Discontinued Operations and Disposal Groups

9 Months Ended

Sep. 30, 2011

Discontinued Operations and Disposal Groups

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note D – Disposition of Investment Property

On September 8, 2011, the Partnership sold its sole investment property, Willow Park on Lake Adelaide Apartments, to a third party for a gross sale price of $8,950,000, less $400,000 funded by the Partnership for a capital improvement escrow. The net proceeds realized by the Partnership were approximately $1,672,000 after payment of closing costs of approximately $226,000 and the assumption of the mortgage debt encumbering the property of approximately $6,652,000 by the purchaser. The Partnership recognized a gain during the three and nine months ended September 30, 2011 of approximately $5,981,000 as a result of the sale. In addition, the Partnership recognized a loss on early extinguishment of debt during the three and nine months ended September 30, 2011 of approximately $102,000 as a result of the write off of unamortized loan costs.