REGISTRATION AND REPORTING
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
CURRENT REPORTS ON FORM 8-K
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 30, 2004
Berkshire Income
Realty, Inc.
(Exact name of
registrant as specified in its charter)
| Maryland | 001-31659 | 32-0024337 |
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| One Beacon Street, Boston, Massachusetts | 02108 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (617) 523-7722
Not applicable
(Former name or former
address, if changed since last report)
On March 30, 2004, Berkshire Income Realty – OP, L.P. (the “OP”), the operating partnership subsidiary of Berkshire Income Realty, Inc. (the “Company”), through its newly formed and wholly owned subsidiary BIR Laurel Woods Limited Partnership, purchased Laurel Woods Apartments, a 150-unit multi-family apartment community located in Austin, Texas, from Berkshire Mortgage Finance Limited Partnership (“the Seller”), an affiliate of the Company. The acquisition was approved by the audit committee of the Company’s Board, which is composed solely of directors who are independent under applicable rules and regulations of the SEC and American Stock Exchange.
The OP intends to continue to operate the property as a multi-family apartment community. The Seller acquired the property through foreclosure on February 2, 2004. The Company believes the purchase price is at or below what would have been paid in an arms' length transaction. The Laurel Woods purchase is not deemed “significant” by the Company. The purchase price of $5,250,000 was funded with available cash. The Laurel Woods Apartments was constructed in 1985 and was 83.0% occupied at the time of the purchase.
On March 31, 2004, the OP, through its newly formed and wholly owned subsidiary BIR Bear Creek Limited Partnership, purchased Bear Creek Apartments from Fannie Mae. The purchase price of $4,900,000 was funded with available cash. The Bear Creek Apartments is a 152-unit multi-family apartment community located in Dallas, Texas. Bear Creek was constructed in 1980 and was 80% occupied at the time of the purchase. The Bear Creek purchase is not deemed “significant” by the Company.
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.
| Berkshire Income Realty, Inc. | |
| Date: April 14, 2004 | By: /s/ David C. Quade |
| Name: David C. Quade | |
| Title: President and Chief Financial Officer |