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ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Our acquisitions during the years ended December 31, 2021 and 2020 are detailed below. Year Ended December 31, 2021
|  |  | (in thousands)
|  |  | Total | Form of Consideration | Investment Allocation
|  | Date | Acquisition |  |  |  |  |  | Intangible |
Acquisitions |  | Acquired | Cost(1) | Cash | Units(2) | Other(3) | Land | Building | Assets | Other(4)
256 homes -Union Pointe Apartment Homes - 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 |  | — |
176 homes - Civic Lofts - Denver, CO |  | December 21, 2021 | 63,000 |  | 63,000 |  | — |  | — |  | 6,166 |  | 55,204 |  | 1,630 |  | — |
Total Acquisitions |  |  | $ | 499,816 |  | $ | 155,599 |  | $ | 217,513 |  | $ | 126,704 |  | $ | 51,746 |  | $ | 431,189 |  | $ | 19,234 |  | $ | (2,353) |
(1)Includes $36.1 million for additional fair value of Series E preferred units with a liquidation preference of $181.4 million 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. 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)
Multifamily |  |  |  |  |  |  |  |  |
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.
Schedule of Dispositions | The dispositions for the years ended December 31, 2021 and 2020 are detailed below. Year Ended December 31, 2021
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | and Sale 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 |
|  |  | $ | 60,000 |  | $ | 33,160 |  | $ | 26,840 |
Other |  |  |  |  |
Minot IPS |  | October 18, 2021 | $ | 2,250 |  | $ | 1,573 |  | $ | 677 |
Total Dispositions |  |  | $ | 62,250 |  | $ | 34,733 |  | $ | 27,517 |
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 |

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