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Note H - Investment Properties
6 Months Ended
Jun. 30, 2012
Note H - Investment Properties:  
Note H - Investment Properties

Note H – Investment Properties

 

On June 14, 2012, the Partnership entered into a sale contract with a third party relating to the sale of Tamarind Bay Apartments. The sale is projected to close during the third quarter of 2012 with a purchase price of approximately $12,750,000. The Partnership has determined that certain held for sale criteria have not been met at June 30, 2012 and therefore continues to report the assets and liabilities of Tamarind Bay Apartments as held for investment and its operations as continuing operations.

 

During the three months ended June 30, 2012, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and accumulated depreciation of approximately $327,000.