Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

(17) Subsequent Events

In January 2013, the Company sold the land parcel held for future development located in Palo Alto, California for $9.1 million, resulting in a gain of $1.5 million.

In January 2013, the Company acquired Annaliese, a 56 unit community located in Seattle, Washington for $19.0 million.  The property was built in 2009 and located in the South Lake Union submarket.

In January 2013, the Company sold $20.3 million of a common stock investment for a gain of $1.8 million.

In February 2013, the Company acquired Fox Plaza, a 444 unit property located in San Francisco, California for $135.0 million.  The 29 story high rise tower was built in 1968, and the Fox Plaza apartments are located on floors 14 through 29.  The purchase did not include the 12 floors of commercial office space but did include an adjacent two story building comprised of 37,800 square feet of space leased to retail and office tenants and a two story underground parking garage comprised of 405 stalls.