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ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Real Estate Acquisitions 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.
Schedule of Asset Acquisition Allocation of Book Value 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 following table summarizes the information regarding the mortgages relating to the properties in which BRT purchased the remaining interests of its joint venture partners during the twelve months ended December 31, 2022 and 2021 (dollars in thousands):
Property NameLocationDebt at Purchase Date (a)Interest RateMaturity DateInterest only through
2022
Verandas at AlamoSan Antonio, TX$27,000 3.64%Oct 2029Oct 2024
Vanguard HeightsCreve Coeur, MO29,700 4.41%July 2031June 2025
Jackson SquareTallahassee, FL21,524 4.19%Sept 2027Sept 2022
Brixworth at Bridge Street (b)Huntsville, AL11,147 4.25%June 2032Maturity
The Woodland ApartmentsBoerne, TX7,914 4.74%Feb 2026N/A
Grove at River Place (c)Macon, GA11,426 4.39%Feb 2026N/A
Civic ISouthaven, MS27,389 4.24%March 2026N/A
Civic IISouthaven, MS30,105 3.73%Sept 2026N/A
AbbottsWilmington, NC23,160 4.71%July 2030July 2025
Somerset at TrussvilleTrussville, AL32,250 4.19%June 2029May 2025
Magnolia PointeMadison, AL15,000 4.08%Jan 2028Dec 2022
$236,615 
2021
Bells BluffNashville, TN$52,000 3.48%Aug 2041N/A
Crestmont at ThornbladeGreenville, SC26,425 4.69%Nov 2028N/A
Crossings of BellevueNashville, TN37,680 3.11%Dec 2031N/A
$116,105 
________________________________
(a) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation.
(b) The original mortgage debt of $11,147 was refinanced with new ten-year mortgage debt of $18,952 immediately following the buyout. The interest rate, maturity date and interest - only terms reflect the new mortgage.
(c) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout.
Schedule of Real Estate Disposals
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 
_______________________________________
(1) Reflects the sale of a cooperative apartment unit.
The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2022 (dollars in thousands):
LocationSale DateNumber of UnitsSale PriceGain on SaleBRT Gain on SaleBRT Share of Loss of Extinguishment of Debt
Verandas at Shavano - San Antonio, TX2/8/2022288 $53,750 $23,652 $12,961 $— 
Reatreat at Cinco Ranch - Katy, TX6/14/2022268 68,300 30,595 17,378 686 
The Vive - Kannapolis, NC6/30/2022312 91,250 47,086 22,720 787 
Waters Edge - Columbia, SC8/31/2022204 32,400 16,937 11,472 388 
1,072 $245,700 $118,270 $64,531 $1,861 
The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2021 (dollars in thousands):
LocationSale DateNo. of UnitsSales PriceGain on SaleBRT Gain on SaleBRT Share of Loss of Extinguishment of Debt
Avenue Apts,Ocoee, FL7/20/2021522 $107,661 $39,668 $19,518 $4,474 
Parc at 980, Lawrenceville, GA7/28/2021586 118,250 44,316 15,464 107 
1,108 $225,911 $83,984 $34,982 $4,581 
The table below provides information regarding the sale of venture interests to our joint venture partners in the year ended December 31, 2021:
LocationSale DateNo. of UnitsSales PriceBRT's Share of Gain on Sale
Anatole, Daytona Beach, FL4/20/2021208 $7,540 $2,244 
OPOP Tower and Lofts, St. Louis, MO11/4/2021181 3,000 388 
389 $10,540 $2,632