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Subsequent Events	12 Months Ended
	Dec. 31, 2012
Subsequent Events
Subsequent Events	13. Subsequent Events         The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.         In January 2013, Fund I sold one community, Avalon Yerba Buena, located in San Francisco, CA. Avalon Yerba Buena contains 160 apartment homes, 32,000 square feet of retail space, and was sold for $103,000,000.         Also in January 2013, Fund II sold one community Avalon Rothbury, located in Gaithersburg, MD. Avalon Rothbury contains 205 apartment homes and was sold for $39,600,000.

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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

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