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ACQUISITIONS AND DISPOSITIONS | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $499.8 million and $191.0 million of new real estate during the years ended December 31, 2021 and 2020, respectively. 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. DISPOSITIONS During the year ended December 31, 2021, we continued our portfolio transformation by disposing of five apartment communities and one commercial property for a total sales price of $62.3 million. 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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- 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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