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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) June 24, 1999
Southeastern Income Properties Limited Partnership
(Exact Name of Registrant as Specified in Its Charter)
Virginia
(State or Other Jurisdiction of Incorporation)
0-16848 54-1350850
(Commission File Number) (I.R.S. Employer Identification No.)
5 Cambridge Center, Cambridge, Massachusetts 02142
(Address of Principal Executive Offices) (Zip Code)
(617) 234-3000
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 2. Acquisition or Disposition of Assets
On June 24, 1999, the Registrant sold its last remaining property
Sterlingwood Apartments located in Roanoke, Virginia to an unaffiliated third
party for a purchase price of $3,250,000. Net proceeds to the Registrant, after
satisfaction of closing costs and the assumption by the purchaser of the
existing mortgage indebtedness, were approximately $450,000,000. It is expected
that the sale will generate a gain (loss) of approximately ($189,000) for
financial reporting purposes and approximately $1,259,000 for tax purposes. In
addition, it is expected that all or a portion of the net proceeds will be
distributed to the Registrant's partners during the third quarter of 1999.
As a result of this sale, all of the Registrant's assets have been
liquidated and, pursuant to the terms of the Registrant's agreement of limited
partnership, the Registrant will be dissolved.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Pro Forma Financial Information:
The required pro forma financial information is omitted as Sterlingwood
Apartments was the Registrant's remaining asset. Accordingly, the Registrant
would not have had any operations without Sterlingwood Apartments.
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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 hereunto duly authorized on this 1st day of July, 1999.
SOUTHEASTERN INCOME PROPERTIES
LIMITED PARTNERSHIP
By: Winthrop Southeast Limited
Partnership, Its General Partner
By: Eight Winthrop Properties,
Inc., Its General Partner
By: /s/ Michael Ashner
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Michael Ashner
Chief Executive Officer
and President