Subsequent Events

9 Months Ended

Sep. 30, 2017

The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion.

In October 2017, the Company:


•	entered into an agreement to sell an operating community containing 99 apartment homes and net real estate of $19,243,000 as of September 30, 2017, resulting in the community qualifying as held for sale. The Company expects to complete the sale in the fourth quarter of 2017;


•	obtained a variable rate secured note in the amount of $21,700,000 that matures in October 2020, in association with the refinancing of an existing $21,601,000 fixed rate secured note that was scheduled to mature in November 2017; and


•	sold Avalon Run East, a wholly-owned operating community located in Lawrenceville, NJ, containing 312 apartment homes, for a sale price of $87,500,000.