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ACQUISITIONS AND DISPOSITIONS | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $191.0 million and $171.4 million of new real estate during the years ended December 31, 2020 and 2019, respectively. Our acquisitions during the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020
|  |  | (in thousands)
|  |  | Total | Form of Consideration | Investment Allocation
|  | Date | Acquisition |  |  |  |  | Intangible |
Acquisitions |  | Acquired | Cost | Cash | Other(1) | Land | Building | 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 Apartments - 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. Year Ended December 31, 2019
|  |  | (in thousands)
|  |  | Total | Form of Consideration | Investment Allocation
|  | Date | Acquisition |  |  |  |  | Intangible
Acquisitions |  | Acquired | Cost | Cash | Units(1) | Land | Building | 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 26, 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 acquisition credit related to retail space lease-up. DISPOSITIONS During the year ended December 31, 2020, we continued our portfolio transformation by disposing of four apartment communities, one commercial property and one parcel of unimproved land for a total sales price of $44.3 million. The dispositions for the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | and Sale 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 |
Year Ended December 31, 2019
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | 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 |
152 homes - Crestview - Bismarck, ND |  | October 29, 2019 | 8,250 |  | 2,681 |  | 5,569 |
73 homes - North Pointe - Bismarck, ND |  | October 29, 2019 | 5,225 |  | 3,179 |  | 2,046 |
108 homes - Kirkwood - Bismarck, ND |  | October 29, 2019 | 5,400 |  | 2,518 |  | 2,882 |
65 homes - Westwood Park - Bismarck, ND |  | October 29, 2019 | 4,250 |  | 1,931 |  | 2,319 |
16 homes - Pebble Springs - Bismarck, ND |  | October 29, 2019 | 875 |  | 573 |  | 302 |
192 homes - Arbors - Sioux City, IA |  | December 11, 2019 | 16,200 |  | 6,110 |  | 10,090 |
120 homes - Indian Hills - Sioux City, IA |  | December 11, 2019 | 8,100 |  | 5,302 |  | 2,798 |
132 homes - Ridge Oaks - Sioux City, IA |  | December 11, 2019 | 7,700 |  | 4,006 |  | 3,694 |
50 homes - Cottage West - Sioux Falls, SD |  | December 12, 2019 | 6,991 |  | 4,391 |  | 2,600 |
24 homes - Gables - Sioux Falls, SD |  | December 12, 2019 | 2,515 |  | 2,052 |  | 463 |
79 homes - Oakmont - Sioux Falls, SD |  | December 12, 2019 | 7,010 |  | 3,917 |  | 3,093 |
160 homes - Oakwood - Sioux Falls, SD |  | December 12, 2019 | 12,090 |  | 3,056 |  | 9,034 |
120 homes - Oxbow Park - Sioux Falls, SD |  | December 12, 2019 | 10,452 |  | 2,713 |  | 7,739 |
48 homes - Prairie Winds - Sioux Falls, SD |  | December 12, 2019 | 3,763 |  | 1,112 |  | 2,651 |
44 homes - Sierra Vista - Sioux Falls, SD |  | December 12, 2019 | 3,178 |  | 2,292 |  | 886 |
|  |  | $ | 186,424 |  | $ | 91,514 |  | $ | 94,910 |
Other |  |  |  |  |
Minot 1400 31st Ave SW - Minot, ND |  | May 23, 2019 | $ | 6,530 |  | $ | 6,048 |  | $ | 482 |
Woodbury 1865 Woodland - Woodbury, MN |  | November 1, 2019 | 5,765 |  | 4,079 |  | 1,686 |
|  |  | $ | 12,295 |  | $ | 10,127 |  | $ | 2,168 |
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 |  |  | $ | 203,093 |  | $ | 105,866 |  | $ | 97,227 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: 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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