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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On January 4, 2022, we acquired a portfolio of three apartment communities located in the Minneapolis, Minnesota region for an aggregate purchase price of $68.1 million. The acquisition was financed through the assumption of $41.6 million in mortgage debt, the issuance of 209,156 Units, and cash.
On January 26, 2022, we acquired Noko Apartments in Minneapolis, Minnesota for an aggregate purchase price of $46.4 million. We financed the development of Noko Apartments with a construction loan and a mezzanine loan which had
principal balances of $29.9 million and $13.4 million, respectively, as of December 31, 2021. The loans were exchanged to fund, in part, the acquisition.On February 23, 2022, we paid $3.3 million to terminate our $75.0 million interest rate swap and our $70.0 million forward swap.