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Acquisitions | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions On November 1, 2022, we acquired the remaining 50% ownership interest in the VAA Holdback Portfolio that we did not previously own through a distribution from VAA (See Note 10 – Investment in Unconsolidated Joint Ventures). Prior to the acquisition, we had accounted for the VAA Holdback Portfolio under the equity method of accounting as part of our investment in VAA. The acquisition was completed in order to obtain 100% ownership and control over this well positioned portfolio of multifamily residential properties in southern United States. The VAA Holdback Portfolio consisted of the following properties:
Property |  | Location |  | Units
Blue Lake Villas |  | Waxahachie, TX |  | 186 |
Blue Lake Villas Phase II |  | Waxahachie, TX |  | 70 |
Northside on Travis |  | Sherman, TX |  | 200 |
Parc at Denham Springs |  | Denham Spring, LA |  | 224 |
Residences at Holland Lake |  | Weatherford, TX |  | 208 |
Villas of Park West I |  | Pueblo, CO |  | 148 |
Villas of Park West II |  | Pueblo, CO |  | 112 |
|  |  |  | 1,148 |
The following is a summary of the preliminary allocation of the fair value of the VAA Holdback Portfolio:
Real estate |  | $ | 219,500 |
Other assets |  | 4,843 |
Total assets acquired |  | 224,343 |
Mortgage notes payable |  | 70,330 |
Accounts payable and other liabilities |  | 1,624 |
Accrued interest |  | 190 |
Total liabilities assumed |  | 72,144 |
Fair value of acquired net assets (100% ownership) |  | $ | 152,199 |
We have determined that the purchase price represented the fair value of the additional ownership interest in the VAA Holdback Portfolio that was acquired.
Fair value of existing ownership interest (at 50% ownership) |  | $ | 219,500 |
Carrying value of investment |  | 146,313 |
Gain on remeasurement of assets |  | $ | 73,187 |
From November 1, 2022, we have included the VAA Holdback Portfolio in our consolidated financial statements.

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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