Significant Transactions During the Nine Months Ended September 30, 2023 and Subsequent Events

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Significant Transactions During the Nine Months Ended September 30, 2023 and Subsequent Events

Significant Transactions During the Nine Months Ended September 30, 2023 and Subsequent Events

Significant Transactions

Acquisitions

In April 2023, the Company acquired Hacienda at Camarillo Oaks, a 73-unit apartment home community located in Camarillo, CA, for a total contract price of $23.1 million.

Dispositions

In March 2023, the Company sold CBC and The Sweeps, a non-core apartment home community with 239 apartment homes, located in Goleta, CA, for a total contract price of $91.7 million. The Company recognized a $54.5 million gain on sale.

Preferred Equity Investments

In September 2023, the Company originated a preferred equity investment totaling $12.3 million in a joint venture that owns one multifamily community located in Southern California. The investment has an initial preferred return of 13.5% and is scheduled to mature in September 2028.

In June 2023, the Company received cash of $14.7 million, including an early redemption fee of $0.3 million, for the full redemption of a preferred equity investment in a joint venture that holds property located in Southern California.

In April 2023, the Company received cash of $11.2 million for the partial redemption of a preferred equity investment, whose sponsors include a related party, in a joint venture that holds property located in Northern California. See Note 6, Related Party Transactions, for additional details.

Common Stock

During the nine months ended September 30, 2023, the Company repurchased and retired 437,026 shares of the Company's common stock through the Company's stock repurchase plan, totaling $95.7 million, including commissions, at an average price per share of $218.88. As a result, as of September 30, 2023, the Company had $302.7 million of purchase authority remaining under the Company's $500.0 million stock repurchase plan.

Secured Debt

In July 2023, the Company closed $298.0 million in 10-year secured loans priced at 5.08% fixed interest rates encumbering four properties located in Northern California.