Multifamily Developmental Activity	9 Months Ended
Sep. 30, 2020
Multifamily Developmental Activity [Abstract]
Multifamily Developmental Activity	4. Multifamily developmental activity In August 2020, the Company entered into a new joint venture agreement with the JV Partner for the purpose of developing Brentford at The Mile, a planned 411-unit multifamily apartment complex (the “Brentford Joint Venture”). Under the Brentford Joint Venture agreement, the Company has a 98.2% controlling interest and is the managing member with the JV Partner holding the remaining 1.8% limited partnership interest. We contributed a parcel of land to the Brentford Joint Venture (the “Brentford Parcel”) at a value of $18.5 million, for which we received equity contribution credit in the Brentford Joint Venture. Our cost basis in the Brentford Parcel was $5.4 million as of September 30, 2020. Construction of Brentford at The Mile commenced in August 2020 and is anticipated to be completed over a period of 24 to 36 months at an estimated development cost of $110 million to $115 million, excluding land cost. As of September 30, 2020, the development cost incurred was $5.5 million, inclusive of our $5.4 million cost basis in the Brentford Parcel, which is reflected in land and building held for development, net on our consolidated balance sheets. During the three months ended September 30, 2020, the Company also recorded non-capitalizable demolition costs of $0.3 million in interest and other expense on our consolidated statements of income.

Multifamily Developmental Activity

9 Months Ended

Sep. 30, 2020

Multifamily Developmental Activity [Abstract]

4. Multifamily developmental activity

In August 2020, the Company entered into a new joint venture agreement with the JV Partner for the purpose of developing Brentford at The Mile, a planned 411-unit multifamily apartment complex (the “Brentford Joint Venture”). Under the Brentford Joint Venture agreement, the Company has a 98.2% controlling interest and is the managing member with the JV Partner holding the remaining 1.8% limited partnership interest. We contributed a parcel of land to the Brentford Joint Venture (the “Brentford Parcel”) at a value of $18.5 million, for which we received equity contribution credit in the Brentford Joint Venture. Our cost basis in the Brentford Parcel was $5.4 million as of September 30, 2020.

Construction of Brentford at The Mile commenced in August 2020 and is anticipated to be completed over a period of 24 to 36 months at an estimated development cost of $110 million to $115 million, excluding land cost. As of September 30, 2020, the development cost incurred was $5.5 million, inclusive of our $5.4 million cost basis in the Brentford Parcel, which is reflected in land and building held for development, net on our consolidated balance sheets. During the three months ended September 30, 2020, the Company also recorded non-capitalizable demolition costs of $0.3 million in interest and other expense on our consolidated statements of income.