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, 2003

                                       OR

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


                         Commission File Number 0-13782


                              CAMBRIDGE ADVANTAGED

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

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


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


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

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

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


<PAGE>
                         PART I - Financial Information

Item 1. Financial Statements

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                 ============      ============
                                                 December 25,        March 25,
                                                     2003              2003
                                                 ------------      ------------
<S>                                              <C>               <C>
ASSETS
Property and equipment - less
  accumulated depreciation of
  $3,433,856 and $3,271,756,
  respectively                                   $  3,399,193      $  3,478,246
Property and equipment -
  held for sale - less accumulated
  depreciation of $1,145,403 and
  $6,870,471, respectively                          1,281,256         2,465,394
Cash and cash equivalents                             886,964         1,224,252
Cash - restricted for tenants'
  security deposits                                    88,317           127,214
Mortgage escrow deposits                            2,357,412         2,754,151
Prepaid expenses and other assets                     450,964           534,117
                                                 ------------      ------------

  Total assets                                   $  8,464,106      $ 10,583,374
                                                 ============      ============
</TABLE>

                                       2
<PAGE>
                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                 ============      ============
                                                 December 25,        March 25,
                                                     2003              2003
                                                 ------------      ------------
<S>                                              <C>               <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
  Mortgage notes payable                         $  2,710,036      $  5,059,854
  Purchase Money Notes payable
   (Note 2)                                         2,009,344         3,635,924
  Due to selling partners (Note 2)                  5,434,266         9,917,404
  Accounts payable, accrued
   expenses and other liabilities                     160,771           153,890
  Tenants' security deposits payable                   83,018           119,183
  Due to general partners of
   subsidiaries and their affiliates                   22,391            22,391
  Due to general partners and
   affiliates                                       4,052,671         3,511,595
                                                 ------------      ------------

Total liabilities                                  14,472,497        22,420,241
                                                 ------------      ------------

Minority interest                                     (90,415)           59,888
                                                 ------------      ------------
Commitments and contingencies
  (Note 6)
Partners' deficit:
  Limited partners                                 (5,321,272)      (11,240,263)
  General partners                                   (596,704)         (656,492)
                                                 ------------      ------------

Total partners' deficit                            (5,917,976)      (11,896,755)
                                                 ------------      ------------

Total liabilities and partners' deficit          $  8,464,106      $ 10,583,374
                                                 ============      ============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       3
<PAGE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                           ============================    ===========================
                                Three Months Ended              Nine Months Ended
                                   December 25,                    December 25,
                           ----------------------------    ---------------------------
                               2003            2002            2003           2002
                           ----------------------------    ---------------------------
<S>                        <C>             <C>             <C>            <C>
Revenues:
Rentals, net               $    376,993    $    870,791    $  1,797,443   $  3,615,550
Other                            46,674          53,784         154,921        293,600
Gain on sale
  of properties
  (Note 4)                            0       2,605,134       6,903,614      4,827,510
                           ------------    ------------    ------------   ------------
Total revenues                  423,667       3,529,709       8,855,978      8,736,660
                           ------------    ------------    ------------   ------------

Expenses
Administrative
  and management                 66,756         159,764         474,329        805,566
Administrative
  and management-
  related parties
  (Note 3)                      329,049         319,544       1,005,370      1,050,009
Operating                        61,876         149,684         331,447        697,684
Repairs and
  maintenance                    87,061         257,828         395,921        807,112
Taxes and insur-
  ance                           57,872         112,448         304,672        684,631
Interest                         77,665         184,890         327,504        932,105
Depreciation                     54,839          49,872         162,183        299,713
Loss on impairment
  of assets (Note 5)                  0         268,523               0        268,523
                           ------------    ------------    ------------   ------------
Total expenses                  735,118       1,502,553       3,001,426      5,545,343
                           ------------    ------------    ------------   ------------

Net (loss) income before
  minority interest            (311,451)      2,027,156       5,854,552      3,191,317
Minority interest
  in (income) loss of
  subsidiaries                     (896)         21,514         124,227        (59,416)
                           ------------    ------------    ------------   ------------
(Loss) income before
  extra-ordinary item          (312,347)      2,048,670       5,978,779      3,131,901
Extraordinary
  item-forgiveness
  of indebtedness
  (loss) income
  (Note 4)                            0        (242,779)              0     16,545,722
                           ------------    ------------    ------------   ------------
Net (loss) income          $   (312,347)   $  1,805,891    $  5,978,779   $ 19,677,623
                           ============    ============    ============   ============
</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,
                           ----------------------------    ---------------------------
                               2003            2002            2003           2002
                           ----------------------------    ---------------------------
<S>                        <C>             <C>             <C>            <C>

Limited Partners
  Share:
(Loss) income before
  extraordinary item       $   (309,224)   $  2,028,183    $  5,918,991   $  3,100,582
Extraordinary item                    0        (240,351)              0     16,380,265
                           ------------    ------------    ------------   ------------

Net (loss) income          $   (309,224)   $  1,787,832    $  5,918,991   $ 19,480,847
                           ============    ============    ============   ============

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

(Loss) income before
  extraordinary item per
  limited partner unit     $        (26)   $        168    $        490   $        257
Extraordinary item
  per limited partner
  unit                                0             (20)              0          1,356
                           ------------    ------------    ------------   ------------
Net (loss) income per
  limited partner unit     $        (26)   $        148    $        490   $      1,613
                           ============    ============    ============   ============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                        5
<PAGE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
<TABLE>
<CAPTION>
                               =================================================
                                                   Limited           General
                                  Total            Partners          Partners
                               -------------------------------------------------
<S>                            <C>               <C>               <C>
Balance -
  March 26, 2003               $(11,896,755)     $(11,240,263)     $   (656,492)

Net income                        5,978,779         5,918,991            59,788
                               ------------      ------------      ------------

Balance -
  December 25, 2003            $ (5,917,976)     $ (5,321,272)     $   (596,704)
                               ============      ============      ============
</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,
                                                  ------------------------------
                                                      2003             2002
                                                  ------------------------------
<S>                                               <C>              <C>
Cash flows from operating activities:
Net income                                        $  5,978,779     $ 19,677,623
                                                  ------------     ------------

Adjustments to reconcile  net income
  to net cash (used in) provided by
  operating activities:

Gain on sale of properties (Note 4)                 (6,903,614)      (4,827,510)
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                               0      (16,545,722)
Depreciation                                           162,183          299,713
Loss on impairment of assets                                 0          268,523
Minority interest in (loss) income of
  subsidiaries                                        (124,227)          59,416
Decrease (increase) in cash-restricted
  for tenants' security deposits                           119          (11,137)
Increase in mortgage escrow deposits                  (201,166)        (291,161)
Decrease (increase) in prepaid
  expenses and other assets                             20,859         (255,156)
Increase in due to selling partners                    340,295          837,294
Payments of interest to selling
  partners                                                   0       (1,049,874)
Increase in accounts payable, accrued
  expenses and other liabilities                       110,715        1,999,022
Increase in tenants' security deposits
  payable                                                  324           12,623
Increase in due to general partners of
  subsidiaries and their affiliates                          0            7,867
Decrease in due to general partners of
  subsidiaries and their affiliates                          0          (17,284)
Increase in due to general partners
  and their affiliates                                 605,690           88,649
                                                  ------------     ------------
Total adjustments                                   (5,988,822)     (19,424,737)
                                                  ------------     ------------
Net cash (used in) provided by
  operating activities                                 (10,043)         252,886
                                                  ------------     ------------
</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,
                                                  ------------------------------
                                                      2003             2002
                                                  ------------------------------
<S>                                               <C>              <C>
Cash flows from investing activities:

Proceeds from sale of properties                        89,212       10,760,000
Acquisitions of property and
  equipment                                            (86,024)        (134,966)
Increase in mortgage escrow deposits                  (109,868)        (175,527)
                                                  ------------     ------------

Net cash (used in) provided by
  investing activities                                (106,680)      10,449,507
                                                  ------------     ------------

Cash flows from financing activities:
Principal payments of mortgage
  notes payable                                       (194,489)      (5,633,717)
Principal payments of purchase
  money notes payable                                        0       (2,739,467)
Decrease in capitalization of
  minority interest                                    (26,076)        (171,743)
                                                  ------------     ------------

Net cash used in financing activities                 (220,565)      (8,544,927)
                                                  ------------     ------------

Net (decrease) increase in cash
  and cash equivalents                                (337,288)       2,157,466
Cash and cash equivalents -
  beginning of period                                1,224,252        4,967,577
                                                  ------------     ------------
Cash and cash equivalents -
  end of period                                   $    886,964     $  7,125,043
                                                  ============     ============



Supplemental disclosures of noncash
  activities:

Forgiveness of indebtedness income
  (Note 4):
Decrease in property and equipment,
  net of accumulated depreciation                 $          0     $       (590)
Increase in deferred revenue on sale
  of  properties reclassified from
  purchase money notes payable and
  due to selling partners                                    0          181,280
</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,
                                                  ------------------------------
                                                      2003             2002
                                                  ------------------------------
<S>                                               <C>              <C>
Decrease in accounts payable, accrued
  expenses and other liabilities                             0       (5,683,676)
Decrease in Purchase Money Notes
  payable                                                    0       (2,037,119)
Decrease in due to selling partners                          0       (8,824,926)



Summarized below are the components
  of the gain on sale of properties:

Decrease in property and equipment,
  and property and equipment-held
  for sale                                        $  1,187,032     $  8,661,767
Decrease in cash - restricted for
  tenants' security deposits                            38,778           61,240
Decrease in mortgage escrow deposits                   707,773        1,568,406
Decrease (increase) in prepaid expenses
  and other assets                                      62,294          (10,278)
Decrease in due to selling partners                 (4,823,433)      (1,636,025)
Decrease in accounts payable,
  accrued expenses and other liabilities              (103,834)        (649,285)
Decrease in tenant's security deposits
  payable                                              (36,489)         (78,250)
Decrease in mortgage notes payable                  (2,155,329)      (1,300,235)
Decrease in due to general partners
  and affiliates                                       (64,614)        (139,575)
Decrease in due to general partners
  of subsidiaries and their affiliates                       0           (9,516)
Decrease in Purchase Money Notes
  payable                                           (1,626,580)        (535,759)
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       9
<PAGE>

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


Note 1 - General

The  consolidated  financial  statements  for the nine months ended December 25,
2003 and 2002 include the accounts of Cambridge  Advantaged  Properties  Limited
Partnership (the "Partnership") and four and fourteen  subsidiary  partnerships,
respectively    ("subsidiaries,"    "subsidiary    partnerships"    or    "Local
Partnerships"). The Partnership is a limited partner, with an ownership interest
of 98.99% in each of the  subsidiary  partnerships.  Through  the  rights of the
Partnership  and/or an  affiliate  of one of its  General  Partners  (a "General
Partner"),  which affiliate has a contractual obligation to act on behalf of the
Partnership,  to remove the general partner of the subsidiary  partnerships (the
"Local General  Partner") and to approve  certain major  operating and financial
decisions,   the  Partnership  has  a  controlling  financial  interest  in  the
subsidiary  partnerships.  As of December 25,  2003,  the  Partnership  has sold
fifty-nine of its sixty-one original investments.

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 U.S. 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 $0 and $0 and  $5,000  for the  three and nine
months  ended  December  25,  2003 and  2002,  respectively.  The  Partnership's

                                       10
<PAGE>

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


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,  2003.  In the  opinion  of the  General  Partners,  the
accompanying unaudited financial statements contain all adjustments  (consisting
only of normal recurring  adjustments) necessary to present fairly the financial
position of the  Partnership  as of December 25, 2003, the results of operations
for the three and nine months  ended  December  25, 2003 and 2002 and cash flows
for the nine months ended December 25, 2003 and 2002, respectively. However, the
operating  results  for the  nine  months  ended  December  25,  2003 may not be
indicative of the results for the year.

Certain  information  and  note  disclosures   normally  included  in  financial
statements  prepared in accordance with GAAP have been omitted.  It is suggested
that these consolidated  financial statements should be read in conjunction with
the financial  statements and notes thereto included in the Partnership's  March
25, 2003 Annual Report on Form 10-K.


Note 2 - Purchase Money Notes Payable

Nonrecourse Purchase Money Notes (the "Purchase Money Notes") were issued to the
selling  partners of the subsidiary  partnerships as part of the purchase price,
and  are  secured  only  by  the   Partnership's   interest  in  the  subsidiary
partnerships  to which the Purchase Money Note relates.  As of December 25, 2003
only two Subsidiary  partnerships'  Purchase Money Notes totaling  approximately
$7,444,000,   which  includes  approximately  $5,434,000  of  interest,  remains
outstanding.

Distributions  aggregating  approximately  $0 and  $5,083,000  were  made to the
Partnership for the nine months ended December 25, 2003 and 2002,  respectively,

                                       11
<PAGE>

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


of  which  approximately  $0 and  $4,013,000,  respectively,  were  used  to pay
principal and interest on the Purchase Money Notes.


Note 3 - Related Party Transactions

The costs  incurred  to  related  parties  for the three and nine  months  ended
December 25, 2003 and 2002 were as follows:
<TABLE>
<CAPTION>
                                  Three Months Ended        Nine Months Ended
                                     December 25,              December 25,
                               -----------------------   -----------------------
                                  2003         2002         2003         2002
                               -----------------------   -----------------------
<S>                            <C>          <C>          <C>          <C>
Partnership
  management fees (a)          $  285,500   $  267,000   $  856,500   $  801,000
Expense
  reimbursement (b)                17,095       13,611       69,509       61,336
Local administrative
   fee (c)                          2,500       10,000        7,500       30,000
                               ----------   ----------   ----------   ----------
Total general and
  administrative-
  General Partners                305,095      290,611      933,509      892,336
                               ----------   ----------   ----------   ----------
Property
  management fees
  incurred to affiliates
  of the subsidiary
  partnerships' general
  partners                         23,954       28,933       71,861      157,673
                               ----------   ----------   ----------   ----------
Total general and
administrative-related
  parties                      $  329,049   $  319,544   $1,005,370   $1,050,009
                               ==========   ==========   ==========   ==========
</TABLE>


(a) After all other expenses of the Partnership are paid, an annual  partnership
management fee of up to .5% of invested  assets is payable to the  Partnership's
General Partners and affiliates. Partnership management fees owed to the General
Partners  amounting to approximately  $3,856,000 and $3,249,000 were accrued and
unpaid as of December  25, 2003 and March 25,  2003,  respectively.  Without the
General Partner's continued allowance of accrual without payment of certain fees
and expense  reimbursements,  the Partnership  will not be in a position to meet

                                       12
<PAGE>

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


its  obligations.  The General  Partners  have  continued  allowing  the accrual
without  payment of these  amounts but are under no obligation to continue to do
so.  Proceeds  received  from future  sales will be used to pay any  outstanding
amounts due to the General Partners.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the partnership  agreement.  Expense
reimbursements  owed to the General Partners amounting to approximately  $37,000
and $38,000  were accrued and unpaid as of December 25, 2003 and March 25, 2003,
respectively.

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


Note 4 - Sale of Properties

General
-------

The Partnership is currently in the process of disposing of its investments.  As
of  December  25,  2003,  the  Partnership  has  disposed of  fifty-nine  of its
sixty-one original investments. One additional investment is listed for sale and
the  Partnership  anticipates  that the two remaining  investments  will both be
liquidated  sometime during 2004. There can be no assurance as to whether or not
the Partnership will achieve this goal.  Furthermore,  there can be no assurance
that any proceeds will be realized based on the historical  operating results of
the Local Partnerships and the current economic conditions.  Moreover, the Local
General  Partners  and  holders  of the  Purchase  Money  Notes  generally  have
decision-making  rights with respect to the sale of each property which makes it
more cumbersome for the General Partners to cause a sale of each property.

                                       13
<PAGE>

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


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

On June 30, 2003 the Partnership's Limited Partnership Interest in Cabarras Arms
Associates  ("Cabarras") was sold to the Purchase Money Note Holder for $30,000,
resulting in a loss in the amount of approximately  $92,000. The Partnership was
released from the associated  Purchase Money Note and accrued interest  thereon,
which had a total outstanding balance of approximately $2,415,000,  resulting in
gain on sale of property of such amount.

On June 30, 2003, the  Partnership's  Limited  Partnership  Interest in Hathaway
Court  Associates  ("Hathaway")  was sold to the Purchase  Money Note Holder for
$60,000,  resulting  in a gain in the  amount  of  approximately  $545,000.  The
Partnership  was released from the  associated  Purchase  Money Note and accrued
interest  thereon,  which  had a  total  outstanding  balance  of  approximately
$4,035,000, resulting in gain on sale of property of such amount.

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  $1,030,000,  which  was
recognized  during the  quarter  ended  March 25,  2003.  The  Partnership  used
approximately  $1,453,000 of the proceeds to pay off the Purchase Money Note and
accrued interest thereon, which had a total outstanding balance of approximately
$1,634,000,  resulting in forgiveness of  indebtedness  income of  approximately
$180,000, which was recognized during the quarter ended March 25, 2003.

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
United States Bankruptcy Court (the "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
an  additional  gain  of  approximately  $2,103,000.  On  March  28,  2003,  the
Partnership's  interest  in  Saraland  was  transferred  to  the  United  States
Environmental Protection Agency by order of the Court.


                                       14
<PAGE>

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


On May 30,  2002,  the  property  and the  related  assets  and  liabilities  of
Lexington Village  ("Lexington")  were sold to an affiliate of the Local General
Partner  for  approximately  $1,350,000,  resulting  in a gain of  approximately
$412,000. The Partnership used approximately $617,000 of the proceeds to pay off
the  Purchase  Money  Note  and  accrued  interest  thereon,  which  had a total
outstanding  balance of  approximately  $3,445,000,  resulting in forgiveness of
indebtedness income of approximately $2,828,000.

On May 9, 2002, the property and the related  assets and  liabilities of Huntley
#1  were  sold  to the  Local  General  Partner  for  approximately  $1,750,000,
resulting  in  a  gain  of   approximately   $158,000.   The  Partnership   used
approximately  $1,277,000 of the proceeds to pay off the Purchase Money Note and
accrued  interest  thereon,  which had an outstanding  balance of  approximately
$2,645,000,  resulting in forgiveness of  indebtedness  income of  approximately
$1,368,000.

On May 9, 2002, the property and the related  assets and  liabilities of Huntley
#2  were  sold  to the  Local  General  Partner  for  approximately  $1,750,000,
resulting  in  a  gain  of   approximately   $379,000.   The  Partnership   used
approximately  $1,194,000 of the proceeds to pay off the Purchase Money Note and
accrued  interest  thereon,  which had an outstanding  balance of  approximately
$1,725,000,  resulting in forgiveness of  indebtedness  income of  approximately
$531,000.

On April 30,  2002,  the  property  and the related  assets and  liabilities  of
Shelton Beach Apartments  ("Northpointe  I") were sold to an unaffiliated  third
party  for  $2,333,333,  resulting  in a gain  of  approximately  $598,000.  The
Partnership used  approximately  $1,124,000 of proceeds to settle the associated
Purchase Money Note and accrued interest thereon,  which had a total outstanding
balance of  approximately  $3,239,000,  resulting in forgiveness of indebtedness
income of approximately $2,115,000.

On April 30,  2002,  the  property  and the related  assets and  liabilities  of
Northpointe II were sold to an unaffiliated third party for $1,666,667 resulting
in a gain of approximately $394,000. The Partnership used approximately $570,000
of the  proceeds  to settle  the  associated  Purchase  Money  Note and  accrued

                                       15
<PAGE>

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



interest  thereon,  which  had a  total  outstanding  balance  of  approximately
$2,119,000,  resulting in forgiveness of  indebtedness  income of  approximately
$1,549,000.

On February 15, 2002,  the property and the related  assets and  liabilities  of
Robindale East Apartments ("Robindale") were sold to an unaffiliated third party
for $735,000,  resulting in a loss of approximately  $527,000.  No proceeds were
used to settle the related  Purchase  Money Note and accrued  interest  thereon,
which had a total outstanding balance of approximately $2,904,000,  resulting in
forgiveness of indebtedness income of such amount.

On February 14, 2002,  the property and the related  assets and  liabilities  of
Nottingham Woods Apartments  ("Nottingham")  were sold to an unaffiliated  third
party  for  $1,900,000,  resulting  in a gain  of  approximately  $806,000.  The
Partnership used approximately $249,000 of the proceeds to settle the associated
Purchase Money Note and accrued interest thereon,  which had a total outstanding
balance of  approximately  $3,251,000,  resulting in forgiveness of indebtedness
income of  approximately  $3,002,000.  During  the year  ended  March 25,  2003,
additional   proceeds  of  approximately   $298,000  were  received,   of  which
approximately  $223,000  was paid on the Purchase  Money Note,  resulting in net
forgiveness of indebtedness income of approximately $2,779,000.


Note 5 - Impairment of Assets

As of September 30, 2002,  Summer Arms  Apartments  ("Summer  Arms") had 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  represented  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 4 regarding
discussion of the sale.


                                       16
<PAGE>



Note 6 - Commitments and Contingencies

Except as described in Note 3, there were no material  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 ending March 25, 2003.

                                       17
<PAGE>

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

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

The  Partnership's  primary  sources  of funds are the cash  distributions  from
operations of the Local  Partnerships  in which the Partnership has invested and
net proceeds from sales.  These sources are available to meet obligations of the
Partnership.   However,   the  cash   distributions   received  from  the  Local
Partnerships  to date have not been  sufficient to meet all such  obligations of
the Partnership.  Accordingly,  certain fees and expense  reimbursements owed to
the General Partners amounting to approximately $4,045,000 and $3,439,000,  were
accrued and unpaid as of December  25,  2003 and March 25,  2003,  respectively.
Without  the General  Partners'  continued  allowance  of accrual  with  partial
payment of the partnership  management  fees, the  Partnership  will not be in a
position to meet its obligations.  The General Partners have continued  allowing
the accrual with partial  payment of the  partnership  management  fees, but are
under no  obligation  to do so. Net proceeds  and  distributions  received  from
future  sales  of  the  Partnership's  investments  will  be  used  to  pay  any
outstanding amounts due to the General Partners.

Distributions  aggregating  approximately  $0 and  $5,083,000  were  made to the
Partnership for the nine months ended December 25, 2003 and 2002,  respectively,
of  which  approximately  $0 and  $4,013,000,  respectively,  were  used  to pay
principal and interest on the Purchase Money Notes.

During the nine months ended December 25, 2003, cash and cash equivalents of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$337,000.  This decrease was due to cash used in operating activities ($10,000),
principal payment of mortgage notes payable ($194,000),  an increase in mortgage
escrow  deposits  relating to investing  activities  ($110,000),  acquisition of
property and equipment  ($86,000) and a decrease in  capitalization  of minority
interest  ($26,000) which exceeded  proceeds from sale of properties  ($89,000).
Included  in the  adjustments  to  reconcile  the net  income  to  cash  used in
operating   activities  are  gain  of  sale  of  properties   ($6,904,000)   and
depreciation ($162,000).

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

For a discussion of the sale of properties in which the Partnership  owns direct
and indirect interests, see Note 4 and Note 5 to the financial statements.

                                       18
<PAGE>

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

Management is not aware of any trends or events,  commitments  or  uncertainties
which  have not been  otherwise  disclosed,  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have  not yet  been  adopted.  Due to the  sale of  properties,  the
portfolio is not diversified by the location of the properties around the United
States.  The  Partnership  has  two  properties   remaining  and  therefore  the
Partnership  may not be  protected  against a general  downturn in the  national
economy.

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

In  preparing  the  consolidated  financial  statements,   management  has  made
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes are critical to the  preparation of the  consolidated
financial  statements.  The summary should be read in conjunction  with the more
complete  discussion of the Company's  accounting policies included in Note 2 to
the consolidated  financial  statements  which are include in the  Partnership's
annual report on Form 10-K for the year ended March 25, 2003.

a)  Property and Equipment

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts  and the profit or loss on such  disposition  is reflected in earnings.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)
No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets". A loss
on  impairment  of  assets  is  recorded  when  management   estimates   amounts


                                       19
<PAGE>

recoverable   through  future   operations  and  sale  of  the  property  on  an
undiscounted basis are below depreciated cost. At that time property investments
themselves are reduced to estimated fair value  (generally using discounted cash
flows) when the property is considered to be impaired and the  depreciated  cost
exceeds estimated fair value.

b)  Income Taxes

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

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

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003,  the  provisions of FIN 46 are applicable no later than December 15, 2003.
The Partnership has not created any variable interest entities after January 31,
2003. In December 2003, the FASB  redeliberated  certain proposed  modifications
and revised FIN 46 ("FIN 46 (R)").  The revised  provisions  are  applicable  no
later than the first reporting  period ending after March 15, 2004. The adoption
of FIN 46 and FIN 46 (R) is not  anticipated  to have a  material  impact on the
Partnership's financial reporting and disclosure.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those   instruments  to  be  classified  as  liabilities   (or  assets  in  some
circumstances)  in the  Consolidated  Balance  Sheets.  Further,  SFAS  No.  150
requires  disclosure  regarding the terms of those  instruments  and  settlement
alternatives.  The  guidance  in SFAS No. 150  generally  is  effective  for all
financial  instruments  entered  into or  modified  after May 31,  2003,  and is
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.


                                       20
<PAGE>

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

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

Rental income decreased  approximately 57% and 50% for the three and nine months
ended December 25, 2003 as compared to 2002.  Excluding the Sold Assets,  rental
income  increased  approximately  12% and 5% for the three and nine months ended
December  25, 2003 as  compared to 2002,  primarily  due to an  underaccrual  of
subsidized rents  receivable in second quarter of 2002 at one local  Partnership
and rental rate increases, respectively.

Other income decreased approximately $7,000 and $139,000,  respectively, for the
three and nine months ended December 25, 2003 as compared to 2002. Excluding the
Sold  Assets,  other  income  increased  $8,000  and  $11,000  primarily  due to
increased  cash  and cash  equivalents  and  mortgage  escrow  balances  earning
interest at one Local Partnership.

Administrative and management decreased  approximately  $93,000 and $331,000 for
the three and nine months ended December 25, 2003 as compared to 2002. Excluding
the Sold Assets,  administrative and management increased  approximately $30,000
and $120,000 primarily due to the write-off of uncollectable  receivables at the
Partnership level.

Repairs and maintenance  decreased  approximately  $171,000 and $411,000 for the
three and nine months ended December 25, 2003 as compared to 2002. Excluding the
Sold Assets, repairs and maintenance decreased  approximately $29,000 and $1,000
primarily due to carpet replacement at one Local Partnership in 2002.

Taxes and insurance decreased  approximately  $55,000 and $380,000 for the three
and nine months ended December 25, 2003, as compared to 2002. Excluding the Sold
Assets, taxes and insurance increased approximately $8,000 and $36,000 primarily
due to an increase  in  liability  insurance  premiums  at the  remaining  Local
Partnerships.

Interest  decreased  approximately  $107,000 and $605,000 for the three and nine
months ended  December 25, 2003 as compared to 2002.  Excluding the Sold Assets,


                                       21
<PAGE>

interest decreased  approximately $18,000 and $44,000 primarily due to decreases
in interest due on smaller mortgage balances at the remaining Local Partnerships
as well as decreases in interest  rates  relating to the Purchase Money Notes at
the Partnership level.

Operating and depreciation  (decreased)  increased  approximately  $(88,000) and
$5,000  and  $(366,000)  and  $(138,000)  for the  three and nine  months  ended
December 25, 2003 as compared to 2002,  primarily  due to decreases  relating to
the Sold  Assets.  Nu-Elm is not  being  depreciated  during  the  period  ended
December 25, 2003, because it is being classified as an asset held for sale.

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk

None

Item 4. Controls and Procedures

Evaluation of Disclosure 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 (as such term is
defined  in Rules  13a-15(e)  under  the  Securities  Exchange  Act of 1934 (the
"Exchange Act")) as of December 25, 2003 (the "Evaluation Date").  Based on such
evaluation,  such officer has concluded  that, as of the  Evaluation  Date,  the
Partnership's  disclosure controls and procedures are effective in alerting him,
on a timely basis, to material  information relating to the Partnership required
to be  included  in the  Partnership's  reports  filed or  submitted  under  the
Exchange Act.

Changes in Internal Control Over Financial Reporting
----------------------------------------------------

There has been no significant change in the Partnership's  internal control over
financial  reporting during the Partnership's  fiscal quarter ended December 25,
2003  which has  materially  affected,  or is  reasonably  likely to  materially
affect, such internal control over financial reporting.


                                       22
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings -  None

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

Item 3.   Defaults Upon Senior Securities - None

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

Item 5.   Other information - None

Item 6.   Exhibits and Reports on Form 8-K

          (a)   Exhibits

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

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

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


                                       23
<PAGE>

                                   SIGNATURES

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

                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                                  (Registrant)

                          By: Related Beta Corporation,
                              a General Partner

Date:  February 3, 2004

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

Date:  February 3, 2004

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

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

Date:  February 3, 2004

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

Date:  February 3, 2004

                              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:  February 3, 2004

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

Date:  February 3, 2004

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

<PAGE>

                                                                    Exhibit 31.1

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

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

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

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

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

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

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

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


<PAGE>

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

          d)   disclosed   in  this   quarterly   report   any   change  in  the
               Partnership's  internal  control over  financial  reporting  that
               occurred  during the period  ending  December  25,  2003 that has
               materially  affected,  or  is  reasonably  likely  to  materially
               affect,   the  Partnership's   internal  control  over  financial
               reporting; and

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

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

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

         Date: February 3, 2004
               ----------------

                                                 By: /s/ Alan P. Hirmes
                                                     ------------------
                                                     Alan P. Hirmes
                                                     Chief Executive Officer and
                                                     Chief Financial Officer

<PAGE>

                                                                    Exhibit 32.1

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


In  connection  with the  Quarterly  Report of Cambridge  Advantaged  Properties
Limited  Partnership  (the  "Partnership")  on Form 10-Q for the  period  ending
December 25, 2003 as filed with the  Securities  and Exchange  Commission on the
date hereof (the "Report"),  I, Alan P. Hirmes,  Principal Executive Officer and
Principal Financial Officer of Related Beta Corporation (general partner of each
of the Partnership and Cambridge and Related Associates,  general partner of the
Partnership)  and Assisted  Housing  Associates,  Inc.  (general  partner of the
Partnership),  certify,  pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

By:  /s/ Alan P. Hirmes
     ------------------
     Alan P. Hirmes
     Chief Executive Officer and
     Chief Financial Officer
     February 3, 2004