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Subsequent Events | 6 Months Ended
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Jun. 30, 2019
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 and August 2019, the Company had the following activity.
• | The Company sold AVA Stamford, a wholly-owned operating community, located in Stamford, CT. AVA Stamford contains 306 apartment homes, was sold for $105,000,000 and was classified as held for sale as of June 30, 2019.
• | The Company acquired Portico at Silver Spring Metro located in Silver Spring, MD, containing 151 apartment homes, for a purchase price of $43,450,000.
• | The Company entered into agreements to sell three wholly-owned operating communities containing an aggregate of 696 apartment homes and aggregate net real estate of $84,340,000 as of June 30, 2019, resulting in the communities qualifying as held for sale subsequent to June 30, 2019. The Company sold one of these communities, Archstone Lexington, located in Flower Mound, TX, containing 222 apartment homes for $45,100,000. The Company expects to complete the sales of the other two communities in the third quarter of 2019.
• | In conjunction with the disposition of Archstone Lexington, the Company repaid $21,700,000 principal amount of variable rate debt secured by Archstone Lexington at par in advance of its October 2020 maturity date.
• The Company entered into a $30,250,000 fixed rate note secured by Avalon Cerritos, with a contractual interest rate of 3.26%, maturing in August 2029.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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