ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Sep. 30, 2020

ACQUISITIONS

We acquired $144.8 million in new real estate during the three months ended September 30, 2020, compared to $125.3 million in the three months ended September 30, 2019. Our acquisitions during the nine months ended September 30, 2020 and 2019 are detailed below.

Nine Months Ended September 30, 2020


	Date Acquired	(in thousands)
		Total Acquisition Cost		Form of Consideration				Investment Allocation
Acquisitions				Cash		Other(1)		Land		Building		Intangible Assets		Other(2)
182 homes - Ironwood Apartments - New Hope, MN	March 5, 2020	$	46,263	$	28,600	$	17,663	$	2,165	$	36,869	$	824	$	6,405
465 homes - Parkhouse Apartment Homes - Thornton, CO	September 22, 2020	144,750		144,750		—		10,474		132,105		2,171		—


Total Acquisitions		$	191,013	$	173,350	$	17,663	$	12,639	$	168,974	$	2,995	$	6,405

(1)Payoff of note receivable and accrued interest by seller at closing.

(2)Consists of TIF note acquired. Refer to Note 2 for further discussion.

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(2)	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	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)Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up.

DISPOSITIONS

During the three months ended September 30, 2020, we disposed of four apartment communities and one commercial property for a total sale price of $43.0 million. During the three months ended September 30, 2019, we sold six apartment communities and one parcel of unimproved land for a total sale price of $85.0 million. The following tables detail our dispositions for the nine months ended September 30, 2020 and 2019.

Nine Months Ended September 30, 2020


		(in thousands)
Dispositions	Date Disposed	Sale Price		Book Value and Sales Cost		Gain/(Loss)
Multifamily
268 homes - Forest Park - Grand Forks, ND	August 18, 2020	$	19,625	$	6,884	$	12,741
90 homes - Landmark - Grand Forks, ND	August 18, 2020	3,725		1,348		2,377
164 homes - Southwind - Grand Forks, ND	August 18, 2020	10,850		4,573		6,277
168 homes - Valley Park - Grand Forks, ND	August 18, 2020	8,300		4,059		4,241
		$	42,500	$	16,864	$	25,636
Other
Dakota West	August 7, 2020	$	500	$	474	$	26

Unimproved Land
Rapid City Land - Rapid City, SD	June 29, 2020	$	1,300	$	1,490	$	(190)

Total Dispositions		$	44,300	$	18,828	$	25,472

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	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