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                                                                    EXHIBIT 10.1

                        AGREEMENT OF LIMITED PARTNERSHIP

                                       OF

                        BERKSHIRE INCOME REALTY-OP, L.P.

            This Agreement of Limited Partnership of Berkshire Income Realty-OP,
L.P. is entered into by and between BIR GP, L.L.C., as general partner (the
"GENERAL PARTNER"), and Berkshire Income Realty, Inc., as special limited
partner (the "SPECIAL SPECIAL LIMITED PARTNER"). The General Partner and the
Special Limited Partner are hereinafter referred to collectively as the
 "PARTNERS."

            The Partners hereby form a limited partnership pursuant to and in
accordance with the Delaware Revised Uniform Limited Partnership Act of 6 DEL.C.
Section 17-101, ET SEQ. (the "ACT"), and hereby agree as follows:

            1.      NAME. The name of the limited partnership formed hereby is
Berkshire Income Realty-OP, L.P. (the  "PARTNERSHIP").

            2.      PURPOSE. The Partnership is organized for all purposes and
may engage in all activities permitted under the Act.

            3.      REGISTERED OFFICE. The registered office of the Partnership
 in the State of Delaware is at 1013 Centre Road, Wilmington, Delaware 19805.

            4.      REGISTERED AGENT. The name and address of the registered
 agent of the Partnership for service of process on the Partnership in the
State of Delaware is Corporation Service Company, 1013 Centre Road,
Wilmington, Delaware 19805.

            5.      PARTNERS. The names and business addresses of the Partners
are as follows:

                    GENERAL PARTNER

                    BIR GP, L.L.C.
                    One Beacon Street
                    Suite 1500
                    Boston, Massachusetts 02108

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                    SPECIAL LIMITED PARTNER

                    Berkshire Income Realty, Inc.
                    One Beacon Street
                    Suite 1500
                    Boston, Massachusetts 02108

            6.      POWERS. The powers of the General Partner include all
powers, statutory and otherwise, possessed by general partners under the laws
of the State of Delaware.

            7.      TERM. The Partnership shall dissolve, and its affairs shall
be wound up, on December 31, 2052, or at such time as (a) all of the Partners
of the Partnership so agree in writing, (b) the Partnership sells or otherwise
disposes of its interest in all or substantially all of its property, (c) an
event of withdrawal of the General Partner has occurred under the Act, or (d) an
entry of a decree of judicial dissolution has occurred under Section 17-802 of
the Act.

            8.      CAPITAL CONTRIBUTIONS.  The Partners of the Partnership
have contributed the following amounts, in cash, and no other property, to the
Partnership:

<Table>
                    <S>                                    <C>
                    GENERAL PARTNER

                    BIR GP, L.L.C.,                        $1.00

                    SPECIAL LIMITED PARTNER

                    Berkshire Income Realty, Inc.,         $1.00
</Table>

            9.      ADDITIONAL CONTRIBUTIONS.  No Partner of the Partnership is
required to make any additional capital contribution to the Partnership.

            10.     ALLOCATIONS OF PROFITS AND LOSSES. The Partnership's profits
and losses shall be allocated in proportion to the capital contributions of the
partners of the Partnership.

            11.     DISTRIBUTIONS. At the time determined by the General
Partner, but at least once during each fiscal year of the Partnership, the
General Partner shall cause the Partnership to distribute any cash held by it
which is not reasonably necessary for the operation of the Partnership. Cash
available for distribution shall be distributed to the Partners of the
Partnership in the same proportion as their then capital account balances.

            12.     ASSIGNMENTS. The Special Limited Partner may assign all or
part of its partnership interest in the Partnership only with the consent of the
General Partner. The Special Limited Partner has no right to grant an assignee
of its partnership interest in the Partnership the right to become a substituted
limited partner of the Partnership.

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            13.     WITHDRAWAL. Except as provided in the following Section 14,
no right is given to any Partner of the Partnership to withdraw from the
Partnership.

            14.     ADDITIONAL PARTNERS.

                    (a)  Without the approval of the Special Limited Partner,
the General Partner may admit additional limited partners to the Partnership.
Upon the admission of additional limited partners to the Partnership, the
Special Limited Partner shall withdraw from the Partnership and shall be
entitled to receive forthwith the return of its capital contribution, without
interest or deduction.

                    (b)  After the admission of any additional limited partners
pursuant to this Section 14, the Partnership shall continue as a limited
partnership under the Act.

                    (c)  The admission of additional limited partners to the
Partnership pursuant to this Section 14 shall be accomplished by the amendment
of this Agreement of Limited Partnership and, if required by the Act, the filing
of an appropriate amendment of the Partnership's Certificate of Limited
Partnership in the office of the Secretary of State of the State of Delaware.

            15.     GOVERNING LAW. This Agreement shall be governed by, and
construed under, the laws of the State of Delaware, all rights and remedies
being governed by said laws.

            16.     COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the different parties hereto on separate  counterparts,
each of which when so executed and delivered shall be an original, but all
of the counterparts shall together constitute one and the same instrument.

                  [Remainder of page intentionally left blank.]

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            IN WITNESS WHEREOF, the undersigned, intending to be bound hereby,
have duly executed this Agreement of Limited Partnership as of the 22nd day of
July 2002.

                                        GENERAL PARTNER:

                                        BIR GP, L.L.C.

                                        By: Berkshire Income Realty, Inc.,
                                            its managing member

                                        By: /s/ David C. Quade
                                        ----------------------------------------
                                            Name: David C. Quade
                                            Title: President

                                        SPECIAL LIMITED  PARTNER:

                                        Berkshire Income Realty, Inc.

                                        By: /s/ David C. Quade
                                        ----------------------------------------
                                            Name: David C. Quade
                                            Title: President<Page>
                                                                    EXHIBIT 10.5

Hannibal Grove

                                                           RESIDENTIAL PROPERTY

                          PROPERTY MANAGEMENT AGREEMENT

   This Agreement is made as of the 27th day of April, 2000 between the
undersigned CENTURY III ASSOCIATES LIMITED PARTNERSHIP, a Maryland Limited
Partnership, (the "Owner") and the undersigned BRI OP LIMITED PARTNERSHIP, (the
"Agent").

   1.    APPOINTMENT AND ACCEPTANCE. The Owner appoints the Agent as exclusive
agent for the management of the property described in Section 2 of this
Agreement, and the Agent accepts the appointment, subject to the terms and
conditions set forth in this Agreement.

   2.    DESCRIPTION OF THE PROJECT. The property to be managed by the Agent
under this Agreement (the "Project") is a housing development consisting of
the land, buildings, and other improvements located in Columbia, Maryland and
known as HANNIBAL GROVE APARTMENTS, containing 316 dwelling units.

   3.    BASIC INFORMATION. The Agent will thoroughly familiarize itself with
the character, location, construction, layout, plan and operation of the
Project, and especially the electrical, plumbing, air-conditioning and
ventilating systems, the elevators and all other mechanical equipment.

   4.    MARKETING. The Agent will carry out the marketing activities designed
to attract tenants as described below.

   5.    RENTALS. The Agent will offer for rent and will rent the dwelling units
and commercial space, if any, in the Project. Incident thereto, the following
provisions will apply:

   a.    The Agent will show the Project to prospective tenants;

   b.    The Agent will take and process applications for rentals. If an
         application is rejected, the applicant will be told the reason for
         rejection, and will be given the rejected application, with reason for
         rejection noted. A current list of prospective tenants will be
         maintained;

   c.    The Agent will prepare all dwelling leases and, unless otherwise
         directed by the Owner,will execute the same in its name, identifying
         itself thereon as agent for the Owner.Dwelling leases will be in a
         form approved by the Owner;

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   d.    The Owner will furnish the Agent with rent schedules, showing
         contract rents for dwelling units, and other charges for facilities
         and services. The Agent will periodically review such rent schedules
         and make recommendations to the Owner with respect to changes
         thereto;

   e.    The Agent will collect, deposit, and disburse security deposits, if
         required, in accordance with the terms of each tenant's lease;

   f.    The Agent will negotiate and prepare commercial leases and concession
         agreements, if the Project shall now or hereafter contain any
         commercial space, and will execute the same in its name, identified
         thereon as agent for the Owner, subject to the Owner's prior approval
         of all terms and conditions; and

   g.    The Agent will perform periodic market surveys with respect to the
         market area in which the Project is located.

   6.    COLLECTION OF RENTS AND OTHER RECEIPTS. The Agent will collect, when
due, all rents, charges and other amounts receivable for the Owner's account in
connection with the management and operation of the Project. Such receipts will
be deposited in an account, separate from all other accounts and funds, with a
bank whose deposits are insured by the Federal Deposit Insurance Corporation.
This account will be carried in the Owner's name and designated of record as
DOH, Inc. dba "HANNIBAL GROVE APARTMENTS" (the "Project Rental Account").
Subject to compliance with Section 11 hereof, the Agent is, however, hereby
authorized to make deposits to and withdrawals from the Project Rental Account
as agent for the Owner.

   7.    ENFORCEMENT OF LEASES. The Agent will secure full compliance by each
tenant with the terms of such tenant's lease. Voluntary compliance will be
emphasized, but the Agent may lawfully terminate any tenancy when, in the
Agent's judgment, sufficient cause (including but not limited to non-payment of
rent) for such termination occurs under the terms of the tenant's lease. For
this purpose, the Agent is authorized to consult with legal counsel, to be
designated by the Owner, to bring actions for eviction against such tenants;
provided, however, the Agent shall keep the Owner informed of such actions and
shall follow such instructions as the Owner may prescribe for the conduct of any
such action. Subject to the Owner's approval, attorney fees and other necessary
costs incurred in connection with such actions will be paid out of the Project
Rental Account as Project expenses.

   8.    MAINTENANCE AND REPAIR. The Agent will maintain the Project in good
repair and in compliance with local codes, and in a condition at all times
acceptable to the Owner, including, but not limited to, cleaning, painting,
decorating, plumbing, carpentry, grounds care, and such other maintenance,
repair, remodeling and refurbishing work as may be necessary, subject to
any limitations imposed by the Owner in addition to those contained herein.
The Agent will also assist the Owner in identifying and implementing
capital improvements to the Project.

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The Agent will perform such periodic physical inspections as shall be
appropriate in connection therewith. Incident thereto, the following additional
provisions will apply:

   a.    Special attention will be given to preventive maintenance, and, to the
         extent feasible, the services of regular maintenance employees will be
         used;

   b.    Subject to the Owner's prior approval, the Agent will negotiate,
         review and sign, on behalf of the Owner, contracts with qualified
         independent contractors for the maintenance and repair of heating and
         air-conditioning systems and elevators, and for extraordinary repairs
         to such items and other assets of the Project, which are beyond the
         capability of regular maintenance employees;

   c.    The Agent will systematically and promptly receive and investigate
         all service requests from tenants, take such action thereon as may be
         justified, and will keep records of the same. Emergency requests will
         be received and serviced on a twenty-four (24) hour basis. Complaints
         of a serious nature will be reported to the Owner after
         investigation;

   d.    The Agent is authorized to purchase all materials, equipment, tools,
         appliances, supplies and services necessary to the proper maintenance
         and repair of the Project; and

   e.    Notwithstanding any of the foregoing provisions, the prior approval
         of the Owner will be required for any expenditure which exceeds Five
         Thousand Dollars ($5,000) in any one instance for labor, materials or
         otherwise, in connection with the maintenance and repair of the
         Project, except for recurring expenses within the limits of the
         operating budget and emergency repairs involving manifest danger to
         persons or property or required to avoid suspension of any necessary
         service to the Project. In the latter event, the Agent will inform
         the Owner of the facts as promptly as possible.

   9.    UTILITIES AND SERVICES. In accordance with the operating budget, the
Agent will make arrangements for water, electricity, gas, sewage and trash
disposal, vermin extermination, decorating, laundry facilities, and telephone
service. Subject to the Owner's prior approval, the Agent will make such
contracts as may be necessary to secure such utilities and services.

   10.   NONCUSTOMARY SERVICES. Notwithstanding any contrary provision in this
Agreement, the Owner shall cause any services, in connection with the rental of
the Project, that are not customarily furnished to tenants of comparable
buildings in the region (including, but not limited to, the provision of maid
service and the furnishing of parking facilities, other than on a complimentary,
unreserved basis), to be performed by an entity qualifying as an independent
contractor.

   11.   EMPLOYEES.  Except as otherwise agreed, all on-site personnel will be
employees of the Owner, for purposes of their compensation, and not the Agent,
but will be hired, paid,

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supervised, and discharged through the Agent, in the Agent's sole discretion,
subject to the following conditions:

   a.    The resident manager will have duties of the type usually associated
         with this position;

   b.    Compensation (including fringe benefits) of bookkeeping, clerical, and
         other managerial personnel will be within the Agent's sole discretion,
         provided minimum wage standards are met;

   c.    The Owner will reimburse the Agent for the compensation (including
         fringe benefits) payable to the on-site management and maintenance
         employees, and for all local, state and federal taxes and
         assessments (including, but not limited to, Social Security taxes,
         unemployment insurance, and Workman's Compensation insurance)
         incident to the employment of such personnel. Such reimbursements
         will be paid out of the Project Rental Account and will be treated
         as Project expenses; and

   d.    Compensation (including fringe benefits) payable to the on-site staff,
         and all bookkeeping, clerical and other managerial personnel, plus all
         local, state and federal taxes and assessments incident to the
         employment of such personnel will be borne solely by the Project, and
         will not be paid out of the Agent's management fee. The rental value
         of any dwelling unit furnished rent-free to on-site personnel will be
         treated as a cost of the Project.

   12.   DISBURSEMENTS FROM PROJECT RENTAL ACCOUNT.

   a.    From the funds collected and deposited by the Agent in the Project
         Rental Account, either the Owner or the Agent, as shall be
         determined from time to time by the Owner, will make the following
         disbursements, when payable:

         (1)    Reimbursement to the Agent for compensation payable to the
                employees specified in Section 10 above, and for the taxes  and
                assessments payable to local, state and federal governmental
                agencies;

         (2)    All sums otherwise due and payable by the Owner as  expenses of
                the Project, including compensation payable to the Agent for
                its services hereunder and expenses of the Project incurred by
                the Agent under the terms of this Agreement;

         (3)    Any payment required to be made monthly by the Owner to  any
                mortgagee of the Project, including the amounts due under the
                mortgage for principal amortization, interest, ground rents,
                taxes and assessments, and fire and other hazard insurance
                premiums;

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   b.    Except for the disbursements mentioned above, funds will be disbursed
          or transferred from the Project Rental Account only as the Owner may
          from time to time direct; and

   c.    In the event the balance in the Project Rental Account is at any time
         insufficient to pay disbursements due and payable under Section 11(a)
         above, the Agent will inform the Owner of that fact and Owner shall
         immediately deposit sufficient funds. In no event will the Agent be
         required to use its own funds to pay such disbursements.

   13.   RECORDS AND REPORTS.  The Agent will have the following
         responsibilities with respect to records and reports:

   a.    The Agent will establish and maintain a comprehensive system of
         records, books and  accounts in a manner satisfactory to the Owner;

   b.    With respect to each fiscal year ending during the term of this
         Agreement, the Agent will furnish an annual financial report. The
         Agent will also prepare and review budgets and cash flow
         projections for the Project in such manner and at such times as may
         be agreed with the Owner;

   c.    The Agent will furnish such information (including occupancy reports)
         as may be reasonably requested by the Owner from time to time with
         respect to the financial, physical, or operating condition of the
         Project; and

   d.    By the twenty-fifth (25th) day of each month, the Agent will
         furnish the Owner with a statement of receipts and disbursements
         during the previous month, a schedule of accounts receivable and
         payable, as of the end of the previous month and reconciled bank
         statements for the Project Rental Account, as of the end of the
         previous month.

   14.   ON-SITE MANAGEMENT FACILITIES. Subject to the further agreement of the
Owner and the Agent as to more specific terms, the Agent will maintain a
management office within the Project, for the convenience of the Owner, for the
sole purpose of the Agent's performing its duties under this Agreement, and the
Owner will make no rental charge for such office.

   15.   INSURANCE. The Owner will inform the Agent of insurance to be carried
with respect to the Project and its operations, and the Agent, when authorized
by the Owner, will cause such insurance to be placed and kept in effect at all
times. The Agent will pay premiums out of the Project Rental Account, as an
expense of the Project. All insurance will be placed with such companies, on
such conditions, in such amounts, and with such beneficial interests appearing
thereon as shall be acceptable to the Owner and shall be otherwise in conformity
with any mortgage relating to the Project, provided that the same will include
public liability coverage, with the Agent designated as one of the insured, in
amounts acceptable to the Owner, Agent and any mortgagee of the Project. The
Agent will investigate and furnish the Owner with full reports

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as to all accidents, claims, and potential claims for damage relating to the
Project and will cooperate with the Owner's insurers in connection therewith.

   16.   AGENT'S COMPENSATION. The Agent will be compensated for its service
under this Agreement by monthly fees to be paid out of the Project Rental
Account to be treated as Project expenses. Such fees will be payable monthly.
Each such monthly fee will be in an amount equal to five percent (5%) of the
gross receipts (including rentals and other operating income of the Project)
actually received during the preceding month. In addition, the Agent shall
receive reimbursement for all proper expenditures, obligations and liabilities
incurred by the Agent in connection with the operation of the Project. Such
reimbursement shall be limited to the actual cost of goods, services and
materials used for or by the Project, and in no event shall such cost exceed the
cost of such items if supplied by persons or entities other than the Agent or
its affiliates. Such reimbursement shall not include reimbursement for costs of
services rendered by employees who are not employed in the operation of the
Project (except that employees servicing more than one property (whether or not
owned by the Owner) may have their costs prorated based upon the respective
number of units or square footage in each property), or other expenses for which
managing agents of real estate would not customarily receive reimbursement in
addition to stated compensation.

   17.   INDEMNIFICATION BY THE OWNER. The Owner shall indemnify and hold
harmless the Agent from all liability, claims, damages or loss arising out of
the performance of its duties hereunder, and related expenses, including
reasonable attorneys' fees, to the extent such liability, claims, damages or
losses and related expenses are not fully reimbursed by insurance; provided,
however, that the Agent shall be entitled to indemnification, under this Section
17, only if the Agent, in connection with any liability, damages, claim or loss
for which it seeks indemnity, acted in a manner which would not constitute gross
negligence or willful misfeasance.

   18.   INDEMNIFICATION BY THE AGENT. The Agent shall indemnify and hold
harmless the Owner from contract or other liability, claims, damages, losses and
related expenses, including attorneys' fees, to the extent that such liability,
claims, damages, losses and related expenses are not fully reimbursed by
insurance and are incurred by the Owner by reason of the Agent's deliberate
dishonesty or gross negligence.

   19.   RIGHT TO ASSIGN. The Agent may assign some or all of its rights or
obligations under this Agreement, provided that the Agent remains principally
responsible hereunder, and the Owner is given notice of such assignment. The
Owner may assign its rights and obligations under this Agreement to any
successor in title to the Property, and upon any such assignment, the Owner
shall be relived of all liability accruing after the effective date of such
assignment.

   20.   TERM OF AGREEMENT.  This agreement shall be in effect for a period
commencing on the date hereof. This agreement may be terminated, without
penalty, by written notice of either party to the other as of the end of
any calendar month, provided at least thirty (30) days advance notice
thereof is given.

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   IN WITNESS WHEREOF, the parties hereto (by their duly authorized
representatives) have executed this Agreement as of the date first above
written.

OWNER:                                      AGENT:

                                            BRI OP LIMITED PARTNERSHIP
DOH,Inc.                                    By:  Berkshire Apartments, L.L.C.,
                                            its general partner

By: /s/ David C. Quade                      By: /s/ Tom Austin
    -------------------------                   -----------------------
    David C. Quade                              Tom Austin
    Executive Vice President                    Vice President

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