FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934, Section 17(a)
of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Apollo Real Estate Investment Fund II, L.P.
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(Last) (First) (Middle)
2 Manhattanville Road
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(Street)
Purchase New York 10577
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
6/24/97
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3. IRS or Social Security Number of Reporting Person
(Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Atlantic Gulf Communities Corp. (AGLF)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X ] 10% Owner
[ ] Officer (give title below)[ ] Other (specify
below)
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6. If Amendment, Date of Original (Month/Day/Year) <PAGE>
FORM 3 (CONTINUED)
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7. Individual or Joint/Group Filing (Check applicable line)
[ ] Form filed by One Reporting Person
[x ] Form filed by more than one Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership Form:
(Instr. 4): Beneficially Owned Direct (D) or
(Instr.4) Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr.5) (Instr.5)
<S> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
(PRINT OR TYPE RESPONSES)<PAGE>
FORM 3 (CONTINUED)
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TITLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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<TABLE>
<CAPTION>
1. Title of Derivative 2. Date Exer- 3. Title and Amount of 4. Conversion 5. Ownership 6. Nature of
Security (Instr. 4): cisable and Securities Underlying or Exercise Form of Indirect
Expiration Derivative Security Price of Derivative Beneficial
Date (Month/ (Instr.4) Derivative Security: Ownership
Day/Year) Security Direct (D) or (Instr. 5)
Indirect (I)
(Instr. 5)
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Date Expira- Amount or
Exer- tion Title Number of
cisable Date Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
20% Cumulative Redeem- Imme-
able Convertible diately N/A Common Stock 1,543,435(2) $5.75(2) I Through AP-AGC, LLC
Preferred Stock,
Series A ("Series
A Shares")
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Warrants to Purchase Imme- Common Stock 1,106,950 $5.75(3) I Through AP-AGC, LLC
Common Stock, Class diately 6/23/04
A, B and C
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Warrants to Purchase Imme- Common Stock 668,000 $5.75(3) I Through AP-AGC, LLC
Common Stock, Class diately 6/30/04
A, B and C
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Contractual right to Imme- Series
purchase Series A diately N/A A Shares 1,612,525 $9.88 I Through AP-AGC, LLC
Shares(1) (1)
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Contractual right to Imme- Warrants,
purchase Warrants (1) diately N/A Class A, B, C 3,255,050 $.06 I Through AP-AGC, LLC
(1)
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</TABLE>
APOLLO REAL ESTATE INVESTMENT FUND II,
L.P.
By: Apollo Real Estate Advisors II,
L.P., Managing General Partner
By: Apollo Real Estate Capital
Advisors II, Inc., General
Partner
By: /s/ Michael D. Weiner
Name: Michael D. Weiner
Title: Vice President
July 7, 1997
________________________ ______________
**Signature of Reporting Date
Persons
Explanation of Responses:
See Attachment A.
** Intentional misstatements or
omissions of facts constitute
Federal Criminal Violations. See
18 U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this
Form, one of which must be
manually signed. If space
provided is insufficient, see
Instruction 6 for procedure.<PAGE>
Attachment A to Form 3
Reporting Person: Apollo Real Estate Investment Fund II, L.P.
Address: Two Manhattanville Road, Purchase New York 10577
Date of Event: 6/24/97
Issuer Name and Trading Symbol: Atlantic Gulf Communities
Corp. (AGLF) (the "Issuer")
(1) Apollo Real Estate Investment Fund II, L.P. ("AREIF II")
owns indirectly through AP-AGC, LLC, a Delaware limited
liability company ("AP-AGC"), all of the interests of
which are held directly or indirectly by AREIF II, 887,475
shares of 20% Cumulative Redeemable Convertible Preferred
Stock, Series A ("Series A Shares") and Warrants to Pur-
chase 1,774,950 Common Shares, and further has the right
under an Amended and Restated Investment Agreement dated
as of February 7, 1997 amended as of March 20, 1997 and
amended and restated as of May 15, 1997 (the "Investment
Agreement") to purchase at any time up to an additional
1,612,525 Series A Shares (at a price of $9.88 per share)
and, on a pro rata basis, 3,225,050 Warrants (at a price
of $.06 per Warrant), if the Issuer has not presented AP-AGC
with real estate development projects pursuant to which
AP-AGC has invented $25,000,000 on the terms and conditions
set forth in the Investment Agreement. The Investment
Agreement and the transactions contemplated thereby are
described in a Statement on Schedule 13D filed by AREIF II
and certain affiliates relating to the Issuer and in public
filings of the Issuer. The general partner of AREIF II
is Apollo Real Estate Advisors II, L.P., whose general
partner is Apollo Real Estate Capital Advisors II, Inc.,
the directors of which are Leon D. Black, John J. Hannan and
William L. Mack, each of whom disclaims beneficial owner-
ship of the shares reported.
(2) The number of Common Shares into which each Series A Share
is convertible is determined by dividing (a) the liquida-
tion preference per Series A Share of $10 plus all accumu-
lated and unpaid dividends by (b) the conversion price of
$5.75 (subject to certain antidilution adjustments).
(3) The exercise price per Warrant is equal to $5.75, subject
to certain antidilution and other adjustments. The Class
A, B and C Warrants are identical except that they have
minimum exercise priced of $2, $3 and $4, respectively,
subject to certain antidilution adjustments.
APOLLO REAL ESTATE INVESTMENT FUND II,
L.P.
By: Apollo Real Estate Advisors II,
L.P., Managing General Partner
By: Apollo Real Estate Capital
Advisors II, Inc., General
Partner
By: /s/ Michael D. Weiner
Name: Michael D. Weiner
Title: Vice President
July 7, 1997
________________________ ____________
**Signature of Reporting Date
Persons<PAGE>
JOINT FILER INFORMATION - FORM 3
Name: AP-AGC LLC
Address: c/o Apollo Real Estate Advisors II, L.P.
Two Manhattanville Road
Purchase, New York 10577
Name: Apollo Real Estate Advisors II, L.P.
Address: Two Manhattanville Road
Purchase, New York 10577
Designated
Filer: Apollo Real Estate Investment Fund II, L.P.
Issuer and
Ticker Symbol: Atlantic Gulf Communities Corp. (AGLF)
Date of Event
Requiring
Statement: June 24, 1997
Signature: AP-AGC, LLC.
By Kronus Property, Inc., Manager
By: /s/ Ricardo Koenigsberger
Name: Ricardo Koenigsberger
Title: Vice-President
APOLLO REAL ESTATE ADVISORS II, L.P.
By: Apollo Real Estate Capital Advisors
II, Inc., General Partner
By: /s/ Michael D. Weiner
Name: Michael D. Weiner
Title: Vice President