SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) JUNE 2, 1999
PROPERTY RESOURCES FUND VI
(Exact Name of Registrant as Specified in its Charter)
CALIFORNIA 2-77330 94-2838890
State or other jurisdiction Commission File IRS Employer
of incorporation or organization Number Identification
Number
777 MARINER'S ISLAND BLVD., SAN MATEO, CA 94404
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (650) 312-3000
ITEM 2: DISPOSITION OF ASSETS.
Clearlake Village Apartments
Houston, Texas
On June 2, 1999, pursuant to a contract entered into on November 30, 1998,
Property Resources Fund VI (the "Registrant") sold the Clearlake Village
Apartments, located in Houston, Texas (the "Property").
The Property was sold for all cash at a gross price of $3,575,000. The
unaffiliated purchaser was CLV Apartments, L.P., a Texas limited partnership
("Buyer"). A real estate brokerage commission of $72,000.00 was paid to CB
Commercial Real Estate Group, Inc., an unaffiliated real estate broker
retained by the Registrant under a listing agreement dated January 27, 1998.
The Registrant purchased the Property in August of 1982. The total all cash
cost of the Property (including closing costs and acquisition fees) was
$4,895,000.
THE PROCEEDS TO THE REGISTRANT FROM THE SALE ARE AS FOLLOWS:
Sales Price $3,575,000
Less:
Brokerage Commissions 72,000
Closing Costs & Transfer Taxes 41,000
Secured First Mortgage 2,111,000
Closing Pro-rations 42,000
Net Cash Proceeds to $1,309,000
the Registrant
There was no material relationship between the Buyer and the Registrant or
any of the affiliates, directors or officers of the Registrant or the General
Partner or any associate of any director or officer of the Registrant or the
General Partner.
ITEM 7: PRO FORMA FINANCIAL INFORMATION
Pro Forma Financial Information is not included in this report, and will be
filed by amendment within sixty (60) days from the date of this report.
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 heretofore duly authorized.
Dated: June 18, 1999 PROPERTY RESOURCES FUND VI
BY: /s/ David P. Goss
David P. Goss
President
