Business
Real Estate Contracts for Sales of the Oakbrook Apartments (248 units) and the New Mark Apartments (374 units) and the Real Estate Contract for Purchase of Three Corinth Office Buildings
Real Estate Contracts for Sales of the Oakbrook Apartments (248 units) and the New Mark Apartments (374 units) and the Real Estate Contract for Purchase of Three Corinth Office Buildings.
About this update from Tower Properties Company
[{"type":"text","content":"On February 4, 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 JTL Properties, LLC. The sales price is $16,000,000. The Company expects to include this sale as a first step of a Sec. 1031 like-kind exchange.\n\nOn February 4, 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 JTL Properties, LLC. The sales price is $20,000,000. \n\nOn February 11, 2008, the Company entered into a real estate contract with Highwoods Realty Limited Partnership to purchase three Corinth office buildings in Prairie Village, Kansas at 4121 W. 83rd Street (Corinth Executive Building), 8340 Mission Road (Corinth Office Building), and 4200 Somerset Drive (Somerset Building). The purchase price is $10,000,000 and the purchase is expected to be included in the Sec. 1031 like-kind exchange associated with the sale of the Oakbrook Apartments discussed above.\n\nAll three transactions are expected to close in April 2008.\n","length":1137,"tagName":"div"}]