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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): March 11, 1999
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
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(Exact name of Registrant as specified in its charter)
Delaware 0-17683 94-3069380
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1341 West Robinhood, Suite B-9, Stockton, CA 95207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (209) 478-0140
N/A
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(Former name or former address, if changed since last report)
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Item 2. Disposition of Assets.
Pursuant to the settlement of the class action which received final approval
by the United States District Court for the Southern District of New York on
July 21, 1998, the Registrant conducted an auction of all its properties.
The Registrant previously entered into agreements to sell four of the
properties and has been negotiating the sale of the others. The Registrant
has now entered into an agreement for the sale of the remaining
four properties. The buyer is unaffiliated with the Registrant, its
affiliates, its general partners and their respective officers
and directors.
On March 11, 1999, the Registrant entered into an agreement to sell the
four remaining properties for an aggregate purchase price of $46,903,921
to WXI/SPN Real Estate Limited Partnership, a Delaware limited partnership
(the 'Agreement'). The properties are:
* Cameron Creek, a multi-family property, containing 211 units located in
Tempe, Arizona;
* Bernardo Crest, a multi-family property, containing 216 units located in
San Diego, California;
* Pointe West, a multi-family property, containing 138 units located in
Aurora, Colorado;
* Sandpebble Village, a multi-family property, containing 236 units located
in Sparks, Nevada.
Pursuant to the Agreement, the closing of the transaction will take place as
soon as practicable after the signing of the Agreement but in no event later
than April 25, 1999 or such later date on or before June 1, 1999 as may be
required by the Registrant in order to prepay the present mortgages on the
properties in accordance with the applicable loan document prepayment
provisions.
A portion of the purchase price in the amount of $612,237 will be placed in
escrow at closing for a 90 day period as security for any surviving obligations
of the Registrant to the buyer under the Agreement.
The Agreement also provides that the Registrant may, but is not obligated, to
adjourn the closing date as provided in the Agreement with respect to the
Sandpebble Village property for a period not exceeding seventy-five days in the
event a zoning variance is not obtained on or prior to the scheduled closing
date.
No assurance can be given that the sale of these properties will take place
as provided in the Agreement.
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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.
Prudential-Bache/A.G. Spanos Realty Partners L.P., I (Registrant)
By: A.G. Spanos Realty Partners, L.P., General Partner
By: AGS Financial Corporation, a general partner
By: /s/ Arthur J. Cole Date: March 19, 1999
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Arthur J. Cole
President and Chief Accounting Officer
By: A.G. Spanos Realty Capital, Inc., a general partner
By: /s/ Arthur J. Cole Date: March 19, 1999
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Arthur J. Cole
Vice President and Chief Accounting Officer
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