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Real Estate Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Real Estate Acquisitions and Dispositions | 14. Real Estate Acquisitions and Dispositions During the year ended December 31, 2023, the Company closed on the acquisition of a 323-unit multifamily apartment community located in the Phoenix, Arizona market for approximately $103 million and a 352-unit multifamily apartment community located in the Charlotte, North Carolina market for approximately $107 million. During the year ended December 31, 2022, the Company acquired a 196-unit multifamily apartment community located in the Tampa, Florida market for approximately $73 million and a 344-unit multifamily apartment community located in the Charlotte, North Carolina market for approximately $140 million. During the year ended December 31, 2023, the Company did not dispose of any multifamily apartment communities. During the year ended December 31, 2022, the Company closed on the dispositions of two multifamily communities in the Fort Worth, Texas market, one multifamily community in Maryland and one multifamily community in the Austin, Texas market. The Company received combined gross proceeds of approximately $325 million and recognized a combined gain on the sale of depreciable real estate assets of approximately $215 million. During the year ended December 31, 2023, the Company acquired a six-acre land parcel in the Orlando, Florida market for approximately $12 million and a half-acre land parcel in the Raleigh, North Carolina market for approximately $1 million. During the year ended December 31, 2022, the Company acquired five land parcels for future development for approximately $59 million. During the year ended December 31, 2023, the Company closed on the disposition of 21 acres of land in the Gulf Shores, Alabama market for gross proceeds of approximately $3 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets. During the year ended December 31, 2022, the Company closed on the disposition of two land parcels in the Huntsville, Alabama market for combined gross proceeds of approximately $1 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: 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 + Details
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- References No definition available. + Details
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