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) December 23, 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 December 23, 1998, the Registrant purchased Halton Place
Apartments, a 246 unit apartment community located in Greenville, South
Carolina, for $12,600,000 in an all cash transaction. The contract
price was settled upon after a competitive bidding process. The seller,
Atlantic Multifamily Limited Partnership-I, and the Registrant have no
affiliation. Proceeds from a mortgage note of $17,250,000 placed on
Cypress Key Apartments with a FNMA DUS program lender were used to
consummate this transaction. The mortgage note bears interest at 6.605%
per annum and matures on January 1, 2009.
Item 7. Financial Statements
The financial statements required to be presented in connection
with the acquisition of Halton Place Apartments, including audited and
pro forma financial statements, will be included in a separate filing
on or before March 8, 1999, 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 January 7, 1999 /s/ George N. Tietjen III
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George N. Tietjen III
Vice-President
