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ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES
Acquisitions of Interests in Joint Ventures    
During 2022 and 2021, the Company purchased its partners' remaining interests in 11 and three joint ventures, respectively. The Company determined that in each acquisition the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions.
NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (continued)
The following table summarizes these purchases (dollars in thousands):
Buyout DateProperty NameLocationUnitsRemaining Interest PurchasedPurchase Price (1)
2022
03/23/2022Verandas at AlamoSan Antonio, TX28828 %$8,721 
04/07/2022Vanguard HeightsCreve Coeur, MO17422 %4,880 
05/11/2022Jackson SquareTallahassee, FL24220 %7,215 
05/24/2022Brixworth at Bridge StreetHuntsville, AL20820 %10,697 
05/26/2022Woodland ApartmentsBoerne, TX12020 %3,881 
06/30/2022Grove at River PlaceMacon, GA24020 %7,485 
07/12/2022Civic ISouthaven, MS39225 %18,233 
07/12/2022Civic IISouthaven, MS38425 %17,942 
07/14/2022Abbotts RunWilmington, NC26420 %9,010 
07/19/2022Somerset at TrussvilleTrussville, AL32820 %10,558 
08/03/2022Magnolia PointeMadison, AL20420 %7,246 
Total2,844$105,868 
2021
08/18/2021Bells BluffNashville, TN40242 %$27,860 
10/01/2021Crestmont at ThornbladeGreenville , SC26610 %1,600 
12/01/2021Crossings of BellevueNashville, TN30020 %16,128 
Total968$45,588 
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(1) The purchase price reflects our purchase of our joint venture partners' promote interest in the venture and in 2022 excludes closing costs of $2,191 and
operating cash acquired from the joint venture of $2,797 and in 2021 excludes closing costs of $793, operating cash acquired from the joint
ventures of $2,608 and the payoff of the existing mortgages of $68,183.
NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (continued)
The Company assessed the fair value of the tangible assets of each acquired property as of the applicable acquisition date using estimated building costs between $90 and $215 per square foot, with a weighted average square foot cost of $158 and estimated land costs between $4.11 and $50.14 per square foot with a weighted average square foot cost of $6.65, which are Level 3 unobservable input in the fair value hierarchy. The following table summarizes the purchase price allocation of the book values of those properties whose remaining interest was purchased and consolidated in 2022 or 2021 and is based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands):
PropertyLandBuilding and ImprovementsTotal Land and buildingAcquisition related lease intangible Total AssetsAcquisition related mortgage intangible
2022
Verandas at Alamo$3,336 $33,465 $36,801 $797 $37,598 $(61)
Vanguard Heights5,466 30,826 36,292 508 36,800 578 
Jackson Square3,398 27,167 30,565 634 31,199 283 
Brixworth at Bridge Street1,959 20,080 22,039 321 22,360 — 
Woodland Apartments1,289 12,853 14,142 233 14,375 — 
Grove at River Place2,866 16,416 19,282 396 19,678 136 
Civic I3,646 45,554 49,200 913 50,113 562 
Civic II3,847 46,452 50,299 1,013 51,312 1,254 
Abbotts Run3,468 37,312 40,780 701 41,481 481 
Somerset at Trussville4,095 42,943 47,038 869 47,907 1,090 
Magnolia Pointe2,052 22,023 24,075 503 24,578 396 
$35,422 $335,091 $370,513 $6,888 $377,401 $4,719 
2021
Bells Bluff$6,172 $77,532 $83,704 $1,597 $85,301 — 
Crestmont at Thornblade4,033 34,052 38,085 818 38,903 $2,641 
Crossings of Bellevue9,679 29,115 38,794 730 39,524 — 
$19,884 $140,699 $160,583 $3,145 $163,728 $2,641 

The unamortized balance of acquisition related lease intangibles, which is included in Other assets in the consolidated balance sheet, was $3,181,000 at December 31, 2022, and amortizes over one year.
In March 2023, the Company entered into an agreement to acquire a 238-unit multifamily property constructed in 2019 and located in Richmond, VA, for a purchase price of approximately $62,500,000. The purchase price includes the assumption of approximately $32,000,000 of mortgage debt bearing an interest rate of 3.34% and maturing in 2061. The purchase is subject to the satisfaction of various conditions, including the completion, to BRT’s satisfaction, of its due diligence investigation, as well as the approval by the mortgage lender of the Company’s assumption of the mortgage debt. BRT anticipates that this transaction will be completed in the fourth quarter of 2023, although we can provide no assurance that this transaction will be completed.
Property Dispositions
During the year ended December 31, 2022, the Company sold a land parcel located in Daytona, FL for a sales price of $4,700,000 and after closing costs, recognized a nominal gain. In 2020, the Company recognized an impairment charge of $3,600,000 in connection with this property. At December 31, 2021, this property was classified as held-for-sale on the Company's consolidated balance sheet ( see Note 7 - Real Estate Property Held for Sale).
NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (continued)

The tables below provide information regarding the Company's disposition of real estate properties during the year ended December 31, 2021 (dollars in thousands):
LocationSale DateNo. of UnitsSales PriceGain on Sale
Kendall Manor - Houston, TX5/26/2021272 $24,500 $7,279 
New York, NY (1)8/20/20211 545 414 
273 $25,045 $7,693 
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(1) Reflects the sale of a cooperative apartment unit.

Impairment Charges
In cases where the Company does not expect to recover its carrying value on properties held for use, the Company reduces its carrying value to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell.
In the year ended December 31, 2021, the Company took an impairment charge of $520,000 related to its investment in OPOP Tower and OPOP Loft properties, St Louis, MO, as the carrying value exceeded the fair value by that amount. The fair value is based upon the sale price at which the Company contracted to sell this joint venture interest. This investment was sold in 2021 and no further impairments were recorded. The Company did not record any impairment charges in 2022.