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Previous: CAPITAL CITY BANK GROUP INC, 10-K/A, 1996-04-09 |
Next: UNITED SECURITY BANCORPORATION, DEF 14A, 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--84
(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 42,000 of the outstanding
limited partnership interests ("Interests") of Balcor Realty Investors--84, an
Illinois limited partnership, at $153.00 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 7,064
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 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-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>
<PAGE> 2
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Woodland Hills Date of Sale 12/31/95
Location Irving, TX Repl Res per unit 400
Type Apartment Cap Rate 10.50
Constructed 1984 Income Growth 3.0%
Units 250 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 5,347* [Illegible] Asset Mgr Beth Goldstein
Prepayment Penalty 149 3.00% Brkr Contact Ron Belanger
Property Tax Rate 2.55%
<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>
Net Rental Income 1,364 1,418 1,458 1,254 1,505 1,550
Service Income 23 20 18 11 13 14
Other Income 36 32 32 29 35 36
Total Income 1,423 1,470 1,508 1,294 1,553 1,599
Income Growth 3.3% 2.8% 3.0% 3.0%
per unit
--------------
Operating Expenses 497 511 542 446 535 551 2,205
Expense Growth 2.6% 6.1% 65 -1.3% 3.0%
Property Taxes 156 161 169 173 208 178 713
Insurance 16 47 35 46 35 36 144
Total Expenses 689 719 746 730 778 766
Net Operating Income 754 751 762 564 775 834
Capital Expenditures 106 132 100 69
--------------
Value
Replacement Reserve 100 W/Prepmt
NOI for cap rate valuation 734 Penalty
--------------
Valuation Conclusion 6,989 6,989
Cost of Sale (2%) (140) (140)
Prepayment Penalty (149)
Mortgage Payoff (5,049) (5,049)
Net Sales Proceeds 1,800 1,651
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 1,800 1,651
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Woodland Hills 250 Dec-95 6,989 28
Williams Cove 260 Jul-94 8,114 31
Westgate 258 Aug-94 5,260 21
Trails 224 Sept-94 4,150 19
</TABLE>
<PAGE> 3
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Chestnut Ridge II Date of Sale 12/31/95
Location Ft. Worth, TX Repl Res per unit 400
Type Apartment Cap Rate 10.50
Constructed 1983 Income Growth 3.0%
Units 160 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 4,596 [Illegible] Asset Mgr Beth Goldstein
Prepayment Penalty 447 * Brkr Contact Ron Belanger
Property Tax Rate 3.01%
* locked thru 4/96, used MLY
<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>
Net Rental Income 811 854 877 749 899 926
Service Income 16 13 14 9 11 11
Other Income 17 17 16 18 22 22
Total Income 844 884 907 776 931 959
Income Growth 4.7% 2.6% 2.7% 3.0%
per unit
--------------
Operating Expenses 274 278 295 236 283 292 1,823
Expense Growth 1.5% 6.1% -4.0% 3.0%
Property Taxes 117 108 113 101 121 128 803
Insurance 11 35 26 30 26 27 167
Total Expenses 402 421 434 367 430 447
Net Operating Income 442 463 473 409 501 512
Capital Expenditures 38 52 47 27
--------------
Value
Replacement Reserve 64 W/Prepmt
NOI for cap rate valuation 448 Penalty
--------------
Valuation Conclusion 4,268 4,268
Cost of Sale (2%) (85) (85)
Prepayment Penalty (447)
Mortgage Payoff (3,092) (3,092)
Net Sales Proceeds 1,091 644
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 1,091 644
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Chestnut Ridge II 160 Dec-95 4,268 27
Randol Mill Terrace 340 Feb-94 7,600 22
Huntington 220 Jun-94 1,712 8
Cottonwood Ridge 208 Sept-94 4,900 24
Bentley Square 258 May-95 6,830 26
</TABLE>
<PAGE> 4
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Chesapeake Date of Sale 12/31/95
Location Houston, TX Repl Res per unit 400
Type Apartments Cap Rate 10.00
Constructed 1983 Income Growth 2.5%
Units 320 Expense Growth 2.5%
Ownership % 100%
12/95 Debt Balance 5,114 Asset Mgr Reld Reynolds
Prepayment Penalty 153 3% Brkr Contac Greg Austin
Property Tax Rate 3.84%
<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>
Net Rental Income 1,546 1,601 1,638 1,320 1,584 1,623
Service Income 31 37 38 24 29 30
Other Income 44 45 49 40 48 49
Total Income 1,621 1,683 1,725 1,384 1,660 1,702
Income Growth 3.8% 2.5% -3.7% 2.5%
per unit
--------------
Operating Expenses 581 614 620 566 679 696 2,176
Expense Growth 3.7% 1.0% 9.5% 2.5%
Property Taxes 227 254 255 165 198 223 698
Insurance 26 70 71 66 71 73 227
Total Expenses 834 938 946 797 948 992
Net Operating Income 787 745 778 587 712 710
Capital Expenditures 223 175 115 105
--------------
Value
Replacement Reserve 128 W/Prepmt
NOI for cap rate valuation 582 Penalty
--------------
Valuation Conclusion 5,815 5,815
Cost of Sale (2%) (116) (116)
Prepayment Penalty (153)
Mortgage Payoff (5,114) (5,114)
Net Sales Proceeds 585 432
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 585 432
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit Units Date Per unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Chesapeake 320 Dec-95 5,815 18
Camden Downs 240 Feb-94 3,300 14 Chesnut Park 486 9-93 21
Park Trail 210 Dec-93 4,700 22 Chesnut Park 204 3-94 20
Huntington Green 264 Dec-93 6,575 25
Cinamon Square 128 Jul-94 2,300 18
Apache Springs 296 Jan-94 5,300 18
Cypress Corner 256 Feb-94 4,750 19
</TABLE>
<PAGE> 5
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Sunnyoak Village Date of Sale 12/31/95
Location Overland Park, KS Repl Res per unit 400
Type Apartments Cap Rate 10.00
Constructed 1984 Income Growth 3.0%
Units 548 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 13,733 Asset Mgr Gregg Handrich
Prepayment Penalty none Brkr Contact Walt Clements 816-221-2200
Property Tax Rate 1.31%
<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>
Net Rental Income 3,105 3,271 3,502 2,793 3,352 3,452
Service Income 109 113 102 63 76 78
Other Income 41 47 51 50 60 62
Total Income 3,255 3,431 3,656 2,906 3,487 3,592
Income Growth 5.4% 6.5% -4.6% 3.0%
per unit
--------------
Operating Expenses 770 933 951 735 882 908 1,658
Expense Growth 21.2% 1.9% -7.3% 3.0%
Property Taxes 240 244 257 127 152 273 498
Insurance 39 113 106 106 106 109 199
Total Expenses 1,049 1,290 1,314 968 1,140 1,290
Net Operating Income 2,206 2,141 2,341 1,938 2,347 2,301
Capital Expenditures 121 321 244 200
--------------
Value
Replacement Reserve 219 W/Prepmt
NOI for cap rate valuation 2,082 Penalty
--------------
Valuation Conclusion 20,822 20,822
Cost of Sale (2%) (416) (416)
Prepayment Penalty 0
Mortgage Payoff (13,733) (13,733)
Net Sales Proceeds 6,672 6,672
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 6,672 6,672
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sunnyoak Village 548 Dec-95 20,822 38
Essex Place Apartments 352 May-94 18,300 52
Trails 312 Mar-94 12,175 39
</TABLE>
<PAGE> 6
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Somerset Pointe Date of Sale 12/31/95
Location Las Vegas, NV Repl Res per unit 400
Type Apartments Cap Rate 9.75
Constructed 1983 Income Growth 3.0%
Units 452 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 11,214 Asset Mgr Don Price
Prepayment Penalty none Brkr Contac Kevin Buckley 702-796-9988
Property Tax Rate 0.79%
<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>
Net Rental Income 2,614 2,853 3,035 2,410 2,892 2,979
Service Income 47 30 27 24 29 30
Other Income 50 52 50 53 64 66
Total Income 2,711 2,935 3,112 2,487 2,894 3,074
Income Growth 8.3% 6.0% -4.1% 3.0%
per unit
--------------
Operating Expenses 750 808 865 741 889 918 2,026
Expense Growth 7.7% 7.1% 2.8% 3.0%
Property Taxes 133 136 138 98 118 143 316
Insurance 30 84 68 85 68 70 155
Total Expenses 913 1,028 1,071 924 1,075 1,129
Net Operating Income 1,798 1,907 2,041 1,563 1,910 1,945
Capital Expenditures 62 191 205 90
--------------
Value
Replacement Reserve 181 W/Prepmt
NOI for cap rate valuation 1,784 Penalty
--------------
Valuation Conclusion 18,095 18,095
Cost of Sale (2%) (362) (362)
Prepayment Penalty 0
Mortgage Payoff (11,214) (11,214)
Net Sales Proceeds 6,519 6,519
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 6,519 6,519
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Somerset Pointe 452 Dec-95 18,095 40
Sandy Lakes 144 Apr-95 4,350 30
Roman Villas 209 May-95 7,000 33 1974 constructiion
Lake Sahara 298 Mar-95 8,718 29
Anchor Village 896 Oct-94 39,250 44 good comp, 2 years newer than subject
</TABLE>
<PAGE> 7
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Ridgetree I Date of Sale 12/31/95
Location Dallas, TX Repl Res per unit 400
Type Apartments Cap Rate 10.50
Constructed 1983 Income Growth 2.0%
Units 444 Expense Growth 2.0%
Ownership % 100%
12/95 Debt Balance 9,512 Asset Mgr Beth Goldstein
Prepayment Penalty 1,539 * Brkr Contac Ron Belanger
Property Tax Rate 2.74%
* locked thru 5/96, use mly
<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>
Net Rental Income 2,196 2,146 2,293 1,968 2,362 2,409
Service Income 57 28 26 17 20 21
Other Income 59 60 53 59 71 72
Total Income 2,312 2,234 2,372 2,044 2,453 2,502
Income Growth -3.4% 8.2% 3.4% 2.0%
per unit
--------------
Operating Expenses 795 658 856 740 888 906 2,040
Expense Growth 7.9% -0.2% 3.7% 2.0%
Property Taxes 212 314 331 331 397 282 634
Insurance 31 74 57 84 57 58 131
Total Expenses 1,038 1,248 1,244 1,155 1,342 1,245
Net Operating Income 1,274 988 1,128 689 1,111 1,256
Capital Expenditures 223 230 152 123
--------------
Value
Replacement Reserve 178 W/Prepmt
NOI for cap rate valuation 1,079 Penalty
--------------
Valuation Conclusion 10,274 10,274
Cost of Sale (2%) (205) (205)
Prepayment Penalty (1,539)
Mortgage Payoff (9,512) (9,512)
Net Sales Proceeds 557 0
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 557 0
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ridgetree I 444 Dec-95 10,274 23
Richland Village 216 Mar-94 4,950 23
Wellington Place 164 May-94 1,772 11
Deerfield 256 Jul-94 2,956 12
Preston Del Norte II 362 Aug-95 16,000 44
Montfort Oaks 278 May-94 8,400 30
</TABLE>
<PAGE> 8
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Quail Lakes Date of Sale 12/31/95
Location Oklahoma City, OK Repl Res per unit 400
Type Apartments Cap Rate 10.00
Constructed 1984 Income Growth 3.0%
Units 384 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 6,727 * Asset Mgr Reid Reynolds
Prepayment Penalty none Brkr Contac Bill Cole
Property Tax Rate 1.27%
* plus 50%, lender partic
<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>
Net Rental Income 1,601 1,704 1,782 1,502 1,802 1,856
Service Income 38 39 36 34 41 42
Other Income 34 43 40 48 58 59
Total Income 1,673 1,786 1,858 1,584 1,901 1,958
Income Growth 6.8% 4.0% 2.3% 3.0%
per unit
-------------
Operating Expenses 599 654 1,183 569 683 703 1,831
Expense Growth 9.2% 60.9% -42.3% 9.9%
Property Taxes 63 64 66 33 40 118 306
Insurance 25 70 56 45 56 58 150
Total Expenses 687 788 1,306 647 778 879
Net Operating Income 986 998 552 937 1,123 1,079
Capital Expenditures 412 3,614 136 134
-------------
Value
Replacement Reserve 154 W/Prepmt
NOI for cap rate valuation 926 Penalty
-------------
Valuation Conclusion 9,257 9,257
Cost of Sale (2%) (185) (185)
Prepayment Penalty 0
Mortgage Payoff (7,699) (7,699)
Net Sales Proceeds 1,172 1,172
-------------- -------------
---------------------------------------------------------------------------- -------------
BRI-84 Share of Proceeds 1,172 1,172
---------------------------------------------------------------------------- -------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Qauil Lakes 384 Dec-95 9,257 24
Quail Ridge 628 Jul-95 13,900 22
The Gables 200 Aug-95 6,800 34
Forest Pointe 157 Sept-95 4,800 31
Copperfield 262 Jul-95 6,400 24
Woodscape I 222 Jul-95 5,900 27
Hunters Ridge 212 Jul-95 5,000 24
</TABLE>
<PAGE> 9
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Creekwood I Date of Sale 12/31/95
Location Tulsa, OK Repl Res per unit 400
Type Apartments Cap Rate 10.00
Constructed 1984 Income Growth 3.0%
Units 276 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 5,639 Asset Mgr Reid Reynolds
Prepayment Penalty 546 * Brkr Contac Bill Cole
Property Tax Rate 1.43%
* locked thru 5/96, use mly
<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>
Net Rental Income 1,301 1,323 1,400 1,134 1,361 1,402
Service Income 8 9 10 26 31 32
Other Income 23 26 23 21 25 26
Total Income 1,332 1,358 1,433 1,181 1,417 1,460
Income Growth 2.0% 5.5% -1.1% 3.0%
per unit
--------------
Operating Expenses 445 447 462 366 439 452 1,639
Expense Growth 0.4% 3.4% -4.9% 3.0%
Property Taxes 63 67 70 34 41 107 389
Insurance 16 42 37 51 37 38 138
Total Expenses 524 556 569 451 517 598
Net Operating Income 808 802 864 730 900 862
Capital Expenditures 116 141 96 31,552
--------------
Value
Replacement Reserve 110 W/Prepmt
NOI for cap rate valuation 751 Penalty
--------------
Valuation Conclusion 7,514 7,514
Cost of Sale (2%) (150) (150)
Prepayment Penalty (546)
Mortgage Payoff (5,639) (5,639)
Net Sales Proceeds 1,724 1,178
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 1,724 1,178
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit Built
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Creekwood I 276 Dec-95 7,514 27
Geln Eagles (9416 E 65st) 424 Oct-93 9,650 23 1984
Galleria (10010 S. Sheridan) 256 Oct-93 7,700 30 1986
Greens at Bedford 192 Feb-95 5,200 27 1984
Bristol Park 512 Jun-95 8,750 17
One Eaton Square 446 May-94 14,776 33 1983
</TABLE>
<PAGE> 10
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Courtyards of Kendal Date of Sale 12/31/95
Location Miami, FL Repl Res per unit 400
Type Apartments Cap Rate 10.25
Constructed 1970 Income Growth 3.0%
Units 300 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 9,230 * Asset Mgr. Michael Becker
Prepayment Penalty none Brkr Contac Larry Stockton 303-658-9200
Property Tax Rate 2.41%
* Incl. Contingent Int.
<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>
Net Rental Income 2,011 2,120 2,131 1,807 2,168 2,233
Service Income 85 42 42 31 37 38
Other Income 36 55 47 53 64 66
Total Income 2,132 2,217 2,220 1,891 2,269 2,337
Income Growth 4.0% 0.1% 2.2% 3.0%
per unit
--------------
Operating Expenses 691 699 690 627 752 775 2,583
Expense Growth 1.2% -1.3% 9.0% 3.0%
Property Taxes 581 508 263 0 257 858
Insurance 25 98 88 105 88 91 302
Total Expenses 1,297 1,305 1,041 732 840 1,123
Net Operating Income 835 912 1,179 1,159 1,429 1,214
Capital Expenditures 1,087 128 147 123
--------------
Value
Replacement Reserve 120 W/Prepmt
NOI for cap rate valuation 1,094 Penalty
--------------
Valuation Conclusion 10,676 10,676
Cost of Sale (2%) (214) (214)
Prepayment Penalty 0
Mortgage Payoff (9,230) (9,230)
Net Sales Proceeds 1,233 1,233
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 1,233 1,233
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Courtyards of Kendal 300 Dec-95 10,676 36
Sherwood (best comp) 100 Jun-95 4,200 42
Kendall Club 182 Sep-93 7,460 41
Courts at Kendall 276 Jun-95 10,200 37 less attractive
</TABLE>
<PAGE> 11
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Chimney Ridge Date of Sale 12/31/95
Location Colorado Springs, CO Repl Res per unit 400
Type Apartments Cap Rate 9.75
Constructed 1983 Income Growth 3.0%
Units 280 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 7,255 Asset Mgr. Gregg Hendrich 703-317-4305
Prepayment Penalty 719 mly Brkr Contac Doug Carter direct 719-630-2675
Property Tax Rate 0.84% Palmer McAllister
719-630-2222
<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>
Net Rental Income 1,541 1,761 1,900 1,591 1,909 1,966
Service Income 11 22 13 19 23 23
Other Income 26 31 28 22 26 27
----- ----- ----- ----- ----- -----
Total Income 1,578 1,814 1,941 1,632 1,958 2,017
Income Growth 15.0% 7.0% 0.9% 3.0%
per unit
--------------
Operating Expenses 376 414 447 356 427 440 1,571
Expense Growth 10.1% 8.0% -4.4% 3.0%
Property Taxes 44 40 41 39 47 113 404
Insurance 16 49 37 45 37 38 136
----- ----- ----- ----- ----- -----
Total Expenses 436 503 525 440 511 591
----- ----- ----- ----- ----- -----
Net Operating Income 1,142 1,311 1,416 1,192 1,447 1,426
Capital Expenditures 260 69 118 91
--------------
Replacement Reserve 112 Value
-------------- W/Prepmt
NOI for cap rate valuation 1,314 Penalty
--------------
Valuation Conclusion 13,475 13,475
Cost of Sale (2%) (269) (269)
Prepayment Penalty (719)
Mortgage Payoff (7,255) (7,255)
-------------- --------------
Net Sales Proceeds 5,950 5,231
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 5,950 5,231
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Chimney Ridge 280 Dec-95 13,475 48
Briarglen 220 1995 9,750 44
Beverly Place 256 1995 10,850 43
Parkside 268 1995 11,560 43
Rockrimon Terrace 216 1995 8,000 37
</TABLE>
<PAGE> 12
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Cayon Sands Date of Sale 12/31/95
Location Phoenix, AZ Repl Res per unit 400
Type Apartments Cap Rate 9.50
Constructed 1983 Income Growth 6.5%
Units 412 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 9.046 Asset Mgr. Don Price
Prepayment Penalty none Brkr Contac Marc Hueskin (602) 244-4400
Property Tax Rate 1.29%
<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>
Net Rental Income 1,862 2,079 2,257 1,908 2,290 2,438
Service Income 33 24 24 15 18 19
Other Income 37 43 43 38 46 49
----- ----- ----- ----- ----- -----
Total Income 1,932 2,146 2,324 1,961 2,353 2,506
Income Growth 11.1% 8.3% 1.3% 6.5%
per unit
--------------
Operating Expenses 686 743 780 632 758 781 1,896
Expense Growth 8.3% 5.0% -2.8% 3.0%
Property Taxes 145 114 126 117 140 179 435
Insurance 26 75 59 74 59 61 148
----- ----- ----- ----- ----- -----
Total Expenses 857 932 965 823 958 1,021
----- ----- ----- ----- ----- -----
Net Operating Income 1,075 1,214 1,359 1,138 1,395 1,485
Capital Expenditures 156 235 233 196
--------------
Replacement Reserve 165 Value
-------------- W/Prepmt
NOI for cap rate valuation 1,320 Penalty
--------------
Valuation Conclusion 13,896 13,896
Cost of Sale (2%) (278) (278)
Prepayment Penalty 0
Mortgage Payoff (9,046) (9,046)
Net Sales Proceeds 4,572 4,572
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 4,572 4,572
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Cayon Sands 412 Dec-95 13,896 34
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> 13
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Briarwood Place Date of Sale 12/31/95
Location Chandle, AZ Repl Res per unit 400
Type Apartments Cap Rate 11.00
Constructed 1983 Income Growth 0.0%
Units 268 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 6,015 Asset Mgr. Don Price
Prepayment Penalty none Brkr Contact Marc Hueskin, G&E (602) 224-4400
Property Tax Rate 1.15%
<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>
Net Rental Income 1,291 1,446 1,551 1,308 1,570 1,570
Service Income 49 51 51 41 49 49
Other Income 22 21 23 31 37 37
----- ----- ----- ----- ----- -----
Total Income 1,362 1,518 1,625 1,380 1,656 1,656
Income Growth 11.5% 7.0% 1.9% 0.0%
per unit
--------------
Operating Expenses 506 481 523 456 547 564 2,103
Expense Growth -4.9% 8.7% 4.8% 3.0%
Property Taxes 92 88 84 79 95 89 333
Insurance 17 49 40 48 40 41 154
----- ----- ----- ----- ----- -----
Total Expenses 615 618 647 583 682 694
----- ----- ----- ----- ----- -----
Net Operating Income 747 900 978 797 974 962
Capital Expenditures 68 155 147 94
--------------
Value
Replacement Reserve 107 W/Prepmt
NOI for cap rate valuation 855 Penalty
--------------
Valuation Conclusion 7,769 7,769
Cost of Sale (2%) (155) (155)
Prepayment Penalty 0
Mortgage Payoff (6,015) (6,015)
-------------- --------------
Net Sales Proceeds 1,599 1,599
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 1,599 1,599
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Briarwood Place 268 Dec-95 7,769 29
Quail Canyon 112 Mar-95 4,400 39 inferior product with smaller units
Rancho Murietta 292 Feb-95 11,917 41 Also Spanos product, slightly inferior nbhd
Dobson Meadows 154 Jun-95 5,200 34 inferior product, better location
Riveria Park 201 Jun-95 6,950 35 good location, inferior product
Del Coronado 419 Feb-00 19,000 45 superior product, much newer
</TABLE>
<PAGE> 14
BALCOR
BRI-84
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
-------------------- ----------------------
<S> <C> <C> <C>
Property Name Antlers Date of Sale 12/31/95
Location Jacksonville, FL Repl Res per unit 400
Type Apartments Cap Rate 9.75
Constructed 1983 Income Growth 3.0%
Units 400 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 10,174 Asset Mgr. Gregg Handrich
Prepayment Penalty 726 * Brkr Contac Bucky Clarkson 904-359-0045
Property Tax Rate 2.22% **
* locked thru 9/96, mly + 1 1/8
** 1% is mly payoff post 9/96
<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>
Net Rental Income 2,251 2,303 2,402 1,974 2,369 2,440
Service Income 18 17 19 12 14 15
Other Income 48 55 59 44 53 54
Total Income 2,317 2,375 2,480 2,030 2,436 2,509
Income Growth 2.0% 4.4% -1.8% 3.0%
per unit
--------------
Operating Expenses 727 769 804 654 785 808 2,021
Expense Growth 5.8% 4.6% -2.4% 3.0%
Property Taxes 448 238 254 0 268 669 2.22%
Insurance 27 105 94 116 94 97 242
Total Expenses 1,202 1,112 1,152 770 879 1,173
Net Operating Income 1,115 1,263 1,328 1,260 1,557 1,336
Capital Expenditures 152 188 287 176
--------------
Value
Replacement Reserve 160 W/Prepmt
NOI for cap rate valuation 1,176 Penalty
--------------
Valuation Conclusion 12,062 12,062
Cost of Sale (2%) (241) (241)
Prepayment Penalty (726)
Mortgage Payoff (10,174) (10,174)
Net Sales Proceeds 1,647 921
-------------- --------------
--------------------------------------------------------------------------- --------------
BRI-84 Share of Proceeds 1,647 921
--------------------------------------------------------------------------- --------------
COMP ANALYSIS
-------------
Sale Per
Property # Units Date Price Unit
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Antlers 400 Dec-95 12,062 30
Sothern Pines 200 1995 11,100 56 built in 1989
Sandpiper 376 1995 11,300 30 built in '85
Lakes of Mayport 216 1995 6,600 31 built in '86
Pinewood Village 226 1995 7,200 32
</TABLE>
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