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) January 3, 2007

                                                                                   -------------------------

Commission File Number: 0-8952

SB PARTNERS
(Exact name of registrant as specified in its charter)
New York	13-6294787
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
1251 Avenue of the Americas, N.Y., N.Y.	10020
(Address of principal executive offices)	(Zip Code)

(212) 408-5000

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report.)

Item 2.Acquisition of Assets

On December 20, 2006, the Registrant sold Halton Place Apartments, a 246 unit residential property located in Greenville, South Carolina, for $12,830,000 in an all

cash transaction. The purchaser, Carlyle Centennial Forest, LP, has no affiliation with the Registrant.

Item 7. Financial Statements

The financial statements required to be presented in connection with the disposition of Halton Place Apartments will be included in a separate filing on or before

March 5, 2007, as an amendment to this Form 8-K.

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SIGNATURES

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.

		SB PARTNERS
		(Registrant)
	By:	SB PARTNERS REAL ESTATE CORPORATION
		General Partner
		Principal Financial & Accounting Officer
Dated: January 3, 2007	By:	/s/ George N. Tietjen III
		George N. Tietjen III
		Chief Financial Officer & Treasurer