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): October 9, 1998
(October 6, 1998)
Commission File Number 0-13400
NTS-PROPERTIES V, a Maryland Limited Partnership
(Exact name of registrant as specified in its charter)
Maryland 61-1051452
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number,
including area code (502) 426-4800
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
<PAGE>
Item 2. Acquisition or Disposition of Assets
- - ---------------------------------------------
On October 6, 1998, (pursuant to the contract executed on September 8, 1998)the
Partnership and the Lakeshore/University II Joint Venture ("L/U II Joint
Venture"), an affiliate of the General Partner of the Partnership, sold
University Business Center Phases I and II office buildings to Silver City
Properties, Ltd. ("the Purchaser"), an affiliate of Full Sail Recorders, Inc.
("Full Sail"), for an aggregate purchase price of $17,950,000 ($8,975,000 for
Phase I and $8,975,000 for Phase II). University Business Center Phase I was
owned by the Partnership. University Center Phase II was owned by the
Lakeshore/University II Joint Venture of which the Partnership owned a 69%
interest. Portions of the proceeds from this sale were immediately used to pay
in full the outstanding debt (including interest and prepayment penalties) of
$10,468,000 ($4,633,000 for Phase I and $5,835,000 for Phase II) on these
properties. The Partnership also paid in full an outstanding debt of
approximately $1,448,000 on Commonwealth Business Center Phase II, a building
owned by NTS-Properties V. It is anticipated that a distribution of
approximately $35 to $50 per Unit will be paid to Limited Partners during the
first quarter of 1999. The Partnership will consider other alternatives for the
use of the remainder of the proceeds from this sale, including repayment of
additional Partnership debt or possible development costs associated with
Lakeshore Business Center III, land owned by the L/U II Joint Venture.
The Phase III vacant land, adjacent to the University Business Center and owned
by the Partnership, is under contract with Silver City Properties for $801,000.
The contract provides the Purchaser the option to defer the closing of Phase III
for a period of up to 18 months after the closing date for Phase I and II.
<PAGE>
SIGNATURES
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.
NTS-PROPERTIES V, a Maryland
Limited Partnership
(Registrant)
BY: NTS-Properties Associates V
BY: NTS Capital Corporation,
General Partner
/s/ Lynda J. Wilbourn
Lynda J. Wilbourn
Vice President
Date: October 9, 1998
<PAGE>
