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) August 28, 1997
Krupp Associates 1980-1
Massachusetts 2-68727
04-2708956
(State or other jurisdiction of
(Commission (IRS employer
incorporation or organization) file
number) identification no.)
470 Atlantic Avenue, Boston, Massachusetts
02210
(Address of principal executive offices)
(Zip Code)
(617) 423-2233
(Registrant's telephone number, including
area code)
Item 2. Acquisition or Disposition of Assets
Disposition of Riverside I
Apartments
On July 10, 1997, Krupp Associates Riverside
Limited Partnership, a subsidiary of Krupp
Associates 1980-1 (collectively referred to as
"the Partnership") entered into a Purchase and
Sale Agreement to sell Riverside I Apartments
("Riverside"), a 140-unit multi-family
apartment complex with approximately 30,000
square feet of commercial retail space located
in Evansville, Indiana, with Richard E. Jobe,
principal of Richardson Properties, L.L.C., an
unaffiliated third party. The transaction was
consummated on August 28, 1997 for
consideration of $3,750,000. The Partnership
received cash of $1,177,727, net of the
repayment of the existing mortgage note of
$2,225,096, prorations of $232,327 and closing
costs of $114,850.
Item 7. Financial Statements, Proforma
Financial Information and Exhibits
(a) Financial Statements
Response: Not applicable
(b) Pro Forma Financial Information
On August 28, 1997, Krupp Associates Riverside
Limited Partnership, a subsidiary of Krupp
Associates 1980-1 (collectively referred to as
"the Partnership") sold Riverside I Apartments
("Riverside") to Richard E. Jobe, principal of
Richardson Properties, L.L.C., for
consideration of $3,750,000.
The Partnership has presented in this Form 8-
K, a Pro Forma Consolidated Balance Sheet at
June 30, 1997 and Pro Forma Consolidated
Statements of Operations for the six months
ended June 30, 1997 and for the year ended
December 31, 1996. See Note 1 to the Pro
Forma Consolidated Financial Statements for
further discussion of this matter.
In management's opinion, all adjustments necessary to reflect the above
discussed transactions have been made. The unaudited pro forma Consolidated
Balance Sheet and Statements of Operations are not necessarily indicative
of what actual results of operations of the Partnership would have been for
the periods, nor does it purport to represent the Partnership's results of
operations for future periods.
KRUPP ASSOCIATES 1980-1 AND SUBSIDIARY
PRO FORMA CONSOLIDATED BALANCE SHEET
June 30, 1997
(unaudited)
ASSETS
Actual at Pro Forma
Pro Forma
June 30, 1997 Adjustments
June 30, 1997
(Note 1) (Note 1) (Note 1)
Multi-family apartment complex,
less accumulated depreciation
of $2,819,651 $ 2,046,606 $(2,046,606) $ -
Cash and cash equivalents 62,810 1,269,470 1,332,280
Cash restricted for tenant
security deposits 29,585 (29,585) -
Replacement reserve escrow 52,598 (52,598) -
Prepaid expenses and other assets 93,395 (92,631) 764
Deferred expenses, net of
accumulated amortization of$39,449 107,176 (107,176) -
Total assets $ 2,392,170 $(1,059,126) $ 1,333,044
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Mortgage note payable $ 2,207,229 $(2,207,229) $ -
Notes payable 1,257,385 - 1,257,385
Accounts payable 77,592 (2,604) 74,988
Accrued expenses and other
liabilities 237,277 (186,320) 50,957
Accrued interest due to an
affiliate 697,166 - 697,166
Total liabilities 4,476,649 (2,396,153) 2,080,496
Partners' deficit (2,084,479) 1,337,027 (747,452)
Total liabilities and
Partners' deficit $ 2,392,170 $ (1,059,126) $1,333,044
See accompanying note to
pro forma consolidated financial statements
KRUPP ASSOCIATES 1980-1 AND SUBSIDIARY
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1997
(unaudited)
As Reported
for the Six Pro Forma for the
Months Ended Pro Forma Six
Months Ended
June 30, 1997 Adjustments June 30, 1997
(Note 1) (Note 1) (Note 1)
Revenue:
Rental $536,818 $ (536,818) $ -
Other income 2,385 (2,385) -
Total revenue 539,203 (539,203) -
Expenses:
Operating 195,069 (195,069) -
Maintenance 47,054 (47,054) -
Real estate taxes 65,180 (65,180) -
Management fees 26,767 (26,767) -
General and administrative 21,973 (2,623) 19,350
Depreciation and
amortization 91,304 (91,304) -
Interest 180,988 (121,664) 59,324
Total expenses 628,335 (549,661) 78,674
Net loss (89,132) $ 10,458 $ (78,674)
See accompanying note to
pro forma consolidated financial statements
PAGE
KRUPP ASSOCIATES 1980-1 AND SUBSIDIARY
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended December 31, 1996
(unaudited)
As Reported for Pro Forma for
the Year Ended Pro Forma the Year Ended
December 31, 1996 Adjustments December 31, 1996
( Note 1) ( Note 1) (Note 1)
Revenue:
Rental $ 1,106,772 $ (1,106,772)$ -
Other income 3,536 (3,536) -
Total revenue 1,110,308 (1,110,308) -
Expenses:
Operating 395,788 (395,788) -
Maintenance 106,160 (106,160) -
Real estate taxes 129,904 (129,904) -
General and
administrative 36,713 (11,786) 24,927
Depreciation and
amortization 185,256 (185,256) -
Interest 363,166 (244,649) 118,517
Total expenses 1,216,987 (1,073,543) 143,444
Net loss $ (106,679) $ (36,765) $ (143,444)
See accompanying note to
pro forma consolidated financial statements.
KRUPP ASSOCIATES 1980-1 AND SUBSIDIARY
NOTE TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
(1)Basis of Presentation
The Pro Forma Balance Sheet at June 30, 1997
is based on the historical Balance Sheet of
the Partnership as reported on Form 10-Q for
the quarter ended June 30, 1997. The Pro
Forma adjustment represents an adjustment to
show the effect of the sale of Riverside I
Apartments ("Riverside"). The Pro Forma
Balance Sheet at June 30, 1997 reflects the
balance sheet as if the sale had occurred
prior to June 30, 1997.
The Pro Forma Statement of Operations for the
six months ended June 30, 1997 is based on the
historical Statement of Operations of the
Partnership as reported on Form 10-Q for the
six months ended June 30, 1997. The Pro Forma
Statement of Operations for the year ended
December 31, 1996 is based on the historical
Statement of Operations for the Partnership as
presented in the annual report on Form 10-K
for the year ended December 31, 1996. The Pro
Forma adjustments represent Riverside's net
loss (income) for the respective period
presented. The Pro Forma Statements of
Operations for the six months ended June 30,
1997 and for the year ended December 31, 1996
reflect the results of operations of the
Partnership as if the Partnership had sold
Riverside as of January 1, 1997 and January
1, 1996, respectively. The Pro Forma
Statements of Operations do not reflect any
gain or loss which may be recognized by the
Partnership as a result of the sale.
(c)Exhibits
1.Purchase and Sale Agreement dated July 10,
1997 between Krupp
Associates Riverside Limited Partnership and
Richard E. Jobe.
2.Closing Statement dated August 28, 1997
between Krupp Associates Riverside Limited
Partnership and Richard E. Jobe, principal of
Richardson Properties, L.L.C.
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, thereunto duly authorized.
Krupp Associates 1980-1 (Registrant)
BY: /s/Wayne H. Zarozny
Wayne H. Zarozny
Treasurer and Chief Accounting Officer of the
Krupp Corporation, a General Partner.
DATE: September 17, 1997