Real Estate Acquisitions and Dispositions	9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]
Real Estate Acquisitions and Dispositions	12. Real Estate Acquisitions and Dispositions Acquisitions In August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million. The acquisition was determined to be an asset acquisition for accounting purposes and the purchase price was therefore allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements. In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million. In September and May 2024, the Company closed on the acquisitions of a 310-unit multifamily apartment community located in Orlando, Florida for approximately $84 million and a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million, respectively, each of which was accounted for as an asset acquisition. In August and April 2024, the Company also acquired a 3-acre land parcel in Richmond, Virginia for approximately $14 million and a 13-acre land parcel in Phoenix, Arizona for approximately $11 million, respectively. Dispositions In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million. During the nine months ended September 30, 2025, the Company did not dispose of any land parcels. During the nine months ended September 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels.

Real Estate Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2025

Real Estate Acquisitions and Dispositions

12. Real Estate Acquisitions and Dispositions

Acquisitions

In August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million. The acquisition was determined to be an asset acquisition for accounting purposes and the purchase price was therefore allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements. In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million.

In September and May 2024, the Company closed on the acquisitions of a 310-unit multifamily apartment community located in Orlando, Florida for approximately $84 million and a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million, respectively, each of which was accounted for as an asset acquisition. In August and April 2024, the Company also acquired a 3-acre land parcel in Richmond, Virginia for approximately $14 million and a 13-acre land parcel in Phoenix, Arizona for approximately $11 million, respectively.

Dispositions

In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million. During the nine months ended September 30, 2025, the Company did not dispose of any land parcels.

During the nine months ended September 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels.