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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 10, 1997
ASSOCIATED PLANNERS REALTY FUND
(Exact name of registrant as specified in its charter)
CALIFORNIA 0-16805 95-4036980
(State or other Jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
5933 W. CENTURY BLVD. #900, LOS ANGELES, CA 90045
(Address of principal executive offices) (zip code)
Registrant's telephone number including area code: (310) 670-0800
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 10, 1997, the management of the General Partner (West Coast
Realty Advisors) of Associated Planners Realty Fund made a decision to attempt
to sale three of the Partnership's four remaining properties. The two office
buildings located in Encinitas, California (179 and 187 Calle Magdalena), and
the Shaw Villa Shopping Center located in Clovis, California will attempted to
be sold, and the net proceeds from such sales will be distributed to the
limited partners and General Partner in accordance with the terms of the
Partnership Agreement. The cost basis of these properties are:
179 Calle Magdalena $ 705,918
187 Calle Magdalena 853,560
Shaw Villa Shopping Center 2,854,221
The amounts for the Calle Magdalena property represent the 81.2% interest
that the Partnership owns as part of a joint venture with an affiliate (the
affiliate will be selling its interest as well). There is no debt on the
Encinitas properties, and the Shaw Villa is encumbered by an assumable loan
that will have a balance of $1,477,048 as of September 30, 1997.
At this time, there is not a clear indication as to how much in net
proceeds will be realized from the sale of these properties. The General
Partner does not intend to list this properties for sale with a commercial
broker. Instead, these properties will be marketed by the General Partner
using various media, networking, and communication techniques in order to
minimize the commission that the Partnership will have to pay to sell the
properties, and thus realize a greater amount of net proceeds from the sale
for the partners. Because of the relatively high quality and desirability
of these properties, this method is expected to be a viable alternative to
listing through a real estate brokerage network.
At this time, the General Partner feels that the sale of these properties
will be consummated sometime between January and September 1998. Although
the General Partner intends upon aggressively marketing the properties for
sale, there is no guarantee that a sale will actually take place, within the
time frame mentioned above, and at a sales price acceptable to the
Partnership.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Associated Planners Realty Fund
By its General Partner
West Coast Realty Advisors
By:
Michael G. Clark
Vice President and Treasurer
Dated: September 10, 1997
