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ACQUISITIONS AND DISPOSITIONS | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $125.3 million of new real estate during the three months ended September 30, 2019, compared to no acquisitions in the three months ended September 30, 2018. Our acquisitions during the nine months ended September 30, 2019 and 2018 are detailed below. Nine Months Ended September 30, 2019
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  |  | Units(1) |  |  | Land |  |  | Building |  |  | Intangible Assets |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |
272 homes - SouthFork Townhomes - Lakeville, MN | February 26, 2019 |  | $ | 44,000 |  |  | $ | 27,440 |  |  | $ | 16,560 |  |  | $ | 3,502 |  |  | $ | 39,950 |  |  | $ | 548 |
96 homes - FreightYard Townhomes and Flats - Minneapolis, MN | September 6, 2019 |  | 26,000 |  |  | 26,000 |  |  | — |  |  | 1,889 |  |  | 23,615 |  |  | 496 |
328 homes - Lugano at Cherry Creek - Denver, CO(3) | September 25, 2019 |  | 99,250 |  |  | 99,250 |  |  | — |  |  | 7,679 |  |  | 89,365 |  |  | 1,781 |
|  |  | $ | 169,250 |  |  | $ | 152,690 |  |  | $ | 16,560 |  |  | $ | 13,070 |  |  | $ | 152,930 |  |  | $ | 2,825 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |
Minot 3100 10th St SW - Minot, ND(2) | May 23, 2019 |  | $ | 2,112 |  |  | $ | 2,112 |  |  | — |  |  | $ | 246 |  |  | $ | 1,866 |  |  | — |
Total Acquisitions |  |  | $ | 171,362 |  |  | $ | 154,802 |  |  | $ | 16,560 |  |  | $ | 13,316 |  |  | $ | 154,796 |  |  | $ | 2,825 |
(1) | Value of Series D preferred units at the acquisition date.
(2) | Acquired for use as our Minot corporate office building after renovations have been completed.
(3) | Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up.
Nine Months Ended September 30, 2018
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost(1) |  |  | Investment Allocation
Acquisitions |  |  | Land |  |  | Building |  |  | Intangible Assets |
390 homes - Westend - Denver, CO | March 28, 2018 |  | $ | 128,700 |  |  | $ | 25,525 |  |  | $ | 102,101 |  |  | $ | 1,074 |
Total Acquisitions |  |  | $ | 128,700 |  |  | $ | 25,525 |  |  | $ | 102,101 |  |  | $ | 1,074 |
(1) | Acquisition cost was paid in cash.
DISPOSITIONS During the three months ended September 30, 2019, we sold one parcel of unimproved land and six apartment communities for an aggregate sale price of $85.0 million. After deductions for closing costs and other costs associated with the dispositions, we recognized a $38.9 million aggregate gain on sale. During the three months ended September 30, 2018, we sold three apartment communities, two commercial properties, and three parcels of unimproved land. The following tables detail our dispositions for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  |  | Book Value and Sale Cost |  |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |
21 homes - Pinehurst - Billings, MT | July 26, 2019 |  | $ | 1,675 |  |  | $ | 961 |  |  | $ | 714 |
160 homes - Brookfield Village - Topeka, KS | September 24, 2019 |  | 10,350 |  |  | 5,853 |  |  | 4,497 |
220 homes - Crown Colony - Topeka, KS | September 24, 2019 |  | 17,200 |  |  | 7,876 |  |  | 9,324 |
54 homes - Mariposa - Topeka, KS | September 24, 2019 |  | 6,100 |  |  | 4,290 |  |  | 1,810 |
300 homes - Sherwood - Topeka, KS | September 24, 2019 |  | 26,150 |  |  | 11,536 |  |  | 14,614 |
308 homes - Villa West - Topeka, KS | September 24, 2019 |  | 22,950 |  |  | 15,165 |  |  | 7,785 |
|  |  | $ | 84,425 |  |  | $ | 45,681 |  |  | $ | 38,744 |
Other |  |  |  |  |  |  |
Minot 1400 31st Ave SW - Minot, ND(1) | May 23, 2019 |  | $ | 6,530 |  |  | $ | 6,048 |  |  | $ | 482 |
Unimproved Land |  |  |  |  |  |  |
Creekside Crossing - Bismarck, ND | March 1, 2019 |  | $ | 3,049 |  |  | $ | 3,205 |  |  | $ | (156 | )
Minot 1525 24th Ave SW - Minot, ND | April 3, 2019 |  | 725 |  |  | 593 |  |  | 132 |
Weston - Weston, WI | July 31, 2019 |  | 600 |  |  | 427 |  |  | 173 |
|  |  | $ | 4,374 |  |  | $ | 4,225 |  |  | $ | 149 |
Total Dispositions |  |  | $ | 95,329 |  |  | $ | 55,954 |  |  | $ | 39,375 |
(1) | This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service.
Nine Months Ended September 30, 2018
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  |  | Book Value and Sale Cost |  |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |
44 homes - Dakota Commons - Williston, ND | July 26, 2018 |  | $ | 4,420 |  |  | $ | 3,878 |  |  | $ | 542 |
145 homes - Williston Garden - Williston, ND(1) | July 26, 2018 |  | 12,310 |  |  | 11,313 |  |  | 997 |
288 homes - Renaissance Heights - Williston, ND(2) | July 26, 2018 |  | 24,770 |  |  | 17,856 |  |  | 6,914 |
|  |  | $ | 41,500 |  |  | $ | 33,047 |  |  | $ | 8,453 |
Other |  |  |  |  |  |  |
43,404 sq ft Garden View - St. Paul, MN | January 19, 2018 |  | $ | 14,000 |  |  | $ | 6,191 |  |  | $ | 7,809 |
52,116 sq ft Ritchie Medical - St. Paul, MN | January 19, 2018 |  | 16,500 |  |  | 10,419 |  |  | 6,081 |
22,187 sq ft Bismarck 715 East Broadway - Bismarck, ND | March 7, 2018 |  | 5,500 |  |  | 3,215 |  |  | 2,285 |
7,849 sq ft Minot Southgate Retail - Minot, ND | July 12, 2018 |  | 1,925 |  |  | 2,056 |  |  | (131 | )
9,052 sq ft Fresenius - Duluth, MN | July 27, 2018 |  | 1,900 |  |  | 1,078 |  |  | 822 |
|  |  | $ | 39,825 |  |  | $ | 22,959 |  |  | $ | 16,866 |
Unimproved Land |  |  |  |  |  |  |
Grand Forks - Grand Forks, ND | July 16, 2018 |  | $ | 3,000 |  |  | $ | 2,986 |  |  | $ | 14 |
Renaissance Heights - Williston, ND(3) | July 26, 2018 |  | 750 |  |  | 684 |  |  | 66 |
Badger Hills Unimproved - Rochester, MN | August 29, 2018 |  | 1,400 |  |  | 1,528 |  |  | (128 | )
|  |  | $ | 5,150 |  |  | $ | 5,198 |  |  | $ | (48 | )
Total Dispositions |  |  | $ | 86,475 |  |  | $ | 61,204 |  |  | $ | 25,271 |
(1) | This apartment community was owned by a joint venture entity in which we had an interest of approximately 74.11% .
(2) | This apartment community was owned by a joint venture entity in which we had an interest of approximately 87.14%.
(3) This parcel of land was owned by a joint venture entity in which we had an interest of approximately 70.00%.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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