Subsequent Events	12 Months Ended
Dec. 31, 2011
Subsequent Events	14. Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. In January 2012, Fund I sold one community, Avalon Lakeside, located in Chicago, IL. Avalon Lakeside contains 204 apartment homes and was sold for $20,500,000. In January 2012, the Company repaid $179,400,000 principal amount of its 5.5% coupon unsecured notes pursuant to their scheduled maturity. In February 2012, Fund I sold one community, Avalon Poplar Creek, located in Chicago, IL. Avalon Poplar Creek contains 196 apartment homes and was sold for $27,200,000. In February 2012, the Company acquired The Mark Pasadena, located in Pasadena, CA. The Mark Pasadena contains 84 apartment homes and was acquired for $19,400,000. In conjunction with this acquisition, the Company assumed the existing 4.61%, fixed-rate mortgage note in the amount of $11,958,000 that matures in June 2018, and is secured by the community. Also in February 2012, the Company repaid a variable rate secured mortgage note in the amount of $48,500,000 in advance of its November 2039 scheduled maturity date.

Subsequent Events

12 Months Ended

Dec. 31, 2011

14. Subsequent Events

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

In January 2012, Fund I sold one community, Avalon Lakeside, located in Chicago, IL. Avalon Lakeside contains 204 apartment homes and was sold for $20,500,000.

In January 2012, the Company repaid $179,400,000 principal amount of its 5.5% coupon unsecured notes pursuant to their scheduled maturity.

In February 2012, Fund I sold one community, Avalon Poplar Creek, located in Chicago, IL. Avalon Poplar Creek contains 196 apartment homes and was sold for $27,200,000.

In February 2012, the Company acquired The Mark Pasadena, located in Pasadena, CA. The Mark Pasadena contains 84 apartment homes and was acquired for $19,400,000. In conjunction with this acquisition, the Company assumed the existing 4.61%, fixed-rate mortgage note in the amount of $11,958,000 that matures in June 2018, and is secured by the community.

Also in February 2012, the Company repaid a variable rate secured mortgage note in the amount of $48,500,000 in advance of its November 2039 scheduled maturity date.