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): September 14, 1998
(September 8, 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
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Item 5. Other Items
On September 8, 1998, the Partnership and the Lakeshore/University II Joint
Venture entered into a contract with Silver City Properties, Ltd. ("the
Purchaser"), an affiliate of Full Sail Recorders, Inc., for the sale of
University Business Center Phases I and II office buildings and Phase III vacant
land for an aggregate purchase price of $18,751,000 (specifically the prices for
each property were $8,975,000 for Phase I; $8,975,000 for Phase II; and $801,000
for Phase III). University Business Center Phase I and Phase III are owned by
the Partnership. University Business Center Phase II is owned by the
Lakeshore/University II Joint Venture. The Partnership owns a 69% interest in
this joint venture. Full Sail currently occupies 28% and 83% of the net rentable
area of University Business Center Phases I and II, respectively. Concurrent
with the signing of the contracts, the Purchaser deposited $50,000 into an
escrow account. This deposit will be applied to the purchase price at closing.
The Purchaser is to close on the properties by November 7, 1998. The purchaser
has fifty days from the date of the contract to perform normal inspection
activities. The completion of this sale depends upon a satisfactory result of
this inspection. The contract permits the Purchaser to defer the closing of the
purchase of Phase III until the 18 month anniversary of the closing on Phases I
and II. The Partnership has not determined the use of the net proceeds from the
sale after the repayment of outstanding debt and closings costs.
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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: September 14, 1998
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