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ACQUISITIONS AND DISPOSITIONS | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $144.8 million in new real estate during the three months ended September 30, 2020, compared to $125.3 million in the three months ended September 30, 2019. Our acquisitions during the nine months ended September 30, 2020 and 2019 are detailed below. Nine Months Ended September 30, 2020
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  | Other(1) |  | Land |  | Building |  | Intangible Assets |  | Other(2)
182 homes - Ironwood Apartments - New Hope, MN | March 5, 2020 |  | $ | 46,263 |  |  | $ | 28,600 |  |  | $ | 17,663 |  |  | $ | 2,165 |  |  | $ | 36,869 |  |  | $ | 824 |  |  | $ | 6,405 |
465 homes - Parkhouse Apartment Homes - Thornton, CO | September 22, 2020 |  | 144,750 |  |  | 144,750 |  |  | — |  |  | 10,474 |  |  | 132,105 |  |  | 2,171 |  |  | — |
Total Acquisitions |  |  | $ | 191,013 |  |  | $ | 173,350 |  |  | $ | 17,663 |  |  | $ | 12,639 |  |  | $ | 168,974 |  |  | $ | 2,995 |  |  | $ | 6,405 |
(1)Payoff of note receivable and accrued interest by seller at closing. (2)Consists of TIF note acquired. Refer to Note 2 for further discussion. 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(2) | 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 | 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)Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up. DISPOSITIONS During the three months ended September 30, 2020, we disposed of four apartment communities and one commercial property for a total sale price of $43.0 million. During the three months ended September 30, 2019, we sold six apartment communities and one parcel of unimproved land for a total sale price of $85.0 million. The following tables detail our dispositions for the nine months ended September 30, 2020 and 2019. Nine Months Ended September 30, 2020
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
Multifamily |  |  |  |  |  |  |
268 homes - Forest Park - Grand Forks, ND | August 18, 2020 |  | $ | 19,625 |  |  | $ | 6,884 |  |  | $ | 12,741 |
90 homes - Landmark - Grand Forks, ND | August 18, 2020 |  | 3,725 |  |  | 1,348 |  |  | 2,377 |
164 homes - Southwind - Grand Forks, ND | August 18, 2020 |  | 10,850 |  |  | 4,573 |  |  | 6,277 |
168 homes - Valley Park - Grand Forks, ND | August 18, 2020 |  | 8,300 |  |  | 4,059 |  |  | 4,241 |
|  |  | $ | 42,500 |  |  | $ | 16,864 |  |  | $ | 25,636 |
Other |  |  |  |  |  |  |
Dakota West | August 7, 2020 |  | $ | 500 |  |  | $ | 474 |  |  | $ | 26 |
Unimproved Land |  |  |  |  |  |  |
Rapid City Land - Rapid City, SD | June 29, 2020 |  | $ | 1,300 |  |  | $ | 1,490 |  |  | $ | (190) |
Total Dispositions |  |  | $ | 44,300 |  |  | $ | 18,828 |  |  | $ | 25,472 |
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 | 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 |

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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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