Subsequent Events

9 Months Ended

Sep. 30, 2019

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 October 2019, the U.S. Fund sold Avalon Marina Bay and the adjacent marina, The Harbor at Marina Bay, located in Marina del Rey, CA. The community and adjacent marina contain 205 apartment homes and 229 boat slips and were sold for aggregate price of $86,000,000.

In November 2019, the Company repaid $65,749,000 of 3.38% fixed rate debt secured by Avalon Columbia Pike at par at its maturity date.

In November 2019, the Company entered into an agreement to sell an operating community containing 250 apartment homes and net real estate of $39,045,000 as of September 30, 2019, resulting in the community qualifying as held for sale subsequent to September 30, 2019. The Company expects to complete the sale in the first quarter of 2020.