ROCKVILLE, Md., April 13 -- C.R.I., Inc. ("CRI"), as
managing general partner of CRI-III, has received notice of termination of
the contract to sell three multifamily apartment rental complexes located
in Canton, Michigan, Village Squire Apartments I, II and III, to Hartman
and Tyner, Inc. The termination took place within the prospective
purchaser's contractual inspection contingency period. The purchase price
of the terminated contract had been $20,000,000.
The proposed sale had been in furtherance of the Plan of Liquidation
approved by CRI-III's investors pursuant to its November 16, 2005 consent
solicitation. CRI-III is continuing to explore sale opportunities for the
properties owned by these local partnerships and the other local
partnerships in which it owns an interest.
CRI is a real estate investment firm based in Rockville, Maryland. Its
portfolio includes over 150 multi-family apartment complexes located
throughout the United States. CRI-III is a Maryland limited partnership.