Significant Transactions During the Third Quarter of 2016 and Subsequent Events

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Significant Transactions During the Third Quarter of 2016 and Subsequent Events

Significant Transactions During the Third Quarter of 2016 and Subsequent Events

Significant Transactions

Preferred Equity Investments

In August 2016, the Company made a commitment to fund a $11.6 million preferred equity investment in a limited liability company that owns The Line, a 228 apartment home community development project located in Santa Ana, CA. This investment is scheduled to mature in March 2020 and will accrue interest based on a 12.0% compounded preferred return. As of September 30, 2016, the Company has funded $1.9 million of the $11.6 million commitment.

Notes Receivable

In September 2016, the Company made a commitment to loan $26.3 million to a limited liability company that owns Oceanaire, a 216 apartment home community development project located in Long Beach, CA. The loan investment is scheduled to mature in September 2020 and will accrue interest based on a 10.75% compounded return. As of September 30, 2016, the Company has funded $4.4 million of the $26.3 million commitment.