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ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
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)
TotalForm of ConsiderationInvestment Allocation
DateAcquisitionIntangible
AcquisitionsAcquired
Cost(1)
Cash
Units(2)
Other(3)
LandBuildingAssets
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, 202116,673 898 9,855 5,920 1,807 14,113 753 — 
251 homes - Burgandy & Hillsboro Court - Minneapolis, MN
September 1, 202135,569 2,092 22,542 10,935 2,834 31,148 1,587 — 
97 homes - Venue on Knox - Minneapolis, MN
September 1, 202118,896 500 11,375 7,021 3,438 14,743 715 — 
120 homes - Gatewood - St. Cloud, MN
September 1, 20217,781 378 3,388 4,015 327 6,858 596 — 
84 homes - Grove Ridge - Minneapolis, MN
September 1, 202112,060 121 8,579 3,360 1,250 10,271 539 — 
119 homes - The Legacy - St. Cloud, MN
September 1, 202110,560 229 5,714 4,617 412 9,556 592 — 
151 homes - New Hope Garden & Village - Minneapolis, MN
September 1, 202115,006 1,435 10,812 2,759 1,603 12,578 825 — 
330 homes - Palisades - Minneapolis, MN
September 1, 202153,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353)
96 homes - Plymouth Pointe - Minneapolis, MN
September 1, 202114,450 370 9,061 5,019 1,042 12,809 599 — 
93 homes - Pointe West - St. Cloud, MN
September 1, 20217,558 91 3,605 3,862 246 6,849 463 — 
301 homes - River Pointe - Minneapolis MN
September 1, 202138,348 2,249 21,653 14,446 3,346 33,117 1,885 — 
70 homes - Southdale Parc - Minneapolis, MN
September 1, 20219,670 165 7,907 1,598 1,569 7,740 361 — 
62 homes - Portage - Minneapolis, MN
September 1, 20219,171 323 5,588 3,260 2,133 6,685 353 — 
200 homes - Windsor Gates - Minneapolis, MN
September 1, 202122,231 1,122 12,080 9,029 2,140 18,943 1,148 — 
136 homes - Wingate - Minneapolis, MN
September 1, 202115,784 723 10,246 4,815 1,480 13,530 774 — 
178 homes - Woodhaven - Minneapolis, MN
September 1, 202125,009 1,682 15,200 8,127 3,940 20,080 989 — 
288 homes - Woodland Pointe - Minneapolis, MN
September 1, 202147,796 437 29,438 17,921 5,367 40,422 2,007 — 
176 homes - Civic Lofts - Denver, CO
December 21, 202163,000 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)
 TotalForm of ConsiderationInvestment Allocation
DateAcquisition          Intangible
AcquisitionsAcquiredCostCash
Other(1)
LandBuildingAssets
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, 2020144,750 144,750 — 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)
DateBook Value
DispositionsDisposedSales Priceand Sale CostGain/(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, 20216,700 4,474 2,226 
182 homes-Heritage Manor-Rochester, MN
May 25, 202114,125 4,892 9,233 
140 homes-Olympik Village-Rochester, MN
May 25, 202110,725 6,529 4,196 
151-homes-Winchester/Village Green-Rochester, MN
May 25, 202114,800 7,010 7,790 
$60,000 $33,160 $26,840 
Other
Minot IPSOctober 18, 2021$2,250 $1,573 $677 
Total Dispositions$62,250 $34,733 $27,517 
Year Ended December 31, 2020
(in thousands)
DateBook Value
DispositionsDisposedSales Priceand Sale CostGain/(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, 20203,725 1,348 2,377 
164 homes - Southwind - Grand Forks, ND
August 18, 202010,850 4,573 6,277 
168 homes - Valley Park - Grand Forks, ND
August 18, 20208,300 4,059 4,241 
$42,500 $16,864 $25,636 
Other
Dakota WestAugust 7, 2020$500 $474 $26 
Unimproved Land
Rapid City Land - Rapid City, SDJune 29, 2020$1,300 $1,490 $(190)
Total Dispositions$44,300 $18,828 $25,472