SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 22, 1996
BALCOR REALTY INVESTORS - 83
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Exact Name of Registrant
Illinois 0-11805
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State or other jurisdiction Commission file number
2355 Waukegan Road
Suite A200
Bannockburn, Illinois 36-3189175
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Address of principal I.R.S. Employer
executive offices Identification
Number
60015
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Zip Code
Registrant's telephone number, including area code:
(847) 267-1600
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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Eagle Crest Apartments, Phase I
As previously reported in the Partnership's Current Report on Form 8-K dated
April 23, 1996 and Report on Form 10-Q for the quarter ended March 31, 1996, on
April 23, 1996, the joint venture which owns Eagle Crest Apartments, Phase I,
Irving, Texas, contracted to sell the property for a sale price of $9,270,000.
On May 22, 1996, the purchaser exercised its option to terminate the agreement
of sale and a closing of the sale will not occur. Pursuant to the agreement of
sale, the $300,000 in earnest money previously deposited and interest accrued
thereon will be returned to the purchaser.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) FINANCIAL STATEMENTS AND EXHIBITS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
(2) Notice of Disapproval relating to the sale of the Eagle
Crest apartment complex, Phase I, Irving, Texas.
No information is required under Items 1, 3, 4, 5, 6 and 8 and these items
have, therefore, been omitted.
<PAGE>
Signature
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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.
BALCOR REALTY INVESTORS-83
By: Balcor Partners-XIII, an Illinois
general partnership, its general
partner
By: RGF-Balcor Associates-II, an
Illinois general partnership, a partner
By: The Balcor Company,
a Delaware corporation,
a partner
By: /s/ Jerry M. Ogle
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Jerry M. Ogle, Vice President
and Secretary
Dated: June 6, 1996
<PAGE>
NOTICE OF DISAPPROVAL
May 22, 1996
VIA FACSIMILE AND
CERTIFIED MAIL
Irving Associates The Balcor Company Daniel J. Perlman, Esq.
c/o The Balcor Company 2355 Waukegan Road Katten Muchin & Zavis
2355 Waukegan Road Suite A200 Suite 2100
Suite A200 Bannockburn, Illinois Chicago, Illinois
Bannockburn, Illinois 60015 60661
60015 Attn.: Al Lieberman
Attn.: Ilona Adams
Re: Agreement of Sale, dated as of the 23rd day of April, 1996
(the "Agreement") between Irving Associates, as Seller, and
ERP Operating Limited Partnership, as Purchaser, for the
purchase of Eagle Crest II Apartments, Irving, Texas
(the "Property").
Dear Ms. Adams and Messrs. Lieberman and Perlman:
Pursuant to Section 17(C) of the Agreement, we hereby give you notice that
we disapprove the Documents and the condition of the Property and as the
Property is unsuitable for our purposes, we are hereby terminating the
Agreement and all rights and obligations of the Seller and Purchaser
thereunder. By execution of this Notice of Disapproval, we are hereby
authorizing and directing Commonwealth Land Title Insurance Company, as Escrow
Agent, to disburse the Earnest Money, plus all accrued interest, to us.
Accompanying Mr. Perlman's Notice of Disapproval are copies of the Reports
Purchaser received during the Approval Period and relating to the Property, the
return of which are required by Section 17(C) of the Agreement. To the extent
that we have not yet received a copy of any Report ordered during the Approval
Period, we will remit to Mr. Perlman a copy of such Report promptly following
our receipt of it.
ERP OPERATING LIMITED PARTNERSHIP,
an Illinois limited partnership
By: Equity Residential Properties Trust,
a Maryland Real Estate Investment
Trust, its general partner
By: /s/ Bruce C. Strohm
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Bruce C. Strohm
Executive Vice President
Enclosure(s)
