REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jan. 31, 2015 home
Initial Cost
Land and improvements	$ 3,657,002
Building / Construction in Progress & Improvements	11,700,112
Costs Subsequent to Acquisition / Construction	2,492,202
Total Cost
Land	3,657,002
Building / Construction in Progress & Improvements	14,192,314
Total	17,849,316	16,800,321	10,071,342	9,288,496
Accumulated Depreciation	2,913,576	2,516,112	2,056,222	1,863,466
Total Cost, Net of Accumulated Depreciation	14,935,740
Encumbrances	6,448,138
New England
Initial Cost
Land and improvements	368,626
Building / Construction in Progress & Improvements	1,699,098
Costs Subsequent to Acquisition / Construction	196,781
Total Cost
Land	368,626
Building / Construction in Progress & Improvements	1,895,879
Total	2,264,505
Accumulated Depreciation	479,122
Total Cost, Net of Accumulated Depreciation	1,785,383
Encumbrances	464,466
Metro NY/NJ
Initial Cost
Land and improvements	824,368
Building / Construction in Progress & Improvements	2,646,185
Costs Subsequent to Acquisition / Construction	136,991
Total Cost
Land	824,368
Building / Construction in Progress & Improvements	2,783,176
Total	3,607,544
Accumulated Depreciation	692,549
Total Cost, Net of Accumulated Depreciation	2,914,995
Encumbrances	855,847
Mid-Atlantic
Initial Cost
Land and improvements	620,356
Building / Construction in Progress & Improvements	1,839,822
Costs Subsequent to Acquisition / Construction	141,299
Total Cost
Land	620,356
Building / Construction in Progress & Improvements	1,981,121
Total	2,601,477
Accumulated Depreciation	396,214
Total Cost, Net of Accumulated Depreciation	2,205,263
Encumbrances	597,830
Pacific Northwest
Initial Cost
Land and improvements	130,143
Building / Construction in Progress & Improvements	630,180
Costs Subsequent to Acquisition / Construction	31,481
Total Cost
Land	130,143
Building / Construction in Progress & Improvements	661,661
Total	791,804
Accumulated Depreciation	149,204
Total Cost, Net of Accumulated Depreciation	642,600
Encumbrances	25,491
Northern California
Initial Cost
Land and improvements	634,176
Building / Construction in Progress & Improvements	2,095,394
Costs Subsequent to Acquisition / Construction	242,939
Total Cost
Land	634,176
Building / Construction in Progress & Improvements	2,338,333
Total	2,972,509
Accumulated Depreciation	636,163
Total Cost, Net of Accumulated Depreciation	2,336,346
Encumbrances	681,301
Southern California
Initial Cost
Land and improvements	805,410
Building / Construction in Progress & Improvements	2,171,128
Costs Subsequent to Acquisition / Construction	326,665
Total Cost
Land	805,410
Building / Construction in Progress & Improvements	2,497,793
Total	3,303,203
Accumulated Depreciation	497,409
Total Cost, Net of Accumulated Depreciation	2,805,794
Encumbrances	806,678
Non-core
Initial Cost
Land and improvements	29,754
Building / Construction in Progress & Improvements	140,264
Costs Subsequent to Acquisition / Construction	1,828
Total Cost
Land	29,754
Building / Construction in Progress & Improvements	142,092
Total	171,846
Accumulated Depreciation	7,599
Total Cost, Net of Accumulated Depreciation	164,247
Encumbrances	16,525
Current Communities
Initial Cost
Land and improvements	3,412,833
Building / Construction in Progress & Improvements	11,222,071
Costs Subsequent to Acquisition / Construction	1,077,984
Total Cost
Land	3,412,833
Building / Construction in Progress & Improvements	12,300,055
Total	15,712,888
Accumulated Depreciation	2,858,260
Total Cost, Net of Accumulated Depreciation	12,854,628
Encumbrances	3,448,138
Current Communities | Avalon at Lexington
Initial Cost
Land and improvements	2,124
Building / Construction in Progress & Improvements	12,599
Costs Subsequent to Acquisition / Construction	9,199
Total Cost
Land	2,124
Building / Construction in Progress & Improvements	21,798
Total	23,922
Accumulated Depreciation	11,484
Total Cost, Net of Accumulated Depreciation	12,438
Current Communities | Avalon Oaks
Initial Cost
Land and improvements	2,129
Building / Construction in Progress & Improvements	18,676
Costs Subsequent to Acquisition / Construction	2,038
Total Cost
Land	2,129
Building / Construction in Progress & Improvements	20,714
Total	22,843
Accumulated Depreciation	11,094
Total Cost, Net of Accumulated Depreciation	11,749
Encumbrances	15,887
Current Communities | Eaves Quincy
Initial Cost
Land and improvements	1,743
Building / Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition / Construction	9,283
Total Cost
Land	1,743
Building / Construction in Progress & Improvements	23,945
Total	25,688
Accumulated Depreciation	11,805
Total Cost, Net of Accumulated Depreciation	13,883
Current Communities | Avalon Essex
Initial Cost
Land and improvements	5,184
Building / Construction in Progress & Improvements	16,320
Costs Subsequent to Acquisition / Construction	1,821
Total Cost
Land	5,184
Building / Construction in Progress & Improvements	18,141
Total	23,325
Accumulated Depreciation	9,289
Total Cost, Net of Accumulated Depreciation	14,036
Current Communities | Avalon Oaks West
Initial Cost
Land and improvements	3,318
Building / Construction in Progress & Improvements	13,467
Costs Subsequent to Acquisition / Construction	746
Total Cost
Land	3,318
Building / Construction in Progress & Improvements	14,213
Total	17,531
Accumulated Depreciation	6,376
Total Cost, Net of Accumulated Depreciation	11,155
Encumbrances	15,847
Current Communities | Avalon Orchards
Initial Cost
Land and improvements	2,983
Building / Construction in Progress & Improvements	18,037
Costs Subsequent to Acquisition / Construction	1,943
Total Cost
Land	2,983
Building / Construction in Progress & Improvements	19,980
Total	22,963
Accumulated Depreciation	8,902
Total Cost, Net of Accumulated Depreciation	14,061
Encumbrances	17,091
Current Communities | Avalon at Newton Highlands
Initial Cost
Land and improvements	11,039
Building / Construction in Progress & Improvements	45,590
Costs Subsequent to Acquisition / Construction	3,423
Total Cost
Land	11,039
Building / Construction in Progress & Improvements	49,013
Total	60,052
Accumulated Depreciation	19,353
Total Cost, Net of Accumulated Depreciation	40,699
Current Communities | Avalon at the Pinehills
Initial Cost
Land and improvements	6,876
Building / Construction in Progress & Improvements	30,401
Costs Subsequent to Acquisition / Construction	183
Total Cost
Land	6,876
Building / Construction in Progress & Improvements	30,584
Total	37,460
Accumulated Depreciation	7,836
Total Cost, Net of Accumulated Depreciation	29,624
Current Communities | Eaves Peabody
Initial Cost
Land and improvements	4,645
Building / Construction in Progress & Improvements	19,007
Costs Subsequent to Acquisition / Construction	12,019
Total Cost
Land	4,645
Building / Construction in Progress & Improvements	31,026
Total	35,671
Accumulated Depreciation	9,746
Total Cost, Net of Accumulated Depreciation	25,925
Current Communities | Avalon at Bedford Center
Initial Cost
Land and improvements	4,258
Building / Construction in Progress & Improvements	20,569
Costs Subsequent to Acquisition / Construction	316
Total Cost
Land	4,258
Building / Construction in Progress & Improvements	20,885
Total	25,143
Accumulated Depreciation	6,630
Total Cost, Net of Accumulated Depreciation	18,513
Current Communities | Avalon Chestnut Hill
Initial Cost
Land and improvements	14,572
Building / Construction in Progress & Improvements	45,911
Costs Subsequent to Acquisition / Construction	1,899
Total Cost
Land	14,572
Building / Construction in Progress & Improvements	47,810
Total	62,382
Accumulated Depreciation	13,588
Total Cost, Net of Accumulated Depreciation	48,794
Encumbrances	39,545
Current Communities | Avalon Shrewsbury
Initial Cost
Land and improvements	5,152
Building / Construction in Progress & Improvements	30,608
Costs Subsequent to Acquisition / Construction	757
Total Cost
Land	5,152
Building / Construction in Progress & Improvements	31,365
Total	36,517
Accumulated Depreciation	9,062
Total Cost, Net of Accumulated Depreciation	27,455
Encumbrances	20,174
Current Communities | Avalon at Lexington Hills
Initial Cost
Land and improvements	8,691
Building / Construction in Progress & Improvements	79,153
Costs Subsequent to Acquisition / Construction	1,112
Total Cost
Land	8,691
Building / Construction in Progress & Improvements	80,265
Total	88,956
Accumulated Depreciation	19,446
Total Cost, Net of Accumulated Depreciation	69,510
Current Communities | Avalon Acton
Initial Cost
Land and improvements	13,124
Building / Construction in Progress & Improvements	49,905
Costs Subsequent to Acquisition / Construction	276
Total Cost
Land	13,124
Building / Construction in Progress & Improvements	50,181
Total	63,305
Accumulated Depreciation	12,089
Total Cost, Net of Accumulated Depreciation	51,216
Encumbrances	45,000
Current Communities | Avalon Sharon
Initial Cost
Land and improvements	4,719
Building / Construction in Progress & Improvements	25,522
Costs Subsequent to Acquisition / Construction	269
Total Cost
Land	4,719
Building / Construction in Progress & Improvements	25,791
Total	30,510
Accumulated Depreciation	6,030
Total Cost, Net of Accumulated Depreciation	24,480
Current Communities | Avalon at Center Place
Initial Cost
Building / Construction in Progress & Improvements	26,816
Costs Subsequent to Acquisition / Construction	10,230
Total Cost
Building / Construction in Progress & Improvements	37,046
Total	37,046
Accumulated Depreciation	19,919
Total Cost, Net of Accumulated Depreciation	17,127
Current Communities | Avalon at Hingham Shipyard
Initial Cost
Land and improvements	12,218
Building / Construction in Progress & Improvements	41,725
Costs Subsequent to Acquisition / Construction	339
Total Cost
Land	12,218
Building / Construction in Progress & Improvements	42,064
Total	54,282
Accumulated Depreciation	9,089
Total Cost, Net of Accumulated Depreciation	45,193
Current Communities | Avalon Northborough
Initial Cost
Land and improvements	8,144
Building / Construction in Progress & Improvements	52,454
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	8,144
Building / Construction in Progress & Improvements	52,470
Total	60,614
Accumulated Depreciation	9,170
Total Cost, Net of Accumulated Depreciation	51,444
Current Communities | Avalon Blue Hills
Initial Cost
Land and improvements	11,110
Building / Construction in Progress & Improvements	34,736
Costs Subsequent to Acquisition / Construction	80
Total Cost
Land	11,110
Building / Construction in Progress & Improvements	34,816
Total	45,926
Accumulated Depreciation	6,856
Total Cost, Net of Accumulated Depreciation	39,070
Current Communities | Avalon Cohasset
Initial Cost
Land and improvements	8,802
Building / Construction in Progress & Improvements	46,233
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,249
Total	55,051
Accumulated Depreciation	4,910
Total Cost, Net of Accumulated Depreciation	50,141
Current Communities | Avalon Andover
Initial Cost
Land and improvements	4,276
Building / Construction in Progress & Improvements	21,903
Total Cost
Land	4,276
Building / Construction in Progress & Improvements	21,903
Total	26,179
Accumulated Depreciation	2,114
Total Cost, Net of Accumulated Depreciation	24,065
Encumbrances	14,505
Current Communities | Eaves Burlington
Initial Cost
Land and improvements	7,714
Building / Construction in Progress & Improvements	32,536
Costs Subsequent to Acquisition / Construction	5,080
Total Cost
Land	7,714
Building / Construction in Progress & Improvements	37,616
Total	45,330
Accumulated Depreciation	2,383
Total Cost, Net of Accumulated Depreciation	42,947
Current Communities | AVA Back Bay
Initial Cost
Land and improvements	9,034
Building / Construction in Progress & Improvements	36,540
Costs Subsequent to Acquisition / Construction	36,364
Total Cost
Land	9,034
Building / Construction in Progress & Improvements	72,904
Total	81,938
Accumulated Depreciation	26,205
Total Cost, Net of Accumulated Depreciation	55,733
Current Communities | Avalon at Prudential Center II
Initial Cost
Land and improvements	8,776
Building / Construction in Progress & Improvements	35,496
Costs Subsequent to Acquisition / Construction	31,783
Total Cost
Land	8,776
Building / Construction in Progress & Improvements	67,279
Total	76,055
Accumulated Depreciation	25,100
Total Cost, Net of Accumulated Depreciation	50,955
Current Communities | Avalon at Prudential Center I
Initial Cost
Land and improvements	8,002
Building / Construction in Progress & Improvements	32,370
Costs Subsequent to Acquisition / Construction	19,773
Total Cost
Land	8,002
Building / Construction in Progress & Improvements	52,143
Total	60,145
Accumulated Depreciation	22,772
Total Cost, Net of Accumulated Depreciation	37,373
Current Communities | Avalon Burlington
Initial Cost
Land and improvements	15,600
Building / Construction in Progress & Improvements	59,200
Costs Subsequent to Acquisition / Construction	6,943
Total Cost
Land	15,600
Building / Construction in Progress & Improvements	66,143
Total	81,743
Accumulated Depreciation	5,334
Total Cost, Net of Accumulated Depreciation	76,409
Current Communities | Avalon Bear Hill
Initial Cost
Land and improvements	27,350
Building / Construction in Progress & Improvements	96,999
Costs Subsequent to Acquisition / Construction	5,110
Total Cost
Land	27,350
Building / Construction in Progress & Improvements	102,109
Total	129,459
Accumulated Depreciation	11,304
Total Cost, Net of Accumulated Depreciation	118,155
Current Communities | Eaves North Quincy
Initial Cost
Land and improvements	11,940
Building / Construction in Progress & Improvements	39,400
Costs Subsequent to Acquisition / Construction	2,491
Total Cost
Land	11,940
Building / Construction in Progress & Improvements	41,891
Total	53,831
Accumulated Depreciation	4,784
Total Cost, Net of Accumulated Depreciation	49,047
Encumbrances	36,761
Current Communities | Avalon Natick
Initial Cost
Land and improvements	15,645
Building / Construction in Progress & Improvements	64,585
Total Cost
Land	15,645
Building / Construction in Progress & Improvements	64,585
Total	80,230
Accumulated Depreciation	3,476
Total Cost, Net of Accumulated Depreciation	76,754
Encumbrances	52,357
Current Communities | Avalon Canton at Blue Hills
Initial Cost
Land and improvements	6,562
Building / Construction in Progress & Improvements	33,191
Total Cost
Land	6,562
Building / Construction in Progress & Improvements	33,191
Total	39,753
Accumulated Depreciation	769
Total Cost, Net of Accumulated Depreciation	38,984
Current Communities | Avalon Exeter
Initial Cost
Land and improvements	16,304
Building / Construction in Progress & Improvements	108,126
Total Cost
Land	16,304
Building / Construction in Progress & Improvements	108,126
Total	124,430
Accumulated Depreciation	1,842
Total Cost, Net of Accumulated Depreciation	122,588
Current Communities | Eaves Trumbull
Initial Cost
Land and improvements	4,414
Building / Construction in Progress & Improvements	31,268
Costs Subsequent to Acquisition / Construction	3,529
Total Cost
Land	4,414
Building / Construction in Progress & Improvements	34,797
Total	39,211
Accumulated Depreciation	20,696
Total Cost, Net of Accumulated Depreciation	18,515
Encumbrances	39,452
Current Communities | Eaves Stamford
Initial Cost
Land and improvements	5,956
Building / Construction in Progress & Improvements	23,993
Costs Subsequent to Acquisition / Construction	12,748
Total Cost
Land	5,956
Building / Construction in Progress & Improvements	36,741
Total	42,697
Accumulated Depreciation	20,049
Total Cost, Net of Accumulated Depreciation	22,648
Current Communities | Avalon Wilton I
Initial Cost
Land and improvements	2,116
Building / Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition / Construction	5,841
Total Cost
Land	2,116
Building / Construction in Progress & Improvements	20,505
Total	22,621
Accumulated Depreciation	9,855
Total Cost, Net of Accumulated Depreciation	12,766
Current Communities | Avalon on Stamford Harbor
Initial Cost
Land and improvements	10,836
Building / Construction in Progress & Improvements	51,883
Costs Subsequent to Acquisition / Construction	1,778
Total Cost
Land	10,836
Building / Construction in Progress & Improvements	53,661
Total	64,497
Accumulated Depreciation	22,322
Total Cost, Net of Accumulated Depreciation	42,175
Encumbrances	62,724
Current Communities | Avalon New Canaan
Initial Cost
Land and improvements	4,834
Building / Construction in Progress & Improvements	19,485
Costs Subsequent to Acquisition / Construction	1,559
Total Cost
Land	4,834
Building / Construction in Progress & Improvements	21,044
Total	25,878
Accumulated Depreciation	8,672
Total Cost, Net of Accumulated Depreciation	17,206
Current Communities | AVA Stamford
Initial Cost
Land and improvements	13,819
Building / Construction in Progress & Improvements	56,499
Costs Subsequent to Acquisition / Construction	4,602
Total Cost
Land	13,819
Building / Construction in Progress & Improvements	61,101
Total	74,920
Accumulated Depreciation	25,069
Total Cost, Net of Accumulated Depreciation	49,851
Encumbrances	57,423
Current Communities | Avalon Danbury
Initial Cost
Land and improvements	4,933
Building / Construction in Progress & Improvements	30,638
Costs Subsequent to Acquisition / Construction	670
Total Cost
Land	4,933
Building / Construction in Progress & Improvements	31,308
Total	36,241
Accumulated Depreciation	10,352
Total Cost, Net of Accumulated Depreciation	25,889
Current Communities | Avalon Darien
Initial Cost
Land and improvements	6,926
Building / Construction in Progress & Improvements	34,659
Costs Subsequent to Acquisition / Construction	1,689
Total Cost
Land	6,926
Building / Construction in Progress & Improvements	36,348
Total	43,274
Accumulated Depreciation	13,817
Total Cost, Net of Accumulated Depreciation	29,457
Encumbrances	47,700
Current Communities | Avalon Milford I
Initial Cost
Land and improvements	8,746
Building / Construction in Progress & Improvements	22,699
Costs Subsequent to Acquisition / Construction	725
Total Cost
Land	8,746
Building / Construction in Progress & Improvements	23,424
Total	32,170
Accumulated Depreciation	8,493
Total Cost, Net of Accumulated Depreciation	23,677
Current Communities | Avalon Huntington
Initial Cost
Land and improvements	5,277
Building / Construction in Progress & Improvements	20,029
Costs Subsequent to Acquisition / Construction	100
Total Cost
Land	5,277
Building / Construction in Progress & Improvements	20,129
Total	25,406
Accumulated Depreciation	4,406
Total Cost, Net of Accumulated Depreciation	21,000
Current Communities | Avalon Norwalk
Initial Cost
Land and improvements	11,320
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	25
Total Cost
Land	11,320
Building / Construction in Progress & Improvements	62,935
Total	74,255
Accumulated Depreciation	9,372
Total Cost, Net of Accumulated Depreciation	64,883
Current Communities | Avalon Wilton II
Initial Cost
Land and improvements	6,604
Building / Construction in Progress & Improvements	23,758
Costs Subsequent to Acquisition / Construction	6
Total Cost
Land	6,604
Building / Construction in Progress & Improvements	23,764
Total	30,368
Accumulated Depreciation	2,997
Total Cost, Net of Accumulated Depreciation	27,371
Current Communities | Avalon Shelton III
Initial Cost
Land and improvements	7,853
Building / Construction in Progress & Improvements	40,866
Total Cost
Land	7,853
Building / Construction in Progress & Improvements	40,866
Total	48,719
Accumulated Depreciation	2,279
Total Cost, Net of Accumulated Depreciation	46,440
Current Communities | Avalon East Norwalk
Initial Cost
Land and improvements	10,394
Building / Construction in Progress & Improvements	36,126
Total Cost
Land	10,394
Building / Construction in Progress & Improvements	36,126
Total	46,520
Accumulated Depreciation	1,645
Total Cost, Net of Accumulated Depreciation	44,875
Current Communities | Avalon at Stratford
Initial Cost
Land and improvements	2,564
Building / Construction in Progress & Improvements	26,884
Total Cost
Land	2,564
Building / Construction in Progress & Improvements	26,884
Total	29,448
Accumulated Depreciation	341
Total Cost, Net of Accumulated Depreciation	29,107
Current Communities | Avalon Commons
Initial Cost
Land and improvements	4,679
Building / Construction in Progress & Improvements	28,286
Costs Subsequent to Acquisition / Construction	5,660
Total Cost
Land	4,679
Building / Construction in Progress & Improvements	33,946
Total	38,625
Accumulated Depreciation	18,664
Total Cost, Net of Accumulated Depreciation	19,961
Current Communities | Eaves Nanuet
Initial Cost
Land and improvements	8,428
Building / Construction in Progress & Improvements	45,660
Costs Subsequent to Acquisition / Construction	3,903
Total Cost
Land	8,428
Building / Construction in Progress & Improvements	49,563
Total	57,991
Accumulated Depreciation	28,325
Total Cost, Net of Accumulated Depreciation	29,666
Encumbrances	63,242
Current Communities | Avalon Green
Initial Cost
Land and improvements	1,820
Building / Construction in Progress & Improvements	10,525
Costs Subsequent to Acquisition / Construction	1,675
Total Cost
Land	1,820
Building / Construction in Progress & Improvements	12,200
Total	14,020
Accumulated Depreciation	8,031
Total Cost, Net of Accumulated Depreciation	5,989
Current Communities | Avalon Towers
Initial Cost
Land and improvements	3,118
Building / Construction in Progress & Improvements	11,973
Costs Subsequent to Acquisition / Construction	10,260
Total Cost
Land	3,118
Building / Construction in Progress & Improvements	22,233
Total	25,351
Accumulated Depreciation	11,437
Total Cost, Net of Accumulated Depreciation	13,914
Current Communities | Avalon Willow
Initial Cost
Land and improvements	6,207
Building / Construction in Progress & Improvements	40,791
Costs Subsequent to Acquisition / Construction	1,423
Total Cost
Land	6,207
Building / Construction in Progress & Improvements	42,214
Total	48,421
Accumulated Depreciation	21,846
Total Cost, Net of Accumulated Depreciation	26,575
Current Communities | Avalon Court
Initial Cost
Land and improvements	9,228
Building / Construction in Progress & Improvements	50,063
Costs Subsequent to Acquisition / Construction	2,908
Total Cost
Land	9,228
Building / Construction in Progress & Improvements	52,971
Total	62,199
Accumulated Depreciation	28,734
Total Cost, Net of Accumulated Depreciation	33,465
Current Communities | The Avalon
Initial Cost
Land and improvements	2,889
Building / Construction in Progress & Improvements	28,324
Costs Subsequent to Acquisition / Construction	7,993
Total Cost
Land	2,889
Building / Construction in Progress & Improvements	36,317
Total	39,206
Accumulated Depreciation	15,882
Total Cost, Net of Accumulated Depreciation	23,324
Current Communities | Avalon at Glen Cove
Initial Cost
Land and improvements	7,871
Building / Construction in Progress & Improvements	59,969
Costs Subsequent to Acquisition / Construction	1,097
Total Cost
Land	7,871
Building / Construction in Progress & Improvements	61,066
Total	68,937
Accumulated Depreciation	21,970
Total Cost, Net of Accumulated Depreciation	46,967
Current Communities | Avalon Pines
Initial Cost
Land and improvements	8,700
Building / Construction in Progress & Improvements	62,931
Costs Subsequent to Acquisition / Construction	621
Total Cost
Land	8,700
Building / Construction in Progress & Improvements	63,552
Total	72,252
Accumulated Depreciation	20,828
Total Cost, Net of Accumulated Depreciation	51,424
Current Communities | Avalon Glen Cove North
Initial Cost
Land and improvements	2,577
Building / Construction in Progress & Improvements	37,336
Costs Subsequent to Acquisition / Construction	232
Total Cost
Land	2,577
Building / Construction in Progress & Improvements	37,568
Total	40,145
Accumulated Depreciation	10,016
Total Cost, Net of Accumulated Depreciation	30,129
Current Communities | Avalon White Plains
Initial Cost
Land and improvements	15,391
Building / Construction in Progress & Improvements	137,353
Costs Subsequent to Acquisition / Construction	46
Total Cost
Land	15,391
Building / Construction in Progress & Improvements	137,399
Total	152,790
Accumulated Depreciation	27,434
Total Cost, Net of Accumulated Depreciation	125,356
Current Communities | Avalon Charles Pond
Initial Cost
Land and improvements	14,715
Building / Construction in Progress & Improvements	33,640
Costs Subsequent to Acquisition / Construction	48
Total Cost
Land	14,715
Building / Construction in Progress & Improvements	33,688
Total	48,403
Accumulated Depreciation	6,824
Total Cost, Net of Accumulated Depreciation	41,579
Current Communities | Avalon Rockville Centre
Initial Cost
Land and improvements	32,212
Building / Construction in Progress & Improvements	78,807
Total Cost
Land	32,212
Building / Construction in Progress & Improvements	78,807
Total	111,019
Accumulated Depreciation	8,480
Total Cost, Net of Accumulated Depreciation	102,539
Current Communities | Avalon Green II
Initial Cost
Land and improvements	27,765
Building / Construction in Progress & Improvements	77,560
Total Cost
Land	27,765
Building / Construction in Progress & Improvements	77,560
Total	105,325
Accumulated Depreciation	7,330
Total Cost, Net of Accumulated Depreciation	97,995
Current Communities | Avalon Garden City
Initial Cost
Land and improvements	18,205
Building / Construction in Progress & Improvements	49,372
Total Cost
Land	18,205
Building / Construction in Progress & Improvements	49,372
Total	67,577
Accumulated Depreciation	3,999
Total Cost, Net of Accumulated Depreciation	63,578
Current Communities | Avalon Westbury
Initial Cost
Land and improvements	69,620
Building / Construction in Progress & Improvements	43,781
Costs Subsequent to Acquisition / Construction	7,410
Total Cost
Land	69,620
Building / Construction in Progress & Improvements	51,191
Total	120,811
Accumulated Depreciation	8,720
Total Cost, Net of Accumulated Depreciation	112,091
Encumbrances	82,345
Current Communities | Avalon Ossining
Initial Cost
Land and improvements	6,385
Building / Construction in Progress & Improvements	30,099
Total Cost
Land	6,385
Building / Construction in Progress & Improvements	30,099
Total	36,484
Accumulated Depreciation	762
Total Cost, Net of Accumulated Depreciation	35,722
Current Communities | Avalon Huntington Station
Initial Cost
Land and improvements	21,870
Building / Construction in Progress & Improvements	57,545
Total Cost
Land	21,870
Building / Construction in Progress & Improvements	57,545
Total	79,415
Accumulated Depreciation	844
Total Cost, Net of Accumulated Depreciation	78,571
Current Communities | Avalon Cove
Initial Cost
Land and improvements	8,760
Building / Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition / Construction	21,060
Total Cost
Land	8,760
Building / Construction in Progress & Improvements	103,482
Total	112,242
Accumulated Depreciation	54,057
Total Cost, Net of Accumulated Depreciation	58,185
Current Communities | Avalon Run
Initial Cost
Land and improvements	14,650
Building / Construction in Progress & Improvements	60,486
Costs Subsequent to Acquisition / Construction	5,526
Total Cost
Land	14,650
Building / Construction in Progress & Improvements	66,012
Total	80,662
Accumulated Depreciation	23,905
Total Cost, Net of Accumulated Depreciation	56,757
Current Communities | Avalon Princeton Junction
Initial Cost
Land and improvements	5,585
Building / Construction in Progress & Improvements	22,382
Costs Subsequent to Acquisition / Construction	20,791
Total Cost
Land	5,585
Building / Construction in Progress & Improvements	43,173
Total	48,758
Accumulated Depreciation	21,392
Total Cost, Net of Accumulated Depreciation	27,366
Current Communities | Avalon at Edgewater
Initial Cost
Land and improvements	14,528
Building / Construction in Progress & Improvements	60,240
Costs Subsequent to Acquisition / Construction	4,302
Total Cost
Land	14,528
Building / Construction in Progress & Improvements	64,542
Total	79,070
Accumulated Depreciation	28,885
Total Cost, Net of Accumulated Depreciation	50,185
Encumbrances	75,012
Current Communities | Avalon at Florham Park
Initial Cost
Land and improvements	6,647
Building / Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition / Construction	2,179
Total Cost
Land	6,647
Building / Construction in Progress & Improvements	37,085
Total	43,732
Accumulated Depreciation	18,009
Total Cost, Net of Accumulated Depreciation	25,723
Current Communities | Avalon at Freehold
Initial Cost
Land and improvements	4,119
Building / Construction in Progress & Improvements	30,514
Costs Subsequent to Acquisition / Construction	900
Total Cost
Land	4,119
Building / Construction in Progress & Improvements	31,414
Total	35,533
Accumulated Depreciation	13,959
Total Cost, Net of Accumulated Depreciation	21,574
Encumbrances	34,973
Current Communities | Avalon Run East
Initial Cost
Land and improvements	6,766
Building / Construction in Progress & Improvements	45,366
Costs Subsequent to Acquisition / Construction	919
Total Cost
Land	6,766
Building / Construction in Progress & Improvements	46,285
Total	53,051
Accumulated Depreciation	16,286
Total Cost, Net of Accumulated Depreciation	36,765
Encumbrances	37,475
Current Communities | Avalon Lyndhurst
Initial Cost
Land and improvements	18,620
Building / Construction in Progress & Improvements	59,879
Costs Subsequent to Acquisition / Construction	579
Total Cost
Land	18,620
Building / Construction in Progress & Improvements	60,458
Total	79,078
Accumulated Depreciation	16,676
Total Cost, Net of Accumulated Depreciation	62,402
Current Communities | Avalon at Tinton Falls
Initial Cost
Land and improvements	7,939
Building / Construction in Progress & Improvements	33,173
Costs Subsequent to Acquisition / Construction	96
Total Cost
Land	7,939
Building / Construction in Progress & Improvements	33,269
Total	41,208
Accumulated Depreciation	7,755
Total Cost, Net of Accumulated Depreciation	33,453
Current Communities | Avalon at West Long Branch
Initial Cost
Land and improvements	2,721
Building / Construction in Progress & Improvements	22,940
Total Cost
Land	2,721
Building / Construction in Progress & Improvements	22,940
Total	25,661
Accumulated Depreciation	3,479
Total Cost, Net of Accumulated Depreciation	22,182
Current Communities | Avalon North Bergen
Initial Cost
Land and improvements	8,984
Building / Construction in Progress & Improvements	31,015
Costs Subsequent to Acquisition / Construction	514
Total Cost
Land	8,984
Building / Construction in Progress & Improvements	31,529
Total	40,513
Accumulated Depreciation	2,819
Total Cost, Net of Accumulated Depreciation	37,694
Current Communities | Avalon at Wesmont Station
Initial Cost
Land and improvements	14,682
Building / Construction in Progress & Improvements	41,635
Costs Subsequent to Acquisition / Construction	875
Total Cost
Land	14,682
Building / Construction in Progress & Improvements	42,510
Total	57,192
Accumulated Depreciation	3,860
Total Cost, Net of Accumulated Depreciation	53,332
Current Communities | Avalon Hackensack at Riverside
Initial Cost
Building / Construction in Progress & Improvements	44,530
Total Cost
Building / Construction in Progress & Improvements	44,530
Total	44,530
Accumulated Depreciation	2,312
Total Cost, Net of Accumulated Depreciation	42,218
Current Communities | Avalon Somerset
Initial Cost
Land and improvements	18,241
Building / Construction in Progress & Improvements	58,326
Total Cost
Land	18,241
Building / Construction in Progress & Improvements	58,326
Total	76,567
Accumulated Depreciation	3,366
Total Cost, Net of Accumulated Depreciation	73,201
Current Communities | Avalon at Wesmont Station II
Initial Cost
Land and improvements	6,502
Building / Construction in Progress & Improvements	16,862
Total Cost
Land	6,502
Building / Construction in Progress & Improvements	16,862
Total	23,364
Accumulated Depreciation	992
Total Cost, Net of Accumulated Depreciation	22,372
Current Communities | Avalon Bloomingdale
Initial Cost
Land and improvements	3,005
Building / Construction in Progress & Improvements	27,721
Total Cost
Land	3,005
Building / Construction in Progress & Improvements	27,721
Total	30,726
Accumulated Depreciation	1,098
Total Cost, Net of Accumulated Depreciation	29,628
Current Communities | Avalon Riverview I
Initial Cost
Building / Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition / Construction	4,894
Total Cost
Building / Construction in Progress & Improvements	98,955
Total	98,955
Accumulated Depreciation	41,548
Total Cost, Net of Accumulated Depreciation	57,407
Current Communities | Avalon Bowery Place
Initial Cost
Land and improvements	18,575
Building / Construction in Progress & Improvements	75,009
Costs Subsequent to Acquisition / Construction	1,992
Total Cost
Land	18,575
Building / Construction in Progress & Improvements	77,001
Total	95,576
Accumulated Depreciation	22,047
Total Cost, Net of Accumulated Depreciation	73,529
Encumbrances	93,800
Current Communities | Avalon Riverview North
Initial Cost
Building / Construction in Progress & Improvements	164,808
Costs Subsequent to Acquisition / Construction	2,404
Total Cost
Building / Construction in Progress & Improvements	167,212
Total	167,212
Accumulated Depreciation	41,970
Total Cost, Net of Accumulated Depreciation	125,242
Current Communities | Avalon Bowery Place II
Initial Cost
Land and improvements	9,106
Building / Construction in Progress & Improvements	47,199
Costs Subsequent to Acquisition / Construction	1,633
Total Cost
Land	9,106
Building / Construction in Progress & Improvements	48,832
Total	57,938
Accumulated Depreciation	11,904
Total Cost, Net of Accumulated Depreciation	46,034
Current Communities | Avalon Morningside Park
Initial Cost
Building / Construction in Progress & Improvements	114,327
Costs Subsequent to Acquisition / Construction	870
Total Cost
Building / Construction in Progress & Improvements	115,197
Total	115,197
Accumulated Depreciation	24,642
Total Cost, Net of Accumulated Depreciation	90,555
Encumbrances	100,000
Current Communities | Avalon Fort Greene
Initial Cost
Land and improvements	83,038
Building / Construction in Progress & Improvements	218,444
Costs Subsequent to Acquisition / Construction	642
Total Cost
Land	83,038
Building / Construction in Progress & Improvements	219,086
Total	302,124
Accumulated Depreciation	35,170
Total Cost, Net of Accumulated Depreciation	266,954
Current Communities | Avalon Midtown West
Initial Cost
Land and improvements	154,730
Building / Construction in Progress & Improvements	180,253
Costs Subsequent to Acquisition / Construction	12,012
Total Cost
Land	154,730
Building / Construction in Progress & Improvements	192,265
Total	346,995
Accumulated Depreciation	23,002
Total Cost, Net of Accumulated Depreciation	323,993
Encumbrances	100,500
Current Communities | Avalon Clinton North
Initial Cost
Land and improvements	84,069
Building / Construction in Progress & Improvements	105,821
Costs Subsequent to Acquisition / Construction	6,352
Total Cost
Land	84,069
Building / Construction in Progress & Improvements	112,173
Total	196,242
Accumulated Depreciation	12,558
Total Cost, Net of Accumulated Depreciation	183,684
Encumbrances	147,000
Current Communities | Avalon Clinton South
Initial Cost
Land and improvements	71,421
Building / Construction in Progress & Improvements	89,851
Costs Subsequent to Acquisition / Construction	5,175
Total Cost
Land	71,421
Building / Construction in Progress & Improvements	95,026
Total	166,447
Accumulated Depreciation	10,732
Total Cost, Net of Accumulated Depreciation	155,715
Encumbrances	121,500
Current Communities | Avalon at Foxhall
Initial Cost
Land and improvements	6,848
Building / Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition / Construction	11,671
Total Cost
Land	6,848
Building / Construction in Progress & Improvements	39,285
Total	46,133
Accumulated Depreciation	24,950
Total Cost, Net of Accumulated Depreciation	21,183
Encumbrances	56,341
Current Communities | Avalon at Gallery Place
Initial Cost
Land and improvements	8,800
Building / Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition / Construction	1,557
Total Cost
Land	8,800
Building / Construction in Progress & Improvements	41,215
Total	50,015
Accumulated Depreciation	16,412
Total Cost, Net of Accumulated Depreciation	33,603
Encumbrances	43,776
Current Communities | Avalon at Fairway Hills
Initial Cost
Land and improvements	8,603
Building / Construction in Progress & Improvements	34,432
Costs Subsequent to Acquisition / Construction	16,036
Total Cost
Land	8,603
Building / Construction in Progress & Improvements	50,468
Total	59,071
Accumulated Depreciation	28,397
Total Cost, Net of Accumulated Depreciation	30,674
Current Communities | Eaves Washingtonian Center I
Initial Cost
Land and improvements	2,608
Building / Construction in Progress & Improvements	11,707
Costs Subsequent to Acquisition / Construction	629
Total Cost
Land	2,608
Building / Construction in Progress & Improvements	12,336
Total	14,944
Accumulated Depreciation	7,913
Total Cost, Net of Accumulated Depreciation	7,031
Encumbrances	8,011
Current Communities | Eaves Washingtonian Center II
Initial Cost
Land and improvements	1,439
Building / Construction in Progress & Improvements	6,846
Costs Subsequent to Acquisition / Construction	180
Total Cost
Land	1,439
Building / Construction in Progress & Improvements	7,026
Total	8,465
Accumulated Depreciation	3,970
Total Cost, Net of Accumulated Depreciation	4,495
Current Communities | Eaves Columbia Town Center
Initial Cost
Land and improvements	8,802
Building / Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition / Construction	11,429
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,965
Total	55,767
Accumulated Depreciation	16,273
Total Cost, Net of Accumulated Depreciation	39,494
Current Communities | Avalon at Grosvenor Station
Initial Cost
Land and improvements	29,159
Building / Construction in Progress & Improvements	53,001
Costs Subsequent to Acquisition / Construction	2,002
Total Cost
Land	29,159
Building / Construction in Progress & Improvements	55,003
Total	84,162
Accumulated Depreciation	21,020
Total Cost, Net of Accumulated Depreciation	63,142
Current Communities | Avalon at Traville
Initial Cost
Land and improvements	14,365
Building / Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition / Construction	863
Total Cost
Land	14,365
Building / Construction in Progress & Improvements	56,261
Total	70,626
Accumulated Depreciation	21,385
Total Cost, Net of Accumulated Depreciation	49,241
Encumbrances	74,186
Current Communities | Avalon Russett
Initial Cost
Land and improvements	10,200
Building / Construction in Progress & Improvements	47,524
Costs Subsequent to Acquisition / Construction	2,659
Total Cost
Land	10,200
Building / Construction in Progress & Improvements	50,183
Total	60,383
Accumulated Depreciation	5,547
Total Cost, Net of Accumulated Depreciation	54,836
Encumbrances	39,972
Current Communities | Eaves Fair Lakes
Initial Cost
Land and improvements	6,096
Building / Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition / Construction	8,246
Total Cost
Land	6,096
Building / Construction in Progress & Improvements	32,646
Total	38,742
Accumulated Depreciation	17,777
Total Cost, Net of Accumulated Depreciation	20,965
Current Communities | AVA Ballston
Initial Cost
Land and improvements	7,291
Building / Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition / Construction	16,117
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	45,294
Total	52,585
Accumulated Depreciation	24,294
Total Cost, Net of Accumulated Depreciation	28,291
Current Communities | Eaves Fairfax City
Initial Cost
Land and improvements	2,152
Building / Construction in Progress & Improvements	8,907
Costs Subsequent to Acquisition / Construction	5,390
Total Cost
Land	2,152
Building / Construction in Progress & Improvements	14,297
Total	16,449
Accumulated Depreciation	6,624
Total Cost, Net of Accumulated Depreciation	9,825
Current Communities | Avalon Tysons Corner
Initial Cost
Land and improvements	13,851
Building / Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition / Construction	12,106
Total Cost
Land	13,851
Building / Construction in Progress & Improvements	55,503
Total	69,354
Accumulated Depreciation	26,784
Total Cost, Net of Accumulated Depreciation	42,570
Current Communities | Avalon at Arlington Square
Initial Cost
Land and improvements	22,041
Building / Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition / Construction	2,818
Total Cost
Land	22,041
Building / Construction in Progress & Improvements	93,114
Total	115,155
Accumulated Depreciation	42,880
Total Cost, Net of Accumulated Depreciation	72,275
Current Communities | Avalon Park Crest
Initial Cost
Land and improvements	13,554
Building / Construction in Progress & Improvements	63,527
Total Cost
Land	13,554
Building / Construction in Progress & Improvements	63,527
Total	77,081
Accumulated Depreciation	4,886
Total Cost, Net of Accumulated Depreciation	72,195
Current Communities | Eaves Fairfax Towers
Initial Cost
Land and improvements	17,889
Building / Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition / Construction	1,718
Total Cost
Land	17,889
Building / Construction in Progress & Improvements	76,445
Total	94,334
Accumulated Depreciation	9,782
Total Cost, Net of Accumulated Depreciation	84,552
Current Communities | AVA H Street
Initial Cost
Land and improvements	7,425
Building / Construction in Progress & Improvements	25,282
Total Cost
Land	7,425
Building / Construction in Progress & Improvements	25,282
Total	32,707
Accumulated Depreciation	1,782
Total Cost, Net of Accumulated Depreciation	30,925
Current Communities | Avalon First & M
Initial Cost
Land and improvements	43,700
Building / Construction in Progress & Improvements	153,950
Costs Subsequent to Acquisition / Construction	2,411
Total Cost
Land	43,700
Building / Construction in Progress & Improvements	156,361
Total	200,061
Accumulated Depreciation	12,255
Total Cost, Net of Accumulated Depreciation	187,806
Encumbrances	140,964
Current Communities | The Albemarle
Initial Cost
Land and improvements	25,140
Building / Construction in Progress & Improvements	52,459
Costs Subsequent to Acquisition / Construction	3,717
Total Cost
Land	25,140
Building / Construction in Progress & Improvements	56,176
Total	81,316
Accumulated Depreciation	6,980
Total Cost, Net of Accumulated Depreciation	74,336
Current Communities | Eaves Tunlaw Gardens
Initial Cost
Land and improvements	16,430
Building / Construction in Progress & Improvements	22,902
Costs Subsequent to Acquisition / Construction	2,025
Total Cost
Land	16,430
Building / Construction in Progress & Improvements	24,927
Total	41,357
Accumulated Depreciation	3,162
Total Cost, Net of Accumulated Depreciation	38,195
Encumbrances	28,494
Current Communities | The Statesman
Initial Cost
Land and improvements	38,140
Building / Construction in Progress & Improvements	35,352
Costs Subsequent to Acquisition / Construction	3,453
Total Cost
Land	38,140
Building / Construction in Progress & Improvements	38,805
Total	76,945
Accumulated Depreciation	5,815
Total Cost, Net of Accumulated Depreciation	71,130
Current Communities | Eaves Glover Park
Initial Cost
Land and improvements	9,580
Building / Construction in Progress & Improvements	26,532
Costs Subsequent to Acquisition / Construction	1,954
Total Cost
Land	9,580
Building / Construction in Progress & Improvements	28,486
Total	38,066
Accumulated Depreciation	3,385
Total Cost, Net of Accumulated Depreciation	34,681
Encumbrances	23,569
Current Communities | AVA Van Ness
Initial Cost
Land and improvements	22,890
Building / Construction in Progress & Improvements	58,691
Costs Subsequent to Acquisition / Construction	3,455
Total Cost
Land	22,890
Building / Construction in Progress & Improvements	62,146
Total	85,036
Accumulated Depreciation	6,844
Total Cost, Net of Accumulated Depreciation	78,192
Current Communities | Avalon Ballston Place
Initial Cost
Land and improvements	38,490
Building / Construction in Progress & Improvements	123,645
Costs Subsequent to Acquisition / Construction	3,768
Total Cost
Land	38,490
Building / Construction in Progress & Improvements	127,413
Total	165,903
Accumulated Depreciation	11,532
Total Cost, Net of Accumulated Depreciation	154,371
Current Communities | Eaves Tysons Corner
Initial Cost
Land and improvements	16,030
Building / Construction in Progress & Improvements	45,420
Costs Subsequent to Acquisition / Construction	2,554
Total Cost
Land	16,030
Building / Construction in Progress & Improvements	47,974
Total	64,004
Accumulated Depreciation	5,509
Total Cost, Net of Accumulated Depreciation	58,495
Current Communities | Avalon Ballston Square
Initial Cost
Land and improvements	71,640
Building / Construction in Progress & Improvements	215,937
Costs Subsequent to Acquisition / Construction	10,200
Total Cost
Land	71,640
Building / Construction in Progress & Improvements	226,137
Total	297,777
Accumulated Depreciation	23,372
Total Cost, Net of Accumulated Depreciation	274,405
Current Communities | Archstone Courthouse Place
Initial Cost
Land and improvements	56,550
Building / Construction in Progress & Improvements	178,032
Costs Subsequent to Acquisition / Construction	8,131
Total Cost
Land	56,550
Building / Construction in Progress & Improvements	186,163
Total	242,713
Accumulated Depreciation	18,921
Total Cost, Net of Accumulated Depreciation	223,792
Encumbrances	140,332
Current Communities | Avalon Reston Landing
Initial Cost
Land and improvements	26,710
Building / Construction in Progress & Improvements	83,084
Costs Subsequent to Acquisition / Construction	4,354
Total Cost
Land	26,710
Building / Construction in Progress & Improvements	87,438
Total	114,148
Accumulated Depreciation	9,863
Total Cost, Net of Accumulated Depreciation	104,285
Current Communities | Oakwood Arlington
Initial Cost
Land and improvements	18,850
Building / Construction in Progress & Improvements	38,545
Costs Subsequent to Acquisition / Construction	1,856
Total Cost
Land	18,850
Building / Construction in Progress & Improvements	40,401
Total	59,251
Accumulated Depreciation	4,324
Total Cost, Net of Accumulated Depreciation	54,927
Encumbrances	42,185
Current Communities | Avalon Mosaic
Initial Cost
Land and improvements	33,483
Building / Construction in Progress & Improvements	75,081
Total Cost
Land	33,483
Building / Construction in Progress & Improvements	75,081
Total	108,564
Accumulated Depreciation	2,108
Total Cost, Net of Accumulated Depreciation	106,456
Current Communities | Avalon Arlington North
Initial Cost
Land and improvements	21,600
Building / Construction in Progress & Improvements	58,763
Total Cost
Land	21,600
Building / Construction in Progress & Improvements	58,763
Total	80,363
Accumulated Depreciation	1,468
Total Cost, Net of Accumulated Depreciation	78,895
Current Communities | Avalon Redmond Place
Initial Cost
Land and improvements	4,558
Building / Construction in Progress & Improvements	18,368
Costs Subsequent to Acquisition / Construction	9,879
Total Cost
Land	4,558
Building / Construction in Progress & Improvements	28,247
Total	32,805
Accumulated Depreciation	14,541
Total Cost, Net of Accumulated Depreciation	18,264
Current Communities | Avalon at Bear Creek
Initial Cost
Land and improvements	6,786
Building / Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition / Construction	3,427
Total Cost
Land	6,786
Building / Construction in Progress & Improvements	31,068
Total	37,854
Accumulated Depreciation	17,457
Total Cost, Net of Accumulated Depreciation	20,397
Current Communities | Avalon Bellevue
Initial Cost
Land and improvements	6,664
Building / Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition / Construction	1,685
Total Cost
Land	6,664
Building / Construction in Progress & Improvements	25,804
Total	32,468
Accumulated Depreciation	12,245
Total Cost, Net of Accumulated Depreciation	20,223
Encumbrances	25,491
Current Communities | Avalon RockMeadow
Initial Cost
Land and improvements	4,777
Building / Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition / Construction	1,901
Total Cost
Land	4,777
Building / Construction in Progress & Improvements	21,666
Total	26,443
Accumulated Depreciation	10,695
Total Cost, Net of Accumulated Depreciation	15,748
Current Communities | Avalon ParcSquare
Initial Cost
Land and improvements	3,789
Building / Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition / Construction	2,630
Total Cost
Land	3,789
Building / Construction in Progress & Improvements	17,769
Total	21,558
Accumulated Depreciation	8,587
Total Cost, Net of Accumulated Depreciation	12,971
Current Communities | Avalon Brandemoor
Initial Cost
Land and improvements	8,608
Building / Construction in Progress & Improvements	36,679
Costs Subsequent to Acquisition / Construction	1,656
Total Cost
Land	8,608
Building / Construction in Progress & Improvements	38,335
Total	46,943
Accumulated Depreciation	18,143
Total Cost, Net of Accumulated Depreciation	28,800
Current Communities | AVA Belltown
Initial Cost
Land and improvements	5,644
Building / Construction in Progress & Improvements	12,733
Costs Subsequent to Acquisition / Construction	830
Total Cost
Land	5,644
Building / Construction in Progress & Improvements	13,563
Total	19,207
Accumulated Depreciation	6,330
Total Cost, Net of Accumulated Depreciation	12,877
Current Communities | Avalon Meydenbauer
Initial Cost
Land and improvements	12,697
Building / Construction in Progress & Improvements	77,451
Costs Subsequent to Acquisition / Construction	936
Total Cost
Land	12,697
Building / Construction in Progress & Improvements	78,387
Total	91,084
Accumulated Depreciation	18,053
Total Cost, Net of Accumulated Depreciation	73,031
Current Communities | Avalon Towers Bellevue
Initial Cost
Building / Construction in Progress & Improvements	123,030
Costs Subsequent to Acquisition / Construction	811
Total Cost
Building / Construction in Progress & Improvements	123,841
Total	123,841
Accumulated Depreciation	19,003
Total Cost, Net of Accumulated Depreciation	104,838
Current Communities | AVA Queen Anne
Initial Cost
Land and improvements	12,081
Building / Construction in Progress & Improvements	41,618
Costs Subsequent to Acquisition / Construction	347
Total Cost
Land	12,081
Building / Construction in Progress & Improvements	41,965
Total	54,046
Accumulated Depreciation	4,357
Total Cost, Net of Accumulated Depreciation	49,689
Current Communities | Avalon Brandemoor II
Initial Cost
Land and improvements	2,655
Building / Construction in Progress & Improvements	11,343
Total Cost
Land	2,655
Building / Construction in Progress & Improvements	11,343
Total	13,998
Accumulated Depreciation	1,435
Total Cost, Net of Accumulated Depreciation	12,563
Current Communities | Avalon Ballard
Initial Cost
Land and improvements	16,460
Building / Construction in Progress & Improvements	46,885
Costs Subsequent to Acquisition / Construction	6
Total Cost
Land	16,460
Building / Construction in Progress & Improvements	46,891
Total	63,351
Accumulated Depreciation	2,811
Total Cost, Net of Accumulated Depreciation	60,540
Current Communities | Eaves Redmond Campus
Initial Cost
Land and improvements	22,580
Building / Construction in Progress & Improvements	88,001
Costs Subsequent to Acquisition / Construction	5,248
Total Cost
Land	22,580
Building / Construction in Progress & Improvements	93,249
Total	115,829
Accumulated Depreciation	10,158
Total Cost, Net of Accumulated Depreciation	105,671
Current Communities | Archstone Redmond Lakeview
Initial Cost
Land and improvements	10,250
Building / Construction in Progress & Improvements	26,842
Costs Subsequent to Acquisition / Construction	1,831
Total Cost
Land	10,250
Building / Construction in Progress & Improvements	28,673
Total	38,923
Accumulated Depreciation	3,302
Total Cost, Net of Accumulated Depreciation	35,621
Current Communities | AVA University District
Initial Cost
Land and improvements	12,594
Building / Construction in Progress & Improvements	60,566
Costs Subsequent to Acquisition / Construction	294
Total Cost
Land	12,594
Building / Construction in Progress & Improvements	60,860
Total	73,454
Accumulated Depreciation	2,087
Total Cost, Net of Accumulated Depreciation	71,367
Current Communities | Avalon Fremont
Initial Cost
Land and improvements	10,746
Building / Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition / Construction	5,059
Total Cost
Land	10,746
Building / Construction in Progress & Improvements	48,458
Total	59,204
Accumulated Depreciation	28,083
Total Cost, Net of Accumulated Depreciation	31,121
Current Communities | Eaves Dublin
Initial Cost
Land and improvements	5,276
Building / Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition / Construction	9,167
Total Cost
Land	5,276
Building / Construction in Progress & Improvements	28,809
Total	34,085
Accumulated Depreciation	14,183
Total Cost, Net of Accumulated Depreciation	19,902
Current Communities | Eaves Pleasanton
Initial Cost
Land and improvements	11,610
Building / Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition / Construction	21,254
Total Cost
Land	11,610
Building / Construction in Progress & Improvements	67,806
Total	79,416
Accumulated Depreciation	33,374
Total Cost, Net of Accumulated Depreciation	46,042
Current Communities | Eaves Union City
Initial Cost
Land and improvements	4,249
Building / Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition / Construction	2,832
Total Cost
Land	4,249
Building / Construction in Progress & Improvements	19,652
Total	23,901
Accumulated Depreciation	11,402
Total Cost, Net of Accumulated Depreciation	12,499
Current Communities | Eaves Fremont
Initial Cost
Land and improvements	6,581
Building / Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition / Construction	9,730
Total Cost
Land	6,581
Building / Construction in Progress & Improvements	36,313
Total	42,894
Accumulated Depreciation	19,198
Total Cost, Net of Accumulated Depreciation	23,696
Current Communities | Avalon Union City
Initial Cost
Land and improvements	14,732
Building / Construction in Progress & Improvements	104,025
Costs Subsequent to Acquisition / Construction	294
Total Cost
Land	14,732
Building / Construction in Progress & Improvements	104,319
Total	119,051
Accumulated Depreciation	19,722
Total Cost, Net of Accumulated Depreciation	99,329
Current Communities | Avalon Walnut Creek
Initial Cost
Building / Construction in Progress & Improvements	145,906
Costs Subsequent to Acquisition / Construction	1,643
Total Cost
Building / Construction in Progress & Improvements	147,549
Total	147,549
Accumulated Depreciation	22,354
Total Cost, Net of Accumulated Depreciation	125,195
Encumbrances	137,542
Current Communities | Eaves Walnut Creek
Initial Cost
Land and improvements	30,320
Building / Construction in Progress & Improvements	82,375
Costs Subsequent to Acquisition / Construction	5,597
Total Cost
Land	30,320
Building / Construction in Progress & Improvements	87,972
Total	118,292
Accumulated Depreciation	9,646
Total Cost, Net of Accumulated Depreciation	108,646
Current Communities | Avalon Walnut Ridge I
Initial Cost
Land and improvements	9,860
Building / Construction in Progress & Improvements	19,850
Costs Subsequent to Acquisition / Construction	878
Total Cost
Land	9,860
Building / Construction in Progress & Improvements	20,728
Total	30,588
Accumulated Depreciation	2,159
Total Cost, Net of Accumulated Depreciation	28,429
Encumbrances	20,754
Current Communities | Avalon Walnut Ridge II
Initial Cost
Land and improvements	27,190
Building / Construction in Progress & Improvements	57,041
Costs Subsequent to Acquisition / Construction	3,299
Total Cost
Land	27,190
Building / Construction in Progress & Improvements	60,340
Total	87,530
Accumulated Depreciation	6,990
Total Cost, Net of Accumulated Depreciation	80,540
Current Communities | Avalon Berkeley
Initial Cost
Land and improvements	4,500
Building / Construction in Progress & Improvements	28,646
Total Cost
Land	4,500
Building / Construction in Progress & Improvements	28,646
Total	33,146
Accumulated Depreciation	467
Total Cost, Net of Accumulated Depreciation	32,679
Current Communities | Avalon Dublin Station
Initial Cost
Land and improvements	7,771
Building / Construction in Progress & Improvements	71,026
Total Cost
Land	7,771
Building / Construction in Progress & Improvements	71,026
Total	78,797
Accumulated Depreciation	1,782
Total Cost, Net of Accumulated Depreciation	77,015
Current Communities | Eaves Daly City
Initial Cost
Land and improvements	4,230
Building / Construction in Progress & Improvements	9,659
Costs Subsequent to Acquisition / Construction	18,662
Total Cost
Land	4,230
Building / Construction in Progress & Improvements	28,321
Total	32,551
Accumulated Depreciation	14,804
Total Cost, Net of Accumulated Depreciation	17,747
Current Communities | AVA Nob Hill
Initial Cost
Land and improvements	5,403
Building / Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition / Construction	6,888
Total Cost
Land	5,403
Building / Construction in Progress & Improvements	28,455
Total	33,858
Accumulated Depreciation	14,033
Total Cost, Net of Accumulated Depreciation	19,825
Encumbrances	20,800
Current Communities | Eaves San Rafael
Initial Cost
Land and improvements	5,982
Building / Construction in Progress & Improvements	16,885
Costs Subsequent to Acquisition / Construction	24,197
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	41,082
Total	47,064
Accumulated Depreciation	17,997
Total Cost, Net of Accumulated Depreciation	29,067
Current Communities | Eaves Foster City
Initial Cost
Land and improvements	7,852
Building / Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition / Construction	11,207
Total Cost
Land	7,852
Building / Construction in Progress & Improvements	42,652
Total	50,504
Accumulated Depreciation	21,206
Total Cost, Net of Accumulated Depreciation	29,298
Current Communities | Eaves Pacifica
Initial Cost
Land and improvements	6,125
Building / Construction in Progress & Improvements	24,796
Costs Subsequent to Acquisition / Construction	2,541
Total Cost
Land	6,125
Building / Construction in Progress & Improvements	27,337
Total	33,462
Accumulated Depreciation	15,595
Total Cost, Net of Accumulated Depreciation	17,867
Encumbrances	17,600
Current Communities | Avalon Sunset Towers
Initial Cost
Land and improvements	3,561
Building / Construction in Progress & Improvements	21,321
Costs Subsequent to Acquisition / Construction	14,894
Total Cost
Land	3,561
Building / Construction in Progress & Improvements	36,215
Total	39,776
Accumulated Depreciation	16,136
Total Cost, Net of Accumulated Depreciation	23,640
Current Communities | Eaves Diamond Heights
Initial Cost
Land and improvements	4,726
Building / Construction in Progress & Improvements	19,130
Costs Subsequent to Acquisition / Construction	5,790
Total Cost
Land	4,726
Building / Construction in Progress & Improvements	24,920
Total	29,646
Accumulated Depreciation	12,976
Total Cost, Net of Accumulated Depreciation	16,670
Current Communities | Avalon at Mission Bay North
Initial Cost
Land and improvements	14,029
Building / Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition / Construction	2,482
Total Cost
Land	14,029
Building / Construction in Progress & Improvements	80,934
Total	94,963
Accumulated Depreciation	33,067
Total Cost, Net of Accumulated Depreciation	61,896
Encumbrances	69,955
Current Communities | Avalon at Mission Bay III
Initial Cost
Land and improvements	28,687
Building / Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition / Construction	74
Total Cost
Land	28,687
Building / Construction in Progress & Improvements	119,230
Total	147,917
Accumulated Depreciation	22,702
Total Cost, Net of Accumulated Depreciation	125,215
Current Communities | Avalon Ocean Avenue
Initial Cost
Land and improvements	5,544
Building / Construction in Progress & Improvements	50,883
Costs Subsequent to Acquisition / Construction	1,740
Total Cost
Land	5,544
Building / Construction in Progress & Improvements	52,623
Total	58,167
Accumulated Depreciation	4,827
Total Cost, Net of Accumulated Depreciation	53,340
Current Communities | Archstone San Bruno
Initial Cost
Land and improvements	40,780
Building / Construction in Progress & Improvements	68,684
Costs Subsequent to Acquisition / Construction	2,891
Total Cost
Land	40,780
Building / Construction in Progress & Improvements	71,575
Total	112,355
Accumulated Depreciation	7,423
Total Cost, Net of Accumulated Depreciation	104,932
Encumbrances	64,450
Current Communities | Archstone San Bruno II
Initial Cost
Land and improvements	23,787
Building / Construction in Progress & Improvements	44,934
Costs Subsequent to Acquisition / Construction	1,668
Total Cost
Land	23,787
Building / Construction in Progress & Improvements	46,602
Total	70,389
Accumulated Depreciation	4,527
Total Cost, Net of Accumulated Depreciation	65,862
Encumbrances	30,968
Current Communities | Archstone San Bruno III
Initial Cost
Land and improvements	33,303
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	2,349
Total Cost
Land	33,303
Building / Construction in Progress & Improvements	65,259
Total	98,562
Accumulated Depreciation	6,340
Total Cost, Net of Accumulated Depreciation	92,222
Encumbrances	56,210
Current Communities | AVA 55 Ninth
Initial Cost
Land and improvements	20,267
Building / Construction in Progress & Improvements	96,291
Total Cost
Land	20,267
Building / Construction in Progress & Improvements	96,291
Total	116,558
Accumulated Depreciation	2,022
Total Cost, Net of Accumulated Depreciation	114,536
Current Communities | Avalon Campbell
Initial Cost
Land and improvements	11,830
Building / Construction in Progress & Improvements	47,828
Costs Subsequent to Acquisition / Construction	13,431
Total Cost
Land	11,830
Building / Construction in Progress & Improvements	61,259
Total	73,089
Accumulated Depreciation	28,671
Total Cost, Net of Accumulated Depreciation	44,418
Encumbrances	38,800
Current Communities | Eaves San Jose
Initial Cost
Land and improvements	12,920
Building / Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition / Construction	18,810
Total Cost
Land	12,920
Building / Construction in Progress & Improvements	71,857
Total	84,777
Accumulated Depreciation	28,688
Total Cost, Net of Accumulated Depreciation	56,089
Current Communities | Avalon on the Alameda
Initial Cost
Land and improvements	6,119
Building / Construction in Progress & Improvements	50,225
Costs Subsequent to Acquisition / Construction	1,644
Total Cost
Land	6,119
Building / Construction in Progress & Improvements	51,869
Total	57,988
Accumulated Depreciation	28,035
Total Cost, Net of Accumulated Depreciation	29,953
Encumbrances	51,539
Current Communities | Avalon Silicon Valley
Initial Cost
Land and improvements	20,713
Building / Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition / Construction	4,987
Total Cost
Land	20,713
Building / Construction in Progress & Improvements	104,560
Total	125,273
Accumulated Depreciation	59,276
Total Cost, Net of Accumulated Depreciation	65,997
Current Communities | Avalon Mountain View
Initial Cost
Land and improvements	9,755
Building / Construction in Progress & Improvements	39,393
Costs Subsequent to Acquisition / Construction	9,511
Total Cost
Land	9,755
Building / Construction in Progress & Improvements	48,904
Total	58,659
Accumulated Depreciation	25,542
Total Cost, Net of Accumulated Depreciation	33,117
Encumbrances	18,100
Current Communities | Eaves Creekside
Initial Cost
Land and improvements	6,546
Building / Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition / Construction	20,984
Total Cost
Land	6,546
Building / Construction in Progress & Improvements	47,247
Total	53,793
Accumulated Depreciation	20,739
Total Cost, Net of Accumulated Depreciation	33,054
Current Communities | Avalon at Cahill Park
Initial Cost
Land and improvements	4,765
Building / Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition / Construction	1,433
Total Cost
Land	4,765
Building / Construction in Progress & Improvements	49,033
Total	53,798
Accumulated Depreciation	20,749
Total Cost, Net of Accumulated Depreciation	33,049
Current Communities | Avalon Towers on the Peninsula
Initial Cost
Land and improvements	9,560
Building / Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition / Construction	1,103
Total Cost
Land	9,560
Building / Construction in Progress & Improvements	57,239
Total	66,799
Accumulated Depreciation	25,115
Total Cost, Net of Accumulated Depreciation	41,684
Current Communities | Avalon Willow Glen
Initial Cost
Land and improvements	46,060
Building / Construction in Progress & Improvements	81,957
Costs Subsequent to Acquisition / Construction	4,034
Total Cost
Land	46,060
Building / Construction in Progress & Improvements	85,991
Total	132,051
Accumulated Depreciation	9,780
Total Cost, Net of Accumulated Depreciation	122,271
Current Communities | Eaves West Valley
Initial Cost
Land and improvements	90,890
Building / Construction in Progress & Improvements	113,628
Costs Subsequent to Acquisition / Construction	7,019
Total Cost
Land	90,890
Building / Construction in Progress & Improvements	120,647
Total	211,537
Accumulated Depreciation	14,646
Total Cost, Net of Accumulated Depreciation	196,891
Encumbrances	83,087
Current Communities | Eaves Mountain View at Middlefield
Initial Cost
Land and improvements	64,070
Building / Construction in Progress & Improvements	69,018
Costs Subsequent to Acquisition / Construction	4,847
Total Cost
Land	64,070
Building / Construction in Progress & Improvements	73,865
Total	137,935
Accumulated Depreciation	9,416
Total Cost, Net of Accumulated Depreciation	128,519
Encumbrances	71,496
Current Communities | Eaves West Valley II
Initial Cost
Building / Construction in Progress & Improvements	18,411
Total Cost
Building / Construction in Progress & Improvements	18,411
Total	18,411
Accumulated Depreciation	735
Total Cost, Net of Accumulated Depreciation	17,676
Current Communities | Avalon Morrison Park
Initial Cost
Land and improvements	13,837
Building / Construction in Progress & Improvements	64,337
Total Cost
Land	13,837
Building / Construction in Progress & Improvements	64,337
Total	78,174
Accumulated Depreciation	1,756
Total Cost, Net of Accumulated Depreciation	76,418
Current Communities | AVA Newport
Initial Cost
Land and improvements	1,975
Building / Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition / Construction	9,802
Total Cost
Land	1,975
Building / Construction in Progress & Improvements	13,616
Total	15,591
Accumulated Depreciation	5,491
Total Cost, Net of Accumulated Depreciation	10,100
Current Communities | Avalon Mission Viejo
Initial Cost
Land and improvements	2,517
Building / Construction in Progress & Improvements	9,257
Costs Subsequent to Acquisition / Construction	2,783
Total Cost
Land	2,517
Building / Construction in Progress & Improvements	12,040
Total	14,557
Accumulated Depreciation	7,157
Total Cost, Net of Accumulated Depreciation	7,400
Encumbrances	7,635
Current Communities | Eaves South Coast
Initial Cost
Land and improvements	4,709
Building / Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition / Construction	12,772
Total Cost
Land	4,709
Building / Construction in Progress & Improvements	28,835
Total	33,544
Accumulated Depreciation	13,887
Total Cost, Net of Accumulated Depreciation	19,657
Current Communities | Eaves Santa Margarita
Initial Cost
Land and improvements	4,607
Building / Construction in Progress & Improvements	16,911
Costs Subsequent to Acquisition / Construction	10,247
Total Cost
Land	4,607
Building / Construction in Progress & Improvements	27,158
Total	31,765
Accumulated Depreciation	12,753
Total Cost, Net of Accumulated Depreciation	19,012
Current Communities | Eaves Huntington Beach
Initial Cost
Land and improvements	4,871
Building / Construction in Progress & Improvements	19,745
Costs Subsequent to Acquisition / Construction	9,530
Total Cost
Land	4,871
Building / Construction in Progress & Improvements	29,275
Total	34,146
Accumulated Depreciation	16,657
Total Cost, Net of Accumulated Depreciation	17,489
Current Communities | Avalon Anaheim Stadium
Initial Cost
Land and improvements	27,874
Building / Construction in Progress & Improvements	69,156
Costs Subsequent to Acquisition / Construction	645
Total Cost
Land	27,874
Building / Construction in Progress & Improvements	69,801
Total	97,675
Accumulated Depreciation	14,359
Total Cost, Net of Accumulated Depreciation	83,316
Current Communities | Avalon Irvine
Initial Cost
Land and improvements	9,911
Building / Construction in Progress & Improvements	67,524
Costs Subsequent to Acquisition / Construction	69
Total Cost
Land	9,911
Building / Construction in Progress & Improvements	67,593
Total	77,504
Accumulated Depreciation	12,521
Total Cost, Net of Accumulated Depreciation	64,983
Current Communities | Eaves Lake Forest
Initial Cost
Land and improvements	5,199
Building / Construction in Progress & Improvements	21,134
Costs Subsequent to Acquisition / Construction	2,114
Total Cost
Land	5,199
Building / Construction in Progress & Improvements	23,248
Total	28,447
Accumulated Depreciation	3,006
Total Cost, Net of Accumulated Depreciation	25,441
Current Communities | Avalon Irvine II
Initial Cost
Land and improvements	4,358
Building / Construction in Progress & Improvements	40,906
Total Cost
Land	4,358
Building / Construction in Progress & Improvements	40,906
Total	45,264
Accumulated Depreciation	2,753
Total Cost, Net of Accumulated Depreciation	42,511
Current Communities | Eaves Seal Beach
Initial Cost
Land and improvements	46,790
Building / Construction in Progress & Improvements	99,999
Costs Subsequent to Acquisition / Construction	4,635
Total Cost
Land	46,790
Building / Construction in Progress & Improvements	104,634
Total	151,424
Accumulated Depreciation	11,178
Total Cost, Net of Accumulated Depreciation	140,246
Encumbrances	85,122
Current Communities | AVA Pacific Beach
Initial Cost
Land and improvements	9,922
Building / Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition / Construction	30,927
Total Cost
Land	9,922
Building / Construction in Progress & Improvements	71,507
Total	81,429
Accumulated Depreciation	32,316
Total Cost, Net of Accumulated Depreciation	49,113
Current Communities | Eaves Mission Ridge
Initial Cost
Land and improvements	2,710
Building / Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition / Construction	11,263
Total Cost
Land	2,710
Building / Construction in Progress & Improvements	22,187
Total	24,897
Accumulated Depreciation	12,213
Total Cost, Net of Accumulated Depreciation	12,684
Current Communities | AVA Cortez Hill
Initial Cost
Land and improvements	2,768
Building / Construction in Progress & Improvements	20,134
Costs Subsequent to Acquisition / Construction	23,464
Total Cost
Land	2,768
Building / Construction in Progress & Improvements	43,598
Total	46,366
Accumulated Depreciation	18,853
Total Cost, Net of Accumulated Depreciation	27,513
Current Communities | Avalon Fashion Valley
Initial Cost
Land and improvements	19,627
Building / Construction in Progress & Improvements	44,972
Costs Subsequent to Acquisition / Construction	290
Total Cost
Land	19,627
Building / Construction in Progress & Improvements	45,262
Total	64,889
Accumulated Depreciation	9,860
Total Cost, Net of Accumulated Depreciation	55,029
Current Communities | Eaves San Marcos
Initial Cost
Land and improvements	3,277
Building / Construction in Progress & Improvements	13,385
Costs Subsequent to Acquisition / Construction	860
Total Cost
Land	3,277
Building / Construction in Progress & Improvements	14,245
Total	17,522
Accumulated Depreciation	1,869
Total Cost, Net of Accumulated Depreciation	15,653
Current Communities | Eaves Rancho Penasquitos
Initial Cost
Land and improvements	6,692
Building / Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition / Construction	1,834
Total Cost
Land	6,692
Building / Construction in Progress & Improvements	28,977
Total	35,669
Accumulated Depreciation	3,697
Total Cost, Net of Accumulated Depreciation	31,972
Current Communities | Avalon La Jolla Colony
Initial Cost
Land and improvements	16,760
Building / Construction in Progress & Improvements	27,694
Costs Subsequent to Acquisition / Construction	2,099
Total Cost
Land	16,760
Building / Construction in Progress & Improvements	29,793
Total	46,553
Accumulated Depreciation	3,665
Total Cost, Net of Accumulated Depreciation	42,888
Encumbrances	27,176
Current Communities | Eaves La Mesa
Initial Cost
Land and improvements	9,490
Building / Construction in Progress & Improvements	28,482
Costs Subsequent to Acquisition / Construction	1,335
Total Cost
Land	9,490
Building / Construction in Progress & Improvements	29,817
Total	39,307
Accumulated Depreciation	3,230
Total Cost, Net of Accumulated Depreciation	36,077
Current Communities | AVA Burbank
Initial Cost
Land and improvements	22,483
Building / Construction in Progress & Improvements	28,104
Costs Subsequent to Acquisition / Construction	48,076
Total Cost
Land	22,483
Building / Construction in Progress & Improvements	76,180
Total	98,663
Accumulated Depreciation	32,069
Total Cost, Net of Accumulated Depreciation	66,594
Current Communities | Avalon Woodland Hills
Initial Cost
Land and improvements	23,828
Building / Construction in Progress & Improvements	40,372
Costs Subsequent to Acquisition / Construction	46,946
Total Cost
Land	23,828
Building / Construction in Progress & Improvements	87,318
Total	111,146
Accumulated Depreciation	36,446
Total Cost, Net of Accumulated Depreciation	74,700
Current Communities | Eaves Warner Center
Initial Cost
Land and improvements	7,045
Building / Construction in Progress & Improvements	12,986
Costs Subsequent to Acquisition / Construction	9,304
Total Cost
Land	7,045
Building / Construction in Progress & Improvements	22,290
Total	29,335
Accumulated Depreciation	13,017
Total Cost, Net of Accumulated Depreciation	16,318
Current Communities | Avalon at Glendale
Initial Cost
Building / Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition / Construction	1,155
Total Cost
Building / Construction in Progress & Improvements	43,719
Total	43,719
Accumulated Depreciation	16,923
Total Cost, Net of Accumulated Depreciation	26,796
Current Communities | Avalon Burbank
Initial Cost
Land and improvements	14,053
Building / Construction in Progress & Improvements	56,827
Costs Subsequent to Acquisition / Construction	23,842
Total Cost
Land	14,053
Building / Construction in Progress & Improvements	80,669
Total	94,722
Accumulated Depreciation	29,268
Total Cost, Net of Accumulated Depreciation	65,454
Current Communities | Avalon Camarillo
Initial Cost
Land and improvements	8,446
Building / Construction in Progress & Improvements	40,290
Costs Subsequent to Acquisition / Construction	142
Total Cost
Land	8,446
Building / Construction in Progress & Improvements	40,432
Total	48,878
Accumulated Depreciation	12,232
Total Cost, Net of Accumulated Depreciation	36,646
Current Communities | Avalon Wilshire
Initial Cost
Land and improvements	5,459
Building / Construction in Progress & Improvements	41,182
Costs Subsequent to Acquisition / Construction	1,045
Total Cost
Land	5,459
Building / Construction in Progress & Improvements	42,227
Total	47,686
Accumulated Depreciation	11,268
Total Cost, Net of Accumulated Depreciation	36,418
Current Communities | Avalon Encino
Initial Cost
Land and improvements	12,789
Building / Construction in Progress & Improvements	49,073
Costs Subsequent to Acquisition / Construction	395
Total Cost
Land	12,789
Building / Construction in Progress & Improvements	49,468
Total	62,257
Accumulated Depreciation	10,812
Total Cost, Net of Accumulated Depreciation	51,445
Current Communities | Avalon Warner Place
Initial Cost
Land and improvements	7,920
Building / Construction in Progress & Improvements	44,848
Costs Subsequent to Acquisition / Construction	183
Total Cost
Land	7,920
Building / Construction in Progress & Improvements	45,031
Total	52,951
Accumulated Depreciation	10,522
Total Cost, Net of Accumulated Depreciation	42,429
Current Communities | Eaves Phillips Ranch
Initial Cost
Land and improvements	9,796
Building / Construction in Progress & Improvements	41,740
Costs Subsequent to Acquisition / Construction	246
Total Cost
Land	9,796
Building / Construction in Progress & Improvements	41,986
Total	51,782
Accumulated Depreciation	5,516
Total Cost, Net of Accumulated Depreciation	46,266
Current Communities | Eaves San Dimas
Initial Cost
Land and improvements	1,916
Building / Construction in Progress & Improvements	7,819
Costs Subsequent to Acquisition / Construction	519
Total Cost
Land	1,916
Building / Construction in Progress & Improvements	8,338
Total	10,254
Accumulated Depreciation	1,089
Total Cost, Net of Accumulated Depreciation	9,165
Current Communities | Eaves San Dimas Canyon
Initial Cost
Land and improvements	2,953
Building / Construction in Progress & Improvements	12,428
Costs Subsequent to Acquisition / Construction	191
Total Cost
Land	2,953
Building / Construction in Progress & Improvements	12,619
Total	15,572
Accumulated Depreciation	1,663
Total Cost, Net of Accumulated Depreciation	13,909
Current Communities | AVA Pasadena
Initial Cost
Land and improvements	8,400
Building / Construction in Progress & Improvements	11,547
Costs Subsequent to Acquisition / Construction	5,388
Total Cost
Land	8,400
Building / Construction in Progress & Improvements	16,935
Total	25,335
Accumulated Depreciation	1,319
Total Cost, Net of Accumulated Depreciation	24,016
Encumbrances	11,683
Current Communities | Eaves Cerritos
Initial Cost
Land and improvements	8,305
Building / Construction in Progress & Improvements	21,195
Costs Subsequent to Acquisition / Construction	1,392
Total Cost
Land	8,305
Building / Construction in Progress & Improvements	22,587
Total	30,892
Accumulated Depreciation	1,991
Total Cost, Net of Accumulated Depreciation	28,901
Current Communities | Avalon Del Rey
Initial Cost
Land and improvements	30,900
Building / Construction in Progress & Improvements	72,008
Costs Subsequent to Acquisition / Construction	654
Total Cost
Land	30,900
Building / Construction in Progress & Improvements	72,662
Total	103,562
Accumulated Depreciation	5,978
Total Cost, Net of Accumulated Depreciation	97,584
Current Communities | Avalon Simi Valley
Initial Cost
Land and improvements	42,020
Building / Construction in Progress & Improvements	73,361
Costs Subsequent to Acquisition / Construction	4,411
Total Cost
Land	42,020
Building / Construction in Progress & Improvements	77,772
Total	119,792
Accumulated Depreciation	9,158
Total Cost, Net of Accumulated Depreciation	110,634
Current Communities | Avalon Studio City II
Initial Cost
Land and improvements	4,626
Building / Construction in Progress & Improvements	22,954
Costs Subsequent to Acquisition / Construction	1,210
Total Cost
Land	4,626
Building / Construction in Progress & Improvements	24,164
Total	28,790
Accumulated Depreciation	2,484
Total Cost, Net of Accumulated Depreciation	26,306
Current Communities | Avalon Studio City III
Initial Cost
Land and improvements	15,756
Building / Construction in Progress & Improvements	78,178
Costs Subsequent to Acquisition / Construction	3,418
Total Cost
Land	15,756
Building / Construction in Progress & Improvements	81,596
Total	97,352
Accumulated Depreciation	8,428
Total Cost, Net of Accumulated Depreciation	88,924
Current Communities | Avalon Calabasas
Initial Cost
Land and improvements	42,720
Building / Construction in Progress & Improvements	107,642
Costs Subsequent to Acquisition / Construction	6,649
Total Cost
Land	42,720
Building / Construction in Progress & Improvements	114,291
Total	157,011
Accumulated Depreciation	13,810
Total Cost, Net of Accumulated Depreciation	143,201
Encumbrances	100,237
Current Communities | Avalon Oak Creek
Initial Cost
Land and improvements	43,540
Building / Construction in Progress & Improvements	79,974
Costs Subsequent to Acquisition / Construction	4,277
Total Cost
Land	43,540
Building / Construction in Progress & Improvements	84,251
Total	127,791
Accumulated Depreciation	10,304
Total Cost, Net of Accumulated Depreciation	117,487
Encumbrances	85,288
Current Communities | Avalon Santa Monica on Main
Initial Cost
Land and improvements	32,000
Building / Construction in Progress & Improvements	60,770
Costs Subsequent to Acquisition / Construction	3,359
Total Cost
Land	32,000
Building / Construction in Progress & Improvements	64,129
Total	96,129
Accumulated Depreciation	6,720
Total Cost, Net of Accumulated Depreciation	89,409
Current Communities | Avalon Del Mar Station
Initial Cost
Land and improvements	20,560
Building / Construction in Progress & Improvements	106,556
Costs Subsequent to Acquisition / Construction	3,277
Total Cost
Land	20,560
Building / Construction in Progress & Improvements	109,833
Total	130,393
Accumulated Depreciation	9,650
Total Cost, Net of Accumulated Depreciation	120,743
Encumbrances	76,471
Current Communities | Eaves Old Town Pasadena
Initial Cost
Land and improvements	9,110
Building / Construction in Progress & Improvements	15,371
Costs Subsequent to Acquisition / Construction	1,188
Total Cost
Land	9,110
Building / Construction in Progress & Improvements	16,559
Total	25,669
Accumulated Depreciation	2,053
Total Cost, Net of Accumulated Depreciation	23,616
Encumbrances	15,669
Current Communities | Eaves Thousand Oaks
Initial Cost
Land and improvements	13,950
Building / Construction in Progress & Improvements	20,211
Costs Subsequent to Acquisition / Construction	2,053
Total Cost
Land	13,950
Building / Construction in Progress & Improvements	22,264
Total	36,214
Accumulated Depreciation	3,208
Total Cost, Net of Accumulated Depreciation	33,006
Encumbrances	27,411
Current Communities | Eaves Los Feliz
Initial Cost
Land and improvements	18,940
Building / Construction in Progress & Improvements	43,661
Costs Subsequent to Acquisition / Construction	3,160
Total Cost
Land	18,940
Building / Construction in Progress & Improvements	46,821
Total	65,761
Accumulated Depreciation	5,463
Total Cost, Net of Accumulated Depreciation	60,298
Encumbrances	43,258
Current Communities | Oakwood Toluca Hills
Initial Cost
Land and improvements	85,450
Building / Construction in Progress & Improvements	161,256
Costs Subsequent to Acquisition / Construction	9,933
Total Cost
Land	85,450
Building / Construction in Progress & Improvements	171,189
Total	256,639
Accumulated Depreciation	20,490
Total Cost, Net of Accumulated Depreciation	236,149
Encumbrances	165,561
Current Communities | Eaves Woodland Hills
Initial Cost
Land and improvements	68,940
Building / Construction in Progress & Improvements	90,549
Costs Subsequent to Acquisition / Construction	9,014
Total Cost
Land	68,940
Building / Construction in Progress & Improvements	99,563
Total	168,503
Accumulated Depreciation	13,226
Total Cost, Net of Accumulated Depreciation	155,277
Encumbrances	104,694
Current Communities | Avalon Thousand Oaks Plaza
Initial Cost
Land and improvements	12,810
Building / Construction in Progress & Improvements	22,581
Costs Subsequent to Acquisition / Construction	1,807
Total Cost
Land	12,810
Building / Construction in Progress & Improvements	24,388
Total	37,198
Accumulated Depreciation	3,226
Total Cost, Net of Accumulated Depreciation	33,972
Encumbrances	28,394
Current Communities | Avalon Pasadena
Initial Cost
Land and improvements	10,240
Building / Construction in Progress & Improvements	31,558
Costs Subsequent to Acquisition / Construction	1,808
Total Cost
Land	10,240
Building / Construction in Progress & Improvements	33,366
Total	43,606
Accumulated Depreciation	3,503
Total Cost, Net of Accumulated Depreciation	40,103
Encumbrances	28,079
Current Communities | Avalon Studio City
Initial Cost
Land and improvements	17,658
Building / Construction in Progress & Improvements	90,715
Costs Subsequent to Acquisition / Construction	4,094
Total Cost
Land	17,658
Building / Construction in Progress & Improvements	94,809
Total	112,467
Accumulated Depreciation	9,702
Total Cost, Net of Accumulated Depreciation	102,765
Current Communities | Avalon San Dimas
Initial Cost
Land and improvements	9,140
Building / Construction in Progress & Improvements	30,445
Total Cost
Land	9,140
Building / Construction in Progress & Improvements	30,445
Total	39,585
Accumulated Depreciation	313
Total Cost, Net of Accumulated Depreciation	39,272
Current Communities | Avalon Mission Oaks
Initial Cost
Land and improvements	9,600
Building / Construction in Progress & Improvements	34,540
Costs Subsequent to Acquisition / Construction	2,860
Total Cost
Land	9,600
Building / Construction in Progress & Improvements	37,400
Total	47,000
Accumulated Depreciation	93
Total Cost, Net of Accumulated Depreciation	46,907
Current Communities | Archstone Lexington
Initial Cost
Land and improvements	4,540
Building / Construction in Progress & Improvements	25,946
Costs Subsequent to Acquisition / Construction	1,823
Total Cost
Land	4,540
Building / Construction in Progress & Improvements	27,769
Total	32,309
Accumulated Depreciation	3,551
Total Cost, Net of Accumulated Depreciation	28,758
Encumbrances	16,525
Current Communities | Archstone Toscano
Initial Cost
Land and improvements	15,607
Building / Construction in Progress & Improvements	72,154
Costs Subsequent to Acquisition / Construction	5
Total Cost
Land	15,607
Building / Construction in Progress & Improvements	72,159
Total	87,766
Accumulated Depreciation	3,324
Total Cost, Net of Accumulated Depreciation	84,442
Current Communities | Memorial Heights Villages
Initial Cost
Land and improvements	9,607
Building / Construction in Progress & Improvements	42,164
Total Cost
Land	9,607
Building / Construction in Progress & Improvements	42,164
Total	51,771
Accumulated Depreciation	724
Total Cost, Net of Accumulated Depreciation	51,047
Development Communities
Initial Cost
Land and improvements	32,309
Building / Construction in Progress & Improvements	446,342
Costs Subsequent to Acquisition / Construction	1,357,880
Total Cost
Land	32,309
Building / Construction in Progress & Improvements	1,804,222
Total	1,836,531
Accumulated Depreciation	6,482
Total Cost, Net of Accumulated Depreciation	1,830,049
Encumbrances	0
Development Communities | Avalon West Chelsea/AVA High Line
Initial Cost
Building / Construction in Progress & Improvements	260,762
Costs Subsequent to Acquisition / Construction	11,823
Total Cost
Building / Construction in Progress & Improvements	272,585
Total	272,585
Accumulated Depreciation	4,302
Total Cost, Net of Accumulated Depreciation	268,283
Development Communities | Avalon North Station
Initial Cost
Costs Subsequent to Acquisition / Construction	46,268
Total Cost
Building / Construction in Progress & Improvements	46,268
Total	46,268
Total Cost, Net of Accumulated Depreciation	46,268
Development Communities | Avalon AVA Assembly Row/AVA Somerville
Initial Cost
Land and improvements	15,239
Building / Construction in Progress & Improvements	80,685
Costs Subsequent to Acquisition / Construction	33,327
Total Cost
Land	15,239
Building / Construction in Progress & Improvements	114,012
Total	129,251
Accumulated Depreciation	1,095
Total Cost, Net of Accumulated Depreciation	128,156
Development Communities | Avalon Framingham
Initial Cost
Costs Subsequent to Acquisition / Construction	18,335
Total Cost
Building / Construction in Progress & Improvements	18,335
Total	18,335
Total Cost, Net of Accumulated Depreciation	18,335
Development Communities | Avalon West Hollywood
Initial Cost
Building / Construction in Progress & Improvements	233
Costs Subsequent to Acquisition / Construction	57,895
Total Cost
Building / Construction in Progress & Improvements	58,128
Total	58,128
Total Cost, Net of Accumulated Depreciation	58,128
Development Communities | Avalon Dublin Station II
Initial Cost
Building / Construction in Progress & Improvements	84
Costs Subsequent to Acquisition / Construction	43,338
Total Cost
Building / Construction in Progress & Improvements	43,422
Total	43,422
Total Cost, Net of Accumulated Depreciation	43,422
Development Communities | Avalon Wharton
Initial Cost
Land and improvements	874
Building / Construction in Progress & Improvements	20,455
Costs Subsequent to Acquisition / Construction	27,318
Total Cost
Land	874
Building / Construction in Progress & Improvements	47,773
Total	48,647
Accumulated Depreciation	116
Total Cost, Net of Accumulated Depreciation	48,531
Development Communities | Avalon Green III
Initial Cost
Building / Construction in Progress & Improvements	4
Costs Subsequent to Acquisition / Construction	1,443
Total Cost
Building / Construction in Progress & Improvements	1,447
Total	1,447
Total Cost, Net of Accumulated Depreciation	1,447
Development Communities | AVA Little Tokyo
Initial Cost
Land and improvements	5,479
Building / Construction in Progress & Improvements	35,923
Costs Subsequent to Acquisition / Construction	64,425
Total Cost
Land	5,479
Building / Construction in Progress & Improvements	100,348
Total	105,827
Accumulated Depreciation	423
Total Cost, Net of Accumulated Depreciation	105,404
Development Communities | AVA Theater District
Initial Cost
Building / Construction in Progress & Improvements	315
Costs Subsequent to Acquisition / Construction	132,767
Total Cost
Building / Construction in Progress & Improvements	133,082
Total	133,082
Total Cost, Net of Accumulated Depreciation	133,082
Development Communities | Avalon Marlborough
Initial Cost
Building / Construction in Progress & Improvements	95
Costs Subsequent to Acquisition / Construction	46,808
Total Cost
Building / Construction in Progress & Improvements	46,903
Total	46,903
Total Cost, Net of Accumulated Depreciation	46,903
Development Communities | Avalon Vista
Initial Cost
Building / Construction in Progress & Improvements	292
Costs Subsequent to Acquisition / Construction	36,338
Total Cost
Building / Construction in Progress & Improvements	36,630
Total	36,630
Total Cost, Net of Accumulated Depreciation	36,630
Development Communities | Avalon Bloomfield Station
Initial Cost
Building / Construction in Progress & Improvements	56
Costs Subsequent to Acquisition / Construction	29,624
Total Cost
Building / Construction in Progress & Improvements	29,680
Total	29,680
Total Cost, Net of Accumulated Depreciation	29,680
Development Communities | Avalon Willoughby Square/AVA DoBro
Initial Cost
Building / Construction in Progress & Improvements	80
Costs Subsequent to Acquisition / Construction	266,238
Total Cost
Building / Construction in Progress & Improvements	266,318
Total	266,318
Total Cost, Net of Accumulated Depreciation	266,318
Development Communities | Avalon Alderwood I
Initial Cost
Land and improvements	7,033
Building / Construction in Progress & Improvements	32,783
Costs Subsequent to Acquisition / Construction	26,290
Total Cost
Land	7,033
Building / Construction in Progress & Improvements	59,073
Total	66,106
Accumulated Depreciation	492
Total Cost, Net of Accumulated Depreciation	65,614
Development Communities | AVA Capitol Hill
Initial Cost
Costs Subsequent to Acquisition / Construction	39,870
Total Cost
Building / Construction in Progress & Improvements	39,870
Total	39,870
Total Cost, Net of Accumulated Depreciation	39,870
Development Communities | Avalon Esterra Park
Initial Cost
Building / Construction in Progress & Improvements	8
Costs Subsequent to Acquisition / Construction	33,515
Total Cost
Building / Construction in Progress & Improvements	33,523
Total	33,523
Total Cost, Net of Accumulated Depreciation	33,523
Development Communities | Avalon Hayes Valley
Initial Cost
Building / Construction in Progress & Improvements	887
Costs Subsequent to Acquisition / Construction	78,685
Total Cost
Building / Construction in Progress & Improvements	79,572
Total	79,572
Total Cost, Net of Accumulated Depreciation	79,572
Development Communities | Avalon Baker Ranch
Initial Cost
Land and improvements	3,684
Building / Construction in Progress & Improvements	12,815
Costs Subsequent to Acquisition / Construction	94,303
Total Cost
Land	3,684
Building / Construction in Progress & Improvements	107,118
Total	110,802
Accumulated Depreciation	54
Total Cost, Net of Accumulated Depreciation	110,748
Development Communities | Avalon Irvine III
Initial Cost
Building / Construction in Progress & Improvements	50
Costs Subsequent to Acquisition / Construction	26,253
Total Cost
Building / Construction in Progress & Improvements	26,303
Total	26,303
Total Cost, Net of Accumulated Depreciation	26,303
Development Communities | Avalon Huntington Beach
Initial Cost
Building / Construction in Progress & Improvements	78
Costs Subsequent to Acquisition / Construction	40,661
Total Cost
Building / Construction in Progress & Improvements	40,739
Total	40,739
Total Cost, Net of Accumulated Depreciation	40,739
Development Communities | Avalon Glendora
Initial Cost
Building / Construction in Progress & Improvements	55
Costs Subsequent to Acquisition / Construction	52,091
Total Cost
Building / Construction in Progress & Improvements	52,146
Total	52,146
Total Cost, Net of Accumulated Depreciation	52,146
Development Communities | Avalon Falls Church
Initial Cost
Building / Construction in Progress & Improvements	240
Costs Subsequent to Acquisition / Construction	69,391
Total Cost
Building / Construction in Progress & Improvements	69,631
Total	69,631
Total Cost, Net of Accumulated Depreciation	69,631
Development Communities | Avalon Roseland
Initial Cost
Building / Construction in Progress & Improvements	372
Costs Subsequent to Acquisition / Construction	32,771
Total Cost
Building / Construction in Progress & Improvements	33,143
Total	33,143
Total Cost, Net of Accumulated Depreciation	33,143
Development Communities | Avalon Princeton
Initial Cost
Building / Construction in Progress & Improvements	70
Costs Subsequent to Acquisition / Construction	35,386
Total Cost
Building / Construction in Progress & Improvements	35,456
Total	35,456
Total Cost, Net of Accumulated Depreciation	35,456
Development Communities | Avalon Union
Initial Cost
Costs Subsequent to Acquisition / Construction	12,717
Total Cost
Building / Construction in Progress & Improvements	12,717
Total	12,717
Total Cost, Net of Accumulated Depreciation	12,717
Land Held for Development
Initial Cost
Land and improvements	180,516
Total Cost
Land	180,516
Total	180,516
Total Cost, Net of Accumulated Depreciation	180,516
Corporate overhead
Initial Cost
Land and improvements	31,344
Building / Construction in Progress & Improvements	31,699
Costs Subsequent to Acquisition / Construction	56,338
Total Cost
Land	31,344
Building / Construction in Progress & Improvements	88,037
Total	119,381
Accumulated Depreciation	48,834
Total Cost, Net of Accumulated Depreciation	70,547
Encumbrances	$ 3,000,000
Subsequent event | Avalon at Edgewater
Total Cost
Number of uninhabitable homes					240