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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): May 22, 1998
DEVELOPMENT PARTNERS III
(A Massachusetts Limited Partnership)
(Exact name of registrant as specified in its charter)
Massachusetts
(State or other jurisdiction of incorporation)
0-18531 04-3017036
(Commission File Number) (IRS Employer Identification No.)
5110 Langdale Way, Colorado Springs, CO 80906
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): (719) 527-0544
NA
(Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On May 22, 1998, Casabella Associates, a general partnership in which
Development Partners III (A Massachusetts Limited Partnership) (the
"Partnership") holds a majority interest, sold its only material asset,
Casabella, a 154-unit multi-family rental property in Scottsdale, Arizona,
pursuant to the terms of a Purchase and Sale Agreement and Escrow Instructions
(the "Agreement") dated February 4, 1998, between Casabella Associates and JPR
Capital LLC ("JPR"), as amended. Casabella was sold to Casabella Condominium
Ventures Limited Partnership, an affiliate of JPR which is unaffiliated with the
Partnership. The purchase price for Casabella was $11,700,000, subject to
certain customary adjustments, and a $120,000 credit to the purchaser. Mortgage
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financing in the approximate amount of $6,750,400 was repaid at closing
utilizing a portion of proceeds from the sale. The net proceeds to Casabella
Associates from the sale of Casabella were approximately $4,570,300, of which
the Partnership's share is approximately $2,431,380. The Partnership's interest
in Casabella Associates represents its only material asset.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
10.1 Purchase and Sale Agreement and Escrow Instructions,
dated as of February 4, 1998, as amended, between
Casabella Associates and JPR Capital LLC. (Previously
filed as Exhibit 10(e) to the Partnership's Form 10-K
for the year ended December 31, 1997.)
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 thereunto duly authorized.
DEVELOPMENT PARTNERS III
(A Massachusetts Limited Partnership)
By: GP L'Auberge Communities, L.P.,
A California Limited Partnership,
General Partner
By: L'Auberge Communities, Inc., its General Partner
By: /s/ EARL C. ROBERTSON
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Earl C. Robertson, Executive Vice
President and Chief Financial Officer
Date: June 4, 1998
