Business
Real Estate Contracts for Sales of the Oakbrook Apartments (248 units) and the New Mark Apartments (374 units)
Real Estate Contracts for Sales of the Oakbrook Apartments (248 units) and the New Mark Apartments (374 units).
About this update from Tower Properties Company
[{"type":"text","content":"On April 18, 2008, Tower Properties Company (\"Company\") entered into a real estate contract to sell the Oakbrook Apartments (248 units) at 400 N.E. 103rd Street in Kansas City, Missouri to Eliason 1031 Properties Corporation. The net sales price is $16,000,000, as the contract includes a gross price of $17,725,000 and a capital expenditures credit of $1,725,000 which will be deducted from the gross price at closing. \n\nOn April 18, 2008, the Company entered into a real estate contract to sell the New Mark Apartments (374 units) at 10120 N.E. Chowning Street in Kansas City, Missouri to Eliason 1031 Properties Corporation. The net sales price is $20,075,000, as the contract includes a gross price of $22,250,000 and a capital expenditures credit of $2,175,000 which will be deducted from the gross price at closing. The Company expects to include this sale as a part of a Sec. 1031 like-kind exchange. \n\nBoth transactions are expected to close in June 2008.","length":968,"tagName":"div"}]