CENTURY PROPERTIES FUND XVII
(A limited partnership)
Item 1. Business.
On August 10, 1994, NPI, Inc., entered into an agreement with an affiliate ("Apollo") of Apollo Real Estate
Advisors, L.P. to sell to Apollo up to one-third of the stock of NPI, Inc. In addition, Apollo obtained general and
limited partnership interests in NPI-AP Management, L.P. ("NPI-AP"). NPI Property Management Corporation
("NPI Management"), an affiliate of the Managing General Partner, became the managing general partner of NPI-
On October 12, 1994, NPI sold one-third of its stock to Apollo. Apollo is entitled to designate three of the
seven directors of the Managing General Partner and NPI Equity II. In addition, the approval of certain major
actions on behalf of Registrant requires the affirmative vote of at least five directors of the Managing General
On October 12, 1994, affiliates of Apollo acquired (i) one-third of the stock of the respective general partners of
DeForest Ventures I L.P. ("DeForest I") and DeForest Ventures II L.P. and (ii) an additional equity interest in
NPI-AP (bringing its total equity interest in such entity to one-third). NPI-AP is a limited partner of DeForest I
which was formed for the purpose of making tender offers (the "Tender Offers") for limited partnership interests
in Registrant as well as 11 affiliated limited partnerships.