Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

During the year ended December 31, 2021, the Company sold nine wholly-owned operating communities, containing an aggregate of 2,404 apartment homes for an aggregate sales price of $867,200,000 and an aggregate gain in accordance with GAAP of $602,235,000.

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
eaves Stamford	Stamford, CT	Q121	238	$	—	$	72,000	$	70,062
Avalon Norwalk	Norwalk, CT	Q221	311	—		103,000		101,422
AVA Cortez Hill	San Diego, CA	Q221	299	—		96,500		94,648
Avalon Redmond Place	Redmond, WA	Q221	222	—		97,700		86,750
Avalon Bronxville	Bronxville, NY	Q221	110	—		89,000		88,088
Avalon Glen Cove & Avalon Glen Cove North	Glen Cove, NY	Q221	367	—		126,000		125,564
eaves Lawrenceville	Lawrenceville, NJ	Q421	632	—		208,000		203,705
Avalon at Center Place	Providence, RI	Q421	225	—		75,000		71,841
Other real estate (1)	multiple	2021	N/A	—		7,858		8,150

Total of 2021 asset sales			2,404	$	—	$	875,058	$	850,230

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

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

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(1) Represents the sale of one undeveloped land parcel, located in Boston, MA, and condominium rights, located in Plymouth, MA.

As of December 31, 2021, the Company had one real estate asset 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, 2021, the Company sold 53 residential condominiums at The Park Loggia, for gross proceeds of $135,458,000 resulting in a gain in accordance with GAAP of $3,110,000. As of December 31, 2021, there were 49 residential condominiums remaining to be sold. The Company incurred $4,087,000, $5,662,000 and $3,812,000 during the years ended December 31, 2021, 2020 and 2019, 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, 2021 and 2020, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $146,535,000 and $267,219,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets.