Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

During the year ended December 31, 2020, the Company sold nine wholly-owned operating communities, containing an aggregate of 1,817 apartment homes for an aggregate sales price of $627,750,000 and an aggregate gain in accordance with GAAP of $340,444,000.

Details regarding the real estate sales, excluding for-sale residential condominiums at the Park Loggia, are summarized in the following table (dollars in thousands):


Community Name	Location	Period of sale	Apartment homes	Debt		Gross sales price		Net cash proceeds
Avalon Shelton	Shelton, CT	Q120	250	$	—	$	64,750	$	63,030
Avalon Tinton Falls	Tinton Falls, NJ	Q220	216	—		64,900		63,371
Avalon Towers	Long Beach, NY	Q320	109	—		54,000		53,079
Avalon Somerset	Somerset, NJ	Q420	384	—		110,000		107,415
eaves San Rafael	San Rafael, CA	Q420	254	—		106,000		104,462
Avalon Cohasset	Cohasset, MA	Q420	220	—		90,250		88,673
Avalon Wilton on Danbury Rd	Wilton, CT	Q420	100	—		34,750		33,744
Avalon Stratford	Stratford, CT	Q420	130	—		30,600		29,808
eaves Diamond Heights	San Francisco, CA	Q420	154	—		72,500		69,469
Other real estate (1)	Brooklyn, NY	2020	N/A	—		6,500		6,722

Total of 2020 asset sales			1,817	$	—	$	634,250	$	619,773

Total of 2019 asset sales			1,660	$	21,700	$	431,280	$	422,041

Total of 2018 asset sales			3,099	$	395,939	$	1,378,289	$	883,313

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(1) Represents the sale of commercial space.

As of December 31, 2020, the Company had one community that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the year ended December 31, 2020, the Company sold 70 residential condominiums at The Park Loggia, for gross proceeds of $216,372,000 resulting in a gain in accordance with GAAP of $8,213,000. As of December 31, 2020, there were 102 residential condominiums remaining to be sold. The Company incurred $5,662,000, $3,812,000 and $1,044,000 during the years ended December 31, 2020, 2019 and 2018, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2020 and 2019, the unsold for-sale residential condominiums at The Park Loggia have an aggregate carrying value of $267,219,000 and $457,809,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets. The Company recognized a net deferred tax liability of $5,782,000 during the year ended December 31, 2019 for the GAAP to tax basis differences of The Park Loggia and the associated 66,000 square feet of commercial space. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the income tax associated to The Park Loggia.