Real Estate Disposition Activities

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

The following real estate sales occurred during the three months ended March 31, 2022 (dollars in thousands):


Community name	Location	Period of sale	Apartment homes	Gross sales price		Gain on disposition (1)
Avalon West Long Branch	West Long Branch, NJ	Q122	180	$	75,000	$	56,434
Avalon Ossining	Ossining, NY	Q122	168	$	70,000	$	40,512
Avalon East Norwalk	Norwalk, CT	Q122	240	$	90,000	$	51,762

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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 March 31, 2022, the Company had no real estate assets 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 months ended March 31, 2022, the Company sold 15 residential condominiums at The Park Loggia for gross proceeds of $40,336,000, resulting in a gain in accordance with GAAP of $1,002,000. As of March 31, 2022, there were 34 residential condominiums remaining to be sold. The Company incurred $766,000 and $1,044,000 during the three months ended March 31, 2022 and 2021, 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 March 31, 2022 and December 31, 2021, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $110,763,000 and $146,535,000, respectively, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.