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Previous: REAL ESTATE ASSOCIATES LTD V, 10-K405, 1996-04-09 |
Next: FIRST MERCHANTS CORP, S-4, 1996-04-09 |
<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--83
(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 22,501 of the outstanding
limited partnership interests ("Interests") of Balcor Realty Investors--83, an
Illinois limited partnership, at $225.00 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 3,163
Interests has 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 9, 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-83
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 7,466 Op cash flow thru sale date 426 1,703 use 1/4 of Balcor's estimate for 1995
Restr Investment 0 Sale proceeds none in 4th quarter
Escrow Deposits 1,447 Refinance proceeds none in 4th quarter
Accounts Receivable 262 Collateral activity incl in beg working capital
Prepaid Expenses 292 Other cash receipt/pmt none in 4th quarter
Other 0 Distributions (5,363) use actual 4th quarter distribution
----- ---------------
9,467 (4,937) 1,703
Current Liabilities: 9/30/95 Working Capital 8,261
Accounts Payable 180 Sale Date Working Capital 3,324
Due to Affiliates 25
Accrued Liabilities 741
Security Deposits 260
Other 0
-----
1,206
-----
Net Working Capital 8,261
=====
Mortgage N/P - Affiliate 734 *
Mortgage N/P 45,836
* secured by and incl in Debt Payoff of Walnut Ridge II
LIQUIDATION VALUE
- -----------------
<CAPTION>
CAP SALE COST OF DEBT NET SALES BRI-83 PREPMT NET SALES BRI-83
PROPERTY RATE VALUE SALE PAYOFF PROCEEDS SHARE PENALTY PROCEEDS SHARE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Springs Pointe 9.75 19,623 (392) (10,923) 8,307 8,307 0 8,307 8,307
Eagle Crest I 11.00 8,814 (176) (7,144) 1,494 1,494 (1,364) 130 130
Desert Sands 9.75 13,698 (274) (9,052) 4,372 4,372 0 4,372 4,372
Deer Oaks 10.00 7,689 (154) (4,784) 2,751 2,751 (395) 2,356 2,356
Sandridge II 10.50 4,433 (89) (2,973) 1,371 1,371 (464) 907 907
Walnut Ridge I 10.50 8,524 (170) (5,768) 2,586 2,586 (903) 1,683 1,683
Walnut Ridge II 10.50 7,774 (155) (5,612) 2,006 2,006 (634) 1,373 1,373
North Cove - SOLD 1995
----- ------ ------- ------- ------ ------ ------ ------ ------
Totals 70,555 (1,411) (46,256) 22,888 22,888 (3,760) 19,127 19,127
Working Capital Balance 3,324 3,324
------ ------
Total Liquidation Proceeds 26,211 22,451
GP Share Proceeds 0 0% 0
LP Share Proceeds 26,211 100% 22,451
Per Unit ($) 349 75,005 units 229
% of Original Capital 35% $1,000 original unit cost 30%
</TABLE>
<PAGE> 2
BALCOR
BRI-83
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Spings Pointe Date of Sale 12/31/95
Location Las Vegas, NV Repl Res per unit 400
Type Apartment Cap Rate 9.75
Constructed 1984 Income Growth 3.0%
Units 484 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 10,923 Asset Mgr Don Price
Prepayment Penalty none Brkr Contact Kevin Buckley 702-798-9988
Property Tax Rate 0.79%
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 2,780 3,020 3,260 2,601 3,121 3,215
Service Income 33 33 33 31 37 38
Other Income 60 56 55 48 58 59
----- ----- ----- ----- ----- -----
Total Income 2,873 3,109 3,348 2,680 3,216 3,312
Income Growth 8.2% 7.7% 3.9% 3.0% PER UNIT
--------
Operating Expenses 818 898 936 815 978 1,007 2,061
Expense Growth 9.5% 4.2% 4.5% 3.0%
Property Taxes 142 145 147 117 140 155 320
Insurance 32 90 42 88 42 43 89
----- ----- ----- ----- ----- -----
Total Expenses 992 1,133 1,125 1,020 1,160 1,206
----- ----- ----- ----- ----- -----
Net Operating Income 1,881 1,976 2,223 1,660 2,056 2,107
Capital Expenditures 61 217 218 170
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 194
NOI for cap rate valuation 1,913
Valuation Conclusion 19,623 19,623
Cost of Sale (2%) (392) (392)
Prepayment Penalty 0
Mortgage Payoff (10,923) (10,923)
------ ------
Net Sales Proceeds 8,307 8,307
====== ======
BRI-83 Share of Proceeds 8,307 8,307
COMP ANALYSIS
- -------------
<CAPTION>
PER UNIT
PROPERTY # UNITS SALE DATE PRICE COMMENTS
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Springs Pointe 484 Dec-95 19,623 41
Sandy Lakes 144 Apr-95 4,350 30
Roman Villas 209 May-95 7,000 33 1974 construction
Lake Sahara 296 Mar-95 8,718 29
Anchor Village 898 Oct-94 39,250 44 good comp, 2 years newer than subject
</TABLE>
<PAGE> 3
BALCOR
BRI-83
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Desert Sands Date of Sale 12/31/95
Location Phoenix, AZ Repl Res per unit 400
Type Apartment Cap Rate 9.75
Constructed 1982 Income Growth 6.5%
Units 412 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 9,052 Asset Mgr Don Price
Prepayment Penalty none Brkr Contact Marc Hulsken, G&E,
Property Tax Rate 1.29% 602-954-9000
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 1,868 2,078 2,257 1,922 2,306 2,456
Service Income 33 21 21 15 18 19
Other Income 31 39 34 41 49 52
----- ----- ----- ----- ----- -----
Total Income 1,932 2,138 2,312 1,978 2,374 2,528
Income Growth 10.7% 8.1% 2.7% 6.5% PER UNIT
--------
Operating Expenses 677 723 761 635 762 785 1,905
Expense Growth 6.5% 5.3% 0.1% 3.0%
Property Taxes 145 114 126 117 140 177 429
Insurance 29 80 64 79 64 66 160
----- ----- ----- ----- ----- -----
Total Expenses 851 917 951 831 966 1,028
----- ----- ----- ----- ----- -----
Net Operating Income 1,081 1,221 1,361 1,147 1,407 1,500
Capital Expenditures 131 252 236 208
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 165
NOI for cap rate valuation 1,336
Valuation Conclusion 13,698 13,698
Cost of Sale (2%) (274) (274)
Prepayment Penalty 0
Mortgage Payoff (9,052) (9,052)
------ ------
Net Sales Proceeds 4,372 4,372
====== ======
BRI-83 Share of Proceeds 4,372 4,372
COMP ANALYSIS
- -------------
<CAPTION>
PER UNIT
PROPERTY # UNITS SALE DATE PRICE COMMENTS
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Desert Sands 412 Dec-95 13,698 33
Paradise North 138 Dec-94 3,700 27 property is 100% 2 bedrooms
Mountain View Casitas 146 Sep-94 6,123 42 similar location, superior curb appeal
Rancho Encanto 144 Aug-94 3,900 27
Rancho Mirage 856 Apr-94 22,500 26 similar product, but different mkt conditions
</TABLE>
<PAGE> 4
BALCOR
BRI-83
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Deer Oaks Date of Sale 12/31/95
Location San Antonio, TX Repl Res per unit 200
Type Apartments Cap Rate 10.0
Constructed 1982 Income Growth 3.0%
Units 244 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 4,784 Asset Mgr Reid Reynolds
Prepayment Penalty 395 mly Brkr Contact Bob Wandrisco
Property Tax Rate 2.78%
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 1,234 1,342 1,405 1,149 1,379 1,420
Service Income 28 21 22 19 23 23
Other Income 18 19 21 22 26 27
----- ----- ----- ----- ----- -----
Total Income 1,280 1,382 1,448 1,190 1,428 1,471
Income Growth 8.0% 4.8% -1.4% 3.0% PER UNIT
--------
Operating Expenses 332 359 385 328 394 405 1,662
Expense Growth 0.1% 7.2% 2.2% 3.0%
Property Taxes 166 176 183 193 232 214 876
Insurance 15 41 33 42 33 34 139
----- ----- ----- ----- ----- -----
Total Expenses 513 576 601 563 658 653
----- ----- ----- ----- ----- -----
Net Operating Income 767 806 847 627 770 818
Capital Expenditures 106 136 135 141
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 49
NOI for cap rate valuation 769
Valuation Conclusion 7,689 7,689
Cost of Sale (2%) (154) (154)
Prepayment Penalty (395)
Mortgage Payoff (4,784) (4,784)
------ ------
Net Sales Proceeds 2,751 2,356
====== ======
BRI-83 Share of Proceeds 2,751 2,356
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Deer Oaks 244 Dec-95 7,689 32
Dublin Square 158 Mar-95 6,500 42
Shallow Creek 208 Jan-95 6,090 29
Winridge 276 Oct-94 8,400 30
Wellington 269 Sept-94 10,300 38
Wolfe Run 216 Jun-94 6,385 29
</TABLE>
<PAGE> 5
BALCOR
BRI-83
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Eagle Crest I Date of Sale 12/31/95
Location Irving, TX Repl Res per unit 200
Type Apartment Cap Rate 11.0
Constructed 1983 Income Growth 3.0%
Units 296 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 7,144 Asset Mgr Beth Goldstein
Prepayment Penalty 1,364 mly Brkr Contact Ron Belanger-Grubb & Ellis
Property Tax Rate 2.55%
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 1,687 1,718 1,793 1,505 1,806 1,860
Service Income 44 40 38 26 31 32
Other Income 31 34 34 38 46 47
----- ----- ----- ----- ----- -----
Total Income 1,762 1,792 1,865 1,569 1,883 1,939
Income Growth 1.7% 4.1% 0.9% 3.0% PER UNIT
--------
Operating Expenses 545 607 613 518 622 640 2,163
Expense Growth 11.4% 1.0% 1.4% 3.0%
Property Taxes 209 196 209 188 226 225 759
Insurance 17 56 44 57 44 45 153
----- ----- ----- ----- ----- -----
Total Expenses 771 859 866 763 891 910
----- ----- ----- ----- ----- -----
Net Operating Income 991 933 999 806 991 1,029
Capital Expenditures 89 176 122 98
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 59
NOI for cap rate valuation 970
Valuation Conclusion 8,814 8,814
Cost of Sale (176) (176)
Prepayment Penalty (1,364)
Mortgage Payoff (7,144) (7,144)
------ ------
Net Sales Proceeds 1,494 130
====== ======
BRI-83 Share of Proceeds 1,494 130
COMP ANALYSIS
- -------------
<CAPTION>
Property # Units Sale Date Price Per Unit
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Eagle Crest I 296 Dec-95 8,814 30
Valley Creek Village 380 under contr 12,000 32
Country Club Villa 256 Aug-94 5,260 21
Meadows on Northgate 260 July-94 8,114 31
Newport 308 June-94 9,650 31
Hidden Ridge 334 July-94 12,800 38
Haystack 256 under contr 5,500 21
</TABLE>
<PAGE> 6
BALCOR
BRI-83
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C> <C> <C>
Property Name Sandridge II Date of Sale 12/31/95
Location Pasadena, TX Repl Res per unit 400
Type Apartments Cap Rate 10.50
Constructed 1982 Income Growth 1.5%
Units 196 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 2,973 Asset Mgr Reid Reynolds
Prepayment Penalty 464 mly Brkr Contact Greg Austin
Property Tax Rate 2.84%
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 1,010 1,030 1,052 883 1,060 1,075
Service Income 10 12 11 6 7 7
Other Income 21 21 21 13 16 16
----- ----- ----- ----- ----- -----
Total Income 1,041 1,063 1,084 902 1,082 1,099
Income Growth 2.1% 2.0% -0.1% 1.5%
PER UNIT
--------
Operating Expenses 363 397 381 312 374 386 1,968
Expense Growth 9.4% -4.0% -1.1% 3.0%
Property Taxes 126 135 127 124 149 126 642
Insurance 12 47 42 38 42 43 221
----- ----- ----- ----- ----- -----
Total Expenses 501 579 550 474 565 555
----- ----- ----- ----- ----- -----
Net Operating Income 540 484 534 428 517 544
Capital Expenditures 95 229 68 108
<CAPTION>
VALUE
W/PREPMT
PENALTY
--------
<S> <C> <C>
Replacement Reserve 78
------
NOI for cap rate valuation 465
Valuation Conclusion 4,433 4,433
Cost of Sale (2%) (89) (89)
Prepayment Penalty (464)
Mortgage Payoff (2,973) (2,973)
------ ------
Net Sales Proceeds 1,371 907
====== ======
BRI-83 Share of Proceeds 1,371 907
COMP ANALYSIS
- -------------
<CAPTION>
PROPERTY # UNITS SALE DATE PRICE PER UNIT
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sandridge II 196 Dec-95 4,433 23
Enclave @ South Green 428 Mar-95 14,025 33
Forestree 324 Mar-95 7,581 23
Deer Glen 149 Sept-94 5,300 36
Ashwood 144 Aug-94 3,100 22
Saddle Oaks 222 Jul-94 4,450 20
See file for additional prop
</TABLE>
<PAGE> 7
BALCOR
BRI-84
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 368 Op cash flow thru sale date 717 2,867 use 1/4 of Balcor's estimate for 1995
Restr Investment 0 Sale proceeds none in 4th quarter
Escrow Deposits 2,000 Refinance proceeds none in 4th quarter
Accounts Receivable 568 Collateral activity incl in beg working capital
Prepaid Expenses 523 Other cash receipt/pmt incl in beg working capital
Other 0 Distributions 0 use actual 4th quarter distribution
----- ---------------
3,459 717 2,867
Current Liabilities: 9/30/95 Working Capital (5,797)
Accounts Payable 273 Sale Date Working Capital (5,080)
Due to Affiliates 90
Accrued Liabilities 1,390
Security Deposits 560
N/P Affiliate 6,943 unsecured
-----
9,256
-----
Net Working Capital (5,797)
=====
Mortgage N/P - Affiliate 1,853 *
Mortgage N/P 101,803
* secured by properties, incl in Debt Payoff
LIQUIDATION VALUE
- -----------------
<CAPTION>
CAP SALE COST OF DEBT NET SALES BRI-84 PREPMT NET SALES BRI-84
PROPERTY RATE VALUE SALE PAYOFF PROCEEDS SHARE PENALTY PROCEEDS SHARE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Woodland Hills 10.50 6,989 (140) (5,049) 1,800 1,800 (149) 1,651 1,651
Chestnut Ridge II 10.50 4,266 (65) (3,092) 1,091 1,091 (447) 644 644
Chesapeake 10.00 5,815 (116) (5,114) 585 585 (153) 432 432
Sunnyoak Village 10.00 20,822 (416) (13,733) 6,672 6,672 0 6,672 6,672
Somerset Pointe 9.75 18,095 (362) (11,214) 6,519 6,519 0 6,519 6,519
Ridgetree I 10.50 10,274 (205) (9,512) 557 557 (1,539) 0 0
Quail Lakes 10.00 9,257 (185) (7,899) 1,172 1,172 0 1,172 1,172
Creekwood I 10.00 7,514 (150) (5,639) 1,724 1,724 (546) 1,178 1,178
Courtyards of Kendal 10.25 10,676 (214) (9,230) 1,233 1,233 0 1,233 1,233
Chimney Ridge 9.75 13,475 (269) (7,255) 5,950 5,950 (719) 5,231 5,231
Canyon Sands 9.50 13,896 (278) (9,046) 4,572 4,572 0 4,572 4,572
Briarwood Place 11.00 7,769 (155) (6,015) 1,599 1,599 0 1,599 1,599
Antiers 9.75 12,062 (241) (10,174) 1,647 1,647 (726) 921 921
----- ------- ------ -------- ------ ------ ------ ------ ------
Totals 140,912 (2,818) (102,972) 35,122 35,122 (4,279) 31,825 31,825
Working Capital Balance (5,080) (5,080)
------ ------
Total Liquidation Proceeds 30,042 26,745
GP Share Proceeds 0 0% 0
LP Share Proceeds 30,042 100% 26,745
</TABLE>
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