Subsequent Events

9 Months Ended

Sep. 30, 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 October and November 2018, the Company:

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entered into an agreement to contribute five wholly-owned operating communities located in New York, NY, to a newly formed joint venture. The Company will retain a 20.0% equity interest in the venture and act as the managing member and property manager for the assets. The Company will account for its investment in the joint venture under the equity method of accounting. The five communities contain an aggregate of 1,301 apartment homes, approximately 58,000 square feet of retail space and have an aggregate net real estate basis of $516,214,000 as of September 30, 2018. The execution of this agreement resulted in the communities qualifying as held for sale subsequent to September 30, 2018. The Company expects to complete the transaction in December 2018.


•	sold three wholly-owned operating communities, Avalon at Fairway Hills - Fields, a single phase of a three phase community located in Columbia, MD, Avalon Fashion Valley, located in San Diego, CA, and Avalon Andover, located in Andover, MA. In the aggregate, these three communities contain 468 apartment homes and were sold for $142,650,000.


•	acquired two communities, Alexander Apartments and Lofts, located in West Palm Beach, FL, and Ironwood at Red Rocks, located in Littleton, CO. In the aggregate, these two communities contains 546 apartment homes and were acquired for a purchase price of $178,400,000.

In addition, in October 2018, the AC JV sold Avalon Woodland Park, located in Herndon, VA, containing 392 apartment homes for a sales price of $94,250,000.

As of November 2, 2018, the Company has $175,000,000 outstanding under the Credit Facility.