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Significant Transactions During the Third Quarter of 2016 and Subsequent Events | 9 Months Ended
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Sep. 30, 2016
Business Combinations [Abstract] |
Significant Transactions During the Third Quarter of 2016 and Subsequent Events | Significant Transactions During the Third Quarter of 2016 and Subsequent Events Significant Transactions Preferred Equity Investments In August 2016, the Company made a commitment to fund a $11.6 million preferred equity investment in a limited liability company that owns The Line, a 228 apartment home community development project located in Santa Ana, CA. This investment is scheduled to mature in March 2020 and will accrue interest based on a 12.0% compounded preferred return. As of September 30, 2016, the Company has funded $1.9 million of the $11.6 million commitment. Notes Receivable In September 2016, the Company made a commitment to loan $26.3 million to a limited liability company that owns Oceanaire, a 216 apartment home community development project located in Long Beach, CA. The loan investment is scheduled to mature in September 2020 and will accrue interest based on a 10.75% compounded return. As of September 30, 2016, the Company has funded $4.4 million of the $26.3 million commitment.

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