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.
On 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.
Both transactions are expected to close in June 2008.