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) August 20, 1998
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SB Partners
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(Exact name of registrant as specified in its charter)
New York 000-08952 13-6294787
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
666 Fifth Avenue, New York, NY 10103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 408-2929
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(Former name or former address, if changed since last report.)
Item 2. Acquisition of Assets
On August 20, 1998, the Registrant purchased Cypress Key
Apartments, a 360 unit apartment community located in Orlando, Florida,
for $22,600,000 in an all cash transaction. The contract price was
settled upon after a competitive bidding process. The seller, the
California Public Employees' Retirement System, and the Registrant have
no current affiliation. The proceeds from the sale of Riverbend
Apartments on June 30, 1998 were used to consummate this transaction.
(Please refer also to Forms 8-K filed on July 15, 1998 and December 23,
1997, as amended on February 24, 1998, in connection with Riverbend
Apartments.)
Item 7. Financial Statements
The financial statements required to be presented in connection
with the acquisition of Cypress Key apartments, including audited and
pro forma financial statements, will be included in a separate filing
on or before November 3, 1998, as an amendment to this Form 8-K.
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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.
SB Partners
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(Registrant)
By: SB PARTNERS REAL ESTATE CORPORATION
GENERAL PARTNER
Date September 4, 1998 /s/ George N. Tietjen III
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George N. Tietjen III
Vice-President
