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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Acquisitions | 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 |
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 |
Summary of Preliminary Allocation of Fair Value in Acquisition | 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 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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