing of the apartment complex.

The Partnership extended the original terms of the Purchase Money Notes (ranging
from August to December 1996) for up to three  additional years (four years with
respect to three  subsidiary  partnerships and seven years with respect to three
subsidiary  partnerships).  In connection with such extensions,  the Partnership
incurred extension fees of 1/2 % per annum of the outstanding  principal balance
of the Purchase  Money  Notes.  Of such fees  incurred,  $60,934 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
                                December 25, 2002
                                   (Unaudited)

Purchase  Money  Notes  through  June  2003.  Further  extensions,   until  such
properties are sold, are currently in the discussion  stage.  The Partnership is
working with the Local  General 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 $5,083,000 and $4,180,000 were made to
the  Partnership  for  the  nine  months  ended  December  25,  2002  and  2001,
respectively, of which $4,013,000 and $3,593,000, 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
                                December 25, 2002
                                   (Unaudited)

Note 3 - Related Party Transactions

The costs  incurred  to  related  parties  for the three and nine  months  ended
December 25, 2002 and 2001 were as follows:

<TABLE>
<CAPTION>
                                  Three Months Ended        Nine Months Ended
                                     December 25,              December 25,
                               -----------------------   -----------------------
                                  2002         2001         2002         2001
                               -----------------------   -----------------------
<S>                            <C>          <C>          <C>          <C>
Partnership
  management fees

  (a)                          $  267,000   $  271,000   $  801,000   $  813,000
Expense
  reimbursement (b)                13,611       28,001       61,336      112,143
Local administrative
   fee (c)                         10,000       14,000       30,000       42,000
                               ----------   ----------   ----------   ----------
Total general and
  administrative-
  General Partners                290,611      313,001      892,336      967,143
                               ----------   ----------   ----------   ----------

Property
  management fees
  incurred to affiliates
  of the subsidiary
  partnerships' general
  partners                         28,933      135,857      157,673      441,145
                               ----------   ----------   ----------   ----------

Total general and
administrative-related
  parties                      $  319,544   $  448,858   $1,050,009   $1,408,288
                               ==========   ==========   ==========   ==========
</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  $2,998,000 and $2,847,000 were accrued and
unpaid as of December  25, 2002 and March 25,  2002,  respectively.  Without the
General  Partner's  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

                                       14
<PAGE>

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

partial payment of the  partnership  management fees but are under no obligation
to do so. Net proceeds and distributions received from future sales will be used
to pay any outstanding amounts due to the General Partners.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the partnership  agreement.  Another
affiliate of the General Partners performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance. Expense reimbursements and asset monitoring fees owed
to the General  Partners  amounting  to  approximately  $17,000 and $95,000 were
accrued and unpaid as of December 25, 2002 and March 25, 2002, 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 December 25, 2002, the Partnership has disposed of fifty-six of its sixty-one
original  investments.  One investment was sold subsequently.  It is anticipated
that the remaining four investments will be liquidated sometime during the first
half of 2003 but there can be no assurance as to whether or not the  Partnership
will achieve this goal.  Furthermore,  there can be no assurance that any excess
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  therefore  makes it more
cumbersome for the General Partners to sell each property.

In order to facilitate an orderly  disposition of the Partnership's  assets, the
Partnership formed a new entity:  Cambridge  Advantaged  Liquidating L.L.C. (the

                                       15
<PAGE>

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

"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 December  25, 2002 all of these  properties
were sold or disposed.

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

On December  20,  2002,  the  property  and related  assets and  liabilities  of
Pinewood  Village  ("Pinewood")  were sold to an  unaffiliated  third  party for
$2,000,000,  resulting in a gain of approximately $764,000. The Partnership will
receive  and  use  approximately  $1,453,000  of  the  proceeds  to  settle  the
associated  Purchase Money Note and accrued interest thereon,  which had a total
outstanding balance of approximately  $1,634,000,  which is included in deferred
revenue  on sale of  properties  at  December  25,  2002,  and  will  result  in
forgiveness of indebtedness income of approximately  $181,000 during the quarter
ended March 25, 2003.

On July 31,  2002,  an  unaffiliated  third party agreed to purchase the limited
partnership  interests  in Cabarrus  Arms  Associates  ("Cabarrus  Arms") for an
agreed upon price of $25,000. Such purchase is expected to be finalized sometime
during 2003. No assurance can be given that the closing will actually occur.

On July 31,  2002,  an  unaffiliated  third party agreed to purchase the limited
partnership  interests in Hathaway Court  Associates  ("Hathaway") for an agreed
upon price of $50,000. Such purchase is expected to be finalized sometime during
2003. No assurance can be given that the closing will actually occur.

On July 23, 2002, the Partnership's interest in Saraland Apartments ("Saraland")
was  forfeited  pursuant to the First  Amended  Bankruptcy  Plan by order of the

                                       16
<PAGE>

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

United  States  Bankruptcy  Court  in  Dallas,   TX,  resulting  in  a  gain  of
approximately $502,000. No proceeds were used to pay off the Purchase Money Note
and accrued  interest,  which had a total  outstanding  balance of approximately
$2,124,000 and a $21,000  advance from the  Partnership  resulting in additional
gain of approximately $2,103,000 (see Note 6).

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
$425,000. 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,
resulting in a gain of approximately  $145,000.  No proceeds were used to settle
the Purchase Money Note and accrued interest  thereon,  resulting in forgiveness
of indebtedness income of approximately $2,645,000.

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  $351,000.  No proceeds were used to settle
the Purchase Money Note and accrued interest  thereon,  resulting in forgiveness
of indebtedness income of approximately $1,725,000.

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.

                                       17
<PAGE>

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

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 $10,000,  resulting in a loss of  approximately  $536,000.  No proceeds were
used to settle the related  Purchase  Money Note and accrued  interest  thereon,
which had a total outstanding balance of approximately $2,904,000,  resulting in
forgiveness of indebtedness income of such amount.

On 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  $799,000.  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. In Fiscal Year 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 - Impairment of Assets

As of September 30, 2002, Summer Arms Apartments  ("Summer Arms") entered into a
verbal  agreement  to sell the  property.  In  accordance  with SFAS No. 144, an
impairment  loss of  approximately  $269,000 was  recognized  during the quarter
ended  December  25,  2002.  This amount  represents  the excess of the carrying
amount of the  assets  over the fair value of the  assets as  determined  by the
sales price.  Summer Arms was sold on December  31,  2002.  See Note 7 regarding
discussion of the sale.

                                       18
<PAGE>

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

Note 6 - Commitments and Contingencies

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

Saraland Apartments, Ltd.
-------------------------
On March 21, 2002,  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 "Bankruptcy  Court").  The schedules listed total
assets valued at $924 and liabilities of $12,962,501.  The value of the land was
listed as  undetermined  and the  Department  of Housing  and Urban  Development
("HUD") possesses a secured claim related to mortgages it holds in the estimated
amount of  $681,527.  The filing was  commenced  in  response  to a  nonjudicial
foreclosure brought by HUD.

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

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 had filed an Amended Plan of  Reorganization  which was  confirmed by
the  Bankruptcy  Court as of July 26, 2002.  The plan provided for resolution of
HUD,  EPA and  general  unsecured  claims.  The plan  required  the  holders  of
partnership   interests,   including  the  Partnership,   to  make  new  capital

                                       19
<PAGE>

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

contributions  in order for them to preserve their  interests in the reorganized
company.  The Partnership did not make the contribution and thus transferred its
interest in the reorganized entity to the Local General Partner.

Due to the resolution of the  bankruptcy  proceeding  and  restructuring  of the
Local  Partnership,  no loss  contingency  has been accrued in the  accompanying
financial  statements.   The  Local  Partnership  has  virtually  abandoned  the
property, and is not making payments on its mortgage loan (See Note 4).


Note 7 - Subsequent Event

On December 31, 2002, the Partnership's  limited partnership  interest in Summer
Arms was sold to an unaffiliated third party for $25,000, resulting in a loss of
approximately  $185,000. No proceeds were used to settle the associated Purchase
Money Note and accrued interest thereon,  which had a total outstanding  balance
of approximately  $3,253,000 and will result in a gain on disposition during the
quarter ended March 25, 2003.

                                       20
<PAGE>

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

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

The  Partnership's  primary  sources  of funds are the cash  distributions  from
operations of the Local  Partnerships  in which the Partnership has invested and
net proceeds from sales.  These sources are available to meet obligations of the
Partnership.   However,   the  cash   distributions   received  from  the  Local
Partnerships  to date have not been  sufficient to meet all such  obligations of
the Partnership.  Accordingly,  certain fees and expense  reimbursements owed to
the General Partners amounting to approximately $3,290,000 and $3,217,000,  were
accrued and unpaid as of December  25,  2002 and March 25,  2002,  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 $5,083,000 and $4,180,000 were made to
the  Partnership  for  the  nine  months  ended  December  25,  2002  and  2001,
respectively, of which $4,013,000 and $3,593,000, respectively, were used to pay
principal and interest on the Purchase Money Notes.

During the nine months ended December 25, 2002, cash and cash equivalents of the
Partnership and its  consolidated  Local  Partnerships  increased  approximately
$2,157,000.  This  increase  was due to  proceeds  from the  sale of  properties
($10,760,000)  and  cash  provided  by  operating  activities  ($253,000)  which
exceeded  principal  payment of mortgage notes payable  ($5,634,000),  principal
payments of Purchase Money Notes payable ($2,739,000),  acquisitions of property
and equipment ($135,000), an increase in mortgage escrow deposits ($175,000) and
a decrease in capitalization of minority  interest  ($172,000).  Included in the
adjustments to reconcile the net income to cash provided by operating activities
are gain on sale of properties ($4,828,000),  forgiveness of indebtedness income
($16,546,000),   depreciation  ($300,000)  and  loss  on  impairment  of  assets
($269,000).

                                       21
<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 interests, see Note 4 and Note 7 to the financial statements.

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

For a discussion of contingencies affecting certain Local Partnerships, see Note
6 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.  Due to the  sale of  properties,  the
portfolio is not diversified by the location of the properties around the United
States.  The  Partnership  has  five  properties  remaining  and  therefore  the
Partnership  may not be  protected  against a general  downturn in the  national
economy.

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

During  the  periods  ended  December  25,  2002 and 2001,  Bellfort,  Fircrest,
Cloisters  (Sundown),  Conifer 208,  West  Scenic,  Tall Pines,  Northwoods  III
(Windgate),  Oakwood Manor, Ware Manor,  Washington  Highland,  Seymour O'Brien,
Autumn Ridge,  Nottingham Woods,  Robindale East, Northpointe I, Northpointe II,
Huntley  #1,  Huntley #2 and  Lexington  sold their  properties  and the related
assets  and  liabilities  and the  Partnership  sold or  transferred  its  Local
Partnership  Interest in  Greenwood  Manor,  Henslee  Heights,  Hereford  Manor,
Malvern  Manor,   Southwest,   Southside,   University,   Hackley  and  Saraland
(collectively the "Sold Assets").  The results of operations of the Partnership,
as well as the Local  Partnerships,  remained fairly consistent during the three

                                       22
<PAGE>

and nine months  ended  December 25, 2002 and 2001,  excluding  the Sold Assets,
gain on sale of properties,  forgiveness of indebtedness  income,  other income,
administrative  and management,  repairs and  maintenance,  interest expense and
loss on impairment of assets. The majority of Local Partnership income continues
to be in the form of rental income with the corresponding expenses being divided
among  operations,   depreciation  and  mortgage  interest.  In  addition,   the
Partnership incurred interest expense relating to the Purchase Money Notes which
were issued when the Local Partnerships Interests were acquired.

Rental income decreased  approximately 66% and 59% for the three and nine months
ended December 25, 2002 as compared to 2001.  Excluding the Sold Assets,  rental
income  increased  approximately  2% and 3% for the three and nine months  ended
December 25, 2002 as compared to 2001, primarily due to rental rate increases.

Other income decreased approximately $99,000 and $272,000 for the three and nine
months ended December 25, 2002, as compared to 2001.  Excluding the Sold Assets,
other income decreased  approximately $37,000 for the nine months ended December
25, 2002 as compared to 2001  primarily due to a decrease in interest  income in
2002 at the  Local  Partnerships  and  Partnership  level as a  result  of lower
interest rates.

Administrative and management  decreased  approximately  $343,000 and $1,061,000
for the three and nine  months  ended  December  25,  2002 as  compared to 2001.
Excluding the Sold Assets, administrative and management decreased approximately
$54,000  and  $118,000,  primarily  due to a  decrease  in legal  expense at the
Partnership level.

Repairs and maintenance decreased  approximately $345,000 and $1,335,000 for the
three and nine months ended December 25, 2002 as compared to 2001. Excluding the
Sold  Assets,  repairs  and  maintenance  increased  approximately  $33,000  and
decreased  approximately  $6,000. The increase for the three months is primarily
due to carpet repairs at one Local Partnership in 2002.

Interest expense decreased  approximately  $597,000 and $2,617,000 for the three
and nine months ended December 25, 2002 as compared to 2001.  Excluding the Sold
Assets, interest expense decreased approximately $59,000 and $208,000, primarily
due to a decrease in the prime interest rate in 2002.

                                       23
<PAGE>


Administrative and management-related  parties,  operating,  taxes and insurance
and depreciation  decreased  approximately  $129,000 and $358,000,  $336,000 and
$1,149,000, $199,000 and $425,000, and $210,000 and $725,000,  respectively, for
the three and nine months ended December 25, 2002 as compared to 2001, primarily
due to decreases  relating to the Sold Assets.  Summer Arms,  Cabarrus,  Nu-Elm,
Hathaway and Pinewood are not being depreciated during the period ended December
25, 2002, because they are classified as assets held for sale.

A loss on impairment of assets of approximately  $269,000 was recognized for the
three and nine months ended December 25, 2002.  This loss  represents the excess
of the  carrying  amount  of the  assets  over the fair  value of the  assets as
determined by the sales price for Summer Arms.

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk

None

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
Partnership's  quarterly  report on Form 10-Q for the period ending December 25,
2002,  as filed with  Securities  and  Exchange  Commission  and has judged such
controls and procedures to be effective as of December 25, 2002 (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.

                                       24
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          This  information  is  incorporated  by  reference  in  Note  6 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

          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.



                                       25
<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                                  (Registrant)


                             By: Related Beta Corporation,
                                 a General Partner

Date: January 31, 2003

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

Date: January 31, 2003

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


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

Date: January 31, 2003

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


Date: January 31, 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: January 31, 2003

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


Date: January 31, 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 December 25, 2002 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 is made known to
               us, 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 December 25, 2002 (the  "Evaluation
               Date"); and


<PAGE>


          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
                                         January 31, 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
December 25, 2002 as filed with the  Securities  and Exchange  Commission on the
date hereof (the "Report"), I, Alan P. Hirmes, Chief Executive Officer and Chief
Financial  Officer of Related Beta  Corporation  (general partner of each of the
Partnership  and  Cambridge  and  Related  Associates,  general  partner  of the
Partnership)  and Assisted  Housing  Associates,  Inc.  (general  partner of the
Partnership),  certify,  pursuant to 18 U.S.C. 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
     January 31, 2003