-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VMyX88sliPcIl5M8RQuiLT5qEfFdVvvSIjxf4lx6m4v1u7vzEIcvtf6l9713ZF91 7WiZKNGrHq/eilZz3sOxzg== 0000891554-99-000719.txt : 19990412 0000891554-99-000719.hdr.sgml : 19990412 ACCESSION NUMBER: 0000891554-99-000719 CONFORMED SUBMISSION TYPE: SC 14D9 PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19990409 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: US REALTY PARTNERS LTD PARTNERSHIP CENTRAL INDEX KEY: 0000788955 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 570814502 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 14D9 SEC ACT: SEC FILE NUMBER: 005-55083 FILM NUMBER: 99591062 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: US REALTY PARTNERS LTD PARTNERSHIP CENTRAL INDEX KEY: 0000788955 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 570814502 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 14D9 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 SC 14D9 1 SCHEDULE 14D9 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 14D-9 Solicitation/Recommendation Statement Pursuant to Section 14(d)(4) of the Securities Exchange Act of 1934 U.S. Realty Partners Limited Partnership (Name of Subject Company) U.S. Realty Partners Limited Partnership (Name of Person Filing Statement) Depositary Unit Certificates (Title of Class of Securities) None (CUSIP Number of Class of Securities) Patrick Foye U.S. Realty I Corporation 55 Beattie Place Greenville, South Carolina 29602 (864) 239-1000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) filing Statement) - -------------------------------------------------------------------------------- 1. Security and Subject Company The name of the subject company is U.S. Realty Partners Limited Partnership, a South Carolina limited partnership (the "Partnership"), and the address of the principal executive offices of the Partnership is 55 Beattie Place, Greenville, South Carolina 29602. The title of the class of equity securities to which this statement relates is the depositary unit certificates ("Units") of the Partnership. 2. Tender Offer of the Bidder This Statement relates to the tender offer of AIMCO Properties, L.P. (the "Purchaser"), to purchase up to 305,500 Units at a purchase price of $5.50 per Unit, less the amount of any distributions declared or made with respect to the Units between April 9, 1999 and May 6, 1999, pursuant to the terms and conditions of an Offer to Purchase dated April 9, 1999, and the related Letter of Transmittal (together, the "Offer"). The Offer is being made pursuant to a tender offer statement on Schedule 14D-1 dated April 9, 1999. The address of the Purchaser's executive offices is 1873 S. Bellaire Street, 17th Floor, Denver, Colorado 80222. 3. Identity and Background (a) The name and business address of the Partnership, which is the person filing this Statement, are set forth in Item 1 above. (b) The Partnership's general partners are U.S. Realty I Corporation, a South Carolina corporation (the "General Partner") and N. Barton Tuck, Jr. The General Partner and the Purchaser are each controlled by Apartment Management and Investment Company ("AIMCO"), a Maryland real estate investment trust and a co-bidder in the Offer. Mr. Tuck is not affiliated with the Purchaser nor is he involved in the day to day operations of the Partnership. Certain Relationships. AIMCO owns 243,831 Units, representing 19.95% of the total number of Units. The Partnership's Agreement of Limited Partnership provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. During the years ended December 31, 1998, 1997 and 1996, affiliates of the General Partner (which are also affiliates of the Purchaser) were entitled to receive 5% of gross receipts from all of the Partnership's residential properties for providing property management services. The Partnership paid to such affiliates $255,000, $292,000 and $289,000 for the years ended December 31, 1998, 1997 and 1996, respectively. In addition, an affiliate of the General Partner (which is also an affiliate of the Purchaser) received reimbursement of accountable administrative expenses amounting to approximately $117,000, $159,000 and $138,000 for the years ended December 31, 1998, 1997 and 1996, respectively. In 2 addition, an affiliate of the General Partner (who, at the time, was not an affiliate of the Purchaser) also received leasing commissions of $57,000 during the year ended December 31, 1997. No leasing commissions were paid to affiliates of the General Partner during the years ended December 31, 1998 and 1996. 4. The Solicitation or Recommendation Because of the conflict of interest inherent in the fact that the General Partner is, as described above, an affiliate of the Purchaser, the Partnership is making no recommendation and is remaining neutral as to whether limited partners should tender their Units pursuant to the Offer. The Partnership does believe, however, that Limited Partners who desire to presently liquidate their interest in the Partnership for cash should tender their Units for the greatest purchase price available. 5. Persons Retained, Employed or to be Compensated Neither the Partnership nor any person acting on its behalf has or currently intends to employ, retain or compensate any person or class of persons to make solicitations or recommendations to limited partners on its behalf concerning the Offer. 6. Certain Negotiations and Transactions by the Subject Company (a) An affiliate of the General Partner has made the following acquisitions of Units in the past 60 days: (i) 92,314 Units were acquired on February 9, 1999 at $5.75 per Unit; (ii) 134,293 Units were acquired on March 3, 1999 at a purchase price of $5.50 per Unit; and (iii) 17,224 Units were acquired on March 16, 1999 at a purchase price of $5.75 per Unit. Each of the foregoing purchases were made through privately negotiated transactions. (b) The 243,831 Units held by affiliates of the General Partner will not be tendered to the Purchaser pursuant to the Offer. 3 7. Certain Negotiations and Transactions with the Subject Company. (a)(1) None (a)(2) None (a)(3) The Purchaser is an affiliate of the General Partner. (a)(4) None (b) None 8. Additional Information to be Furnished None. 9. Material to be Filed as Exhibits The following Exhibits are filed herewith: Exhibit (a) - Letter to Limited Partners from the Partnership dated April 9, 1999. Exhibit (b) - None Exhibit (c) - None SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. U.S. REALTY PARTNERS LIMITED PARTNERSHIP By: U.S. Realty I Corporation General Partner By: /s/ Patrick Foye ---------------------------------------- Executive Vice President Date: April 9, 1999 5 EX-99.A 2 PARTNERSHIP LETTER U.S REALTY PARTNERS LIMITED PARTNERSHIP 55 Beattie Place, P.O. Box 2347 Greenville, South Carolina 29602 (877) 460-2557 April 9, 1999 Dear Limited Partner: Encloses is the Schedule 14D-9 which was filed by the Partnership with the Securities and Exchange Commission in connection with the offer by AIMCO Properties, L.P. (the "Purchaser") to purchase depositary unit certificates in the Partnership (the "Unit"). The corporate general partner of the Partnership is affiliated with the Purchaser. Accordingly, the Partnership is making no recommendation and is remaining neutral as to whether limited partners should tender their Units pursuant to the Purchaser's offer. The Partnership does believe, however, that Limited Partners who desire to presently liquidate their interest in the Partnership for cash should tender their Units for the greatest purchase price available. In this regard, including the Purchaser's offer, the Partnership is aware of four outstanding offers for Units: the Purchaser's offer at $5.50 per Unit; an offer by affiliates of MacKenzie Patterson, Inc. at $5.00 per Unit; an offer by Everest Investors 12, LLC at $4.00 per Unit (less transfer fees); and an offer by Madison Liquidity Investors 104, LLC at $2.10 per Unit (less transfer fees). The Partnership's individual general partner, N. Barton Tuck, Jr. is not involved in the day to day operations of the Partnership nor was he involved in the decision by the Purchaser to make its offer or in any recommendation with respect to any of the offers. Limited Partners are advised to carefully read the enclosed Schedule 14D-9. If you have any questions or would like further information about possible other opportunities to sell your Units, please contact Corporate Investor Communications at (877) 460-2557. Sincerely, U.S REALTY PARTNERS LIMITED PARTNERSHIP -----END PRIVACY-ENHANCED MESSAGE-----