Acquisitions

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Acquisitions [Text Block]

5. Acquisitions and Dispositions

Asset Acquisition of Operating Properties. We did not acquire any operating properties during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, we acquired one operating property comprised of 326 apartment homes located in Austin, Texas for approximately $120.4 million in May 2019 and one operating property comprised of 316 apartment homes located in Scottsdale, Arizona for approximately $97.1 million in February 2019.

Acquisition of Land. During the nine months ended September 30, 2020, we acquired approximately 4.9 acres of land in Raleigh, North Carolina for approximately $18.2 million in January 2020 for the future development of approximately 355 apartment homes. During the nine months ended September 30, 2019, we acquired approximately 11.6 acres of land in Tempe, Arizona for approximately $18.0 million in May 2019 for the future development of approximately 397 apartment homes and approximately 4.3 acres of land in Charlotte, North Carolina for approximately $10.9 million in April 2019 for the future development of approximately 387 apartment homes.

Disposition of Land. During the nine months ended September 30, 2020, we sold approximately 4.7 acres of land adjacent to one of our operating properties in Raleigh, North Carolina for approximately $0.8 million in March 2020 and recognized a gain of $0.4 million. We did not sell any land during the nine months ended September 30, 2019.