XML 28 R18.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2020
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 2020, the Company entered into a joint venture which will develop, own and operate AVA Arts District. AVA Arts District is expected to be a 475 apartment home community in Los Angeles, CA, that will be developed for a projected total capitalized cost to the joint venture of $279,000,000. The Company owns a 25.0% interest in the venture, and the venture partner owns the remaining 75.0% interest. The venture expects to obtain a $167,000,000 construction loan to fund the development of AVA Arts District. The Company's total expected equity investment is approximately $28,000,000, of which $13,000,000 has already been spent.