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Mortgage Notes Payable (Details) | 12 Months Ended |
--- | --- | ---
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($)
Debt Instrument [Line Items] |  |  |
Number of properties securing mortgage notes | property | 11 | 12 |
Weighted average interest rate | 3.50% | 2.70% |
Monthly interest expense | $ 2,300,000 |  |
Monthly principal amortization | 300,000 |  |
Mortgage notes payable, net | $ 593,943,000 | $ 638,957,000 |
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note. |  |
Prepayment penalty, percent of principal prepaid | 1.00% |  |
Mortgages |  |  |
Debt Instrument [Line Items] |  |  |
Total mortgage notes payable | $ 593,943,000 | $ 638,959,000 |
Minimum |  |  |
Debt Instrument [Line Items] |  |  |
Remaining terms | 2 years | 1 year |
Maximum |  |  |
Debt Instrument [Line Items] |  |  |
Remaining terms | 24 years | 25 years |
Fixed rate mortgage notes payable | Mortgages |  |  |
Debt Instrument [Line Items] |  |  |
Total mortgage notes payable | $ 371,849,000 | $ 415,350,000 |
Fixed rate mortgage notes payable | Total Return Swap Callable | Not Designated as Hedging Instrument |  |  |
Debt Instrument [Line Items] |  |  |
Derivative notional amount | 223,600,000 |  |
Variable Rate Mortgage Notes Payable |  |  |
Debt Instrument [Line Items] |  |  |
Derivative notional amount | $ 223,600,000 |  |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 3.50% | 1.10% |
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% |  |
Variable Rate Mortgage Notes Payable | Mortgages |  |  |
Debt Instrument [Line Items] |  |  |
Total mortgage notes payable | $ 222,094,000 | $ 223,609,000 |
Secured debt |  |  |
Debt Instrument [Line Items] |  |  |
Total mortgage notes payable | 594,737,000 |  |
Debt instrument, unamortized premium | 1,200,000 | 2,500,000 |
Unamortized debt issuance expense | (2,000,000) | $ (1,500,000) |
Secured deeds of trust |  |  |
Debt Instrument [Line Items] |  |  |
Mortgage notes payable, net | $ 0 |  | $ 0

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- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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