Investment In And Advances To Unconsolidated Joint Venture	12 Months Ended
Dec. 31, 2017
Investment In And Advances To Unconsolidated Joint Venture [Abstract]
Investment In And Advances To Unconsolidated Joint Venture	4. Investment in and advances to unconsolidated joint venture In 2013, the Company entered into a joint venture known as Amherst JV LLC (the “Joint Venture”) with an unrelated real estate development company (the “JV Partner”) for the purpose of developing a 395-unit multi-family building on a five-acre site (“Highgate”) within The Mile. We hold a 95.0% interest in the Joint Venture with the remaining 5.0% held by the JV Partner. The JV Partner is responsible for the development and construction of Highgate, as well as the leasing and operational management of Highgate. We do not control the Joint Venture, when considering, among other factors, that the consent of our JV Partner is required for all significant decisions. Accordingly, we account for our investment using the equity method. Effective January 1, 2018, the joint venture agreement was amended to provide the Company control of all significant decisions of the Joint Venture. As such, we commenced consolidating the operating results of Highgate beginning January 1, 2018. On October 5, 2015 (the “Contribution Date”), we contributed the site and improvements to the Joint Venture. We provide the Joint Venture with a construction loan in the amount of $75.0 million bearing interest at the London Interbank Offered Rate (“LIBOR”) plus 2.25%. The loan will mature on April 5, 2019 with two one-year extension options. The aggregate amount of development costs are estimated to be $104.0 million (excluding unrealized land appreciation). The Company is committed to funding $75.0 million through the construction loan in addition to its equity contribution of $28.5 million, which includes a land basis of $15.3 million. Highgate delivered its first completed units in May, 2017, and its final completed unit during the fourth quarter of 2017. We have reflected the aggregate cost of the contributed site and improvements, our equity contributions and loan advances, as well as capitalized third party interest we incurred as investment in and advances to unconsolidated joint venture. The Company’s investment in and advances to unconsolidated joint venture was $100.9 million and $67.2 million at December 31, 2017 and 2016, respectively. For the year ended December 31, 2017, we made loan advances of $34.1 million and capitalized $506,000 of interest. For the year ended December 31, 2016, we made loan advances of $33.9 million, capital contributions of $5.7 million and capitalized $885,000 of interest. We expect to invest an additional $3.1 million in the Joint Venture, in order to fund completion of Highgate. Prior to the Contribution Date, we capitalized $2.8 million to Highgate, of which $813,000 was related to capitalized interest from January 1, 2015 through October 5, 2015. Subsequent to the Contribution Date, we made cash contributions of $5.2 million and capitalized $346,000 of interest on our investment in the Joint Venture from October 6, 2015 through December 31, 2015. The Company made no loan advances to the Joint Venture in 2015. As of December 31, 2017, all 395 units have been completed. During the year ended December 31, 2017, the Company recorded an equity loss in the unconsolidated joint venture of $805,000.

4. Investment in and advances to unconsolidated joint venture

In 2013, the Company entered into a joint venture known as Amherst JV LLC (the “Joint Venture”) with an unrelated real estate development company (the “JV Partner”) for the purpose of developing a 395-unit multi-family building on a five-acre site (“Highgate”) within The Mile. We hold a 95.0% interest in the Joint Venture with the remaining 5.0% held by the JV Partner. The JV Partner is responsible for the development and construction of Highgate, as well as the leasing and operational management of Highgate. We do not control the Joint Venture, when considering, among other factors, that the consent of our JV Partner is required for all significant decisions. Accordingly, we account for our investment using the equity method. Effective January 1, 2018, the joint venture agreement was amended to provide the Company control of all significant decisions of the Joint Venture. As such, we commenced consolidating the operating results of Highgate beginning January 1, 2018.

On October 5, 2015 (the “Contribution Date”), we contributed the site and improvements to the Joint Venture. We provide the Joint Venture with a construction loan in the amount of $75.0 million bearing interest at the London Interbank Offered Rate (“LIBOR”) plus 2.25%. The loan will mature on April 5, 2019 with two one-year extension options.

The aggregate amount of development costs are estimated to be $104.0 million (excluding unrealized land appreciation). The Company is committed to funding $75.0 million through the construction loan in addition to its equity contribution of $28.5 million, which includes a land basis of $15.3 million. Highgate delivered its first completed units in May, 2017, and its final completed unit during the fourth quarter of 2017.

We have reflected the aggregate cost of the contributed site and improvements, our equity contributions and loan advances, as well as capitalized third party interest we incurred as investment in and advances to unconsolidated joint venture. The Company’s investment in and advances to unconsolidated joint venture was $100.9 million and $67.2 million at December 31, 2017 and 2016, respectively. For the year ended December 31, 2017, we made loan advances of $34.1 million and capitalized $506,000 of interest. For the year ended December 31, 2016, we made loan advances of $33.9 million, capital contributions of $5.7 million and capitalized $885,000 of interest. We expect to invest an additional $3.1 million in the Joint Venture, in order to fund completion of Highgate.

Prior to the Contribution Date, we capitalized $2.8 million to Highgate, of which $813,000 was related to capitalized interest from January 1, 2015 through October 5, 2015. Subsequent to the Contribution Date, we made cash contributions of $5.2 million and capitalized $346,000 of interest on our investment in the Joint Venture from October 6, 2015 through December 31, 2015. The Company made no loan advances to the Joint Venture in 2015.

As of December 31, 2017, all 395 units have been completed. During the year ended December 31, 2017, the Company recorded an equity loss in the unconsolidated joint venture of $805,000.