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) September 19, 2008
ANGELES OPPORTUNITY PROPERTIES, LTD.
(Exact name of Registrant as specified in its charter)
California | 0-16116 | 95-4052473 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation) | File Number) | Identification Number) |
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 1.01 Entry Into a Material Definitive Agreement
Angeles Opportunity Properties, Ltd., a California limited partnership (the “Registrant”), owns a 99% interest in Lakewood AOPL, a Texas Limited Partnership (the “Partnership”). The Partnership owns Lakewood Apartments (“Lakewood”), a 256-unit apartment complex located in Tomball, Texas. As previously disclosed, on August 28, 2008, the Partnership entered into a Purchase and Sale Contract (the “Purchase Agreement”) with a third party,VR General Partner LLC, a Delaware limited liability company(the “Purchaser”), to sell Lakewood to the Purchaser for a total sales price of $11,200,000.
As previously disclosed, on September 15, 2008, the Purchaser delivered written notice to the Partnership of its election to terminate the Purchase Agreement and, pursuant to its terms, the Purchase Agreement was terminated on September 15, 2008.
On September 19, 2008, the Partnership and the Purchaser entered into a First Amendment of Purchase and Sale Contract (the “First Amendment”) pursuant to which the Purchase Agreement was reinstated, the feasibility period was extended to September 30, 2008 and the closing date was extended to October 20, 2008. The First Amendment also provides the Partnership with the option of extending the closing date to October 31, 2008, by delivering written notice to the Purchaser.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit
10.12 First Amendment of Purchase and Sale Contract between Lakewood AOPL, a Texas Limited Partnership, and VR General Partner LLC, a Delaware limited liability company, dated September 19, 2008.
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.
ANGELES OPPORTUNITY PROPERTIES, LTD.
By: Angeles Realty Corporation II
General Partner
By: /s/Stephen B. Waters
Stephen B. Waters
Vice President
Date: September 25, 2008
