Investments - Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) investor home ft² commitment entity	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) community	Dec. 31, 2018 home community ft²
Schedule of Equity Method Investments [Line Items]
Other commitments, number of SIP commitments | commitment	7
Other commitment	$ 191,585
Weighted average rate of return, commitments	11.50%
Outstanding funding, commitments	$ 186,549
Preferred interest obligation redemption and dividends	1,320	$ 940	$ 860
Total principal outstanding	$ 8,134,429	8,044,042
Number of units in real estate property | home	93,518
Long-term construction loan, maximum borrowing capacity, guarantee, percentage	30.00%
Long-term construction loan guarantee, payment reimbursement by partner, percentage	75.00%
Structured Investment Program
Schedule of Equity Method Investments [Line Items]
Interest income, other	$ 16,022	6,189	$ 0
NYC JV
Schedule of Equity Method Investments [Line Items]
Retail square feet sold | ft²				58
US Fund
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community			3
NYC JV
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community				5
Number of apartment homes sold | home				1,301
Property and construction management roles
Schedule of Equity Method Investments [Line Items]
Unconsolidated real estate entities | entity	5
Property and construction management roles | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20.00%
Property and construction management roles | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	50.00%
US Fund
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	28.60%
Income for promoted interest		1,519	$ 4,690
US Fund | Avalon Grosvenor Tower, Avalon Studio 4121 and Avalon Station 250
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal of equity method investment			38,144
ACJV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20.00%
Legacy JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	40.00%
Preferred interest obligation liquidation value	$ 32,817
NYC JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20.00%
Total principal outstanding	$ 394,734
Equity method investments	$ 53,678
MVPI LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	25.00%
Total principal outstanding	$ 103,000
Number of units in real estate property | home	313
Brandywine
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	28.70%
Total principal outstanding	$ 18,368
Equity method investments	$ 13,924
Number of units in real estate property | home	305
Number of members who hold various interests in joint venture | investor	5
Avalon Alderwood Mall
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	50.00%
Equity method investments	$ 50,926
Number of units in real estate property | home	328
AVA Arts District
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	25.00%
Equity method investments	$ 29,932
Number of units in real estate property | home	475
Commercial square feet | ft²	57
Proceeds from construction loans payable	$ 155,968
Long-term construction loan	167,147
Property Technology Investments
Schedule of Equity Method Investments [Line Items]
Other commitment	62,494
Equity method investments and equity securities	58,122
Gain (loss) on equity securities	$ 33,137	$ 4,161	$ 8,315