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 31, 2006
NATIONAL PROPERTY INVESTORS 6
(Exact name of Registrant as specified in its charter)
California | 0-11864 | 13-3140364 |
(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
National Property Investors 6 (the "Registrant") owned Fairway View I Apartments, a 242-unit apartment complex ("Fairway View I") and Place Du Plantier Apartments, a 268-unit apartment complex ("Place du Plantier"), both located in Baton Rouge, Louisiana. On March 31, 2006, the Partnership, sold Fairway View I and Place du Plantier to a third party, California State Teachers' Retirement System, a public entity (the “Purchaser”). The Purchaser purchased the properties along with one other apartment complex, which is owned by an entity affiliated with AIMCO Properties, L.P., which is an affiliate of the managing general partner of the Registrant. The total sales price for Fairway View I and Place du Plantier and the one other apartment complex was approximately $37,942,000, of which $9,980,000 and $11,572,000 represents the sales price for Fairway View I and Place du Plantier , respectively. The total sales price was reduced by a credit for immediate capital needs of $5,492,000, of which $2,420,000 and $1,072,000 were allocated to Fairway View I and Place du Plantier, respectively, resulting in a net sales price allocation of $7,560,000 and $10,500,000 to Fairway View I and Place du Plantier, respectively. The Registrant continues to own and operate one other investment property.
In accordance with the Amended and Restated Limited Partnership Agreement of the Registrant, the Registrant's managing general partner is evaluating the cash requirements of the Registrant to determine whether any portion of the net proceeds will be distributed to the Registrant's partners.
Item 9.01
Financial Statements and Exhibits
(b)
Pro forma financial information.
The following unaudited pro forma balance sheet and statement of operations reflect the operations of the Registrant as if Fairway View I and Place du Plantier had been sold on January 1, 2005.
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 2005 Annual Report on Form 10-KSB.
PRO FORMA BALANCE SHEET
(in thousands)
December 31, 2005 | |
All other assets | $ 1,901 |
Investment property, net | 5,016 |
Total Assets | $ 6,917 |
All other liabilities | $ 3,449 |
Mortgage note payable | 12,785 |
Partners’ deficit | (9,317) |
Total Liabilities and Partners’ Deficit | $ 6,917 |
PRO FORMA STATEMENT OF OPERATIONS
(in thousands, except per unit data)
Year Ended | |
December 31, 2005 | |
Total revenues | $3,902 |
Total expenses | 3,950 |
Net loss | $ (48) |
Net loss per limited partnership unit | $(0.44) |
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.
NATIONAL PROPERTY INVESTORS 6
By:
NPI EQUITY INVESTMENTS, INC.
Managing General Partner
By:
/s/Martha L. Long
Martha L. Long
Senior Vice President
Date:
April 6, 2006