SC 13D 1 sc13d_kipii.txt SCHEDULE 13D ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. __)* ----------------------- KRUPP INSURED PLUS II LIMITED PARTNERSHIP (Name of Issuer) DEPOSITARY RECEIPTS (Title of Class of Securities) N/A (CUSIP Number) SCOTT D. SPELFOGEL, ESQ. GENERAL COUNSEL BERKSHIRE INCOME REALTY, INC. ONE BEACON STREET, SUITE 1500 BOSTON, MASSACHUSETTS 02108 TEL. NO.: (617) 523-7722 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) ----------------------- APRIL 4, 2003 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 1(f) or 1(g), check the following box [_]. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). ================================================================================ ----------------------------- ----------------------------- CUSIP No. N/A Page 2 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Berkshire Income Realty-OP, L.P. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 3 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Berkshire Income Realty, Inc. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Maryland -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 4 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON BIR GP, LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 5 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON KRF Company, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 6 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Krupp Family Limited Partnership - 94 -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 7 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Douglas Krupp 1980 Family Trust -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 8 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The George Krupp 1980 Family Trust -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 9 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Douglas Krupp -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- ----------------------------- ----------------------------- CUSIP No. N/A Page 10 of 22 ----------------------------- ----------------------------- -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON George D. Krupp -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_] (b) [X] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 3,663,855 Shares SHARES ------------------------------------------------ BENEFICIALLY OWNED 8 SHARED VOTING POWER BY EACH REPORTING -0- PERSON ------------------------------------------------ WITH 9 SOLE DISPOSITIVE POWER 3,663,855 Shares ------------------------------------------------ 10 SHARED DISPOSITIVE POWER -0- -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,663,855 Shares -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 25.0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- Page 11 of 22 ITEM 1. SECURITY AND ISSUER. This Schedule 13D is filed by the undersigned with respect to the units of depositary receipts representing units of limited partner interests (the "Shares") of Krupp Insured Plus II Limited Partnership, a Massachusetts limited partnership (the "Company"). The address of the principal executive office of the Company is One Beacon Street, Boston, Massachusetts 02108. ITEM 2. IDENTITY AND BACKGROUND. (a) - (c) Berkshire Income Realty-OP, L.P., a Delaware limited partnership ("BIR-OP"), is primarily engaged in the business of acquiring, owning and operating multi-family residential real properties. BIR-OP's business address is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. Pursuant to Instruction C to Schedule 13D of the Securities Exchange Act of 1934, as amended (the "Act"), the name, residence or business address and present principal occupation or employment of each general partner and controlling person is set forth below. BIR GP, L.L.C., a Delaware limited liability company ("GP"), owns 100% of the general partnership interests in BIR-OP. Its primary business is to act as the general partner of BIR-OP. GP's business address is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. Berkshire Income Realty, Inc., a Maryland corporation ("BIR"), owns 100% of the preferred limited partnership interests in BIR-OP and 100% of the limited liability company interests of GP. It is primarily engaged in the business of acquiring, owning and operating multi-family residential real properties. BIR's business address is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. Pursuant to Instruction C to Schedule 13D of the Act, the name and present principal occupation or employment of each director, executive officer and controlling person of BIR is listed below. The business address of each of the listed persons is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. NAME PRINCIPAL OCCUPATION OR EMPLOYMENT ---- ---------------------------------- George D. Krupp Vice-Chairman of the Berkshire Group David C. Quade President and Chief Financial Officer of BIR Randolph G. Hawthorne Principal of RGH Ventures Robert M. Kaufman President and Chief Operating Officer of Phoenix Ltd. Richard B. Peiser Michael D. Spear Professor of Real Estate Development at Harvard University Page 12 of 22 NAME PRINCIPAL OCCUPATION OR EMPLOYMENT ---- ---------------------------------- Frank Apesche Vice President and Treasurer of BIR Wayne H. Zarozny Vice President and Corporate Controller of BIR Christopher M. Nichols Vice President of BIR Scott D. Spelfogel Vice President and Secretary of BIR Peter F. Donovan Chief Executive Officer of Berkshire Mortgage Finance Stephen J. Zaleski Senior Vice President of Acquisitions of BIR BIR's sole stockholder, KRF Company, L.L.C., is a Delaware limited liability company ("KRF"). KRF's principal business is to acquire real estate related investments. KRF's business address is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. Pursuant to Instruction C to Schedule 13D of the Act, the name and present principal occupation or employment of each director, executive officer and controlling person of KRF is listed below. The business address of each of the listed persons is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. NAME PRINCIPAL OCCUPATION OR EMPLOYMENT ---- ---------------------------------- Douglas Krupp Co-Chairman and Chief Executive Officer of The Berkshire Group George D. Krupp See above. Frank Apesche See above. David C. Quade See above. Wayne H. Zarozny See above. Claire Umanzio Vice President of The Berkshire Group Scott D. Spelfogel See above. KRF's sole member, the Krupp Family Limited Partnership - 94, is a Massachusetts limited partnership ("KFLP"). KFLP's principal business is to make financial related investments. KFLP's business address is One Beacon Street, Page 13 of 22 Suite 1500, Boston, Massachusetts 02108. Pursuant to Instruction C to Schedule 13D of the Act, the name and present principal occupation or employment of each general partner and controlling person of KFLP is listed below. The business address of each of the listed persons is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. NAME PRINCIPAL OCCUPATION OR EMPLOYMENT ---- ---------------------------------- George D. Krupp See above. Douglas Krupp See above. KFLP's limited partners are: The George Krupp 1980 Family Trust, a Massachusetts trust (the "GK Trust"), and the Douglas Krupp 1980 Family Trust , a Massachusetts trust (the "DK Trust"). The GK Trust was formed for estate planning purposes. The GK Trust's business address is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. Pursuant to Instruction C to Schedule 13D of the Act, the name, residence or business address, and present principal occupation or employment of each trustee and controlling person of the GK Trust is as follows: PRINCIPAL OCCUPATION OR NAME RESIDENCE OR BUSINESS ADDRESS EMPLOYMENT ---- ----------------------------- ---------- Paul Krupp 85 Devonshire Street, Suite 300 President of Eastern Boston, Massachusetts 02109 Property Association Lawrence I. Silverstein 150 Federal Street Partner of Bingham Boston, Massachusetts 02110 McCutchen LLP The DK Trust was formed for estate planning purposes. The DK Trust's business address is One Beacon Street, Suite 1500, Boston, Massachusetts 02108. Pursuant to Instruction C to Schedule 13D of the Act, the name, residence or business address, and present principal occupation or employment of each trustee and controlling person of the DK Trust is as follows: PRINCIPAL OCCUPATION OR NAME RESIDENCE OR BUSINESS ADDRESS EMPLOYMENT ---- ----------------------------- ---------- Paul Krupp See above. See above. Lawrence I. Silverstein See above. See above. Vincent O'Reilly 140 Commonwealth Avenue Distinguished Senior Chestnut Hill, Massachusetts 02467 Lecturer of the Carrol Graduate School of Management of Boston College Page 14 of 22 (d) None of the individuals or entities identified in this Item 2 have been convicted in a criminal proceeding in the past five years (excluding traffic violations or similar misdemeanors). (e) None of the individuals or entities identified in this Item 2 have been a party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining it from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws. (f) Each of the individuals listed above is a citizen of the United States. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. On April 4, 2003, BIR completed its offer to exchange 0.0420 share of its 9% Series A Cumulative Redeemable Preferred Stock (the "BIR Preferred Stock") for each Share pursuant to the terms described in its prospectus, dated January 9, 2003, as amended, relating to the BIR Preferred Stock. As a result of the exchange offer, BIR acquired approximately 3,663,855 Shares and, after taking into account fractional Shares tendered and cash paid in lieu of fractional shares of BIR Preferred Stock, BIR issued 152,548 shares of BIR Preferred Stock, having an aggregate liquidation value of $3,813,700. On April 4, 2003, BIR contributed all of these Shares to BIR-OP in exchange for 152,548 preferred limited partnership units of BIR-OP. No monetary consideration was paid by the Reporting Persons to acquire the Shares in connection with the Offer. ITEM 4. PURPOSE OF TRANSACTION. The Reporting Persons acquired and continue to hold the Shares reported herein for investment purposes. Depending on market conditions and other factors that the Reporting Persons may deem material to their investment decisions, the Reporting Persons may purchase additional Shares in one or more transactions. Depending on these same factors, the Reporting Persons may sell all or a portion of the Shares in one or more transactions. Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals which relate to or would result in any of the events described in clauses (a) through (j) of the instructions to Item 4 of Schedule 13D under the Act. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Page 15 of 22 BIR-OP As of the date hereof, BIR-OP owns of record 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares. GP GP owns 100% of the general partnership interests in BIR-OP, and by virtue of such interest, GP may be deemed to indirectly beneficially own the 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares owned by BIR-OP. BIR BIR owns 100% of the preferred limited partnership interests in BIR-OP and 100% of the limited liability company interests in GP and by virtue of such interests, BIR may be deemed to indirectly beneficially own the 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares owned by BIR-OP. KRF KRF owns 100% of the common limited partnership interests in BIR-OP and 100% of the common stock of BIR, and by virtue of such interests, KRF may be deemed to indirectly beneficially own the 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares owned by BIR-OP. KFLP KFLP owns 100% of the limited liability company interests in KRF, and by virtue of such interest, KFLP may be deemed to indirectly beneficially own the 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares owned by BIR-OP. GK Trust/DK Trust Each of the GK Trust and the DK Trust owns 50% of the limited partnership interests in KFLP, and by virtue of such interests, the GK Trust and the DK Trust each may be deemed to indirectly beneficially own the 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares owned by BIR-OP. Each of the trustees of the GK Trust and the DK Trust disclaims beneficial ownership of any such Shares that are or may be deemed to be beneficially owned by Douglas Krupp, George D. Krupp, the GK Trust or the DK Trust. George D. Krupp and Douglas Krupp The general partners of KFLP are George D. Krupp and Douglas Krupp, each of whom owns 50% of the general partner interests in KFLP, and by virtue of such interests, George D. Krupp and Douglas Krupp each may be deemed to indirectly beneficially own the 3,663,855 Shares, or 25.0%, of the Company's issued and outstanding Shares owned by BIR-OP. Page 16 of 22 As of the date hereof, except as disclosed in this Item 5(a), none of the individuals and entities listed in Item 2 above owns of record any Shares. (b) BIR-OP BIR-OP has the sole power to direct the vote and to dispose or direct the disposition of 3,663,855 Shares. GP As the sole general partner of BIR-OP, GP has the sole power to direct the vote and to dispose or direct the disposition of 3,663,855 Shares. BIR As the sole member of GP, BIR has the sole power to direct the vote and to dispose or direct the disposition of 3,663,855 Shares. KRF As the sole stockholder of BIR, KRF has the sole power to direct the vote and to dispose or direct the disposition of 3,663,855 Shares. KFLP As the sole member of KRF, KFLP has the sole power to direct the vote and to dispose or direct the disposition of 3,663,855 Shares. George D. Krupp and Douglas Krupp As the general partners of KFLP, each of George D. Krupp and Douglas Krupp have the sole power to direct the vote and to dispose or direct the disposition of 3,663,855 Shares. (c) Other than the transaction described in Item 3 above, to the knowledge of the Reporting Persons with respect to the persons named in response to paragraph (a), none of the persons named in response to paragraph (a) has effected any transactions in Shares during the past 60 days. (d) No person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any Shares owned by such Reporting Persons. (e) Not Applicable. Page 17 of 22 ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP WITH RESPECT TO THE ISSUER. Pursuant to the limited partnership agreement governing the Company (a copy of which is attached as Exhibit 1 to this Schedule 13D and is incorporated herein by reference), Shares held by "affiliates" of the general partner of the Company may not be voted, and are not deemed to be outstanding for purposes of calculating applicable voting percentage requirements contained in the limited partnership agreement. BIR-OP is an "afffiliate" of the general partner of the Company for purposes of the foregoing provision, and accordingly may not vote the Shares it owns. ITEM 7. MATERIALS TO BE FILED AS EXHIBITS. 1.* Amended and Restated Agreement of Limited Partnership, dated as of May 29, 1987 (the "Partnership Agreement"), by and among Krupp Plus Corporate (formerly known as Krupp Insured Plus Corp.) and Mortgage Services Partners Limited Partnership, as general partners, Krupp Depositary Corporation, as the Corporate Limited Partners, and those persons who have been admitted to the Partnership as Investor Limited Partners pursuant to the terms of the Partnership Agreement. 2.* Agreement pursuant to Rule 13d-1(k)(1)(iii). ----------------------------- * Filed herewith. Page 18 of 22 SIGNATURES 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. Dated: April 14, 2003 BERKSHIRE INCOME REALTY-OP, L.P. By: BIR GP, L.L.C., its general partner By: Berkshire Income Realty, Inc., its sole member By: /s/ David C. Quade --------------------------------------- David C. Quade President BIR GP, LLC By: Berkshire Income Realty, Inc., its sole member By: /s/ David C. Quade --------------------------------------- David C. Quade President BERKSHIRE INCOME REALTY, INC. By: /s/ David C. Quade --------------------------------------- David C. Quade President KRF COMPANY, L.L.C. By: Krupp Family Limited Partnership-94, its sole member By: /s/ Douglas Krupp --------------------------------------- Douglas Krupp General Partner Page 19 of 22 KRUPP FAMILY LIMITED PARTNERSHIP-94 By: /s/ Douglas Krupp --------------------------------------- Douglas Krupp General Partner THE GEORGE KRUPP 1980 FAMILY TRUST By: /s/ Lawrence I. Silverstein --------------------------------------- Lawrence I. Silverstein Trustee THE DOUGLAS KRUPP 1980 FAMILY TRUST By: /s/ Lawrence I. Silverstein --------------------------------------- Lawrence I. Silverstein Trustee /s/ George D. Krupp ----------------------------------------------- George D. Krupp /s/ Douglas Krupp ----------------------------------------------- Douglas Krupp EXHIBIT INDEX ------------- 1.* Amended and Restated Agreement of Limited Partnership, dated as of May 29, 1987 (the "Partnership Agreement"), by and among Krupp Plus Corporate (formerly known as Krupp Insured Plus Corp.) and Mortgage Services Partners Limited Partnership, as general partners, Krupp Depositary Corporation, as the Corporate Limited Partners, and those persons who have been admitted to the Partnership as Investor Limited Partners pursuant to the terms of the Partnership Agreement. 2.* Agreement pursuant to Rule 13d-1(k)(1)(iii). ----------------------------- * Filed herewith.