ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions of Interests in Joint Ventures

During 2023, the Company did not acquire any partnership interests. During 2022, the Company purchased its partners' remaining interests in 11 joint ventures. 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 AND DISPOSITIONS (continued)

The following table summarizes these purchases (dollars in thousands):


Buyout Date	Property Name	Location	Units	Remaining Interest Purchased		Purchase Price (1)
03/23/2022	Verandas at Alamo	San Antonio, TX	288	28	%	$	8,721
04/07/2022	Vanguard Heights	Creve Coeur, MO	174	22	%	4,880
05/11/2022	Jackson Square	Tallahassee, FL	242	20	%	7,215
05/24/2022	Brixworth at Bridge Street	Huntsville, AL	208	20	%	10,697
05/26/2022	Woodland Apartments	Boerne, TX	120	20	%	3,881
06/30/2022	Grove at River Place	Macon, GA	240	20	%	7,485
07/12/2022	Civic I	Southaven, MS	392	25	%	18,233
07/12/2022	Civic II	Southaven, MS	384	25	%	17,942
07/14/2022	Abbotts Run	Wilmington, NC	264	20	%	9,010
07/19/2022	Somerset at Trussville	Trussville, AL	328	20	%	10,558
08/03/2022	Magnolia Pointe	Madison, AL	204	20	%	7,246
		Total	2,844			$	105,868

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(1) The purchase price reflects the Company's purchase of its joint venture partner's promote interest in the venture. Includes $3,596 escrows but excludes closing costs of $2,191 and operating cash acquired from the joint venture of $2,797.

During 2022, 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 and is based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands):


Property	Land		Building and Improvements		Total Land and building		Acquisition related lease intangible		Total Assets		Acquisition related mortgage intangible
Verandas at Alamo	$	3,336	$	33,465	$	36,801	$	797	$	37,598	$	(61)
Vanguard Heights	5,466		30,826		36,292		508		36,800		578
Jackson Square	3,398		27,167		30,565		634		31,199		283
Brixworth at Bridge Street	1,959		20,080		22,039		321		22,360		—
Woodland Apartments	1,289		12,853		14,142		233		14,375		—
Grove at River Place	2,866		16,416		19,282		396		19,678		136
Civic I	3,646		45,554		49,200		913		50,113		562
Civic II	3,847		46,452		50,299		1,013		51,312		1,254
Abbotts Run	3,468		37,312		40,780		701		41,481		481
Somerset at Trussville	4,095		42,943		47,038		869		47,907		1,090
Magnolia Pointe	2,052		22,023		24,075		503		24,578		396
	$	35,422	$	335,091	$	370,513	$	6,888	$	377,401	$	4,719

NOTE 3—ACQUISITIONS AND DISPOSITIONS (continued)

Property Dispositions

During the year ended December 31, 2023, the Company sold a cooperative apartment unit located in New York, NY for a sales price of $785,000 and after closing costs, recognized a gain of $604,000 on the sale.

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.