content: <PAGE>
  
  
                         SECURITIES AND EXCHANGE COMMISSION
  
  
                               Washington, D.C. 20549
  
  
                                      FORM 8-K
  
                                   CURRENT REPORT
  
  
                         Pursuant to Section 13 or 15(d) of
                         the Securities Exchange Act of 1934
  
  
                                   Date of Report
                                  February 2, 1996
  
  
                  CAPITAL REALTY INVESTORS-III LIMITED PARTNERSHIP
     --------------------------------------------------------------------------
                 (Exact name of registrant as specified in charter)
  
  
                                      Delaware
     --------------------------------------------------------------------------
                   (State or other jurisdiction of incorporation)
  
  
            0-11962                                 52-1311532
  -------------------------               ----------------------------------
  (Commission File Number)                (IRS Employer Identification No.)
  
  
  11200 Rockville Pike, Rockville, Maryland              20852
  -----------------------------------------    ----------------------------
  (Address of principal executive offices)             (Zip Code)
  
  
                                   (301) 468-9200
     --------------------------------------------------------------------------
                (Registrant's telephone number, including area code)
  <PAGE>
  
  
  ITEM 2.   ACQUISITION OR DISPOSITION OF ASSETS
            -----------------------------------
  
       On January 5, 1994 the local general partners of Park Heights Towers
  Limited Partnership (Park Heights) filed a notice of intent to participate under
  the Low Income Housing Preservation and Resident Home Ownership Act of 1990
  (LIHPRHA).  This program may provide incentives to owners of multifamily housing
  who commit to operate their properties as low to moderate-income housing
  permanently and who have participated under specific federal subsidy programs
  (Section 236 or Section 221(d)(3)) for at least 18 years.  Incentives available
  under the LIHPRHA program include selling the property to qualified buyers.  
  
       On February 2, 1996, the local general partners of Park Heights sold the
  property, a 180-unit apartment project located in Rochester, Minnesota, under
  the LIHPRHA program to Community Housing Services-Park Towers, Inc., a non-
  profit entity.  The sale of the property generated net proceeds to Capital
  Realty Investors-III Limited Partnership (the Partnership) of $1.27 million. 
  The proceeds were net of $2.135 million used to retire, at a discount, the
  Partnership's purchase money note obligation with respect to the property.  The
  Partnership intends to distribute approximately $579,000 (or approximately $9.65
  per Additional Limited Partner unit) to the Additional Limited Partners as
  return of capital on a Generally Accepted Accounting Principles basis by April
  30, 1996.  The Managing General Partner intends to retain all of the
  Partnership's remaining undistributed net sale proceeds for the possible
  repayment, prepayment or purchase of the Partnership's outstanding purchase
  money notes related to other Local Partnerships.  The General Partner of the
  Partnership and/or its affiliates are expected to receive net fees of
  approximately $117,000 for its services relating to the sale of the property.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
                                         -2-
  <PAGE>
  
  
  
  
                                      SIGNATURE
  
  
       Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned, thereunto duly authorized.
  
                                     Capital Realty Investors-III Limited
                                       Partnership
                                     (Registrant)
  
                                By:  C.R.I., Inc., General Partner
  
  
  
  February 20, 1996                  /s/ Richard J. Palmer
  ------------------            By:  --------------------------------------
  Date                               Richard J. Palmer
                                     Senior Vice President
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
                                         -3-
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "LIVE CRI-3 FORM 8-K", "secsgml_size_bytes": 4276}]
metadata_filer: {"company-data": {"conformed-name": "CAPITAL REALTY INVESTORS III LTD PARTNERSHIP", "cik": "0000722833", "assigned-sic": "6500", "irs-number": "521311532", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11962", "film-number": "96523319"}, "business-address": {"street1": "11200 ROCKVILLE PIKE 5TH FL", "city": "ROCKVILLE", "state": "MD", "zip": "20852", "phone": "3014689200"}, "mail-address": {"street1": "11200 ROCKVILLE PIKE", "street2": "5TH FLOOR", "city": "ROCKVILLE", "state": "MD", "zip": "20852"}}
text: SECURITIES AND EXCHANGE COMMISSION
  
                               Washington, D.C. 20549
  
                                      FORM 8-K
  
                                   CURRENT REPORT
  
                         Pursuant to Section 13 or 15(d) of
                         the Securities Exchange Act of 1934
  
                                   Date of Report
                                  February 2, 1996
  
                  CAPITAL REALTY INVESTORS-III LIMITED PARTNERSHIP
     --------------------------------------------------------------------------
                 (Exact name of registrant as specified in charter)
  
                                      Delaware
     --------------------------------------------------------------------------
                   (State or other jurisdiction of incorporation)
  
            0-11962                                 52-1311532
  -------------------------               ----------------------------------
  (Commission File Number)                (IRS Employer Identification No.)
  
  11200 Rockville Pike, Rockville, Maryland              20852
  -----------------------------------------    ----------------------------
  (Address of principal executive offices)             (Zip Code)
  
                                   (301) 468-9200
     --------------------------------------------------------------------------
                (Registrant's telephone number, including area code)
  ITEM 2.   ACQUISITION OR DISPOSITION OF ASSETS
            -----------------------------------
  
       On January 5, 1994 the local general partners of Park Heights Towers
  Limited Partnership (Park Heights) filed a notice of intent to participate under
  the Low Income Housing Preservation and Resident Home Ownership Act of 1990
  (LIHPRHA).  This program may provide incentives to owners of multifamily housing
  who commit to operate their properties as low to moderate-income housing
  permanently and who have participated under specific federal subsidy programs
  (Section 236 or Section 221(d)(3)) for at least 18 years.  Incentives available
  under the LIHPRHA program include selling the property to qualified buyers.  
  
       On February 2, 1996, the local general partners of Park Heights sold the
  property, a 180-unit apartment project located in Rochester, Minnesota, under
  the LIHPRHA program to Community Housing Services-Park Towers, Inc., a non-
  profit entity.  The sale of the property generated net proceeds to Capital
  Realty Investors-III Limited Partnership (the Partnership) of $1.27 million. 
  The proceeds were net of $2.135 million used to retire, at a discount, the
  Partnership's purchase money note obligation with respect to the property.  The
  Partnership intends to distribute approximately $579,000 (or approximately $9.65
  per Additional Limited Partner unit) to the Additional Limited Partners as
  return of capital on a Generally Accepted Accounting Principles basis by April
  30, 1996.  The Managing General Partner intends to retain all of the
  Partnership's remaining undistributed net sale proceeds for the possible
  repayment, prepayment or purchase of the Partnership's outstanding purchase
  money notes related to other Local Partnerships.  The General Partner of the
  Partnership and/or its affiliates are expected to receive net fees of
  approximately $117,000 for its services relating to the sale of the property.
  
                                         -2-
  SIGNATURE
  
       Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned, thereunto duly authorized.
  
                                     Capital Realty Investors-III Limited
                                       Partnership
                                     (Registrant)
  
                                By:  C.R.I., Inc., General Partner
  
  February 20, 1996                  /s/ Richard J. Palmer
  ------------------            By:  --------------------------------------
  Date                               Richard J. Palmer
                                     Senior Vice President
  
                                         -3-