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ACQUISITIONS AND DISPOSITIONS (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Acquisitions | The acquisitions during the nine months ended September 30, 2021 and 2020 are detailed below. Nine Months Ended September 30, 2021
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost(1) |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  | Units(2) |  | Other(3) |  | Land |  | Building |  | Intangible Assets |  | Other(4)
256 homes - Union Pointe - Longmont, CO | January 6, 2021 |  | $ | 76,900 |  |  | $ | 76,900 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | 69,966 |  |  | $ | 1,207 |  |  | $ | — |
120 homes - Bayberry Place - Minneapolis, MN | September 1, 2021 |  | 16,673 |  |  | 898 |  |  | 9,855 |  |  | 5,920 |  |  | 1,807 |  |  | 14,113 |  |  | 753 |  |  | — |
251 homes - Burgandy & Hillsboro Court - Minneapolis, MN | September 1, 2021 |  | 35,569 |  |  | 2,092 |  |  | 22,542 |  |  | 10,935 |  |  | 2,834 |  |  | 31,148 |  |  | 1,587 |  |  | — |
97 homes - Venue on Knox - Minneapolis, MN | September 1, 2021 |  | 18,896 |  |  | 500 |  |  | 11,375 |  |  | 7,021 |  |  | 3,438 |  |  | 14,743 |  |  | 715 |  |  | — |
120 homes - Gatewood - St. Cloud, MN | September 1, 2021 |  | 7,781 |  |  | 378 |  |  | 3,388 |  |  | 4,015 |  |  | 327 |  |  | 6,858 |  |  | 596 |  |  | — |
84 homes - Grove Ridge - Minneapolis, MN | September 1, 2021 |  | 12,060 |  |  | 121 |  |  | 8,579 |  |  | 3,360 |  |  | 1,250 |  |  | 10,271 |  |  | 539 |  |  | — |
119 homes - The Legacy - St. Cloud, MN | September 1, 2021 |  | 10,560 |  |  | 229 |  |  | 5,714 |  |  | 4,617 |  |  | 412 |  |  | 9,556 |  |  | 592 |  |  | — |
151 homes - New Hope Garden & Village - Minneapolis, MN | September 1, 2021 |  | 15,006 |  |  | 1,435 |  |  | 10,812 |  |  | 2,759 |  |  | 1,603 |  |  | 12,578 |  |  | 825 |  |  | — |
330 homes - Palisades - Minneapolis, MN | September 1, 2021 |  | 53,354 |  |  | 2,884 |  |  | 30,470 |  |  | 20,000 |  |  | 6,919 |  |  | 46,577 |  |  | 2,211 |  |  | (2,353) |
96 homes - Plymouth Pointe - Minneapolis, MN | September 1, 2021 |  | 14,450 |  |  | 370 |  |  | 9,061 |  |  | 5,019 |  |  | 1,042 |  |  | 12,809 |  |  | 599 |  |  | — |
93 homes - Pointe West - St. Cloud, MN | September 1, 2021 |  | 7,558 |  |  | 91 |  |  | 3,605 |  |  | 3,862 |  |  | 246 |  |  | 6,849 |  |  | 463 |  |  | — |
301 homes - River Pointe - Minneapolis MN | September 1, 2021 |  | 38,348 |  |  | 2,249 |  |  | 21,653 |  |  | 14,446 |  |  | 3,346 |  |  | 33,117 |  |  | 1,885 |  |  | — |
70 homes - Southdale Parc - Minneapolis, MN | September 1, 2021 |  | 9,670 |  |  | 165 |  |  | 7,907 |  |  | 1,598 |  |  | 1,569 |  |  | 7,740 |  |  | 361 |  |  | — |
62 homes - Portage - Minneapolis, MN | September 1, 2021 |  | 9,171 |  |  | 323 |  |  | 5,588 |  |  | 3,260 |  |  | 2,133 |  |  | 6,685 |  |  | 353 |  |  | — |
200 homes - Windsor Gates - Minneapolis, MN | September 1, 2021 |  | 22,231 |  |  | 1,122 |  |  | 12,080 |  |  | 9,029 |  |  | 2,140 |  |  | 18,943 |  |  | 1,148 |  |  | — |
136 homes - Wingate - Minneapolis, MN | September 1, 2021 |  | 15,784 |  |  | 723 |  |  | 10,246 |  |  | 4,815 |  |  | 1,480 |  |  | 13,530 |  |  | 774 |  |  | — |
178 homes - Woodhaven - Minneapolis, MN | September 1, 2021 |  | 25,009 |  |  | 1,682 |  |  | 15,200 |  |  | 8,127 |  |  | 3,940 |  |  | 20,080 |  |  | 989 |  |  | — |
288 homes - Woodland Pointe - Minneapolis, MN | September 1, 2021 |  | 47,796 |  |  | 437 |  |  | 29,438 |  |  | 17,921 |  |  | 5,367 |  |  | 40,422 |  |  | 2,007 |  |  | — |
|  |  | $ | 436,816 |  |  | $ | 92,599 |  |  | $ | 217,513 |  |  | $ | 126,704 |  |  | $ | 45,580 |  |  | $ | 375,985 |  |  | $ | 17,604 |  |  | $ | (2,353) |
Total Acquisitions |  |  | $ | 436,816 |  |  | $ | 92,599 |  |  | $ | 217,513 |  |  | $ | 126,704 |  |  | $ | 45,580 |  |  | $ | 375,985 |  |  | $ | 17,604 |  |  | $ | (2,353) |
(1)Includes $36.1 million for additional fair value of Series E preferred units for the September 1, 2021 portfolio acquisition (2)Fair value of Series E preferred units at the acquisition date (3)Payoff of debt or assumption of seller's debt upon closing (4)Debt discount on assumed mortgage 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 - 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 at closing of note receivable and accrued interest due from seller. (2)Consists of TIF note acquired. Refer to Note 2 for further discussion.
Schedule of Dispositions | The following tables detail the dispositions for the nine months ended had September 30, 2021 and 2020. Nine Months Ended September 30, 2021
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
Multifamily |  |  |  |  |  |  |
76 homes - Crystal Bay-Rochester, MN | May 25, 2021 |  | $ | 13,650 |  |  | $ | 10,255 |  |  | $ | 3,395 |
40 homes - French Creek-Rochester, MN | May 25, 2021 |  | 6,700 |  |  | 4,474 |  |  | 2,226 |
182 homes - Heritage Manor-Rochester, MN | May 25, 2021 |  | 14,125 |  |  | 4,892 |  |  | 9,233 |
140 homes - Olympik Village-Rochester, MN | May 25, 2021 |  | 10,725 |  |  | 6,529 |  |  | 4,196 |
151 homes-Winchester/Village Green-Rochester, MN | May 25, 2021 |  | 14,800 |  |  | 7,010 |  |  | 7,790 |
Total Dispositions |  |  | $ | 60,000 |  |  | $ | 33,160 |  |  | $ | 26,840 |
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 |

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