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Real Estate Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Real Estate Acquisitions and Dispositions | 14. Real Estate Acquisitions and Dispositions Acquisitions In October, September and May 2024, the Company closed on acquisitions of a 386-unit multifamily apartment community located in Dallas, Texas for approximately $106 million, a 310-unit multifamily apartment community located in Orlando, Florida for approximately $84 million and a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million, respectively. In November and October 2023, the Company closed on acquisitions of a 352-unit multifamily apartment community located in Charlotte, North Carolina for approximately $107 million and a 323-unit multifamily apartment community located in Phoenix, Arizona for approximately $103 million, respectively. In December, August and April 2024, the Company acquired a 3-acre land parcel in Raleigh/Durham, North Carolina for approximately $5 million, a 3-acre land parcel in Richmond, Virginia for approximately $14 million and a 13-acre land parcel in Phoenix, Arizona for approximately $11 million, respectively. In November and February 2023, the Company acquired a half-acre land parcel in Raleigh, North Carolina for approximately $1 million and a 6-acre land parcel in Orlando, Florida for approximately $12 million, respectively. Dispositions In December 2024, the Company closed on the disposition of a 272-unit multifamily apartment community located in Richmond, Virginia for net proceeds of approximately $47 million, resulting in gain on the sale of depreciable real estate assets of approximately $33 million. In October 2024, the Company closed on the disposition of a 216-unit multifamily apartment community located in Charlotte, North Carolina for net proceeds of approximately $38 million, resulting in gain on the sale of depreciable real estate assets of approximately $22 million, respectively. During the year ended December 31, 2023, the Company did not dispose of any multifamily apartment communities. In December 2022, the Company closed on the disposition of a 288-unit multifamily apartment community located in Austin, Texas for net proceeds of approximately $54 million, resulting in gain on the sale of depreciable real estate assets of approximately $47 million. In October 2022, the Company closed on the disposition of a 396-unit multifamily apartment community located in Maryland for net proceeds of approximately $104 million, resulting in gain on the sale of depreciable real estate assets of approximately $36 million. In June 2022, the Company closed on the dispositions of a 304-unit and a 426-unit multifamily apartment community located in Fort Worth, Texas for net proceeds of approximately $65 million and $102 million, respectively, resulting in gain on the sale of depreciable real estate assets of approximately $59 million and $73 million, respectively. During the year ended December 31, 2024, the Company did not dispose of any land parcels. In March 2023, the Company closed on the disposition of 21 acres of land in Gulf Shores, Alabama for gross proceeds of approximately $3 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets. As of December 31, 2024, a 336-unit multifamily apartment community and a 240-unit multifamily apartment community located in Columbia, South Carolina were classified as held for sale. The criteria for classifying the communities as held for sale were met during December 2024, and the properties remained in the Company’s portfolio as of December 31, 2024. As a result, the assets associated with the communities were presented as “Assets held for sale” in the accompanying Consolidated Balance Sheet as of December 31, 2024.

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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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