ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2020

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