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):January 28, 2004
Berkshire Income Realty, Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland | 001-31659 | 32-0024337 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation or organization) | File Number) | Identification No.) |
One Beacon Street, Boston, Massachusetts | 02108 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:(617) 523-7722
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
ITEM 2. Acquisition of assets
On January 28, 2004, Berkshire Income Realty – OP, L.P. (the “OP”), the operating partnership subsidiary of Berkshire Income Realty, Inc. (the “Company”), through its newly formed and wholly owned subsidiary Marina Mile L.L.C., purchased Pond Apple Creek Apartments, a 306 unit multi-family apartment community located in Fort Lauderdale, Florida, from Pond Apple Creek Associates Limited Partnership. The seller is an unaffiliated third party. The purchase and sale agreement, as amended, was agreed upon through arms’ length negotiation and provide for purchase price of $23,000,000 to be paid in cash.
The total acquisition cost of $23,331,503, including the purchase price, closing costs and mortgage recording taxes, was funded through a $17,400,000 first mortgage and an equity investment from the OP of $5,931,503, net of operating prorations of $90,846. The first mortgage has a fixed interest rate of 5.15% and matures on February 1, 2014.
The Company intends to continue to operate the property as a multi-family apartment community and to do so under the name The Berkshires at Marina Mile.
Pond Apple Creek Apartments was constructed in 1988 and was 92.0% occupied at the time of the purchase.
ITEM 7. Financial Statements, Pro forma Financial Information and Exhibits
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.
Berkshire Income Realty, Inc. | ||
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Date: February 11, 2004 | ||
By:/s/ David C. Quade | ||
Name: David C. Quade | ||
Title: President and Chief Financial Officer |