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ACQUISITIONS AND DISPOSITIONS
 9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS
We acquired $125.3 million of new real estate during the three months ended September 30, 2019, compared to no acquisitions in the three months ended September 30, 2018. Our acquisitions during the nine months ended September 30, 2019 and 2018 are detailed below.
Nine Months Ended September 30, 2019
 
Date
Acquired
 
(in thousands)
 
 
Total
Acquisition
Cost

 
Form of Consideration
 
Investment Allocation
Acquisitions
 
 
Cash

 
Units(1)

 
Land

 
Building

 
Intangible
Assets

Multifamily
 
 
 
 
 
 
 
 
 
 
 
 
 
272 homes - SouthFork Townhomes - Lakeville, MN
February 26, 2019
 
$
44,000

 
$
27,440

 
$
16,560

 
$
3,502

 
$
39,950

 
$
548

96 homes - FreightYard Townhomes and Flats - Minneapolis, MN
September 6, 2019
 
26,000

 
26,000

 
—

 
1,889

 
23,615

 
496

328 homes - Lugano at Cherry Creek - Denver, CO(3)
September 25, 2019
 
99,250

 
99,250

 
—

 
7,679

 
89,365

 
1,781

 
 
 
$
169,250

 
$
152,690

 
$
16,560

 
$
13,070

 
$
152,930

 
$
2,825

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
 
Minot 3100 10th St SW - Minot, ND(2)
May 23, 2019
 
$
2,112

 
$
2,112

 
—

 
$
246

 
$
1,866

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Acquisitions
 
 
$
171,362

 
$
154,802

 
$
16,560

 
$
13,316

 
$
154,796

 
$
2,825

(1)
Value of Series D preferred units at the acquisition date.
(2)
Acquired for use as our Minot corporate office building after renovations have been completed.
(3)
Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up.
Nine Months Ended September 30, 2018
 
Date
Acquired
 
(in thousands)
 
 
Total
Acquisition
Cost(1)

 
Investment Allocation
Acquisitions
 
 
Land

 
Building

 
Intangible
Assets

390 homes - Westend - Denver, CO
March 28, 2018
 
$
128,700

 
$
25,525

 
$
102,101

 
$
1,074

 
 
 
 
 
 
 
 
 
 
Total Acquisitions
 
 
$
128,700

 
$
25,525

 
$
102,101

 
$
1,074

(1)
Acquisition cost was paid in cash.
DISPOSITIONS
During the three months ended September 30, 2019, we sold one parcel of unimproved land and six apartment communities for an aggregate sale price of $85.0 million. After deductions for closing costs and other costs associated with the dispositions, we recognized a $38.9 million aggregate gain on sale. During the three months ended September 30, 2018, we sold three apartment communities, two commercial properties, and three parcels of unimproved land. The following tables detail our dispositions for the nine months ended September 30, 2019 and 2018:

Nine Months Ended September 30, 2019
 
 
 
(in thousands)
Dispositions
Date
Disposed
 
Sale Price

 
Book Value
and Sale Cost

 
Gain/(Loss)

Multifamily
 
 
 
 
 
 
 
21 homes - Pinehurst - Billings, MT
July 26, 2019
 
$
1,675

 
$
961

 
$
714

160 homes - Brookfield Village - Topeka, KS
September 24, 2019
 
10,350

 
5,853

 
4,497

220 homes - Crown Colony - Topeka, KS
September 24, 2019
 
17,200

 
7,876

 
9,324

54 homes - Mariposa - Topeka, KS
September 24, 2019
 
6,100

 
4,290

 
1,810

300 homes - Sherwood - Topeka, KS
September 24, 2019
 
26,150

 
11,536

 
14,614

308 homes - Villa West - Topeka, KS
September 24, 2019
 
22,950

 
15,165

 
7,785

 
 
 
$
84,425

 
$
45,681

 
$
38,744

 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
Minot 1400 31st Ave SW - Minot, ND(1)
May 23, 2019
 
$
6,530

 
$
6,048

 
$
482

 
 
 
 
 
 
 
 
Unimproved Land
 
 
 
 
 
 
 
Creekside Crossing - Bismarck, ND
March 1, 2019
 
$
3,049

 
$
3,205

 
$
(156
)
Minot 1525 24th Ave SW - Minot, ND
April 3, 2019
 
725

 
593

 
132

Weston - Weston, WI
July 31, 2019
 
600

 
427

 
173

 
 
 
$
4,374

 
$
4,225

 
$
149

 
 
 
 
 
 
 
 
Total Dispositions
 
 
$
95,329

 
$
55,954

 
$
39,375

(1)
This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service.
Nine Months Ended September 30, 2018
 
 
 
(in thousands)
Dispositions
Date
Disposed
 
Sale Price

 
Book Value
and Sale Cost

 
Gain/(Loss)

Multifamily
 
 
 
 
 
 
 
44 homes - Dakota Commons - Williston, ND
July 26, 2018
 
$
4,420

 
$
3,878

 
$
542

145 homes - Williston Garden - Williston, ND(1)
July 26, 2018
 
12,310

 
11,313

 
997

288 homes - Renaissance Heights - Williston, ND(2)
July 26, 2018
 
24,770

 
17,856

 
6,914

 
 
 
$
41,500

 
$
33,047

 
$
8,453

 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
43,404 sq ft Garden View - St. Paul, MN
January 19, 2018
 
$
14,000

 
$
6,191

 
$
7,809

52,116 sq ft Ritchie Medical - St. Paul, MN
January 19, 2018
 
16,500

 
10,419

 
6,081

22,187 sq ft Bismarck 715 East Broadway - Bismarck, ND
March 7, 2018
 
5,500

 
3,215

 
2,285

7,849 sq ft Minot Southgate Retail - Minot, ND
July 12, 2018
 
1,925

 
2,056

 
(131
)
9,052 sq ft Fresenius - Duluth, MN
July 27, 2018
 
1,900

 
1,078

 
822

 
 
 
$
39,825

 
$
22,959

 
$
16,866

 
 
 
 
 
 
 
 
Unimproved Land
 
 
 
 
 
 
 
Grand Forks - Grand Forks, ND
July 16, 2018
 
$
3,000

 
$
2,986

 
$
14

Renaissance Heights - Williston, ND(3)
July 26, 2018
 
750

 
684

 
66

Badger Hills Unimproved - Rochester, MN
August 29, 2018
 
1,400

 
1,528

 
(128
)
 
 
 
$
5,150

 
$
5,198

 
$
(48
)
 
 
 
 
 
 
 
 
Total Dispositions
 
 
$
86,475

 
$
61,204

 
$
25,271

(1)
This apartment community was owned by a joint venture entity in which we had an interest of approximately 74.11% .
(2)
This apartment community was owned by a joint venture entity in which we had an interest of approximately 87.14%.
(3)
This parcel of land was owned by a joint venture entity in which we had an interest of approximately 70.00%.