SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 1, 1998
America First Apartment Investors, L.P.
(Exact name of registrant as specified in its charter)
Delaware 0-20737
(State of Formation) (Commission File Number)
47-0797793
(IRS Employer Identification Number)
Suite 400, 1004 Farnam Street
Omaha, Nebraska 68102
(Address of principal executive offices) (Zip Code)
(402) 444-1630
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets. On May 1, 1998, America First
Apartment Investors, L.P. (the Partnership), a Delaware limited partnership,
sold its $18,755,000 principal amount Washington State Housing Finance
Commission Multifamily Housing Mortgage Revenue Note (Sunpointe Apartment
Project) Series 1987 (the "Bond") to Bay Apartment Communities, Inc., a
Maryland corporation ("Buyer"). The Bond was collateralized by a first
mortgage on a multifamily housing apartment complex named Avalon Ridge located
in Renton, Washington. Buyer paid a total purchase price of $18,755,000 plus
accrued interest pursuant to a Purchase and Sale Agreement dated February 24,
1998 by an among the Partnership, the Buyer and Sunpointe Associates Limited
Partnership, a Washington limited partnership which owns the property. The
purchase price was determined in arm's-length negotiations. There is no
material relationship between the Buyer and the Partnership or any of its
affiliates, directors or officers or any associate of any of its directors or
officers.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
None
(b) Pro Forma Financial Information. Pro forma financial statements for the
Partnership will be filed as an amendment to this form.
(c) Exhibits. The following exhibits are filed with this amendment. Each
exhibit number refers to the numbers in Item 601 of Regulation S-K of
exhibits applicable to Form 8-K.
(2) Plan of Acquisition, reorganization, arrangement, liquidation or
succession.
2.1 Purchase and Sale Agreement and Escrow Instructions entered into
as of February 24, 1998 by an among Sunpointe Associates Limited
Partnership, a Washington limited partnership, America First
Apartment Investors, L.P., a Delaware Limited Partnership, and
Bay Apartment Communities, Inc., a Maryland corporation.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
AMERICA FIRST APARTMENT
INVESTORS, L.P.
By America First Capital Associates
Limited Partnership Four, General Partner
of the Registrant
By America First Companies L.L.C, General
Partner of America First Capital
Associates Limited Partnership Four
By /s/ Michael Thesing
Michael Thesing, Vice President and
Principal Financial Officer
May 1, 1998
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