Subsequent Events

3 Months Ended

Mar. 31, 2018

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 April 2018, the Company:


•	repaid $13,380,000 of 3.06% fixed rate debt secured by Avalon Andover at par at its maturity date; and


•	entered into an agreement to sell two operating communities containing an aggregate of 472 apartment homes and net real estate of $72,081,000 as of March 31, 2018, resulting in the communities qualifying as held for sale. The Company expects to complete the sales in the second quarter of 2018.