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Real Estate Disposition Activities
 9 Months Ended
Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate Disposition Activities
Real Estate Disposition Activities

During the nine months ended September 30, 2016, the Company sold five wholly-owned operating communities.

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Eaves Trumbull, located in Trumbull, CT, containing 340 homes, was sold for $70,250,000. The Company's gain in accordance with GAAP on the disposition was $51,430,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

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Avalon Essex, located in Peabody, MA, containing 154 homes, was sold for $45,100,000. The Company's gain in accordance with GAAP on the disposition was $31,081,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

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Eaves Nanuet, located in Nanuet, NY, containing 504 homes, was sold for $147,000,000. The Company's gain in accordance with GAAP on the disposition was $118,008,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

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Avalon Shrewsbury, located in Shrewsbury, MA, containing 251 homes, was sold for $60,500,000. The Company's gain in accordance with GAAP on the disposition was $33,350,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income. The sale of Avalon Shrewsbury was expected to be part of a tax deferred exchange under which the Company had restricted the cash proceeds in an escrow account, classified as cash in escrow on the accompanying Condensed Consolidated Balance Sheet. These proceeds will be available to the Company as unrestricted cash in the fourth quarter of 2016.

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Avalon at Freehold, located in Freehold, NJ, containing 296 homes, was sold for $68,000,000. The Company's gain in accordance with GAAP on the disposition was $46,482,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

At September 30, 2016, the Company had three communities and three ancillary land parcels that qualified as held for sale.