UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) July 16, 1996
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REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP III
(Exact Name of Registrant as specified in its Charter)
Delaware 0-13331 16-1234990
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(State of Formation) (Commission File No.) (IRS Employer Identification No.)
2350 North Forest Road
Suite 12-A
Getzville, New York 14068
(Address of Principal Executive Office)
Registrant's Telephone Number: (716) 636-0280
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Item 5. Other Events.
On July 16, 1996 the Partnership, and other limited partnerships in
which Realmark Properties, Inc., the Partnership's Corporate General Partner
serves as general partner, entered into contracts to sell multi-family
residential properties, which included Castle Dore Apartments, Ambassador Towers
(Cedar Ridge Apartments), Pleasant Run Apartments, and Williamsburg South
Apartments, to Partnership Equities, Inc., Columbus, Ohio, a corporation which
is not affiliated with the Partnership, the Corporate General Partner, or any
affiliate of either. The purchase prices of $5,500,000, $5,800,000, $3,350,000,
$4,831,000, respectively, and terms were negotiated at arms length between the
Corporate General Partner, on behalf of the Partnership, and the purchaser. The
contracts are subject to a number of contingencies, including the following:
satisfactory title reports, satisfactory engineering reports on the condition of
the improvements, availability of government allocations allowing the properties
to qualify for a tax credit programs and other customary conditions. The
purchaser has a sixty-day study period under the contract, during which to
conduct its inspections and, during that period, it may terminate the contracts
and recover a portion of its deposits, totaling $40,000, for any reason or no
reason. There is no assurance that this sale will be consummated.
The corporate General Partner, acting under authority contained in the
Limited Partnership Agreement, has entered into the contracts on behalf of the
Partnership. The corporate General Partner believes that the prices and terms
are fair to the Partnership.
Assuming all conditions and contingencies are fulfilled, closing under
the contract will occur in the normal course of business. The purchaser
anticipates closing on a serial basis commencing during the fourth quarter,
1996. The actual date of closing on the sale of any property will depend on
financing availability, tax credit availability and other factors.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Contracts between the Partnership and Partnership Equities, Inc.
dated July 16, 1996 will be filed with the second quarter 10-Q.
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SIGNATURES
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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, thereunto duly authorized.
REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP III
By: /s/Joseph M. Jayson 07/31/96
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Joseph M. Jayson, Date
Individual General Partner
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: REALMARK PROPERTIES, INC.
Corporate General Partner
/s/Joseph M. Jayson 07/31/96
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Joseph M. Jayson, Date
President and Director
/s/Michael J. Colmerauer 07/31/96
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Michael J. Colmerauer Date
Secretary
