Significant Transactions During the Second Quarter of 2015 and Subsequent Events	6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]
Significant Transactions During the Second Quarter of 2015 and Subsequent Events	Significant Transactions During the Second Quarter of 2015 and Subsequent Events Significant Transactions Acquisitions In April 2015, the Company purchased an additional 49.5% interest in Reveal, a 438 apartment community located in Woodland Hills, CA, from Wesco I, a related party in which the Company holds a 50.0% noncontrolling interest, for a contract price of $73.0 million. As a result of the acquisition, the property is now consolidated and the Company recorded a gain of $12.7 million to remeasure the portion of its investment in Wesco I related to Reveal at fair value. The gain is included in “Gain on remeasurement of co-investment” on the Company’s Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2015. In June 2015, the Company purchased Avant, a 247 apartment community, located in downtown Los Angeles, California, for $99.0 million. In June 2015, the Company made a $10.0 million preferred equity investment in a related party limited liability company that owns Greentree Apartments, a 220 apartment community located in San Jose, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. (See Note 5 - "Related Party Transactions" for further discussion.) In June 2015, the Company made a $5.0 million preferred equity investment in a related party limited liability company that owns Sterling Cove Apartments, a 218 apartment community located in Concord, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. (See Note 5 - "Related Party Transactions" for further discussion.) Common Stock During the second quarter, the Company issued 396,840 shares of common stock, through our equity distribution program, at an average price of $223.59 for net proceeds of $88.5 million. During the third quarter through August 3, 2015, the Company did not sell any shares of common stock through its equity distribution program or through other means. Subsequent Events There were no material subsequent events.

Significant Transactions During the Second Quarter of 2015 and Subsequent Events

Significant Transactions

Acquisitions

In April 2015, the Company purchased an additional 49.5% interest in Reveal, a 438 apartment community located in Woodland Hills, CA, from Wesco I, a related party in which the Company holds a 50.0% noncontrolling interest, for a contract price of $73.0 million. As a result of the acquisition, the property is now consolidated and the Company recorded a gain of $12.7 million to remeasure the portion of its investment in Wesco I related to Reveal at fair value. The gain is included in “Gain on remeasurement of co-investment” on the Company’s Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2015.

In June 2015, the Company purchased Avant, a 247 apartment community, located in downtown Los Angeles, California, for $99.0 million.

In June 2015, the Company made a $10.0 million preferred equity investment in a related party limited liability company that owns Greentree Apartments, a 220 apartment community located in San Jose, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. (See Note 5 - "Related Party Transactions" for further discussion.)

In June 2015, the Company made a $5.0 million preferred equity investment in a related party limited liability company that owns Sterling Cove Apartments, a 218 apartment community located in Concord, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. (See Note 5 - "Related Party Transactions" for further discussion.)

Common Stock

During the second quarter, the Company issued 396,840 shares of common stock, through our equity distribution program, at an average price of $223.59 for net proceeds of $88.5 million.

During the third quarter through August 3, 2015, the Company did not sell any shares of common stock through its equity distribution program or through other means.

Subsequent Events

There were no material subsequent events.