SPRINGHILL LAKE INVESTORS LTD PARTNERSHIP
SC 14D1, 1995-04-13
REAL ESTATE
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                      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
                              (FINAL AMENDMENT)

                               ----------------

                SPRINGHILL LAKE INVESTORS LIMITED PARTNERSHIP
                          (Name of Subject Company)

                          AQUARIUS ACQUISITION, L.P.
                                   (Bidder)

                    UNITS OF LIMITED PARTNERSHIP INTEREST
                        (Title of Class of Securities)

                                     NONE
                    (CUSIP Number of Class of Securities)

                               ----------------

                          AQUARIUS ACQUISITION, L.P.
                     C/O NOMURA ASSET CAPITAL CORPORATION
                          TWO WORLD FINANCIAL CENTER
                           NEW YORK, NEW YORK 10005
                                (212) 667-2250
          (Name, Address, and Telephone Numbers of Person Authorized
          to Receive Notices and Communications on Behalf of Bidder)

                               ----------------

                                   Copy to:
                           RICHARD J. SABELLA, ESQ.
                           CAHILL GORDON & REINDEL
                                80 PINE STREET
                           NEW YORK, NEW YORK 10005
                                (212) 701-3000

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 1. NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

    Aquarius Acquisition, L.P.
- -------------------------------------------------------------
 2. CHECK THE APPROPRIATE BOX IF A MEMBER              (a)[ ]
    OF A GROUP                                         (b)[ ]
- -------------------------------------------------------------
 3. SEC USE ONLY
- -------------------------------------------------------------
 4. SOURCE OF FUNDS                                  AF
- -------------------------------------------------------------
 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS          [ ]
    IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------
 6. CITIZENSHIP OR PLACE OF ORGANIZATION            Delaware
- -------------------------------------------------------------
     NUMBER
       OF               7. SOLE VOTING POWER          216.65
     SHARES            --------------------------------------
  BENEFICIALLY          8. SHARED VOTING POWER        N/A
      OWNED            --------------------------------------
       BY               9. SOLE DISPOSITIVE POWER     216.65
      EACH             --------------------------------------
    REPORTING          10. SHARED DISPOSITIVE POWER   N/A
     PERSON
      WITH
- -------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH       216.65
    REPORTING PERSON
- -------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES    [ ]
    CERTAIN SHARES
- -------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  33.4%
- -------------------------------------------------------------
14. TYPE OF REPORTING PERSON       PN
- -------------------------------------------------------------
[/TABLE]
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   This Final Amendment amends and supplements the Tender Offer Statement on
Schedule 14D-1 dated February 1, 1995, as amended, of Aquarius Acquisition,
L.P., a Delaware limited partnership (the "Purchaser"), with respect to the
offer by the Purchaser to purchase outstanding units in Springhill Lake
Investors Limited Partnership, a Maryland limited partnership (the
"Partnership"), upon the terms and subject to the conditions of the Offer to
Purchase, dated February 1, 1995 (including the annexes thereto, the "Offer
to Purchase") as amended and supplemented by the Supplement to the Offer to
Purchase, dated March 3, 1995 (the "Supplement"), and the related Letter of
Transmittal (which together constitute the "Offer"). Capitalized terms used
herein shall have the definitions set forth in the Offer to Purchase as
amended and supplemented unless otherwise provided herein.

ITEM 10. ADDITIONAL INFORMATION.

   Item 10 is hereby amended and supplemented as follows:

   The following information is furnished pursuant to Instruction D of
Schedule 14D-1:

       1. The Offer expired at 5:00 p.m., New York City time, on Tuesday,
    March 21, 1995.

       2. Pursuant to the terms of the Offer, the Purchaser purchased all
    216.65 Units tendered for the Cash Consideration.

                                3

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                                  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 13, 1995

                           AQUARIUS ACQUISITION, L.P.


                           By: Partnership Acquisition Trust I,
                                its General Partner

                            By: WILMINGTON TRUST COMPANY,
                                as Trustee and not in its individual capacity

                            By: /s/ David A. Vanaskey, Jr.
                                ---------------------------
                                Name: David A. Vanaskey, Jr.
                                Title: Senior Financial Services Officer

                                4

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                                EXHIBIT INDEX

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<CAPTION>
                                                                                                 PAGE
   EXHIBIT                                      DESCRIPTION                                     NUMBER
- ------------  -----------------------------------------------------------------------------  ----------
<S>           <C>                                                                            <C>
*(a)(1)       Offer to Purchase dated February 1, 1995
*(a)(2)       Letter of Transmittal
*(a)(3)       Letter to Limited Partners dated February 1, 1995
*(a)(4)       Press release dated February 1, 1995
*(a)(5)       Letter to Limited Partners dated February 27, 1995
*(a)(6)       Press Release dated February 27, 1995
*(a)(7)       Supplement to the Offer to Purchase dated March 3, 1995
*(a)(8)       Revised Letter of Transmittal
*(a)(9)       Letter to Limited Partners dated March 3, 1995
*(a)(10)      Press Release dated March 3, 1995
*(a)(11)      Letter to Limited Partners dated March 10, 1995
*(a)(12)      Letter to Limited Partners dated March 20, 1995
*(a)(13)      Press Release dated March 20, 1995
*(b)(1)       Form of Acquisition Loan Agreement between Nomura Asset Capital Corporation
              and the Purchaser
*(b)(2)       Form of Pledge and Security Agreement between Nomura Asset Capital
              Corporation and the Purchaser
*(c)(1)       Greenbelt Residential Limited Partnership Consent Solicitation Statement
              dated January 19, 1995 and related solicitation materials
*(c)(2)       Complaint to Enforce Contract in the case styled Three Winthrop Properties,
              Inc. v. Lerner Corporation, Case No. 129192-V (Cir. Ct. Montgomery Cty.,
              Md.), dated Nov. 17, 1994
*(c)(3)       Motion for Partial Summary Judgment in the case styled Three Winthrop
              Properties, Inc. v. Lerner Corporation, Case No. 129192-V (Cir. Ct.
              Montgomery Cty., Md.)
*(c)(4)       Complaint For Money Damages, An Accounting And Other Relief in the case
              styled Theodore N. Lerner v. Three Winthrop Properties, Inc., (D. Md. 1994),
              filed Dec. 27, 1994
*(c)(5)       Order Granting Motion for Partial Summary Judgment in the case styled Three
              Winthrop Properties, Inc. v. Lerner Corporation, Case No. 129192-V (Cir. Ct.
              Montgomery Cty., Md.)
*(c)(6)       Complaint for Breach of Fiduciary Duty in the case styled Montgomery, et al.
              v. Three Winthrop Properties, Inc., Case No. 132222 (Cir. Ct. Montgomery
              Cty., Md.)
* (c)(7)      Complaint for Failure to Disclose under Rule 13e-3 and Breach of Fiduciary
              Duty in the case styled LER 8, et al. v. Three Winthrop Properties, Inc., et
              al., Case No. DKC 95-555 (D. Md.).
* (c)(8)      Motion of Greenbelt Residential Limited Partnership to Intervene in the case
              styled LER 8, et al. vs. Three Winthrop Properties, Inc., et al., Case No.
              DKC 95-555 (D. Md.).
*(c)(9)       Letter from Greenbelt Residential Limited Partners to the Limited Partners
              dated February 13, 1995.
*(c)(10)      Letter from Greenbelt Residential Limited Partners to the Limited Partners
              dated February 24, 1995.
<FN>
- ---------------
*Previously filed.

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