Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Details Regarding Acquired Communities

Details regarding communities acquired in 2023, 2022 and 2021, are summarized in the following table (dollars in thousands):

Community name	Location	Number of communities	Apartment homes	Purchase price		Commercial square feet
Avalon Frisco at Main	Frisco, TX	1	360	$	83,100	—
Avalon Mooresville	Mooresville, NC	1	203	52,100		—
Avalon West Plano (1)	Carrollton, TX	1	568	142,000		—
Total 2023 acquisitions		3	1,131	$	277,200	—
Total 2022 acquisitions		4	1,313	$	536,200	16,000
Total 2021 acquisitions		7	1,932	$	724,500	90,000

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(1) In conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041 fixed rate mortgage loan, with a contractual interest rate of 4.18%, maturing in May 2029.