FORM 8-K - CURRENT REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 22, 1999
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
(Exact name of registrant as specified in its charter)
California 0-11723 94-2883067
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification Number)
incorporation)
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(Registrant's telephone number)
(864) 239-1000
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
Consolidated Capital Institutional Properties/2 (the "Partnership" or
"Registrant") was formed for the benefit of its limited partners to lend funds
to Consolidated Capital Equity Partners/2 ("CCEP/2"). The Partnership loaned
funds to CCEP/2 subject to a nonrecourse note with a participation interest (the
"Master Loan"). As of June 30, 1999, the Partnership's investment in the Master
Loan was approximately $79,537,000, less an allowance for impairment loss of
approximately $29,129,000, for a net balance of approximately $50,408,000.
On September 22, 1999, CCEP/2 sold Towne Center Plaza, one of its properties
located in Santa Ana, CA which secured the Master Loan, to an unaffiliated third
party for net sales proceeds of approximately $11,650,000 after payment of
closing costs. CCEP/2 realized a gain on sale of approximately $5,000,000. The
net proceeds from the sale will be paid to the Registrant as payment on the
Master Loan.
The Registrant is currently evaluating its cash needs to determine what portion
of the funds can be distributed to its partners in the near future.
Item 7. Financial Statements and Exhibits
(c) Exhibits
10.28 Purchase and Sale Contract between Registrant and Colton Real Estate
Group, d/b/a The Colton Company effective September 22, 1999.
SIGNATURE
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.
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
By: ConCap Equities, Inc.
Its General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President and Director
Date: November 16, 1999
