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Subsequent Events | 6 Months Ended
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Jun. 30, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. In July 2017, Fund II sold Briarwood Apartments, located in Owings Mills, MD, containing 348 apartment homes for a sales price of $64,750,000. In conjunction with the disposition of this community, Fund II repaid $24,963,000 of secured indebtedness at par in advance of the scheduled maturity date. In July 2017, the Company entered into an agreement to sell an operating community containing 234 apartment homes and net real estate of $23,404,000 as of June 30, 2017, resulting in the community qualifying as held for sale. The Company expects to complete the sale in the third quarter of 2017. As of August 4, 2017, the Company has $197,000,000 outstanding under the Credit Facility.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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