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) May 14, 1996
Berkshire Realty Company, Inc.
Delaware 1-10660 04-3086485
(State or other jurisdiction of (Commission (IRS employer
incorporation or organization) file number) identification
no.)
470 Atlantic Avenue, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 423-2233
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Item 2: Acquisition or Disposition of Assets
On May 14, 1996, Berkshire Realty Company, Inc. ("The Company"),
through a majority owned subsidiary, via contribution acquired The Point
Apartments from Turtle Creek Associates Limited Partnership for a value of
approximately $52.3 million. Turtle Creek Associates Limited Partnership
is approximately 71% owned by certain officers and directors of the
Company. In exchange for The Point Apartments, The Company will issue 1.6
million units of BRI OP Limited Partnership along with the assumption of
$35.5 million of non-recourse indebtness on the property. Two-thirds of
the operating partnership units were issued at closing and the remainder
will be issued within 19 months. The debt, provided by Berkshire
Mortgage Finance and co-insured by the U.S. Department of Housing and
Urban Development, has a fixed interest rate of 7 5/8% and self-amortizes
with the last payment in 2029.
The Point Apartments is a 1,119 unit high-rise apartment property located
in Silver Spring, Maryland. The property, which was built in 1969, is
currently undergoing an extensive $15 million rehabilitation, $11 million
of which is the responsibility of the Company.
The required financial statements of the business acquired and the
pro forma financial information will be filed no later than sixty days
after the date of this report.
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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.
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BERKSHIRE REALTY COMPANY INC.
/s/Marianne Pritchard
Marianne Pritchard
Senior Vice President and
Chief Financial Officer
Date: May 29, 1996
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