SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 17, 1997
(Date of earliest event reported)
INSIGNIA FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19066 13-3591193
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (864) 239-1000
______________________________________
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Item 5. Other Events
Insignia Properties Trust ("IPT"), has completed six tender offers for
limited partner interests in the following public real estate limited
partnerships: Consolidated Capital Properties IV, National Property Investors 4,
Fox Strategic Housing Income Partners, Century Properties Fund XVII, Century
Properties Fund XIX and Century Properties Growth Fund XXII. Preliminary results
of the tender offers, each of which expired on October 6, 1997, indicate that an
aggregate of approximately $10,000,000 (based on the offer prices) of limited
partner interests were tendered pursuant to the six offers.
Item 7. Financial Statement and Exhibits
(c) Exhibits
Exhibit No.
99.1 Press Release dated October 29, 1997
<PAGE>
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.
INSIGNIA FINANCIAL GROUP, INC.
By: _________________________________
John K. Lines
General Counsel
Date: October 31, 1997
FOR IMMEDIATE RELEASE CONTACT: Frank M. Garrison
Executive Managing Director
Insignia Financial Group, Inc.
(615) 783-1022
INSIGNIA FINANCIAL GROUP ANNOUNCES
COMPLETION OF SIX TENDER OFFERS BY REIT SUBSIDIARY
GREENVILLE, SOUTH CAROLINA, October 29, 1997 - Insignia Financial Group,
Inc. (NYSE: IFS) today announced that its REIT subsidiary, Insignia Properties
Trust ("IPT"), completed six tender offers for limited partner interests in the
following public real estate limited partnerships: Consolidated Capital
Properties IV, National Property Investors 4, Fox Strategic Housing Income
Partners, Century Properties Fund XVII, Century Properties Fund XIX and Century
Properties Growth Fund XXII. Preliminary results of the tender offers, each of
which expired on October 6, 1997, indicate that an aggregate of approximately
$10,000,000 (based on the offer prices) of limited partner interests were
tendered pursuant to the six offers. On average, the offer prices were 57% of
IPT's estimates of the respective net asset values of the interests in
partnerships as of June 30, 1997. James Aston, President of IPT, indicated that
the success of these transactions is particularly significant because 5 of the 6
partnerships are partnerships in which IPT already owned significant interests.
Final results of the offers are expected to be reported soon.
IPT was formed by Insignia as the primary multi-family real estate
ownership and acquisition vehicle of Insignia. IPT recently raised $60 million
in equity through private sales of stock, leaving Insignia with an approximate
ownership interest of 75%, and has received a commitment letter for a $70
million credit facility. As previously announced, IPT has entered into a
definitive Agreement of Merger with Angeles Mortgage Investment Trust, a
publicly traded Real Estate Investment Trust. Over the course of the past
several years, Insignia has completed a series of tender offers for limited
partnership interests and has otherwise acquired limited partnership interests
in partnerships in which Insignia or its affiliates also serve as general
partner. The vast majority of these limited partnership interests, along with
the general partnership interests have been transferred by Insignia into IPT
and/or its affiliated operating partnership, Insignia Properties, L.P. ("IPLP"),
in exchange for stock in IPT and operating partnership units in IPLP. Currently,
IPT and IPLP own interests ranging from 1% to 54% in entities which own, in the
aggregate, approximately 195 properties including approximately 41,800 units of
multi-family residential housing and approximately 4,673,000 square feet of
commercial space.
With corporate headquarters in Greenville, South Carolina, Insignia
Financial Group, Inc. is a fully-integrated real estate services company.
Insignia is the largest manager of multi-family residential properties in the
United States and is also among the largest managers of commercial properties.
Insignia commenced operations in December 1990 and has since grown to provide
property and/or asset management services for approximately 2,600 properties
which include approximately 290,000 residential units and 150 million square
feet of commercial space located in over 500 cities in 48 states and one foreign
country.
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