SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 12, 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 16, 1996
WALDEN RESIDENTIAL PROPERTIES, INC.
(Exact name of Registrant as specified in its Charter)
MARYLAND
(State of other jurisdiction of incorporation or organization)
1-12592
(Commission file number)
75-2506197
(I.R.S. Employer Identification Number)
One Lincoln Centre
5400 LBJ Freeway, Suite 400
Dallas, Texas 75240
(Address of principal executive offices)
Registrant's telephone number, including area code: (972) 788-0510
Not Applicable
(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets
Acquisitions
Between June 4, 1996 and September 16, 1996, Walden Residential
Properties, Inc. (the "Company"), acquired the following
properties:
<TABLE>
<CAPTION>
Occupancy
Acquisition Acquisition at
Property Location Units Price Date Acquisition
- -------- -------- ----- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Terra Vida Mesa, AZ 384 $15,300,000 06/04/96 90%
Villas of
St. Moritz San Antonio, TX 216 6,100,000 06/27/96 84%
Remington San Antonio, TX 158 4,800,000 06/27/96 90%
Costa del
Sol San Antonio, TX 244 7,300,000 06/27/96 92%
Summer Oaks San Antonio, TX 256 8,400,000 06/27/96 91%
Ashbury
Parke Austin, TX 416 13,500,000 06/28/96 89%
Cozumel Jacksonville, FL 224 6,900,000 08/07/96 98%
Princeton
Meadows I Jacksonville, FL 218 7,600,000 08/13/96 94%
Brandywine Nashville, TN 300 9,000,000 08/27/96 95%
Raintree Melbourne, FL 210 6,400,000 09/03/96 94%
Princeton
Meadows II Jacksonville, FL 226 7,800,000 09/03/96 92%
Quayle Walk Arlington, TX 218 6,400,000 09/16/96 94%
Timber Creek Arlington, TX 160 4,900,000 09/16/96 95%
Waterford Plano, TX 350 13,600,000 09/23/96 96%
----- ------------
3,580 $118,000,000
===== ============
</TABLE>
<TABLE>
<CAPTION>
Property Seller
- -------- ------
<S> <C>
Terra Vida Mid-America Apartment Communities
Villas of
St. Moritz IBEX St. Moritz Corp.
Remington IBEX Remington Corp.
Costa del Sol IBEX Costa del Sol Corp.
Summer Oaks IBEX Summer Oaks Corp.
Ashbury Parke Western America Exchange Corp.
Cozumel Cozumel Associates, Ltd.
Princeton
Meadows I TE-TWO Real Estate Limited Partnership
Brandywine Woodwinds, Ltd. (Affiliate)
Raintree Florida Raintree I Associates, Ltd.
Princeton
Meadows II Florida Princeton Meadows II Associates
Quayle Walk Quayle Walk Apartments Partners
Timber Creek Timber Creek Apartments Partners
Waterford Waterford Apartments Partners
</TABLE>
NOTE: The Company combined Princeton Meadows I and Princeton
Meadows II at the date of purchase and will present them
as one property going forward.
The above acquisitions were financed as follows:
<TABLE>
<CAPTION>
Source Date Funds
- ------ ---- -----
<S> <C> <C>
Preferred Stock Offering 04/26/96 $ 43,600,000
Bonds Assumed on Purchase of Terra Vida 06/04/96 7,600,000
Common Stock Offering 08/27/96 29,600,000
Common Stock Over Allotment 09/03/96 3,000,000
Property Sales Various 23,400,000
Credit Facility Various 10,800,000
------------
$118,000,000
============
</TABLE>
Except for Woodwinds, Ltd., (the Seller of Brandywine), the
Sellers are not affiliated with the Company, any director or
officer of the Company or any associate of any such director or
officer. The Properties were previously operated by the Sellers
as multifamily apartment properties, and it is the intent of the
Company to continue to operate the Properties as multifamily
apartment properties. Brandywine was purchased from an affiliate
of the Company. All of such proceeds received from the sale were
utilized to retire all liabilities of the property. Therefore,
no proceeds from the sale of this property were retained by such
affiliate.
The purchase prices, which were negotiated with the Sellers, were
determined through internal analysis by the Company of historical
cash flows and fair market values of the acquired Properties with
adjustments for the Company's estimates of the cost of operation.
Dispositions
Between April 24, 1996 and September 27, 1996, Walden Residential
Properties, Inc. (the "Company"), disposed of the following
properties:
<TABLE>
<CAPTION>
Disposition Disposition
Property Location Units Price Date
- -------- -------- ----- ----------- -----------
<S> <C> <C> <C> <C>
Northwest
Territory Wichita, KS 384 $ 8,400,000 04/24/96
Christiwood Corpus Christi, TX 304 9,200,000 08/30/96
Chimney Trace Stone Mountain, GA 144 5,800,000 09/27/96
--- -----------
832 $23,400,000
=== ===========
</TABLE>
<TABLE>
<CAPTION>
Property Purchaser
- -------- ---------
<S> <C>
Northwest
Territory Floyd R. Hardesty
Christiwood Christiwood Apartments L.L.P.
Chimney Trace RCP Chimney Trace, L.L.C.
</TABLE>
The Purchasers are not affiliated with the Company, any director
or officer of the Company or any associate of any such director
or officer.
The sales prices, which were negotiated with the Purchasers, were
determined through internal analysis by the Company of historical
cash flows and fair market values of the disposed Properties with
adjustments for the Company's estimates of the cost of operation.
Item 7. Financial Statements, Proforma Financial Information
and Exhibits
a. Financial Statements:
Financial Statements for the Properties acquired and
noted in Item 2 are not available at this time and will
be filed as soon as possible, but not later than 60
days from the date of this Form 8-K.
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.
WALDEN RESIDENTIAL PROPERTIES, INC.
/ s / Mark S. Dillinger October 1, 1996
- ------------------------ ---------------
Mark S. Dillinger Date
Executive Vice President,
Chief Financial Officer and Director
(Principal Financial and Accounting Officer)
