SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) April 24, 1995
BALCOR REALTY INVESTORS-83
Exact Name of Registrant
Illinois 0-11805
State or other jurisdiction Commission File Number
of organization
Balcor Plaza
4849 Golf Road
Skokie, Illinois 36-3189175
Address of principal I.R.S. Employer
executive offices Identification
60077
Zip Code
Registrant's telephone number, including area code:
(708) 677-2900
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
North Cove Apartments
In August 1982, the Partnership acquired the North Cove Apartments utilizing
approximately $8,326,820 in offering proceeds. The property was acquired
subject to first mortgage financing of $12,150,000.
On April 24, 1995, the Partnership contracted to sell the property for a sale
price of $10,750,000 to Pacific American Advisors Company, a Nevada
corporation. The purchaser has deposited $100,000 into an escrow account as
earnest money. The purchaser is expected to take title to the property subject
to the existing first mortgage loan which had an outstanding principal balance
of $9,817,300 as of March 31, 1995. The remaining portion of the sale price
will be payable in cash at closing, scheduled to be the later of June 15, 1995
or 15 days after the receipt of consent to the sale from the holder of the
first mortgage loan. If such consent is not received by July 30, 1995, the
contract will be terminated.
The Partnership will pay out of sales proceeds $100,000 to an unaffiliated
party as a sales commission. The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale.
The closing is subject to the satisfaction of numerous terms and conditions.
There can be no assurance that all of the terms and conditions will be complied
with and, therefore, it is possible the sale of the property may not occur.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
(2) Agreement of Sale relating to the sale of North Cove Apartments.
No information is required under Items 1, 3, 4, 5, 6 and 8 and these items
have, therefore, been omitted.
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.
BALCOR REALTY INVESTORS-83
By: Balcor Partners-XIII,
an Illinois general
partnership, its
general partner
By: RGF-Balcor Associates-II,
an Illinois general
partnership, a partner
By: The Balcor Company,
a Delaware corporation,
a partner
By: /s/Jerry M. Ogle
------------------------------
Jerry M. Ogle, Vice President
and Secretary
Dated: May 3, 1995