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): October 9, 1998
(October 6, 1998)
Commission File Number 0-18952
NTS-PROPERTIES PLUS LTD.
(Exact name of registrant as specified in its charter)
Florida 61-1126478
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number,
including area code (502) 426-4800
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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Item 2. Acquisition or Disposition of Assets
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On October 6, 1998, (pursuant to the contract executed on September 8, 1998)the
Lakeshore/University II Joint Venture ("L/U II Joint Venture"), an affiliate of
the General Partner of the Partnership and NTS Properties V, sold University
Business Center Phases I and II office buildings to Silver City Properties, Ltd.
("the Purchaser"), an affiliate of Full Sail Recorders, Inc. ("Full Sail"), for
an aggregate purchase price of $17,950,000 ($8,975,000 for Phase I and
$8,975,000 for Phase II). University Center Phase II was owned by the
Lakeshore/University II Joint Venture of which the Partnership owned a 12%
interest. Portions of the proceeds from this sale were immediately used to pay
in full the outstanding debt (including interest and prepayment penalties) of
$10,468,000 ($4,633,000 for Phase I and $5,835,000 for Phase II) on these
properties. The Partnership will consider other alternatives for the use of the
remainder of the proceeds from this sale, including distribution, repayment of
additional Partnership debt or possible development costs associated with
Lakeshore Business Center III, land owned by the L/U II Joint Venture.
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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 thereunto duly authorized.
NTS-PROPERTIES PLUS, LTD.
(Registrant)
BY: NTS-Properties Plus Associates,
General Partner
BY: NTS Capital Corporation,
General Partner
/s/ Lynda J. Wilbourn
Lynda J. Wilbourn
Vice President
Date: October 9, 1998
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