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Subsequent Events | 12 Months Ended
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Dec. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | 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 2022, the Company entered into agreements to sell two wholly-owned operating communities containing an aggregate of 408 apartment homes and net real estate of $64,984,000 as of December 31, 2021, resulting in the communities qualifying as held for sale subsequent to December 31, 2021. In February 2022, the Company sold one of these communities, Avalon Ossining, located in Ossining, NY, containing 168 apartment homes for $70,000,000. The Company expects to complete the sale of the other community in the first quarter of 2022. In February 2022, the Company sold Avalon West Long Branch, located in West Long Branch, NJ, containing 180 apartment homes for $75,000,000. As of December 31, 2021, Avalon West Long Branch qualified as held for sale. In February 2022, the Company acquired Avalon Flatirons, a wholly-owned operating community, located in Lafayette, Colorado, containing 207 apartment homes and 16,000 square feet of commercial space, for a purchase price of $95,000,000.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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