UNITED STATES
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 30, 1997
ASR INVESTMENTS CORPORATION
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(Exact name of registrant as specified in its charter)
MARYLAND 1-9646 86-0587826
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(State or other (Commission File No.) (IRS Employer ID No.)
jurisdiction of incorporation)
335 North Wilmot, Suite 250, Tucson, Arizona 85711
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(Address of principal executive office) (Zip Code)
(520) 748-2111
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Registrant's telephone number, including area code:
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
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ASR INVESTMENTS CORPORATION
Current Report on Form 8-K
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 30, 1997, the Company completed the acquisition from an
independent third party On The Boulevard Apartments, a 202-unit community
located in Kennewick, Washington (the Tri-Cities area of South Eastern
Washington). The seller contributed the property to Heritage Communities L.P. of
which the Company is the general partner. The Company (i) assumed mortgage debt
of $7,900,000, (ii) issued 91,678 shares of the Company's common stock and (iii)
paid $650,000 in cash to seller.
On The Boulevard Apartment community was built in 1995. At September
30, 1997, the community had an average monthly rent of $669 ($0.71 per square
foot) per month, and an average occupancy rate of 83%. The community's main
competition for tenants comes from a few newly constructed apartments in the
Tri-Cities area which is comprised of Kennewick, Pasco and Richland. As the
community is relatively new, the Company does not plan to incur major capital
improvement expenditures.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION, AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF PROPERTIES ACQUIRED
Not required.
(b) PRO FORMA FINANCIAL STATEMENTS
Not required.
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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.
ASR INVESTMENTS CORPORATION
By: /s/ Joseph Chan
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Name: Joseph Chan
Its: Executive Vice President, Chief Operating Officer,
Secretary and Treasurer
October 15, 1997
