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Real Estate Disposition Activities | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Real Estate Disposition Activities | Real Estate Disposition Activities Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $363,300,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):
Community name |  | Location |  | Period of sale |  | Apartment homes |  | Gross sales price |  | Net cash proceeds |  | Commercial square feet
AVA Belltown |  | Seattle, WA |  | Q2 2024 |  | 100 |  |  | $ | 34,000 |  |  | $ | 32,343 |  |  | 1,000 |
AVA North Hollywood |  | Los Angeles, CA |  | Q2 2024 |  | 156 |  |  | 62,100 |  |  | 57,215 |  |  | 11,000 |
Avalon Hackensack at Riverside |  | Hackensack, NJ |  | Q2 2024 |  | 226 |  |  | 85,600 |  |  | 83,878 |  |  | — |
AVA Theater District |  | Boston, MA |  | Q3 2024 |  | 398 |  |  | 212,000 |  |  | 209,893 |  |  | — |
Avalon Darien |  | Darien, CT |  | Q3 2024 |  | 189 |  |  | 120,000 |  |  | 118,029 |  |  | — |
Avalon New Canaan |  | New Canaan, CT |  | Q4 2024 |  | 104 |  |  | 75,000 |  |  | 74,113 |  |  | — |
Avalon Berkeley |  | Berkeley, CA |  | Q4 2024 |  | 94 |  |  | 32,000 |  |  | 31,033 |  |  | — |
AVA Ballard |  | Seattle, WA |  | Q4 2024 |  | 265 |  |  | 105,500 |  |  | 100,115 |  |  | 12,000 |
Other real estate |  | multiple |  | 2024 |  | N/A |  | — |  |  | 784 |  |  | — |
Total of 2024 asset sales |  |  |  |  |  | 1,532 |  |  | $ | 726,200 |  |  | $ | 707,403 |  |  | 24,000 |
Total of 2023 asset sales |  |  |  |  |  | 987 |  |  | $ | 446,000 |  |  | $ | 440,209 |  |  | 27,000 |
Total of 2022 asset sales |  |  |  |  |  | 2,062 |  |  | $ | 953,135 |  |  | $ | 934,117 |  |  | — |
As of December 31, 2024, the Company had one real estate asset that qualified as held for sale. The Park Loggia The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. The Company sold one, six and 40 residential condominiums at The Park Loggia, for gross proceeds of $4,166,000, $25,387,000 and $126,848,000 resulting in a loss in accordance with GAAP of $76,000 and $73,000 and gain in accordance with GAAP of $2,217,000 during the years ended December 31, 2024, 2023 and 2022, respectively. The Company incurred $30,000, $389,000 and $2,129,000 during the years ended December 31, 2024, 2023 and 2022, respectively, in marketing, operating and administrative costs. All amounts are included in other real estate activity on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2024, there was one residential condominium remaining to be sold. As of December 31, 2024 and 2023, the unsold for-sale residential condominium at The Park Loggia had an aggregate carrying value of $2,743,000 and $6,603,000, respectively, presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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