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 for a sales price of $16,000,000. This contract was terminated by JTL Properties, LLC without penalty on March 26, 2008.
On 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 for a sales price of $20,000,000. This contract was terminated by JTL Properties, LLC without penalty on March 26, 2008.