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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
JUNE 27, 1997
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
AMBASSADOR APARTMENTS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
1-14132
(COMMISSION FILE NO.)
MARYLAND 36-3948161
(STATE OR OTHER JURISDICTION OF INCORPORATION) (I.R.S. EMPLOYER
IDENTIFICATION NO.)
77 W. WACKER DRIVE, CHICAGO, ILLINOIS 60601
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(312) 917-1600
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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Capitalized terms not defined herein are used as defined in the Company's
Annual Report on Form 10-K for the year ended December 31, 1996.
ITEM 2. ACQUISITIONS OF ASSETS
On June 27, 1997, Ambassador Apartments, Inc. acquired Cedar Creek and
Park Colony apartments for $7.2 million and $14.5 million, respectively. Cedar
Creek is a 392-unit apartment complex located in San Antonio, Texas and Park
Colony is a 352-unit apartment complex located in Norcross, Georgia. The
Company financed the acquisitions using funds borrowed under its $75.0 million
secured revolving credit facility (the "Nomura Credit Facility"). The Nomura
Credit Facility bears interest at a rate of 30-day LIBOR (as defined in the
Nomura Credit Facility agreement) plus 1.50%. Cedar Creek and Park Colony were
acquired from The Balcor Company.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS
(a) Financial statements of business acquired
(b) Pro Forma financial information
The Company will file an amendment to this current report prior
to September 10, 1997, containing Statements of Revenue and Certain
Expenses for the year ended December 31, 1996, and for the
three-month period ended March 31, 1997, (unaudited) for Cedar Creek
and Park Colony apartments and Pro Forma Financial Information
(unaudited) with respect to this acquisition.
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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.
AMBASSADOR APARTMENTS, INC.
July 11, 1997 By: /s/ Adam D. Peterson
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(Date) Adam D. Peterson
Executive Vice President and Chief
Financial Officer
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