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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
-----------------------------
BALCOR REALTY INVESTORS LTD.--82
(Name of Subject Company)
METROPOLITAN ACQUISITION VII, L.L.C.
MAP VII ACQUISITION CORPORATION
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
-----------------------------
JOHN K. LINES, ESQ.
GENERAL COUNSEL AND SECRETARY
INSIGNIA FINANCIAL GROUP, INC.
ONE INSIGNIA FINANCIAL PLAZA
GREENVILLE, SOUTH CAROLINA 29602
(803) 239-1675
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)
-----------------------------
COPY TO:
JOHN A. HEALY, ESQ.
ROBERT E. KING, JR., ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
-----------------------------
Index to Exhibits Located at Page 4
<PAGE> 2
This Amendment No. 2 amends and supplements the Tender Offer Statement
on Schedule 14D-1 originally filed with the Commission on March 11, 1996, as
amended by Amendment No. 1 filed with the Commission on April 2, 1996 (the
"Schedule") by Metropolitan Acquisition VII, L.L.C. (the "Purchaser"), MAP VII
Acquisition Corporation and Insignia Financial Group, Inc., relating to the
tender offer of the Purchaser to purchase up to 22,240 of the outstanding
limited partnership interests ("Interests") of Balcor Realty Investors
Ltd.--82, an Illinois limited partnership, at $125.00 per Interest, net to the
seller in cash, upon the terms and subject to the conditions set forth in the
Offer to Purchase dated March 11, 1996 and the related Assignment of
Partnership Interest (copies of which were filed as Exhibits (a)(2) and (a)(3),
respectively, to the Schedule). Unless the context otherwise requires,
capitalized terms used but not defined in this Amendment No. 2 have the
meanings ascribed to them in the Schedule.
Item 10 of the Schedule is hereby amended and supplemented to include
the following information.
ITEM 10. ADDITIONAL INFORMATION.
(f) The Offer has been extended to 5:00 p.m., New York time, on
Friday, April 12, 1996. On Monday, April 8, 1996, the Purchaser issued a press
release announcing such extension and reporting that approximately 2,867
Interests had been tendered pursuant to the Offer as of the close of business
on April 8, 1996. A copy of the press release has been filed as Exhibit (a)(5)
to this Amendment No. 2 and is incorporated herein by reference in its
entirety.
Item 11 of the Schedule is hereby supplemented to include the exhibits
listed below.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a)(5) Text of press release issued by the Purchaser on April 8, 1996.
(f)(1) Excerpts from the report, dated November 27, 1995, of Alex. Brown &
Sons Incorporated.
2
<PAGE> 3
SIGNATURES
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 8, 1996
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By: /s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
-----------------------------------
Frank M. Garrison
Executive Managing Director
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
(a)(5) Text of press release issued by the Purchaser on April 8, 1996.
(f)(1) Excerpts from the report, dated November 27, 1995, of Alex. Brown & Sons Incorporated.
</TABLE>
4
<PAGE> 1
EXHIBIT 99.(a)(5)
METROPOLITAN ACQUISITION VII, L.L.C.
One Insignia Financial Plaza
Greenville, SC 29602
FOR IMMEDIATE RELEASE
INSIGNIA AFFILIATE EXTENDS TENDER OFFERS FOR LIMITED
PARTNERSHIP INTERESTS IN EIGHT BALCOR LIMITED PARTNERSHIPS
GREENVILLE, SOUTH CAROLINA, April 8, 1996 - Metropolitan Acquisition
VII, L.L.C. today announced that it has extended the expiration date of its
outstanding tender offers for limited partnership interests in the following
partnerships: Balcor Realty Investors Ltd. -- 82, Balcor Realty Investors --
83, Balcor Realty Investors -- 84, Balcor Realty Investors 85 -- Series I,
Balcor Realty Investors 85 -- Series III, Balcor Realty Investors 86 -- Series
I, Balcor Equity Properties Ltd. -- VIII, and Balcor Equity Properties -- XII.
The expiration date for each tender offer has been extended to 5:00 p.m., New
York time, on Friday, April 12, 1996. The offers were previously scheduled to
expire at midnight on Friday, April 5, 1996.
Metropolitan reported that as of the close of business on April 5,
1996, approximately 2,867 interests had been tendered pursuant to the BRI 82
offer, approximately 3,163 interests had been tendered pursuant to the BRI 83
offer, approximately 7,064 interests had been tendered pursuant to the BRI 84
offer, approximately 2,272 interests had been tendered pursuant to the BRI
85-I offer, approximately 2,362 interests had been tendered pursuant to the
BRI 85-III offer, approximately 1,452 interests had been tendered pursuant to
the BRI 86-I offer, approximately 1,362 interests had been tendered pursuant to
the BEP VIII offer, and approximately 2,346 interests had been tendered
pursuant to the BEP XII offer.
Metropolitan is a newly-formed Delaware limited liability company. The
managing member of Metropolitan is a wholly-owned subsidiary of Insignia
Financial Group, Inc. (NYSE: IFS). For further information, please contact
either The Herman Group, Inc. at (800) 647-2543 or Beacon Hill Partners, Inc. at
(800) 253-3814, which are acting as Information Agents for the offers.
# # #
<PAGE> 1
BALCOR
BRI-82
LIMITED PARTNERSHIP VALUATION SUMMARY
<TABLE>
<CAPTION>
BALANCE SHEET RECAP WORKING CAPITAL AT SALE DATE
- ------------------- ----------------------------
($000's) 4TH QRT 1995 BALCOR
09/30/95 1995 PROJECTION
-------- -----------------------
<S> <C> <C> <C> <C>
Current Assets: Cash Flow Activity:
Cash & Equivalents 3,333 Op cash flow thru sale date 234 934 use 1/4 of Balcor's estimate for 1995
Restr Investment 1,230 Sale proceeds none in 4th quarter
Escrow Deposits 684 Refinance proceeds none in 4th quarter
Accounts Receivable 9 Collateral activity incl in beg working capital
Prepaid Expenses 109 Other cash receipt/pmt incl in beg working capital
Other 0 Distributions (1,965) use actual 4th quarter distribution
----- -------------
5,365 (1,732) 934
Current Liabilities: 9/30/95 Working Capital 4,692
Accounts Payable 112 Sale Date Working Capital 2,961
Due to Affiliates 20
Accrued Liabilities 407
Security Deposits 134
Other 0
-----
673
-----
Net Working Capital 4,692
=====
Mortgage N/P - Affiliate 0
Mortgage N/P 23,708
<CAPTION>
LIQUIDATION VALUE
- -----------------
CAP SALES COST OF DEBT NET SALES BRI-82 PREPMT NET SALES BRI-82
PROPERTY RATE VALUE SALE PAYOFF PROCEEDS SHARE PENALTY PROCEEDS SHARE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Songbird 10.00 10,226 (205) (7,104) 2,917 2,917 (690) 2,227 2,227
Eagles Pointe 10.75 9,888 (198) (7,187) 2,503 2,503 (644) 1,880 1,880
Balcones Woods 10.25 15,931 (319) (9,310) 6,303 6,303 (905) 5,398 5,398
------ ----- ------- ------ ------ ------ ----- ------
Totals 36,045 (721) (23,601) 11,723 11,723 (2,239) 9,484 9,484
Working Capital Balance 2,961 2,961
------ ------
Total Liquidation Proceeds 14,684 12,445
GP Share Proceeds 0 0% 0
LP Share Proceeds 14,684 100% 12,445
Per Unit ($) 198 74,133 units 168
% of Original Capital 20% $1,000 original 17%
unit cost
</TABLE>
<PAGE> 2
BALCOR
BRI-82
ASSET VALUATION SUMMARY
<TABLE>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Songbird Date of Sale 12/31/95
Location San Antonio, TX Repl Res per unit 300
Type Apartments Cap Rate 10.00
Constructed 1981 Income Growth 3.0%
Units 262 Expense Growth 3.3%
Ownership % 100%
12/95 Debt Balance 7,104 Asset Mgr Reid Reynolds 708-317-4395
Prepayment Penalty 690 mly Brkr Contact Bob Wandrisco
Property Tax Rate 2.78% Grubb & Ellis
210-377-1700
OPERATING RESULTS
- -----------------
($000's)
<CAPTION>
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,702 1,802 1,867 1,528 1,834 1,889
Service Income 31 22 25 12 14 15
Other Income 15 19 12 12 14 15
----- ----- ----- ----- ----- -----
Total Income 1,748 1,843 1,904 1,552 1,862 1,918
Income Growth 5.4% 3.3% -2.2% 3.0% PER UNIT
--------
Operating Expenses 412 482 482 395 474 489 1,888
Expense Growth 17.0% 0.0% 85 -1.7% 3.3%
Property Taxes 226 253 245 316 379 284 1,085
Insurance 21 53 42 51 42 43 166
----- ----- ----- ----- ----- -----
Total Expenses 659 788 769 827 895 817
----- ----- ----- ----- ----- -----
Net Operating Income 1,089 1,055 1,135 725 967 1,101
Capital Expenditures 210 215 117 133
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 79
NOI for cap rate valuation 1,023
Valuation Conclusion 10,226 10,226
Cost of Sale (2%) (205) (205)
Prepayment Penalty (690)
Mortgage Payoff (7,104) (7,104)
------ ------
Net Sales Proceeds 2,917 2,227
====== ======
BRI-82 Sales Proceeds 2,917 2,227
COMP ANALYSIS
- -------------
<CAPTION>
PER UNIT
PROPERTY # UNITS SALE DATE PRICE COMMENTS
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Songbird 262 Dec-95 10,226 39
Dublin Square 158 Mar-95 6,500 41
Shallow Creek 208 Jan-95 6,090 29
Winridge 276 Oct-94 8,400 30
Wellington Place 269 Sept-94 10,300 38
Wolf Run 216 Jun-94 6,365 29
</TABLE>
<PAGE> 3
BALCOR
BRI-82
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Eagles Pointe Date of Sale 12/31/95
Location Atlanta, GA Repl Res per unit 450
Type Apartments Cap Rate 10.75
Constructed 1977 Income Growth 3.0%
Units 252 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 7,187 Asset Mgr Michael Becker 708-317-4305
Prepayment Penalty 644 mly Brkr Contact Kelly T. Lindsley
Property Tax Rate 1.48% The Worthing Companies
404-399-6279
<CAPTION>
OPERATING RESULTS
- -----------------
($000's)
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,581 1,824 1,908 1,638 1,966 2,025
Service Income 26 23 20 14 17 17
Other Income 37 41 42 39 47 48
----- ----- ----- ----- ----- -----
Total Income 1,644 1,888 1,970 1,691 2,029 2,090
Income Growth 14.8% 4.3% 3.0% 3.0% PER UNIT
--------
Operating Expenses 692 671 619 575 690 711 2,820
Expense Growth -3.0% -7.7% 11.5% 3.0%
Property Taxes 243 122 128 62 74 146 581
Insurance 22 69 55 73 55 57 225
----- ----- ----- ----- ----- -----
Total Expenses 957 862 802 710 820 914
----- ----- ----- ----- ----- -----
Net Operating Income 687 1,026 1,168 981 1,210 1,176
Capital Expenditures 546 297 189 153
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 113
NOI for cap rate valuation 1,063
Valuation Conclusion 9,888 9,888
Cost of Sale (198) (198)
Prepayment Penalty (644)
Mortgage Payoff (7,187) (7,187)
------ ------
Net Sales Proceeds 2,503 1,860
====== ======
BRI-82 Share of Proceeds 2,503 1,860
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Eagles Pointe 252 Dec-95 9,888 39
Windsor Pointe 220 Jun-94 7,175 33
Brookwood Park 220 May-94 7,025 32
Woodhill 508 Sept-93 16,000 31
</TABLE>
<PAGE> 4
BALCOR
BRI-82
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Balcones Woods Date of Sale 12/31/95
Location Austin, TX Repl Res per unit 400
Type Apartments Cap Rate 10.25
Constructed 1983 Income Growth 3.0%
Units 384 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 9,310 Asset Mgr Don Price 708-317-439
Prepayment Penalty 905 mly Brkr Contact Bob Wandrisco
Property Tax Rate 2.51% Grubb & Ellis
210-377-1700
OPERATING RESULTS
- -----------------
($000's)
<CAPTION>
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 OCT-95 OCT-95 PROFORMA
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 2,305 2,484 2,622 2,255 2,706 2,787
Service Income 37 32 26 23 28 28
Other Income 488 403 445 386 463 477
----- ----- ----- ----- ----- -----
Total Income 2,830 2,919 3,093 2,664 3,197 3,293
Income Growth 3.1% 8.0% 3.4% 3.0% PER UNIT
--------
Operating Expenses 978 1,073 1,047 850 1,020 1,051 2,736
Expense Growth 9.7% -2.4% -2.6% 3.0%
Property Taxes 229 248 256 263 316 400 1,041
Insurance 24 73 54 69 54 56 145
----- ----- ----- ----- ----- -----
Total Expenses 1,231 1,394 1,357 1,182 1,390 1,506
----- ----- ----- ----- ----- -----
Net Operating Income 1,599 1,525 1,736 1,482 1,807 1,787
Capital Expenditures 464 489 178 147
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 154
NOI for cap rate valuation 1,633
Valuation Conclusion 15,931 15,931
Cost of Sale (2%) (319) (319)
Prepayment Penalty (905)
Mortgage Payoff (9,310) (9,310)
------ ------
Net Sales Proceeds 6,303 5,398
====== ======
BRI-82 Share of Proceeds 6,303 5,398
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT COMMENTS
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balcones Woods 384 Dec-95 15,931 41
Hills West 329 Apr-95 11,850 36
Cimmarron Crossing 160 Feb-95 5,925 37
</TABLE>
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