Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion.

In July 2014:

• Fund I sold its final apartment community, Avalon Rutherford Station, located in East Rutherford, NJ, containing 108 apartment homes, for $34,250,000; and

• Fund II sold Avalon Fair Oaks, located in Fairfax, VA, containing 491 apartment homes, for $108,200,000.