<PAGE> 1
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) August 15, 1997
-------------------------------
TARRAGON REALTY INVESTORS, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 0-8003 94-2432628
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
3100 Monticello, Suite 200, Dallas, Texas 75205
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 599-2200
-----------------------------
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On August 15, 1997, Tarragon Realty Investors, Inc., (the "Company") purchased
Park 20 West Office Park (the "Property") for $3.5 million. The purchase price
was based on an estimated capitalization rate of approximately 16%. The
Property consists of ten buildings, eight of which are single story, comprising
68,535 square feet and is located in Tallahassee, Florida. Two of the buildings
were constructed in the early 1950s, and the remaining buildings were
constructed in 1972. The Property is currently 100% occupied, with 91% of the
total square footage occupied by three tenants: General Dynamics, Tallahassee
Community College, and the State of Florida Department of Corrections. The
Property was purchased from Adar Realty Company, a New York general partnership
which has no other relationship to the Company.
A portion of the purchase price was financed through a $648,000 loan to the
Company from Tarragon Realty Advisors, Inc. ("Tarragon"), the Company's advisor.
The loan from Tarragon bears interest at prime plus 1% per annum and matures in
December 1997. A portion of the purchase price was financed through the
assumption of an existing first mortgage loan in the amount of $1.9 million held
by Mellon Mortgage Company. The mortgage loan bears interest at 8.68% per annum,
is payable in monthly installments of principal and interest of $17,585, and
matures in March 2006. The cash portion of the purchase price totaling $882,000
was funded by the Company's cash on hand. In connection with the acquisition,
the Trust will pay an acquisition fee of $34,550 to Tarragon.
The $3.5 million purchase price exceeds 10% of the Trust's consolidated assets
at November 30, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of property acquired.
At this time, it is impracticable to provide the financial statements required
by Regulation S-X. Such financial statements shall be filed as an amendment to
this form within sixty (60) days of the date hereof.
(b) Pro forma financial information.
At this time, it is impracticable to provide the pro forma financial
information required by Regulation S-X. Such financial statements shall be
filed as an amendment to this form within sixty (60) days of the date hereof.
-1-
<PAGE> 3
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 hereunto duly authorized.
TARRAGON REALTY INVESTORS, INC.
(Registrant)
By: /s/ Robert C. Irvine
-----------------------------------
Robert C. Irvine
Executive Vice President and
Chief Financial Officer
DATED: September 2, 1997
-2-
