As filed with the Securities and Exchange Commission on May 21, 1998
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: May 6, 1998
(Date of earliest event reported)
Inland Real Estate Growth Fund, L.P.
(Exact name of registrant as specified in the charter)
Delaware 0-15743 36-3371418
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
2901 Butterfield Road
Oak Brook, Illinois 60523
(Address of Principal Executive Offices)
(630) 218-8000
(Registrant's telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
On May 6, 1998, the Partnership sold its remaining asset, Scottsdale Sierra
Apartments located at 8550 East McDowell Road in Scottsdale, Arizona to 8550
Partners, L.L.C., an Arizona limited liability company, an unaffiliated third
party, for $7,800,000 on an all cash basis. The property had a basis of
$4,798,607, net of depreciation, resulting in a gain of $2,831,814, net of
closing costs. The balance on the related debt of $374,624 was paid at
closing. Net sales proceeds will be distributed to the Limited Partners during
second or third quarter 1998 after a final reconciliation of property and
Partnership expenses.
Item 7. Financial Statements and Exhibits
(a) Financial Statements. Not Applicable
(b) Pro Forma Financial Information - Narrative
As a result of the sale of the Property, prospectively there will be no
property operations included in the financial statements of the Partnership.
The following sets forth the amounts of selected accounts in the financial
statements of the Partnership:
For the year For the three
ended months ended
December 31, March 31,
1997 1998
-------------- --------------
Rental Income $1,042,000 $ 292,000
Operating Expense 593,000 130,000
Mortgage & other interest 57,000 10,000
Net income 384,000 132,000
In addition, as a result of the sale of the Property, there are no significant
assets or liabilities, including but not limited to net investment property,
deferred assets, and long-term debt. As of March 31, 1998, the balances in
these accounts amounted to $4,799,000, $6,500 and $375,000, respectively.
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SIGNATURE
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, hereunto duly authorized.
Inland Real Estate Growth Fund, L.P.
(Registrant)
By: Inland Real Estate Investment
Corporation, General Partner
/S/ KELLY TUCEK
By: Kelly Tucek
Principal Financial Officer
and Principal Accounting Officer
Date: May 21, 1998
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