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) March 30, 2007
CONSOLIDATED CAPTIAL PROPERTIES IV
(Exact name of Registrant as specified in its charter)
California
0-11002
94-2768742
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation or
File Number)
Identification Number)
organization)
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01
Completion of Acquisition or Disposition of Assets.
Consolidated Capital Properties IV, a California limited partnership (the “Registrant”),owns a 100% interest in ConCap Citadel Associates, Ltd., a Texas limited partnership (the “Partnership”). The Partnership owns Citadel Apartments (“Citadel”), a 261-unit apartment complex located in El Paso, Texas. On March 30, 2007, the Registrant sold Citadel to third parties, EPT Citadel Vista Village Apartments, LLC, a Texas limited liability company and MLK Citadel Ltd, a Texas limited partnership, both of which are affiliates of Cash Investments of El Paso, LLC, a Texas limited liability company (the “Purchaser”). The Purchaser purchased Citadel along with one other apartment complex, which was owned by an entity affiliated with the general partner of the Registrant. The total sales price for Citadel and the other apartment complex was $19,500,000, of which $12,250,000 represents the portion of th e sales price allocated to Citadel.
The Registrant also owns Lake Forest Apartments (“Lake Forest”), a 312-unit apartment complex located in Omaha, Nebraska and a 100% interest in Apartment Associates, Ltd (“Associates”), which owns The Apartments (“Apartments”), a 204-unit apartment complex located in Omaha, Nebraska. On April 3, 2007, the Registrant sold Lake Forest to a third party, 11402 Evans Omaha LLC, an Iowa limited liability company (“Evans”) and Apartments to a third party, 7349 Grant Omaha LLC, an Iowa limited liability company (“Grant”). Both Evans and Grant are affiliates of Northview Realty Group, Inc., a Canadian corporation (the “Purchaser”). The Purchaser purchased Lake Forest and Apartments, along with one other apartment complex, which was owned by an entity affiliated with the general partner of the Registrant. The total sales price for Lake Forest and Apartments and the other apartment complex was $28,800,000, of which $13,500,000 and $8,100,000 represents the portion of the sales price allocated to Lake Forest and Apartments, respectively.
The Registrant continues to own and operate eight other investment properties. In accordance with the terms of the Registrant’s partnership agreement, the Registrant’s general partner is currently evaluating the cash requirements of the Registrant to determine what portion of the sale proceeds will be available to distribute to the Registrant’s limited partners.
Item 9.01
Financial Statements and Exhibits
(b)
Pro forma financial information.
The following unaudited pro forma balance sheet and statements of operations reflects the operations of the Registrant as if the above named properties had been sold on January 1, 2006.
The pro forma financial statements do not project the Registrant’s results of operations at any future date or for any future period. This pro forma information should be read in conjunction with the Registrant’s 2006 Annual Report on Form 10-KSB.
PRO FORMA BALANCE SHEET
(in thousands)
| |
| | December 31, 2006 |
| | |
All other assets | $ 6,667 |
Investment property, net | 52,540 |
| | |
Total Assets | $ 59,207 |
| | |
All other liabilities | $ 7,257 |
Mortgage note payable | 70,155 |
Partners’ deficit | (18,205) |
| | |
Total Liabilities and Partners’ Deficit | $ 59,207 |
PRO FORMA STATEMENTS OF OPERATIONS
(in thousands, except per unit data)
| |
| | Year Ended |
| | December 31, 2006 |
| | |
Total revenues | $ 19,133 |
Total expenses | 18,671 |
| | |
Net income | $ 462 |
| | |
Net loss per limited partnership interest | $ 1.29 |
| |
SIGNATURE
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.
Consolidated Capital Properties IV
(a California limited partnership)
By:
ConCap Equities, Inc.
General Partner
By:
/s/Martha L. Long
Martha L. Long
Senior Vice President
Date: April 5, 2007
