Real Estate Disposition Activities

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

The following real estate sales occurred during the nine months ended September 30, 2021:


Community name	Location	Period of sale	Apartment homes	Gross sales price		Gain on disposition (1)
eaves Stamford	Stamford, CT	Q121	238	$	72,000	$	53,775
Avalon Norwalk	Norwalk, CT	Q221	311	$	103,000	$	48,912
AVA Cortez Hill	San Diego, CA	Q221	299	$	96,500	$	75,716
Avalon Redmond Place	Redmond, WA	Q221	222	$	97,700	$	72,929
Avalon Bronxville	Bronxville, NY	Q221	110	$	89,000	$	71,773
Avalon Glen Cove & Avalon Glen Cove North	Glen Cove, NY	Q221	367	$	126,000	$	65,242

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(1) Gain on disposition was reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

At September 30, 2021, the Company had one real estate asset that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the three and nine months ended September 30, 2021, the Company sold 17 and 43 residential condominiums at The Park Loggia, for gross proceeds of $54,277,000 and $107,278,000, respectively, resulting in a gain in accordance with GAAP of $1,345,000 and $2,051,000, respectively. As of September 30, 2021, the Company had sold 113 residential condominiums and there were 59 residential condominiums remaining to be sold. The Company incurred $1,187,000 and $1,373,000 during the three months ended September 30, 2021 and 2020, respectively, and $3,453,000 and $4,012,000 during the nine months ended September 30, 2021 and 2020, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2021 and December 31, 2020, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $171,113,000 and $267,219,000, respectively, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.