CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 3 - FORM 8-K - June 10, 2011

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) June 6, 2011

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP

(Exact name of Registrant as specified in its charter)

 

 

      Delaware

  0-14187

       94-2940208

(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 8.01   Other Events.

 

Consolidated Capital Institutional Properties/3, LP, a Delaware limited partnership (the “Registrant”), owns a 100% interest in CCIP/3 Sandpiper, LLC, a Delaware limited liability company (the “Partnership”), which owned Sienna Bay Apartments (“Sienna Bay”), a 276-unit apartment complex located in St. Petersburg, Florida. As previously disclosed, on March 5, 2010, the Partnership sold Sienna Bay to an affiliate of DT Group Development, Inc., a California corporation (the “Purchaser”). The Purchaser is not an affiliate of the Partnership or the Registrant. The total sales price for Sienna Bay was $16,850,000.  In connection with the sale of Sienna Bay, the Partnership provided $2,500,000 in partial financing to the Purchaser (the “Seller Loan”).

 

On June 6, 2011, the Partnership received from the Purchaser $2,500,000 plus accrued interest in full satisfaction of the Seller Loan.

  

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, if any, of the proceeds will be available to distribute to the Registrant’s limited partners. 

 

 

 

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 3 Reports