REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	Dec. 31, 2024 USD ($) home	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	93,518
Initial Cost
Land and Improvements	$ 5,042,184
Building / Construction in Progress & Improvements	20,245,806
Costs Subsequent to Acquisition / Construction	2,661,792
Total Cost
Land and Improvements	5,042,184
Building / Construction in Progress & Improvements	22,907,598
Total	27,949,782	$ 26,864,833	$ 25,871,363	$ 24,927,305
Accumulated Depreciation	8,182,720	7,521,962	$ 6,878,556	$ 6,217,721
Total real estate, net	19,767,062	19,342,871
Encumbrances	8,134,429
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 57,180	62,220
Current Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	81,336
Initial Cost
Land and Improvements	$ 4,636,436
Building / Construction in Progress & Improvements	17,951,468
Costs Subsequent to Acquisition / Construction	2,590,754
Total Cost
Land and Improvements	4,636,436
Building / Construction in Progress & Improvements	20,542,222
Total	25,178,658
Accumulated Depreciation	8,089,147
Total real estate, net	17,089,511	17,165,436
Encumbrances	$ 734,429
Current Communities | Avalon at Lexington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	198
Initial Cost
Land and Improvements	$ 2,124
Building / Construction in Progress & Improvements	12,561
Costs Subsequent to Acquisition / Construction	17,402
Total Cost
Land and Improvements	2,124
Building / Construction in Progress & Improvements	29,963
Total	32,087
Accumulated Depreciation	22,690
Total real estate, net	9,397	9,525
Encumbrances	$ 0
Current Communities | eaves Wilmington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 2,129
Building / Construction in Progress & Improvements	17,563
Costs Subsequent to Acquisition / Construction	11,176
Total Cost
Land and Improvements	2,129
Building / Construction in Progress & Improvements	28,739
Total	30,868
Accumulated Depreciation	21,912
Total real estate, net	8,956	9,537
Encumbrances	$ 0
Current Communities | eaves Quincy
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	245
Initial Cost
Land and Improvements	$ 1,743
Building / Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition / Construction	18,169
Total Cost
Land and Improvements	1,743
Building / Construction in Progress & Improvements	32,831
Total	34,574
Accumulated Depreciation	24,267
Total real estate, net	10,307	11,013
Encumbrances	$ 0
Current Communities | eaves Wilmington West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120
Initial Cost
Land and Improvements	$ 3,318
Building / Construction in Progress & Improvements	13,465
Costs Subsequent to Acquisition / Construction	5,576
Total Cost
Land and Improvements	3,318
Building / Construction in Progress & Improvements	19,041
Total	22,359
Accumulated Depreciation	13,728
Total real estate, net	8,631	9,274
Encumbrances	$ 0
Current Communities | Avalon at The Pinehills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	192
Initial Cost
Land and Improvements	$ 6,876
Building / Construction in Progress & Improvements	30,313
Costs Subsequent to Acquisition / Construction	10,858
Total Cost
Land and Improvements	6,876
Building / Construction in Progress & Improvements	41,171
Total	48,047
Accumulated Depreciation	24,282
Total real estate, net	23,765	25,089
Encumbrances	$ 0
Current Communities | eaves Peabody
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	286
Initial Cost
Land and Improvements	$ 4,645
Building / Construction in Progress & Improvements	18,919
Costs Subsequent to Acquisition / Construction	18,119
Total Cost
Land and Improvements	4,645
Building / Construction in Progress & Improvements	37,038
Total	41,683
Accumulated Depreciation	23,901
Total real estate, net	17,782	18,513
Encumbrances	$ 0
Current Communities | Avalon at Bedford Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	139
Initial Cost
Land and Improvements	$ 4,258
Building / Construction in Progress & Improvements	20,551
Costs Subsequent to Acquisition / Construction	6,130
Total Cost
Land and Improvements	4,258
Building / Construction in Progress & Improvements	26,681
Total	30,939
Accumulated Depreciation	18,701
Total real estate, net	12,238	13,597
Encumbrances	$ 0
Current Communities | Avalon at Chestnut Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 14,572
Building / Construction in Progress & Improvements	45,868
Costs Subsequent to Acquisition / Construction	19,228
Total Cost
Land and Improvements	14,572
Building / Construction in Progress & Improvements	65,096
Total	79,668
Accumulated Depreciation	36,561
Total real estate, net	43,107	42,399
Encumbrances	$ 0
Current Communities | Avalon at Lexington Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	387
Initial Cost
Land and Improvements	$ 8,691
Building / Construction in Progress & Improvements	78,502
Costs Subsequent to Acquisition / Construction	20,773
Total Cost
Land and Improvements	8,691
Building / Construction in Progress & Improvements	99,275
Total	107,966
Accumulated Depreciation	60,505
Total real estate, net	47,461	49,422
Encumbrances	$ 0
Current Communities | Avalon Acton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	380
Initial Cost
Land and Improvements	$ 13,124
Building / Construction in Progress & Improvements	48,630
Costs Subsequent to Acquisition / Construction	13,506
Total Cost
Land and Improvements	13,124
Building / Construction in Progress & Improvements	62,136
Total	75,260
Accumulated Depreciation	35,767
Total real estate, net	39,493	42,212
Encumbrances	$ 45,000
Current Communities | Avalon at the Hingham Shipyard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235
Initial Cost
Land and Improvements	$ 12,218
Building / Construction in Progress & Improvements	41,516
Costs Subsequent to Acquisition / Construction	16,043
Total Cost
Land and Improvements	12,218
Building / Construction in Progress & Improvements	57,559
Total	69,777
Accumulated Depreciation	34,592
Total real estate, net	35,185	36,942
Encumbrances	$ 0
Current Communities | Avalon Acton II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	86
Initial Cost
Land and Improvements	$ 1,723
Building / Construction in Progress & Improvements	29,375
Costs Subsequent to Acquisition / Construction	2
Total Cost
Land and Improvements	1,723
Building / Construction in Progress & Improvements	29,377
Total	31,100
Accumulated Depreciation	4,634
Total real estate, net	26,466	27,592
Encumbrances	$ 0
Current Communities | Avalon Northborough
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	382
Initial Cost
Land and Improvements	$ 8,144
Building / Construction in Progress & Improvements	52,178
Costs Subsequent to Acquisition / Construction	11,286
Total Cost
Land and Improvements	8,144
Building / Construction in Progress & Improvements	63,464
Total	71,608
Accumulated Depreciation	33,061
Total real estate, net	38,547	39,859
Encumbrances	$ 0
Current Communities | Avalon Exeter
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	187
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	109,978
Costs Subsequent to Acquisition / Construction	4,687
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	114,665
Total	114,665
Accumulated Depreciation	41,502
Total real estate, net	73,163	76,238
Encumbrances	$ 0
Current Communities | Avalon Natick
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	407
Initial Cost
Land and Improvements	$ 15,645
Building / Construction in Progress & Improvements	64,845
Costs Subsequent to Acquisition / Construction	5,693
Total Cost
Land and Improvements	15,645
Building / Construction in Progress & Improvements	70,538
Total	86,183
Accumulated Depreciation	28,327
Total real estate, net	57,856	59,989
Encumbrances	$ 0
Current Communities | Avalon at Assembly Row
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	195
Initial Cost
Land and Improvements	$ 8,599
Building / Construction in Progress & Improvements	52,454
Costs Subsequent to Acquisition / Construction	9,215
Total Cost
Land and Improvements	8,599
Building / Construction in Progress & Improvements	61,669
Total	70,268
Accumulated Depreciation	23,716
Total real estate, net	46,552	48,360
Encumbrances	$ 0
Current Communities | AVA Somerville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 10,944
Building / Construction in Progress & Improvements	56,457
Costs Subsequent to Acquisition / Construction	8,235
Total Cost
Land and Improvements	10,944
Building / Construction in Progress & Improvements	64,692
Total	75,636
Accumulated Depreciation	24,885
Total real estate, net	50,751	52,496
Encumbrances	$ 0
Current Communities | AVA Back Bay
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	271
Initial Cost
Land and Improvements	$ 9,034
Building / Construction in Progress & Improvements	36,536
Costs Subsequent to Acquisition / Construction	53,915
Total Cost
Land and Improvements	9,034
Building / Construction in Progress & Improvements	90,451
Total	99,485
Accumulated Depreciation	56,832
Total real estate, net	42,653	45,312
Encumbrances	$ 0
Current Communities | Avalon at Prudential Center II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	266
Initial Cost
Land and Improvements	$ 8,776
Building / Construction in Progress & Improvements	35,479
Costs Subsequent to Acquisition / Construction	66,539
Total Cost
Land and Improvements	8,776
Building / Construction in Progress & Improvements	102,018
Total	110,794
Accumulated Depreciation	58,584
Total real estate, net	52,210	55,229
Encumbrances	$ 0
Current Communities | Avalon at Prudential Center I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243
Initial Cost
Land and Improvements	$ 8,002
Building / Construction in Progress & Improvements	32,349
Costs Subsequent to Acquisition / Construction	58,209
Total Cost
Land and Improvements	8,002
Building / Construction in Progress & Improvements	90,558
Total	98,560
Accumulated Depreciation	51,299
Total real estate, net	47,261	49,935
Encumbrances	$ 0
Current Communities | eaves Burlington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 7,714
Building / Construction in Progress & Improvements	32,499
Costs Subsequent to Acquisition / Construction	10,617
Total Cost
Land and Improvements	7,714
Building / Construction in Progress & Improvements	43,116
Total	50,830
Accumulated Depreciation	18,593
Total real estate, net	32,237	33,627
Encumbrances	$ 0
Current Communities | Avalon Burlington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312
Initial Cost
Land and Improvements	$ 15,600
Building / Construction in Progress & Improvements	63,549
Costs Subsequent to Acquisition / Construction	20,049
Total Cost
Land and Improvements	15,600
Building / Construction in Progress & Improvements	83,598
Total	99,198
Accumulated Depreciation	33,874
Total real estate, net	65,324	65,744
Encumbrances	$ 0
Current Communities | Avalon Marlborough
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 15,367
Building / Construction in Progress & Improvements	59,723
Costs Subsequent to Acquisition / Construction	4,722
Total Cost
Land and Improvements	15,367
Building / Construction in Progress & Improvements	64,445
Total	79,812
Accumulated Depreciation	21,560
Total real estate, net	58,252	59,831
Encumbrances	$ 0
Current Communities | Avalon North Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	503
Initial Cost
Land and Improvements	$ 22,796
Building / Construction in Progress & Improvements	247,270
Costs Subsequent to Acquisition / Construction	1,254
Total Cost
Land and Improvements	22,796
Building / Construction in Progress & Improvements	248,524
Total	271,320
Accumulated Depreciation	66,675
Total real estate, net	204,645	212,709
Encumbrances	$ 0
Current Communities | Avalon Framingham
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 9,315
Building / Construction in Progress & Improvements	34,604
Costs Subsequent to Acquisition / Construction	797
Total Cost
Land and Improvements	9,315
Building / Construction in Progress & Improvements	35,401
Total	44,716
Accumulated Depreciation	11,562
Total real estate, net	33,154	34,220
Encumbrances	$ 0
Current Communities | Avalon Quincy
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	395
Initial Cost
Land and Improvements	$ 14,694
Building / Construction in Progress & Improvements	79,655
Costs Subsequent to Acquisition / Construction	1,613
Total Cost
Land and Improvements	14,694
Building / Construction in Progress & Improvements	81,268
Total	95,962
Accumulated Depreciation	23,354
Total real estate, net	72,608	75,117
Encumbrances	$ 0
Current Communities | Avalon Easton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 3,170
Building / Construction in Progress & Improvements	60,785
Costs Subsequent to Acquisition / Construction	1,874
Total Cost
Land and Improvements	3,170
Building / Construction in Progress & Improvements	62,659
Total	65,829
Accumulated Depreciation	17,022
Total real estate, net	48,807	50,814
Encumbrances	$ 0
Current Communities | Avalon Residences at the Hingham Shipyard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	190
Initial Cost
Land and Improvements	$ 8,998
Building / Construction in Progress & Improvements	55,366
Costs Subsequent to Acquisition / Construction	1,083
Total Cost
Land and Improvements	8,998
Building / Construction in Progress & Improvements	56,449
Total	65,447
Accumulated Depreciation	13,199
Total real estate, net	52,248	54,091
Encumbrances	$ 0
Current Communities | Avalon Sudbury
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 20,280
Building / Construction in Progress & Improvements	66,529
Costs Subsequent to Acquisition / Construction	1,301
Total Cost
Land and Improvements	20,280
Building / Construction in Progress & Improvements	67,830
Total	88,110
Accumulated Depreciation	16,367
Total real estate, net	71,743	73,754
Encumbrances	$ 0
Current Communities | Avalon Saugus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280
Initial Cost
Land and Improvements	$ 17,808
Building / Construction in Progress & Improvements	72,196
Costs Subsequent to Acquisition / Construction	1,591
Total Cost
Land and Improvements	17,808
Building / Construction in Progress & Improvements	73,787
Total	91,595
Accumulated Depreciation	15,891
Total real estate, net	75,704	78,449
Encumbrances	$ 0
Current Communities | Avalon Norwood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	198
Initial Cost
Land and Improvements	$ 9,478
Building / Construction in Progress & Improvements	51,762
Costs Subsequent to Acquisition / Construction	328
Total Cost
Land and Improvements	9,478
Building / Construction in Progress & Improvements	52,090
Total	61,568
Accumulated Depreciation	10,614
Total real estate, net	50,954	52,943
Encumbrances	$ 0
Current Communities | Avalon Marlborough II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	123
Initial Cost
Land and Improvements	$ 5,523
Building / Construction in Progress & Improvements	36,175
Costs Subsequent to Acquisition / Construction	63
Total Cost
Land and Improvements	5,523
Building / Construction in Progress & Improvements	36,238
Total	41,761
Accumulated Depreciation	6,015
Total real estate, net	35,746	37,343
Encumbrances	$ 0
Current Communities | Avalon Easton II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	44
Initial Cost
Land and Improvements	$ 570
Building / Construction in Progress & Improvements	14,090
Costs Subsequent to Acquisition / Construction	3
Total Cost
Land and Improvements	570
Building / Construction in Progress & Improvements	14,093
Total	14,663
Accumulated Depreciation	1,688
Total real estate, net	12,975	13,506
Encumbrances	$ 0
Current Communities | Avalon Woburn
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 21,576
Building / Construction in Progress & Improvements	97,848
Costs Subsequent to Acquisition / Construction	1,094
Total Cost
Land and Improvements	21,576
Building / Construction in Progress & Improvements	98,942
Total	120,518
Accumulated Depreciation	12,242
Total real estate, net	108,276	111,969
Encumbrances	$ 0
Current Communities | AVA North Point
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265
Initial Cost
Land and Improvements	$ 31,263
Building / Construction in Progress & Improvements	83,829
Costs Subsequent to Acquisition / Construction	551
Total Cost
Land and Improvements	31,263
Building / Construction in Progress & Improvements	84,380
Total	115,643
Accumulated Depreciation	19,307
Total real estate, net	96,336	99,358
Encumbrances	$ 0
Current Communities | Avalon Bear Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	324
Initial Cost
Land and Improvements	$ 27,350
Building / Construction in Progress & Improvements	98,537
Costs Subsequent to Acquisition / Construction	28,342
Total Cost
Land and Improvements	27,350
Building / Construction in Progress & Improvements	126,879
Total	154,229
Accumulated Depreciation	55,941
Total real estate, net	98,288	102,066
Encumbrances	$ 0
Current Communities | Avalon Riverview
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	372
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition / Construction	19,316
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	113,377
Total	113,377
Accumulated Depreciation	83,944
Total real estate, net	29,433	30,568
Encumbrances	$ 0
Current Communities | Avalon Riverview North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	602
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	165,932
Costs Subsequent to Acquisition / Construction	20,442
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	186,374
Total	186,374
Accumulated Depreciation	104,788
Total real estate, net	81,586	86,853
Encumbrances	$ 0
Current Communities | AVA Fort Greene
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	631
Initial Cost
Land and Improvements	$ 83,038
Building / Construction in Progress & Improvements	216,802
Costs Subsequent to Acquisition / Construction	12,951
Total Cost
Land and Improvements	83,038
Building / Construction in Progress & Improvements	229,753
Total	312,791
Accumulated Depreciation	114,772
Total real estate, net	198,019	205,038
Encumbrances	$ 0
Current Communities | AVA DoBro
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500
Initial Cost
Land and Improvements	$ 76,127
Building / Construction in Progress & Improvements	206,762
Costs Subsequent to Acquisition / Construction	1,950
Total Cost
Land and Improvements	76,127
Building / Construction in Progress & Improvements	208,712
Total	284,839
Accumulated Depreciation	63,795
Total real estate, net	221,044	227,187
Encumbrances	$ 0
Current Communities | Avalon Willoughby Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	326
Initial Cost
Land and Improvements	$ 49,635
Building / Construction in Progress & Improvements	134,840
Costs Subsequent to Acquisition / Construction	1,323
Total Cost
Land and Improvements	49,635
Building / Construction in Progress & Improvements	136,163
Total	185,798
Accumulated Depreciation	39,707
Total real estate, net	146,091	150,409
Encumbrances	$ 0
Current Communities | Avalon Brooklyn Bay
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 9,690
Building / Construction in Progress & Improvements	84,361
Costs Subsequent to Acquisition / Construction	822
Total Cost
Land and Improvements	9,690
Building / Construction in Progress & Improvements	85,183
Total	94,873
Accumulated Depreciation	22,599
Total real estate, net	72,274	74,893
Encumbrances	$ 0
Current Communities | Avalon Midtown West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	550
Initial Cost
Land and Improvements	$ 154,730
Building / Construction in Progress & Improvements	191,891
Costs Subsequent to Acquisition / Construction	41,995
Total Cost
Land and Improvements	154,730
Building / Construction in Progress & Improvements	233,886
Total	388,616
Accumulated Depreciation	94,992
Total real estate, net	293,624	301,207
Encumbrances	$ 69,800
Current Communities | Avalon Clinton North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	339
Initial Cost
Land and Improvements	$ 84,069
Building / Construction in Progress & Improvements	111,729
Costs Subsequent to Acquisition / Construction	11,981
Total Cost
Land and Improvements	84,069
Building / Construction in Progress & Improvements	123,710
Total	207,779
Accumulated Depreciation	52,790
Total real estate, net	154,989	158,577
Encumbrances	$ 126,400
Current Communities | Avalon Clinton South
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288
Initial Cost
Land and Improvements	$ 71,421
Building / Construction in Progress & Improvements	94,948
Costs Subsequent to Acquisition / Construction	6,383
Total Cost
Land and Improvements	71,421
Building / Construction in Progress & Improvements	101,331
Total	172,752
Accumulated Depreciation	44,285
Total real estate, net	128,467	131,292
Encumbrances	$ 104,500
Current Communities | Avalon Commons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312
Initial Cost
Land and Improvements	$ 4,679
Building / Construction in Progress & Improvements	27,811
Costs Subsequent to Acquisition / Construction	18,337
Total Cost
Land and Improvements	4,679
Building / Construction in Progress & Improvements	46,148
Total	50,827
Accumulated Depreciation	34,630
Total real estate, net	16,197	14,581
Encumbrances	$ 0
Current Communities | Avalon Melville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	494
Initial Cost
Land and Improvements	$ 9,228
Building / Construction in Progress & Improvements	50,059
Costs Subsequent to Acquisition / Construction	27,347
Total Cost
Land and Improvements	9,228
Building / Construction in Progress & Improvements	77,406
Total	86,634
Accumulated Depreciation	57,954
Total real estate, net	28,680	29,818
Encumbrances	$ 0
Current Communities | Avalon White Plains
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	407
Initial Cost
Land and Improvements	$ 15,391
Building / Construction in Progress & Improvements	137,312
Costs Subsequent to Acquisition / Construction	4,951
Total Cost
Land and Improvements	15,391
Building / Construction in Progress & Improvements	142,263
Total	157,654
Accumulated Depreciation	75,367
Total real estate, net	82,287	85,578
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	349
Initial Cost
Land and Improvements	$ 32,212
Building / Construction in Progress & Improvements	78,806
Costs Subsequent to Acquisition / Construction	7,947
Total Cost
Land and Improvements	32,212
Building / Construction in Progress & Improvements	86,753
Total	118,965
Accumulated Depreciation	42,051
Total real estate, net	76,914	80,063
Encumbrances	$ 0
Current Communities | Avalon Garden City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 18,205
Building / Construction in Progress & Improvements	49,301
Costs Subsequent to Acquisition / Construction	2,531
Total Cost
Land and Improvements	18,205
Building / Construction in Progress & Improvements	51,832
Total	70,037
Accumulated Depreciation	22,187
Total real estate, net	47,850	49,279
Encumbrances	$ 0
Current Communities | Avalon Huntington Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	303
Initial Cost
Land and Improvements	$ 21,899
Building / Construction in Progress & Improvements	58,429
Costs Subsequent to Acquisition / Construction	3,442
Total Cost
Land and Improvements	21,899
Building / Construction in Progress & Improvements	61,871
Total	83,770
Accumulated Depreciation	22,259
Total real estate, net	61,511	62,972
Encumbrances	$ 0
Current Communities | Avalon Great Neck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	191
Initial Cost
Land and Improvements	$ 14,777
Building / Construction in Progress & Improvements	65,412
Costs Subsequent to Acquisition / Construction	786
Total Cost
Land and Improvements	14,777
Building / Construction in Progress & Improvements	66,198
Total	80,975
Accumulated Depreciation	18,503
Total real estate, net	62,472	64,333
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	165
Initial Cost
Land and Improvements	$ 7,534
Building / Construction in Progress & Improvements	50,981
Costs Subsequent to Acquisition / Construction	723
Total Cost
Land and Improvements	7,534
Building / Construction in Progress & Improvements	51,704
Total	59,238
Accumulated Depreciation	14,112
Total real estate, net	45,126	46,758
Encumbrances	$ 0
Current Communities | Avalon Somers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	152
Initial Cost
Land and Improvements	$ 5,608
Building / Construction in Progress & Improvements	40,591
Costs Subsequent to Acquisition / Construction	51
Total Cost
Land and Improvements	5,608
Building / Construction in Progress & Improvements	40,642
Total	46,250
Accumulated Depreciation	10,951
Total real estate, net	35,299	36,579
Encumbrances	$ 0
Current Communities | Avalon Yonkers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	590
Initial Cost
Land and Improvements	$ 28,324
Building / Construction in Progress & Improvements	173,748
Costs Subsequent to Acquisition / Construction	78
Total Cost
Land and Improvements	28,324
Building / Construction in Progress & Improvements	173,826
Total	202,150
Accumulated Depreciation	29,553
Total real estate, net	172,597	178,057
Encumbrances	$ 0
Current Communities | Avalon Westbury
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	396
Initial Cost
Land and Improvements	$ 69,620
Building / Construction in Progress & Improvements	49,350
Costs Subsequent to Acquisition / Construction	15,809
Total Cost
Land and Improvements	69,620
Building / Construction in Progress & Improvements	65,159
Total	134,779
Accumulated Depreciation	34,817
Total real estate, net	99,962	101,385
Encumbrances	$ 0
Current Communities | Avalon Cove
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	504
Initial Cost
Land and Improvements	$ 8,760
Building / Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition / Construction	36,304
Total Cost
Land and Improvements	8,760
Building / Construction in Progress & Improvements	118,726
Total	127,486
Accumulated Depreciation	97,240
Total real estate, net	30,246	33,173
Encumbrances	$ 0
Current Communities | eaves West Windsor
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	512
Initial Cost
Land and Improvements	$ 5,585
Building / Construction in Progress & Improvements	21,752
Costs Subsequent to Acquisition / Construction	36,652
Total Cost
Land and Improvements	5,585
Building / Construction in Progress & Improvements	58,404
Total	63,989
Accumulated Depreciation	40,726
Total real estate, net	23,263	24,499
Encumbrances	$ 0
Current Communities | Avalon at Edgewater I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168
Initial Cost
Land and Improvements	$ 5,982
Building / Construction in Progress & Improvements	24,389
Costs Subsequent to Acquisition / Construction	11,491
Total Cost
Land and Improvements	5,982
Building / Construction in Progress & Improvements	35,880
Total	41,862
Accumulated Depreciation	25,485
Total real estate, net	16,377	17,384
Encumbrances	$ 0
Current Communities | Avalon at Florham Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	270
Initial Cost
Land and Improvements	$ 6,647
Building / Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition / Construction	18,662
Total Cost
Land and Improvements	6,647
Building / Construction in Progress & Improvements	53,568
Total	60,215
Accumulated Depreciation	38,036
Total real estate, net	22,179	23,180
Encumbrances	$ 0
Current Communities | Avalon North Bergen
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	164
Initial Cost
Land and Improvements	$ 8,984
Building / Construction in Progress & Improvements	30,994
Costs Subsequent to Acquisition / Construction	1,658
Total Cost
Land and Improvements	8,984
Building / Construction in Progress & Improvements	32,652
Total	41,636
Accumulated Depreciation	14,366
Total real estate, net	27,270	28,298
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	266
Initial Cost
Land and Improvements	$ 14,682
Building / Construction in Progress & Improvements	41,610
Costs Subsequent to Acquisition / Construction	5,435
Total Cost
Land and Improvements	14,682
Building / Construction in Progress & Improvements	47,045
Total	61,727
Accumulated Depreciation	20,566
Total real estate, net	41,161	42,133
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	140
Initial Cost
Land and Improvements	$ 6,502
Building / Construction in Progress & Improvements	16,851
Costs Subsequent to Acquisition / Construction	934
Total Cost
Land and Improvements	6,502
Building / Construction in Progress & Improvements	17,785
Total	24,287
Accumulated Depreciation	7,378
Total real estate, net	16,909	17,524
Encumbrances	$ 0
Current Communities | Avalon Bloomingdale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	174
Initial Cost
Land and Improvements	$ 3,006
Building / Construction in Progress & Improvements	27,801
Costs Subsequent to Acquisition / Construction	1,396
Total Cost
Land and Improvements	3,006
Building / Construction in Progress & Improvements	29,197
Total	32,203
Accumulated Depreciation	11,273
Total real estate, net	20,930	21,732
Encumbrances	$ 0
Current Communities | Avalon Wharton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	247
Initial Cost
Land and Improvements	$ 2,273
Building / Construction in Progress & Improvements	48,609
Costs Subsequent to Acquisition / Construction	1,732
Total Cost
Land and Improvements	2,273
Building / Construction in Progress & Improvements	50,341
Total	52,614
Accumulated Depreciation	17,783
Total real estate, net	34,831	36,634
Encumbrances	$ 0
Current Communities | Avalon Bloomfield Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	224
Initial Cost
Land and Improvements	$ 10,701
Building / Construction in Progress & Improvements	36,430
Costs Subsequent to Acquisition / Construction	2,473
Total Cost
Land and Improvements	10,701
Building / Construction in Progress & Improvements	38,903
Total	49,604
Accumulated Depreciation	12,888
Total real estate, net	36,716	37,961
Encumbrances	$ 0
Current Communities | Avalon Roseland
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	136
Initial Cost
Land and Improvements	$ 11,288
Building / Construction in Progress & Improvements	34,868
Costs Subsequent to Acquisition / Construction	1,252
Total Cost
Land and Improvements	11,288
Building / Construction in Progress & Improvements	36,120
Total	47,408
Accumulated Depreciation	12,060
Total real estate, net	35,348	36,281
Encumbrances	$ 0
Current Communities | Avalon Princeton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280
Initial Cost
Land and Improvements	$ 26,461
Building / Construction in Progress & Improvements	68,003
Costs Subsequent to Acquisition / Construction	2,179
Total Cost
Land and Improvements	26,461
Building / Construction in Progress & Improvements	70,182
Total	96,643
Accumulated Depreciation	20,774
Total real estate, net	75,869	77,831
Encumbrances	$ 0
Current Communities | Avalon Union
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	202
Initial Cost
Land and Improvements	$ 11,695
Building / Construction in Progress & Improvements	36,315
Costs Subsequent to Acquisition / Construction	1,874
Total Cost
Land and Improvements	11,695
Building / Construction in Progress & Improvements	38,189
Total	49,884
Accumulated Depreciation	11,903
Total real estate, net	37,981	38,919
Encumbrances	$ 0
Current Communities | Avalon Hoboken
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	217
Initial Cost
Land and Improvements	$ 37,237
Building / Construction in Progress & Improvements	94,990
Costs Subsequent to Acquisition / Construction	3,375
Total Cost
Land and Improvements	37,237
Building / Construction in Progress & Improvements	98,365
Total	135,602
Accumulated Depreciation	35,951
Total real estate, net	99,651	102,490
Encumbrances	$ 0
Current Communities | Avalon Maplewood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235
Initial Cost
Land and Improvements	$ 15,179
Building / Construction in Progress & Improvements	49,425
Costs Subsequent to Acquisition / Construction	3,065
Total Cost
Land and Improvements	15,179
Building / Construction in Progress & Improvements	52,490
Total	67,669
Accumulated Depreciation	14,974
Total real estate, net	52,695	54,149
Encumbrances	$ 0
Current Communities | Avalon Boonton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 3,595
Building / Construction in Progress & Improvements	89,407
Costs Subsequent to Acquisition / Construction	2,055
Total Cost
Land and Improvements	3,595
Building / Construction in Progress & Improvements	91,462
Total	95,057
Accumulated Depreciation	19,510
Total real estate, net	75,547	78,339
Encumbrances	$ 0
Current Communities | Avalon Teaneck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	248
Initial Cost
Land and Improvements	$ 12,588
Building / Construction in Progress & Improvements	60,257
Costs Subsequent to Acquisition / Construction	139
Total Cost
Land and Improvements	12,588
Building / Construction in Progress & Improvements	60,396
Total	72,984
Accumulated Depreciation	12,471
Total real estate, net	60,513	62,773
Encumbrances	$ 0
Current Communities | Avalon Piscataway
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 14,329
Building / Construction in Progress & Improvements	75,897
Costs Subsequent to Acquisition / Construction	1,473
Total Cost
Land and Improvements	14,329
Building / Construction in Progress & Improvements	77,370
Total	91,699
Accumulated Depreciation	18,095
Total real estate, net	73,604	75,411
Encumbrances	$ 0
Current Communities | Avalon Old Bridge
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252
Initial Cost
Land and Improvements	$ 6,895
Building / Construction in Progress & Improvements	64,907
Costs Subsequent to Acquisition / Construction	693
Total Cost
Land and Improvements	6,895
Building / Construction in Progress & Improvements	65,600
Total	72,495
Accumulated Depreciation	10,673
Total real estate, net	61,822	64,494
Encumbrances	$ 0
Current Communities | Avalon at Edgewater II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240
Initial Cost
Land and Improvements	$ 8,605
Building / Construction in Progress & Improvements	60,809
Costs Subsequent to Acquisition / Construction	329
Total Cost
Land and Improvements	8,605
Building / Construction in Progress & Improvements	61,138
Total	69,743
Accumulated Depreciation	15,672
Total real estate, net	54,071	55,853
Encumbrances	$ 0
Current Communities | Avalon at Foxhall
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	308
Initial Cost
Land and Improvements	$ 6,848
Building / Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition / Construction	27,641
Total Cost
Land and Improvements	6,848
Building / Construction in Progress & Improvements	55,255
Total	62,103
Accumulated Depreciation	45,229
Total real estate, net	16,874	18,123
Encumbrances	$ 0
Current Communities | Avalon at Gallery Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 8,800
Building / Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition / Construction	7,353
Total Cost
Land and Improvements	8,800
Building / Construction in Progress & Improvements	47,011
Total	55,811
Accumulated Depreciation	33,431
Total real estate, net	22,380	23,933
Encumbrances	$ 0
Current Communities | AVA H Street
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	138
Initial Cost
Land and Improvements	$ 7,425
Building / Construction in Progress & Improvements	25,282
Costs Subsequent to Acquisition / Construction	1,530
Total Cost
Land and Improvements	7,425
Building / Construction in Progress & Improvements	26,812
Total	34,237
Accumulated Depreciation	11,060
Total real estate, net	23,177	23,334
Encumbrances	$ 0
Current Communities | Avalon The Albemarle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	234
Initial Cost
Land and Improvements	$ 25,140
Building / Construction in Progress & Improvements	55,945
Costs Subsequent to Acquisition / Construction	8,135
Total Cost
Land and Improvements	25,140
Building / Construction in Progress & Improvements	64,080
Total	89,220
Accumulated Depreciation	30,539
Total real estate, net	58,681	60,875
Encumbrances	$ 0
Current Communities | eaves Tunlaw Gardens
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166
Initial Cost
Land and Improvements	$ 16,430
Building / Construction in Progress & Improvements	24,602
Costs Subsequent to Acquisition / Construction	1,706
Total Cost
Land and Improvements	16,430
Building / Construction in Progress & Improvements	26,308
Total	42,738
Accumulated Depreciation	11,950
Total real estate, net	30,788	31,231
Encumbrances	$ 0
Current Communities | The Statesman
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	281
Initial Cost
Land and Improvements	$ 38,140
Building / Construction in Progress & Improvements	38,732
Costs Subsequent to Acquisition / Construction	4,137
Total Cost
Land and Improvements	38,140
Building / Construction in Progress & Improvements	42,869
Total	81,009
Accumulated Depreciation	20,620
Total real estate, net	60,389	61,871
Encumbrances	$ 0
Current Communities | eaves Glover Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120
Initial Cost
Land and Improvements	$ 9,580
Building / Construction in Progress & Improvements	28,082
Costs Subsequent to Acquisition / Construction	1,532
Total Cost
Land and Improvements	9,580
Building / Construction in Progress & Improvements	29,614
Total	39,194
Accumulated Depreciation	13,789
Total real estate, net	25,405	26,198
Encumbrances	$ 0
Current Communities | AVA Van Ness
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	269
Initial Cost
Land and Improvements	$ 22,890
Building / Construction in Progress & Improvements	61,701
Costs Subsequent to Acquisition / Construction	23,324
Total Cost
Land and Improvements	22,890
Building / Construction in Progress & Improvements	85,025
Total	107,915
Accumulated Depreciation	33,784
Total real estate, net	74,131	76,501
Encumbrances	$ 0
Current Communities | Avalon First and M
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	469
Initial Cost
Land and Improvements	$ 43,700
Building / Construction in Progress & Improvements	156,300
Costs Subsequent to Acquisition / Construction	4,115
Total Cost
Land and Improvements	43,700
Building / Construction in Progress & Improvements	160,415
Total	204,115
Accumulated Depreciation	66,823
Total real estate, net	137,292	142,452
Encumbrances	$ 0
Current Communities | AVA NoMa
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	438
Initial Cost
Land and Improvements	$ 25,246
Building / Construction in Progress & Improvements	114,933
Costs Subsequent to Acquisition / Construction	2,595
Total Cost
Land and Improvements	25,246
Building / Construction in Progress & Improvements	117,528
Total	142,774
Accumulated Depreciation	34,236
Total real estate, net	108,538	111,563
Encumbrances	$ 0
Current Communities | eaves Washingtonian Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288
Initial Cost
Land and Improvements	$ 4,047
Building / Construction in Progress & Improvements	18,553
Costs Subsequent to Acquisition / Construction	9,822
Total Cost
Land and Improvements	4,047
Building / Construction in Progress & Improvements	28,375
Total	32,422
Accumulated Depreciation	23,605
Total real estate, net	8,817	8,892
Encumbrances	$ 0
Current Communities | eaves Columbia Town Center I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	392
Initial Cost
Land and Improvements	$ 8,802
Building / Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition / Construction	17,794
Total Cost
Land and Improvements	8,802
Building / Construction in Progress & Improvements	53,330
Total	62,132
Accumulated Depreciation	33,957
Total real estate, net	28,175	28,778
Encumbrances	$ 0
Current Communities | Avalon at Grosvenor Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	497
Initial Cost
Land and Improvements	$ 29,159
Building / Construction in Progress & Improvements	52,993
Costs Subsequent to Acquisition / Construction	12,951
Total Cost
Land and Improvements	29,159
Building / Construction in Progress & Improvements	65,944
Total	95,103
Accumulated Depreciation	44,836
Total real estate, net	50,267	50,315
Encumbrances	$ 0
Current Communities | Avalon at Traville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	520
Initial Cost
Land and Improvements	$ 14,365
Building / Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition / Construction	11,930
Total Cost
Land and Improvements	14,365
Building / Construction in Progress & Improvements	67,328
Total	81,693
Accumulated Depreciation	47,210
Total real estate, net	34,483	36,097
Encumbrances	$ 0
Current Communities | AVA Wheaton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	319
Initial Cost
Land and Improvements	$ 6,494
Building / Construction in Progress & Improvements	69,027
Costs Subsequent to Acquisition / Construction	343
Total Cost
Land and Improvements	6,494
Building / Construction in Progress & Improvements	69,370
Total	75,864
Accumulated Depreciation	19,023
Total real estate, net	56,841	58,982
Encumbrances	$ 0
Current Communities | Kanso Twinbrook
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	238
Initial Cost
Land and Improvements	$ 9,151
Building / Construction in Progress & Improvements	56,955
Costs Subsequent to Acquisition / Construction	53
Total Cost
Land and Improvements	9,151
Building / Construction in Progress & Improvements	57,008
Total	66,159
Accumulated Depreciation	8,546
Total real estate, net	57,613	59,823
Encumbrances	$ 0
Current Communities | Avalon Hunt Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	332
Initial Cost
Land and Improvements	$ 10,872
Building / Construction in Progress & Improvements	62,974
Costs Subsequent to Acquisition / Construction	1,036
Total Cost
Land and Improvements	10,872
Building / Construction in Progress & Improvements	64,010
Total	74,882
Accumulated Depreciation	18,511
Total real estate, net	56,371	57,901
Encumbrances	$ 0
Current Communities | Avalon Laurel
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344
Initial Cost
Land and Improvements	$ 10,130
Building / Construction in Progress & Improvements	61,685
Costs Subsequent to Acquisition / Construction	4,210
Total Cost
Land and Improvements	10,130
Building / Construction in Progress & Improvements	65,895
Total	76,025
Accumulated Depreciation	18,473
Total real estate, net	57,552	56,200
Encumbrances	$ 0
Current Communities | Avalon Towson
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	371
Initial Cost
Land and Improvements	$ 12,906
Building / Construction in Progress & Improvements	98,279
Costs Subsequent to Acquisition / Construction	32
Total Cost
Land and Improvements	12,906
Building / Construction in Progress & Improvements	98,311
Total	111,217
Accumulated Depreciation	17,471
Total real estate, net	93,746	97,691
Encumbrances	$ 0
Current Communities | Avalon Fairway Hills - Meadows
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	192
Initial Cost
Land and Improvements	$ 2,323
Building / Construction in Progress & Improvements	9,297
Costs Subsequent to Acquisition / Construction	9,542
Total Cost
Land and Improvements	2,323
Building / Construction in Progress & Improvements	18,839
Total	21,162
Accumulated Depreciation	13,275
Total real estate, net	7,887	7,475
Encumbrances	$ 0
Current Communities | Avalon Fairway Hills - Woods
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336
Initial Cost
Land and Improvements	$ 3,958
Building / Construction in Progress & Improvements	15,839
Costs Subsequent to Acquisition / Construction	17,016
Total Cost
Land and Improvements	3,958
Building / Construction in Progress & Improvements	32,855
Total	36,813
Accumulated Depreciation	22,948
Total real estate, net	13,865	14,722
Encumbrances	$ 0
Current Communities | Avalon Arundel Crossing II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	310
Initial Cost
Land and Improvements	$ 12,208
Building / Construction in Progress & Improvements	72,422
Costs Subsequent to Acquisition / Construction	986
Total Cost
Land and Improvements	12,208
Building / Construction in Progress & Improvements	73,408
Total	85,616
Accumulated Depreciation	20,996
Total real estate, net	64,620	66,852
Encumbrances	$ 0
Current Communities | Avalon 555 President
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400
Initial Cost
Land and Improvements	$ 13,168
Building / Construction in Progress & Improvements	121,773
Costs Subsequent to Acquisition / Construction	84
Total Cost
Land and Improvements	13,168
Building / Construction in Progress & Improvements	121,857
Total	135,025
Accumulated Depreciation	21,282
Total real estate, net	113,743	118,797
Encumbrances	$ 0
Current Communities | Kanso Silver Spring
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	151
Initial Cost
Land and Improvements	$ 3,471
Building / Construction in Progress & Improvements	42,108
Costs Subsequent to Acquisition / Construction	1,856
Total Cost
Land and Improvements	3,471
Building / Construction in Progress & Improvements	43,964
Total	47,435
Accumulated Depreciation	10,022
Total real estate, net	37,413	38,923
Encumbrances	$ 0
Current Communities | Avalon Foundry Row
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	437
Initial Cost
Land and Improvements	$ 11,132
Building / Construction in Progress & Improvements	86,261
Costs Subsequent to Acquisition / Construction	5
Total Cost
Land and Improvements	11,132
Building / Construction in Progress & Improvements	86,266
Total	97,398
Accumulated Depreciation	12,118
Total real estate, net	85,280	88,864
Encumbrances	$ 0
Current Communities | Avalon Arundel Crossing
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	384
Initial Cost
Land and Improvements	$ 9,933
Building / Construction in Progress & Improvements	111,114
Costs Subsequent to Acquisition / Construction	777
Total Cost
Land and Improvements	9,933
Building / Construction in Progress & Improvements	111,891
Total	121,824
Accumulated Depreciation	20,862
Total real estate, net	100,962	105,866
Encumbrances	$ 0
Current Communities | Avalon Russett
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	238
Initial Cost
Land and Improvements	$ 10,200
Building / Construction in Progress & Improvements	49,834
Costs Subsequent to Acquisition / Construction	6,437
Total Cost
Land and Improvements	10,200
Building / Construction in Progress & Improvements	56,271
Total	66,471
Accumulated Depreciation	25,479
Total real estate, net	40,992	41,769
Encumbrances	$ 32,200
Current Communities | eaves Fair Lakes
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	420
Initial Cost
Land and Improvements	$ 6,096
Building / Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition / Construction	16,364
Total Cost
Land and Improvements	6,096
Building / Construction in Progress & Improvements	40,764
Total	46,860
Accumulated Depreciation	33,232
Total real estate, net	13,628	15,311
Encumbrances	$ 0
Current Communities | AVA Ballston
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344
Initial Cost
Land and Improvements	$ 7,291
Building / Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition / Construction	28,870
Total Cost
Land and Improvements	7,291
Building / Construction in Progress & Improvements	58,047
Total	65,338
Accumulated Depreciation	40,322
Total real estate, net	25,016	25,825
Encumbrances	$ 0
Current Communities | eaves Fairfax City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	141
Initial Cost
Land and Improvements	$ 2,152
Building / Construction in Progress & Improvements	8,907
Costs Subsequent to Acquisition / Construction	6,004
Total Cost
Land and Improvements	2,152
Building / Construction in Progress & Improvements	14,911
Total	17,063
Accumulated Depreciation	11,577
Total real estate, net	5,486	5,860
Encumbrances	$ 0
Current Communities | Avalon Tysons Corner
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	558
Initial Cost
Land and Improvements	$ 13,851
Building / Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition / Construction	25,232
Total Cost
Land and Improvements	13,851
Building / Construction in Progress & Improvements	68,629
Total	82,480
Accumulated Depreciation	48,808
Total real estate, net	33,672	29,733
Encumbrances	$ 0
Current Communities | Avalon at Arlington Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	842
Initial Cost
Land and Improvements	$ 22,041
Building / Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition / Construction	41,915
Total Cost
Land and Improvements	22,041
Building / Construction in Progress & Improvements	132,211
Total	154,252
Accumulated Depreciation	85,469
Total real estate, net	68,783	70,724
Encumbrances	$ 0
Current Communities | eaves Fairfax Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	415
Initial Cost
Land and Improvements	$ 17,889
Building / Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition / Construction	17,382
Total Cost
Land and Improvements	17,889
Building / Construction in Progress & Improvements	92,109
Total	109,998
Accumulated Depreciation	42,776
Total real estate, net	67,222	70,003
Encumbrances	$ 0
Current Communities | Avalon Mosaic
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	531
Initial Cost
Land and Improvements	$ 33,490
Building / Construction in Progress & Improvements	75,801
Costs Subsequent to Acquisition / Construction	3,527
Total Cost
Land and Improvements	33,490
Building / Construction in Progress & Improvements	79,328
Total	112,818
Accumulated Depreciation	29,585
Total real estate, net	83,233	85,273
Encumbrances	$ 0
Current Communities | Avalon Potomac Yard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	323
Initial Cost
Land and Improvements	$ 24,225
Building / Construction in Progress & Improvements	84,530
Costs Subsequent to Acquisition / Construction	2,094
Total Cost
Land and Improvements	24,225
Building / Construction in Progress & Improvements	86,624
Total	110,849
Accumulated Depreciation	31,065
Total real estate, net	79,784	82,277
Encumbrances	$ 0
Current Communities | Avalon Clarendon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 22,573
Building / Construction in Progress & Improvements	99,297
Costs Subsequent to Acquisition / Construction	8,198
Total Cost
Land and Improvements	22,573
Building / Construction in Progress & Improvements	107,495
Total	130,068
Accumulated Depreciation	38,282
Total real estate, net	91,786	94,537
Encumbrances	$ 0
Current Communities | Avalon Dunn Loring
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	440
Initial Cost
Land and Improvements	$ 29,377
Building / Construction in Progress & Improvements	120,884
Costs Subsequent to Acquisition / Construction	2,343
Total Cost
Land and Improvements	29,377
Building / Construction in Progress & Improvements	123,227
Total	152,604
Accumulated Depreciation	39,524
Total real estate, net	113,080	116,566
Encumbrances	$ 0
Current Communities | eaves Tysons Corner
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	217
Initial Cost
Land and Improvements	$ 16,030
Building / Construction in Progress & Improvements	47,572
Costs Subsequent to Acquisition / Construction	3,051
Total Cost
Land and Improvements	16,030
Building / Construction in Progress & Improvements	50,623
Total	66,653
Accumulated Depreciation	24,637
Total real estate, net	42,016	43,403
Encumbrances	$ 0
Current Communities | Avalon Courthouse Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	564
Initial Cost
Land and Improvements	$ 56,550
Building / Construction in Progress & Improvements	185,632
Costs Subsequent to Acquisition / Construction	13,819
Total Cost
Land and Improvements	56,550
Building / Construction in Progress & Improvements	199,451
Total	256,001
Accumulated Depreciation	86,376
Total real estate, net	169,625	175,646
Encumbrances	$ 0
Current Communities | Avalon Arlington North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	228
Initial Cost
Land and Improvements	$ 21,600
Building / Construction in Progress & Improvements	59,076
Costs Subsequent to Acquisition / Construction	10,173
Total Cost
Land and Improvements	21,600
Building / Construction in Progress & Improvements	69,249
Total	90,849
Accumulated Depreciation	26,281
Total real estate, net	64,568	66,737
Encumbrances	$ 0
Current Communities | Avalon Reston Landing
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400
Initial Cost
Land and Improvements	$ 26,710
Building / Construction in Progress & Improvements	86,934
Costs Subsequent to Acquisition / Construction	13,433
Total Cost
Land and Improvements	26,710
Building / Construction in Progress & Improvements	100,367
Total	127,077
Accumulated Depreciation	49,089
Total real estate, net	77,988	81,597
Encumbrances	$ 0
Current Communities | Avalon Falls Church
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	384
Initial Cost
Land and Improvements	$ 39,544
Building / Construction in Progress & Improvements	66,160
Costs Subsequent to Acquisition / Construction	5,223
Total Cost
Land and Improvements	39,544
Building / Construction in Progress & Improvements	71,383
Total	110,927
Accumulated Depreciation	22,513
Total real estate, net	88,414	86,209
Encumbrances	$ 0
Current Communities | Avalon 850 Boca
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	370
Initial Cost
Land and Improvements	$ 21,430
Building / Construction in Progress & Improvements	117,895
Costs Subsequent to Acquisition / Construction	2,576
Total Cost
Land and Improvements	21,430
Building / Construction in Progress & Improvements	120,471
Total	141,901
Accumulated Depreciation	35,345
Total real estate, net	106,556	110,254
Encumbrances	$ 0
Current Communities | Avalon Doral
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 23,375
Building / Construction in Progress & Improvements	93,027
Costs Subsequent to Acquisition / Construction	(61)
Total Cost
Land and Improvements	23,375
Building / Construction in Progress & Improvements	92,966
Total	116,341
Accumulated Depreciation	14,060
Total real estate, net	102,281	105,597
Encumbrances	$ 0
Current Communities | Avalon West Palm Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 9,597
Building / Construction in Progress & Improvements	94,119
Costs Subsequent to Acquisition / Construction	4,461
Total Cost
Land and Improvements	9,597
Building / Construction in Progress & Improvements	98,580
Total	108,177
Accumulated Depreciation	26,177
Total real estate, net	82,000	84,017
Encumbrances	$ 0
Current Communities | Avalon Bonterra
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	314
Initial Cost
Land and Improvements	$ 16,655
Building / Construction in Progress & Improvements	73,977
Costs Subsequent to Acquisition / Construction	1,158
Total Cost
Land and Improvements	16,655
Building / Construction in Progress & Improvements	75,135
Total	91,790
Accumulated Depreciation	20,811
Total real estate, net	70,979	73,720
Encumbrances	$ 0
Current Communities | Avalon Toscana
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240
Initial Cost
Land and Improvements	$ 9,213
Building / Construction in Progress & Improvements	51,480
Costs Subsequent to Acquisition / Construction	1,229
Total Cost
Land and Improvements	9,213
Building / Construction in Progress & Improvements	52,709
Total	61,922
Accumulated Depreciation	12,965
Total real estate, net	48,957	51,019
Encumbrances	$ 0
Current Communities | Avalon Fort Lauderdale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243
Initial Cost
Land and Improvements	$ 20,029
Building / Construction in Progress & Improvements	126,505
Costs Subsequent to Acquisition / Construction	2,880
Total Cost
Land and Improvements	20,029
Building / Construction in Progress & Improvements	129,385
Total	149,414
Accumulated Depreciation	18,929
Total real estate, net	130,485	135,558
Encumbrances	$ 0
Current Communities | Avalon Miramar
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	380
Initial Cost
Land and Improvements	$ 17,959
Building / Construction in Progress & Improvements	116,276
Costs Subsequent to Acquisition / Construction	823
Total Cost
Land and Improvements	17,959
Building / Construction in Progress & Improvements	117,099
Total	135,058
Accumulated Depreciation	19,996
Total real estate, net	115,062	119,360
Encumbrances	$ 0
Current Communities | Avalon Miramar Park Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	650
Initial Cost
Land and Improvements	$ 50,919
Building / Construction in Progress & Improvements	245,728
Costs Subsequent to Acquisition / Construction	1,043
Total Cost
Land and Improvements	50,919
Building / Construction in Progress & Improvements	246,771
Total	297,690
Accumulated Depreciation	39,457
Total real estate, net	258,233	267,871
Encumbrances	$ 0
Current Communities | Avalon Denver West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252
Initial Cost
Land and Improvements	$ 8,047
Building / Construction in Progress & Improvements	69,373
Costs Subsequent to Acquisition / Construction	2,387
Total Cost
Land and Improvements	8,047
Building / Construction in Progress & Improvements	71,760
Total	79,807
Accumulated Depreciation	21,907
Total real estate, net	57,900	59,841
Encumbrances	$ 0
Current Communities | Avalon Castle Rock at the Meadows
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240
Initial Cost
Land and Improvements	$ 8,527
Building / Construction in Progress & Improvements	65,325
Costs Subsequent to Acquisition / Construction	1,090
Total Cost
Land and Improvements	8,527
Building / Construction in Progress & Improvements	66,415
Total	74,942
Accumulated Depreciation	18,397
Total real estate, net	56,545	58,371
Encumbrances	$ 0
Current Communities | Avalon Red Rocks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	256
Initial Cost
Land and Improvements	$ 4,461
Building / Construction in Progress & Improvements	71,477
Costs Subsequent to Acquisition / Construction	549
Total Cost
Land and Improvements	4,461
Building / Construction in Progress & Improvements	72,026
Total	76,487
Accumulated Depreciation	20,219
Total real estate, net	56,268	58,355
Encumbrances	$ 0
Current Communities | Avalon Southlands
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338
Initial Cost
Land and Improvements	$ 5,101
Building / Construction in Progress & Improvements	86,653
Costs Subsequent to Acquisition / Construction	682
Total Cost
Land and Improvements	5,101
Building / Construction in Progress & Improvements	87,335
Total	92,436
Accumulated Depreciation	23,768
Total real estate, net	68,668	71,356
Encumbrances	$ 0
Current Communities | AVA RiNo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	246
Initial Cost
Land and Improvements	$ 15,152
Building / Construction in Progress & Improvements	71,666
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	15,152
Building / Construction in Progress & Improvements	71,666
Total	86,818
Accumulated Depreciation	8,289
Total real estate, net	78,529	81,358
Encumbrances	$ 0
Current Communities | Avalon Flatirons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	207
Initial Cost
Land and Improvements	$ 7,390
Building / Construction in Progress & Improvements	88,438
Costs Subsequent to Acquisition / Construction	418
Total Cost
Land and Improvements	7,390
Building / Construction in Progress & Improvements	88,856
Total	96,246
Accumulated Depreciation	11,573
Total real estate, net	84,673	87,889
Encumbrances	$ 0
Current Communities | Avalon at Bear Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	264
Initial Cost
Land and Improvements	$ 6,786
Building / Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition / Construction	10,172
Total Cost
Land and Improvements	6,786
Building / Construction in Progress & Improvements	37,813
Total	44,599
Accumulated Depreciation	31,304
Total real estate, net	13,295	14,044
Encumbrances	$ 0
Current Communities | Avalon Bellevue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	201
Initial Cost
Land and Improvements	$ 6,664
Building / Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition / Construction	8,132
Total Cost
Land and Improvements	6,664
Building / Construction in Progress & Improvements	32,251
Total	38,915
Accumulated Depreciation	24,210
Total real estate, net	14,705	16,079
Encumbrances	$ 0
Current Communities | eaves RockMeadow
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	206
Initial Cost
Land and Improvements	$ 4,777
Building / Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition / Construction	7,380
Total Cost
Land and Improvements	4,777
Building / Construction in Progress & Improvements	27,145
Total	31,922
Accumulated Depreciation	20,657
Total real estate, net	11,265	11,405
Encumbrances	$ 0
Current Communities | Avalon ParcSquare
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	124
Initial Cost
Land and Improvements	$ 3,789
Building / Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition / Construction	5,854
Total Cost
Land and Improvements	3,789
Building / Construction in Progress & Improvements	20,993
Total	24,782
Accumulated Depreciation	16,100
Total real estate, net	8,682	8,256
Encumbrances	$ 0
Current Communities | Avalon Meydenbauer
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	368
Initial Cost
Land and Improvements	$ 12,697
Building / Construction in Progress & Improvements	77,450
Costs Subsequent to Acquisition / Construction	9,388
Total Cost
Land and Improvements	12,697
Building / Construction in Progress & Improvements	86,838
Total	99,535
Accumulated Depreciation	48,733
Total real estate, net	50,802	52,836
Encumbrances	$ 0
Current Communities | Avalon Towers Bellevue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	397
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	123,029
Costs Subsequent to Acquisition / Construction	8,844
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	131,873
Total	131,873
Accumulated Depreciation	63,549
Total real estate, net	68,324	71,663
Encumbrances	$ 0
Current Communities | AVA Queen Anne
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 12,081
Building / Construction in Progress & Improvements	41,618
Costs Subsequent to Acquisition / Construction	2,233
Total Cost
Land and Improvements	12,081
Building / Construction in Progress & Improvements	43,851
Total	55,932
Accumulated Depreciation	19,797
Total real estate, net	36,135	37,425
Encumbrances	$ 0
Current Communities | Avalon Alderwood I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	367
Initial Cost
Land and Improvements	$ 12,294
Building / Construction in Progress & Improvements	55,627
Costs Subsequent to Acquisition / Construction	1,407
Total Cost
Land and Improvements	12,294
Building / Construction in Progress & Improvements	57,034
Total	69,328
Accumulated Depreciation	20,395
Total real estate, net	48,933	50,500
Encumbrances	$ 0
Current Communities | AVA Capitol Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	249
Initial Cost
Land and Improvements	$ 20,613
Building / Construction in Progress & Improvements	59,986
Costs Subsequent to Acquisition / Construction	1,756
Total Cost
Land and Improvements	20,613
Building / Construction in Progress & Improvements	61,742
Total	82,355
Accumulated Depreciation	20,306
Total real estate, net	62,049	63,829
Encumbrances	$ 0
Current Communities | Avalon Esterra Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	482
Initial Cost
Land and Improvements	$ 23,178
Building / Construction in Progress & Improvements	112,986
Costs Subsequent to Acquisition / Construction	1,974
Total Cost
Land and Improvements	23,178
Building / Construction in Progress & Improvements	114,960
Total	138,138
Accumulated Depreciation	34,280
Total real estate, net	103,858	107,376
Encumbrances	$ 0
Current Communities | Avalon Alderwood II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	124
Initial Cost
Land and Improvements	$ 5,072
Building / Construction in Progress & Improvements	21,418
Costs Subsequent to Acquisition / Construction	248
Total Cost
Land and Improvements	5,072
Building / Construction in Progress & Improvements	21,666
Total	26,738
Accumulated Depreciation	6,361
Total real estate, net	20,377	20,991
Encumbrances	$ 0
Current Communities | Avalon Newcastle Commons I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	378
Initial Cost
Land and Improvements	$ 9,649
Building / Construction in Progress & Improvements	111,600
Costs Subsequent to Acquisition / Construction	1,957
Total Cost
Land and Improvements	9,649
Building / Construction in Progress & Improvements	113,557
Total	123,206
Accumulated Depreciation	30,124
Total real estate, net	93,082	96,521
Encumbrances	$ 0
Current Communities | Avalon Belltown Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	274
Initial Cost
Land and Improvements	$ 24,638
Building / Construction in Progress & Improvements	121,064
Costs Subsequent to Acquisition / Construction	1,413
Total Cost
Land and Improvements	24,638
Building / Construction in Progress & Improvements	122,477
Total	147,115
Accumulated Depreciation	26,031
Total real estate, net	121,084	125,497
Encumbrances	$ 0
Current Communities | AVA Esterra Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	323
Initial Cost
Land and Improvements	$ 16,405
Building / Construction in Progress & Improvements	74,568
Costs Subsequent to Acquisition / Construction	113
Total Cost
Land and Improvements	16,405
Building / Construction in Progress & Improvements	74,681
Total	91,086
Accumulated Depreciation	16,898
Total real estate, net	74,188	76,695
Encumbrances	$ 0
Current Communities | Avalon Newcastle Commons II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	293
Initial Cost
Land and Improvements	$ 6,982
Building / Construction in Progress & Improvements	99,969
Costs Subsequent to Acquisition / Construction	208
Total Cost
Land and Improvements	6,982
Building / Construction in Progress & Improvements	100,177
Total	107,159
Accumulated Depreciation	14,434
Total real estate, net	92,725	96,417
Encumbrances	$ 0
Current Communities | Avalon North Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	316
Initial Cost
Land and Improvements	$ 13,498
Building / Construction in Progress & Improvements	69,013
Costs Subsequent to Acquisition / Construction	97
Total Cost
Land and Improvements	13,498
Building / Construction in Progress & Improvements	69,110
Total	82,608
Accumulated Depreciation	14,600
Total real estate, net	68,008	70,524
Encumbrances	$ 0
Current Communities | eaves Redmond Campus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	374
Initial Cost
Land and Improvements	$ 15,665
Building / Construction in Progress & Improvements	84,852
Costs Subsequent to Acquisition / Construction	29,388
Total Cost
Land and Improvements	15,665
Building / Construction in Progress & Improvements	114,240
Total	129,905
Accumulated Depreciation	50,811
Total real estate, net	79,094	82,813
Encumbrances	$ 0
Current Communities | Archstone Redmond Lakeview
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166
Initial Cost
Land and Improvements	$ 10,250
Building / Construction in Progress & Improvements	28,163
Costs Subsequent to Acquisition / Construction	5,981
Total Cost
Land and Improvements	10,250
Building / Construction in Progress & Improvements	34,144
Total	44,394
Accumulated Depreciation	17,669
Total real estate, net	26,725	27,919
Encumbrances	$ 0
Current Communities | Avalon Campbell
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	348
Initial Cost
Land and Improvements	$ 11,830
Building / Construction in Progress & Improvements	47,825
Costs Subsequent to Acquisition / Construction	16,213
Total Cost
Land and Improvements	11,830
Building / Construction in Progress & Improvements	64,038
Total	75,868
Accumulated Depreciation	50,750
Total real estate, net	25,118	26,846
Encumbrances	$ 0
Current Communities | eaves San Jose
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	442
Initial Cost
Land and Improvements	$ 12,920
Building / Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition / Construction	20,867
Total Cost
Land and Improvements	12,920
Building / Construction in Progress & Improvements	73,914
Total	86,834
Accumulated Depreciation	53,435
Total real estate, net	33,399	35,666
Encumbrances	$ 0
Current Communities | Avalon on the Alameda
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	307
Initial Cost
Land and Improvements	$ 6,119
Building / Construction in Progress & Improvements	50,214
Costs Subsequent to Acquisition / Construction	15,090
Total Cost
Land and Improvements	6,119
Building / Construction in Progress & Improvements	65,304
Total	71,423
Accumulated Depreciation	51,285
Total real estate, net	20,138	22,240
Encumbrances	$ 0
Current Communities | Avalon Silicon Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	714
Initial Cost
Land and Improvements	$ 20,713
Building / Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition / Construction	41,333
Total Cost
Land and Improvements	20,713
Building / Construction in Progress & Improvements	140,906
Total	161,619
Accumulated Depreciation	105,580
Total real estate, net	56,039	59,113
Encumbrances	$ 0
Current Communities | Avalon Mountain View
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	248
Initial Cost
Land and Improvements	$ 9,755
Building / Construction in Progress & Improvements	39,387
Costs Subsequent to Acquisition / Construction	13,452
Total Cost
Land and Improvements	9,755
Building / Construction in Progress & Improvements	52,839
Total	62,594
Accumulated Depreciation	43,710
Total real estate, net	18,884	20,758
Encumbrances	$ 0
Current Communities | eaves Creekside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 6,546
Building / Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition / Construction	23,413
Total Cost
Land and Improvements	6,546
Building / Construction in Progress & Improvements	49,676
Total	56,222
Accumulated Depreciation	37,710
Total real estate, net	18,512	20,143
Encumbrances	$ 0
Current Communities | Avalon at Cahill Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	218
Initial Cost
Land and Improvements	$ 4,765
Building / Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition / Construction	5,289
Total Cost
Land and Improvements	4,765
Building / Construction in Progress & Improvements	52,889
Total	57,654
Accumulated Depreciation	39,583
Total real estate, net	18,071	19,848
Encumbrances	$ 0
Current Communities | Avalon Towers on the Peninsula
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	211
Initial Cost
Land and Improvements	$ 9,560
Building / Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition / Construction	16,868
Total Cost
Land and Improvements	9,560
Building / Construction in Progress & Improvements	73,004
Total	82,564
Accumulated Depreciation	49,363
Total real estate, net	33,201	34,617
Encumbrances	$ 0
Current Communities | Avalon Morrison Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 13,837
Building / Construction in Progress & Improvements	64,521
Costs Subsequent to Acquisition / Construction	2,090
Total Cost
Land and Improvements	13,837
Building / Construction in Progress & Improvements	66,611
Total	80,448
Accumulated Depreciation	25,221
Total real estate, net	55,227	57,299
Encumbrances	$ 0
Current Communities | Avalon Willow Glen
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	412
Initial Cost
Land and Improvements	$ 46,060
Building / Construction in Progress & Improvements	85,637
Costs Subsequent to Acquisition / Construction	5,564
Total Cost
Land and Improvements	46,060
Building / Construction in Progress & Improvements	91,201
Total	137,261
Accumulated Depreciation	44,832
Total real estate, net	92,429	95,551
Encumbrances	$ 0
Current Communities | eaves West Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	873
Initial Cost
Land and Improvements	$ 90,890
Building / Construction in Progress & Improvements	138,555
Costs Subsequent to Acquisition / Construction	11,317
Total Cost
Land and Improvements	90,890
Building / Construction in Progress & Improvements	149,872
Total	240,762
Accumulated Depreciation	71,451
Total real estate, net	169,311	174,470
Encumbrances	$ 0
Current Communities | eaves Mountain View at Middlefield
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	404
Initial Cost
Land and Improvements	$ 64,070
Building / Construction in Progress & Improvements	73,438
Costs Subsequent to Acquisition / Construction	14,821
Total Cost
Land and Improvements	64,070
Building / Construction in Progress & Improvements	88,259
Total	152,329
Accumulated Depreciation	46,178
Total real estate, net	106,151	110,005
Encumbrances	$ 0
Current Communities | Avalon Fremont
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	308
Initial Cost
Land and Improvements	$ 10,746
Building / Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition / Construction	31,906
Total Cost
Land and Improvements	10,746
Building / Construction in Progress & Improvements	75,305
Total	86,051
Accumulated Depreciation	48,992
Total real estate, net	37,059	39,436
Encumbrances	$ 0
Current Communities | eaves Dublin
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 5,276
Building / Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition / Construction	27,254
Total Cost
Land and Improvements	5,276
Building / Construction in Progress & Improvements	46,896
Total	52,172
Accumulated Depreciation	25,551
Total real estate, net	26,621	14,594
Encumbrances	$ 0
Current Communities | eaves Pleasanton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	456
Initial Cost
Land and Improvements	$ 11,610
Building / Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition / Construction	54,062
Total Cost
Land and Improvements	11,610
Building / Construction in Progress & Improvements	100,614
Total	112,224
Accumulated Depreciation	58,406
Total real estate, net	53,818	52,044
Encumbrances	$ 0
Current Communities | eaves Union City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	208
Initial Cost
Land and Improvements	$ 4,249
Building / Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition / Construction	6,001
Total Cost
Land and Improvements	4,249
Building / Construction in Progress & Improvements	22,821
Total	27,070
Accumulated Depreciation	19,353
Total real estate, net	7,717	7,903
Encumbrances	$ 0
Current Communities | eaves Fremont
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	237
Initial Cost
Land and Improvements	$ 6,581
Building / Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition / Construction	13,352
Total Cost
Land and Improvements	6,581
Building / Construction in Progress & Improvements	39,935
Total	46,516
Accumulated Depreciation	32,157
Total real estate, net	14,359	15,628
Encumbrances	$ 0
Current Communities | Avalon Union City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	439
Initial Cost
Land and Improvements	$ 14,732
Building / Construction in Progress & Improvements	104,024
Costs Subsequent to Acquisition / Construction	7,955
Total Cost
Land and Improvements	14,732
Building / Construction in Progress & Improvements	111,979
Total	126,711
Accumulated Depreciation	58,088
Total real estate, net	68,623	71,867
Encumbrances	$ 0
Current Communities | Avalon Walnut Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	422
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	148,846
Costs Subsequent to Acquisition / Construction	8,215
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	157,061
Total	157,061
Accumulated Depreciation	77,412
Total real estate, net	79,649	84,385
Encumbrances	$ 4,681
Current Communities | Avalon Dublin Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	253
Initial Cost
Land and Improvements	$ 7,772
Building / Construction in Progress & Improvements	72,142
Costs Subsequent to Acquisition / Construction	2,454
Total Cost
Land and Improvements	7,772
Building / Construction in Progress & Improvements	74,596
Total	82,368
Accumulated Depreciation	27,827
Total real estate, net	54,541	56,225
Encumbrances	$ 0
Current Communities | Avalon Dublin Station II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252
Initial Cost
Land and Improvements	$ 7,762
Building / Construction in Progress & Improvements	76,587
Costs Subsequent to Acquisition / Construction	1,596
Total Cost
Land and Improvements	7,762
Building / Construction in Progress & Improvements	78,183
Total	85,945
Accumulated Depreciation	23,732
Total real estate, net	62,213	63,881
Encumbrances	$ 0
Current Communities | Avalon Public Market
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	289
Initial Cost
Land and Improvements	$ 27,394
Building / Construction in Progress & Improvements	149,011
Costs Subsequent to Acquisition / Construction	(2,963)
Total Cost
Land and Improvements	27,394
Building / Construction in Progress & Improvements	146,048
Total	173,442
Accumulated Depreciation	28,117
Total real estate, net	145,325	150,880
Encumbrances	$ 0
Current Communities | Avalon Walnut Creek II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	111,073
Costs Subsequent to Acquisition / Construction	2,461
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	113,534
Total	113,534
Accumulated Depreciation	18,774
Total real estate, net	94,760	98,785
Encumbrances	$ 0
Current Communities | eaves Walnut Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	510
Initial Cost
Land and Improvements	$ 30,320
Building / Construction in Progress & Improvements	86,475
Costs Subsequent to Acquisition / Construction	15,494
Total Cost
Land and Improvements	30,320
Building / Construction in Progress & Improvements	101,969
Total	132,289
Accumulated Depreciation	45,125
Total real estate, net	87,164	89,379
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	106
Initial Cost
Land and Improvements	$ 9,860
Building / Construction in Progress & Improvements	20,630
Costs Subsequent to Acquisition / Construction	5,494
Total Cost
Land and Improvements	9,860
Building / Construction in Progress & Improvements	26,124
Total	35,984
Accumulated Depreciation	11,443
Total real estate, net	24,541	25,192
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 27,190
Building / Construction in Progress & Improvements	60,209
Costs Subsequent to Acquisition / Construction	11,593
Total Cost
Land and Improvements	27,190
Building / Construction in Progress & Improvements	71,802
Total	98,992
Accumulated Depreciation	32,710
Total real estate, net	66,282	68,241
Encumbrances	$ 0
Current Communities | AVA Nob Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	185
Initial Cost
Land and Improvements	$ 5,403
Building / Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition / Construction	12,489
Total Cost
Land and Improvements	5,403
Building / Construction in Progress & Improvements	34,056
Total	39,459
Accumulated Depreciation	25,989
Total real estate, net	13,470	13,732
Encumbrances	$ 0
Current Communities | eaves Foster City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 7,852
Building / Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition / Construction	17,454
Total Cost
Land and Improvements	7,852
Building / Construction in Progress & Improvements	48,899
Total	56,751
Accumulated Depreciation	37,706
Total real estate, net	19,045	19,576
Encumbrances	$ 0
Current Communities | eaves Pacifica
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	220
Initial Cost
Land and Improvements	$ 6,125
Building / Construction in Progress & Improvements	24,792
Costs Subsequent to Acquisition / Construction	6,107
Total Cost
Land and Improvements	6,125
Building / Construction in Progress & Improvements	30,899
Total	37,024
Accumulated Depreciation	26,665
Total real estate, net	10,359	11,048
Encumbrances	$ 0
Current Communities | Avalon Sunset Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243
Initial Cost
Land and Improvements	$ 3,561
Building / Construction in Progress & Improvements	21,313
Costs Subsequent to Acquisition / Construction	17,915
Total Cost
Land and Improvements	3,561
Building / Construction in Progress & Improvements	39,228
Total	42,789
Accumulated Depreciation	29,787
Total real estate, net	13,002	14,142
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 14,029
Building / Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition / Construction	11,820
Total Cost
Land and Improvements	14,029
Building / Construction in Progress & Improvements	90,272
Total	104,301
Accumulated Depreciation	66,712
Total real estate, net	37,589	39,717
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	260
Initial Cost
Land and Improvements	$ 28,687
Building / Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition / Construction	2,031
Total Cost
Land and Improvements	28,687
Building / Construction in Progress & Improvements	121,187
Total	149,874
Accumulated Depreciation	63,247
Total real estate, net	86,627	90,364
Encumbrances	$ 0
Current Communities | Avalon Ocean Avenue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	173
Initial Cost
Land and Improvements	$ 5,544
Building / Construction in Progress & Improvements	50,906
Costs Subsequent to Acquisition / Construction	3,715
Total Cost
Land and Improvements	5,544
Building / Construction in Progress & Improvements	54,621
Total	60,165
Accumulated Depreciation	23,938
Total real estate, net	36,227	37,777
Encumbrances	$ 0
Current Communities | AVA 55 Ninth
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	273
Initial Cost
Land and Improvements	$ 20,267
Building / Construction in Progress & Improvements	97,321
Costs Subsequent to Acquisition / Construction	1,822
Total Cost
Land and Improvements	20,267
Building / Construction in Progress & Improvements	99,143
Total	119,410
Accumulated Depreciation	37,257
Total real estate, net	82,153	85,383
Encumbrances	$ 0
Current Communities | Avalon Hayes Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	182
Initial Cost
Land and Improvements	$ 12,595
Building / Construction in Progress & Improvements	81,228
Costs Subsequent to Acquisition / Construction	1,540
Total Cost
Land and Improvements	12,595
Building / Construction in Progress & Improvements	82,768
Total	95,363
Accumulated Depreciation	28,039
Total real estate, net	67,324	69,869
Encumbrances	$ 0
Current Communities | Avalon Dogpatch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	326
Initial Cost
Land and Improvements	$ 23,523
Building / Construction in Progress & Improvements	180,698
Costs Subsequent to Acquisition / Construction	835
Total Cost
Land and Improvements	23,523
Building / Construction in Progress & Improvements	181,533
Total	205,056
Accumulated Depreciation	46,162
Total real estate, net	158,894	164,414
Encumbrances	$ 0
Current Communities | Avalon San Bruno I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 40,780
Building / Construction in Progress & Improvements	71,352
Costs Subsequent to Acquisition / Construction	7,368
Total Cost
Land and Improvements	40,780
Building / Construction in Progress & Improvements	78,720
Total	119,500
Accumulated Depreciation	37,665
Total real estate, net	81,835	84,122
Encumbrances	$ 55,250
Current Communities | Avalon San Bruno II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	185
Initial Cost
Land and Improvements	$ 23,787
Building / Construction in Progress & Improvements	46,609
Costs Subsequent to Acquisition / Construction	2,972
Total Cost
Land and Improvements	23,787
Building / Construction in Progress & Improvements	49,581
Total	73,368
Accumulated Depreciation	21,243
Total real estate, net	52,125	53,227
Encumbrances	$ 0
Current Communities | Avalon San Bruno III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	187
Initial Cost
Land and Improvements	$ 33,303
Building / Construction in Progress & Improvements	65,255
Costs Subsequent to Acquisition / Construction	2,117
Total Cost
Land and Improvements	33,303
Building / Construction in Progress & Improvements	67,372
Total	100,675
Accumulated Depreciation	28,791
Total real estate, net	71,884	73,424
Encumbrances	$ 51,000
Current Communities | AVA Burbank
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	750
Initial Cost
Land and Improvements	$ 22,483
Building / Construction in Progress & Improvements	28,078
Costs Subsequent to Acquisition / Construction	59,108
Total Cost
Land and Improvements	22,483
Building / Construction in Progress & Improvements	87,186
Total	109,669
Accumulated Depreciation	61,596
Total real estate, net	48,073	47,224
Encumbrances	$ 0
Current Communities | Avalon Woodland Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	663
Initial Cost
Land and Improvements	$ 23,828
Building / Construction in Progress & Improvements	40,329
Costs Subsequent to Acquisition / Construction	89,549
Total Cost
Land and Improvements	23,828
Building / Construction in Progress & Improvements	129,878
Total	153,706
Accumulated Depreciation	73,009
Total real estate, net	80,697	82,691
Encumbrances	$ 0
Current Communities | eaves Warner Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	228
Initial Cost
Land and Improvements	$ 7,045
Building / Construction in Progress & Improvements	12,974
Costs Subsequent to Acquisition / Construction	18,090
Total Cost
Land and Improvements	7,045
Building / Construction in Progress & Improvements	31,064
Total	38,109
Accumulated Depreciation	23,286
Total real estate, net	14,823	12,227
Encumbrances	$ 0
Current Communities | Avalon Glendale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	223
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition / Construction	4,521
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	47,085
Total	47,085
Accumulated Depreciation	33,662
Total real estate, net	13,423	14,636
Encumbrances	$ 0
Current Communities | Avalon Burbank
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	401
Initial Cost
Land and Improvements	$ 14,053
Building / Construction in Progress & Improvements	56,814
Costs Subsequent to Acquisition / Construction	32,377
Total Cost
Land and Improvements	14,053
Building / Construction in Progress & Improvements	89,191
Total	103,244
Accumulated Depreciation	58,956
Total real estate, net	44,288	44,329
Encumbrances	$ 0
Current Communities | Avalon Camarillo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	249
Initial Cost
Land and Improvements	$ 8,446
Building / Construction in Progress & Improvements	40,239
Costs Subsequent to Acquisition / Construction	5,492
Total Cost
Land and Improvements	8,446
Building / Construction in Progress & Improvements	45,731
Total	54,177
Accumulated Depreciation	28,653
Total real estate, net	25,524	26,472
Encumbrances	$ 0
Current Communities | Avalon Wilshire
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	125
Initial Cost
Land and Improvements	$ 5,459
Building / Construction in Progress & Improvements	41,174
Costs Subsequent to Acquisition / Construction	7,869
Total Cost
Land and Improvements	5,459
Building / Construction in Progress & Improvements	49,043
Total	54,502
Accumulated Depreciation	30,231
Total real estate, net	24,271	26,124
Encumbrances	$ 0
Current Communities | Avalon Encino
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	132
Initial Cost
Land and Improvements	$ 12,789
Building / Construction in Progress & Improvements	49,062
Costs Subsequent to Acquisition / Construction	5,168
Total Cost
Land and Improvements	12,789
Building / Construction in Progress & Improvements	54,230
Total	67,019
Accumulated Depreciation	29,008
Total real estate, net	38,011	38,842
Encumbrances	$ 0
Current Communities | Avalon Warner Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	210
Initial Cost
Land and Improvements	$ 7,920
Building / Construction in Progress & Improvements	44,823
Costs Subsequent to Acquisition / Construction	4,087
Total Cost
Land and Improvements	7,920
Building / Construction in Progress & Improvements	48,910
Total	56,830
Accumulated Depreciation	27,297
Total real estate, net	29,533	31,232
Encumbrances	$ 0
Current Communities | AVA Little Tokyo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280
Initial Cost
Land and Improvements	$ 14,734
Building / Construction in Progress & Improvements	93,977
Costs Subsequent to Acquisition / Construction	2,750
Total Cost
Land and Improvements	14,734
Building / Construction in Progress & Improvements	96,727
Total	111,461
Accumulated Depreciation	34,411
Total real estate, net	77,050	79,899
Encumbrances	$ 0
Current Communities | eaves Phillips Ranch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	503
Initial Cost
Land and Improvements	$ 9,796
Building / Construction in Progress & Improvements	41,675
Costs Subsequent to Acquisition / Construction	17,506
Total Cost
Land and Improvements	9,796
Building / Construction in Progress & Improvements	59,181
Total	68,977
Accumulated Depreciation	26,694
Total real estate, net	42,283	41,537
Encumbrances	$ 0
Current Communities | eaves San Dimas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	102
Initial Cost
Land and Improvements	$ 1,916
Building / Construction in Progress & Improvements	7,803
Costs Subsequent to Acquisition / Construction	3,224
Total Cost
Land and Improvements	1,916
Building / Construction in Progress & Improvements	11,027
Total	12,943
Accumulated Depreciation	5,411
Total real estate, net	7,532	7,460
Encumbrances	$ 0
Current Communities | eaves San Dimas Canyon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156
Initial Cost
Land and Improvements	$ 2,953
Building / Construction in Progress & Improvements	12,369
Costs Subsequent to Acquisition / Construction	2,786
Total Cost
Land and Improvements	2,953
Building / Construction in Progress & Improvements	15,155
Total	18,108
Accumulated Depreciation	7,403
Total real estate, net	10,705	10,917
Encumbrances	$ 0
Current Communities | AVA Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	84
Initial Cost
Land and Improvements	$ 8,400
Building / Construction in Progress & Improvements	11,522
Costs Subsequent to Acquisition / Construction	6,865
Total Cost
Land and Improvements	8,400
Building / Construction in Progress & Improvements	18,387
Total	26,787
Accumulated Depreciation	7,750
Total real estate, net	19,037	19,238
Encumbrances	$ 0
Current Communities | eaves Cerritos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	151
Initial Cost
Land and Improvements	$ 8,305
Building / Construction in Progress & Improvements	21,195
Costs Subsequent to Acquisition / Construction	3,267
Total Cost
Land and Improvements	8,305
Building / Construction in Progress & Improvements	24,462
Total	32,767
Accumulated Depreciation	10,406
Total real estate, net	22,361	23,100
Encumbrances	$ 0
Current Communities | Avalon Playa Vista
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	309
Initial Cost
Land and Improvements	$ 30,900
Building / Construction in Progress & Improvements	71,944
Costs Subsequent to Acquisition / Construction	10,551
Total Cost
Land and Improvements	30,900
Building / Construction in Progress & Improvements	82,495
Total	113,395
Accumulated Depreciation	38,120
Total real estate, net	75,275	77,685
Encumbrances	$ 0
Current Communities | Avalon San Dimas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	162
Initial Cost
Land and Improvements	$ 9,141
Building / Construction in Progress & Improvements	30,726
Costs Subsequent to Acquisition / Construction	3,711
Total Cost
Land and Improvements	9,141
Building / Construction in Progress & Improvements	34,437
Total	43,578
Accumulated Depreciation	11,859
Total real estate, net	31,719	30,005
Encumbrances	$ 0
Current Communities | Avalon Glendora
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	281
Initial Cost
Land and Improvements	$ 18,311
Building / Construction in Progress & Improvements	64,303
Costs Subsequent to Acquisition / Construction	1,429
Total Cost
Land and Improvements	18,311
Building / Construction in Progress & Improvements	65,732
Total	84,043
Accumulated Depreciation	21,457
Total real estate, net	62,586	64,455
Encumbrances	$ 0
Current Communities | Avalon West Hollywood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	294
Initial Cost
Land and Improvements	$ 35,214
Building / Construction in Progress & Improvements	118,926
Costs Subsequent to Acquisition / Construction	2,584
Total Cost
Land and Improvements	35,214
Building / Construction in Progress & Improvements	121,510
Total	156,724
Accumulated Depreciation	33,905
Total real estate, net	122,819	126,390
Encumbrances	$ 0
Current Communities | Avalon Mission Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	160
Initial Cost
Land and Improvements	$ 9,600
Building / Construction in Progress & Improvements	38,666
Costs Subsequent to Acquisition / Construction	2,034
Total Cost
Land and Improvements	9,600
Building / Construction in Progress & Improvements	40,700
Total	50,300
Accumulated Depreciation	15,829
Total real estate, net	34,471	35,291
Encumbrances	$ 0
Current Communities | Avalon Chino Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	331
Initial Cost
Land and Improvements	$ 16,617
Building / Construction in Progress & Improvements	79,829
Costs Subsequent to Acquisition / Construction	1,682
Total Cost
Land and Improvements	16,617
Building / Construction in Progress & Improvements	81,511
Total	98,128
Accumulated Depreciation	22,663
Total real estate, net	75,465	77,760
Encumbrances	$ 0
Current Communities | AVA Hollywood at La Pietra Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	695
Initial Cost
Land and Improvements	$ 99,309
Building / Construction in Progress & Improvements	272,596
Costs Subsequent to Acquisition / Construction	2,499
Total Cost
Land and Improvements	99,309
Building / Construction in Progress & Improvements	275,095
Total	374,404
Accumulated Depreciation	48,530
Total real estate, net	325,874	336,203
Encumbrances	$ 0
Current Communities | Avalon Cerritos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	132
Initial Cost
Land and Improvements	$ 8,869
Building / Construction in Progress & Improvements	52,025
Costs Subsequent to Acquisition / Construction	665
Total Cost
Land and Improvements	8,869
Building / Construction in Progress & Improvements	52,690
Total	61,559
Accumulated Depreciation	12,448
Total real estate, net	49,111	50,789
Encumbrances	$ 30,250
Current Communities | Avalon Monrovia
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	154
Initial Cost
Land and Improvements	$ 12,125
Building / Construction in Progress & Improvements	56,202
Costs Subsequent to Acquisition / Construction	374
Total Cost
Land and Improvements	12,125
Building / Construction in Progress & Improvements	56,576
Total	68,701
Accumulated Depreciation	7,918
Total real estate, net	60,783	62,904
Encumbrances	$ 0
Current Communities | Avalon Simi Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500
Initial Cost
Land and Improvements	$ 42,020
Building / Construction in Progress & Improvements	77,521
Costs Subsequent to Acquisition / Construction	10,470
Total Cost
Land and Improvements	42,020
Building / Construction in Progress & Improvements	87,991
Total	130,011
Accumulated Depreciation	40,302
Total real estate, net	89,709	92,163
Encumbrances	$ 0
Current Communities | AVA Studio City II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	101
Initial Cost
Land and Improvements	$ 4,626
Building / Construction in Progress & Improvements	23,840
Costs Subsequent to Acquisition / Construction	7,347
Total Cost
Land and Improvements	4,626
Building / Construction in Progress & Improvements	31,187
Total	35,813
Accumulated Depreciation	13,486
Total real estate, net	22,327	23,370
Encumbrances	$ 0
Current Communities | Avalon Studio City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	276
Initial Cost
Land and Improvements	$ 15,756
Building / Construction in Progress & Improvements	81,361
Costs Subsequent to Acquisition / Construction	17,011
Total Cost
Land and Improvements	15,756
Building / Construction in Progress & Improvements	98,372
Total	114,128
Accumulated Depreciation	44,667
Total real estate, net	69,461	72,739
Encumbrances	$ 0
Current Communities | Avalon Calabasas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	600
Initial Cost
Land and Improvements	$ 42,720
Building / Construction in Progress & Improvements	112,911
Costs Subsequent to Acquisition / Construction	25,819
Total Cost
Land and Improvements	42,720
Building / Construction in Progress & Improvements	138,730
Total	181,450
Accumulated Depreciation	74,665
Total real estate, net	106,785	111,007
Encumbrances	$ 0
Current Communities | Avalon Oak Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338
Initial Cost
Land and Improvements	$ 43,540
Building / Construction in Progress & Improvements	83,625
Costs Subsequent to Acquisition / Construction	10,657
Total Cost
Land and Improvements	43,540
Building / Construction in Progress & Improvements	94,282
Total	137,822
Accumulated Depreciation	49,769
Total real estate, net	88,053	90,522
Encumbrances	$ 0
Current Communities | Avalon Santa Monica on Main
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	133
Initial Cost
Land and Improvements	$ 32,000
Building / Construction in Progress & Improvements	63,612
Costs Subsequent to Acquisition / Construction	14,294
Total Cost
Land and Improvements	32,000
Building / Construction in Progress & Improvements	77,906
Total	109,906
Accumulated Depreciation	32,915
Total real estate, net	76,991	79,077
Encumbrances	$ 0
Current Communities | eaves Old Town Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	96
Initial Cost
Land and Improvements	$ 9,110
Building / Construction in Progress & Improvements	16,316
Costs Subsequent to Acquisition / Construction	6,743
Total Cost
Land and Improvements	9,110
Building / Construction in Progress & Improvements	23,059
Total	32,169
Accumulated Depreciation	10,080
Total real estate, net	22,089	22,719
Encumbrances	$ 0
Current Communities | eaves Thousand Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	158
Initial Cost
Land and Improvements	$ 13,950
Building / Construction in Progress & Improvements	21,574
Costs Subsequent to Acquisition / Construction	6,198
Total Cost
Land and Improvements	13,950
Building / Construction in Progress & Improvements	27,772
Total	41,722
Accumulated Depreciation	15,637
Total real estate, net	26,085	26,892
Encumbrances	$ 0
Current Communities | eaves Los Feliz
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	263
Initial Cost
Land and Improvements	$ 18,940
Building / Construction in Progress & Improvements	46,201
Costs Subsequent to Acquisition / Construction	12,644
Total Cost
Land and Improvements	18,940
Building / Construction in Progress & Improvements	58,845
Total	77,785
Accumulated Depreciation	26,613
Total real estate, net	51,172	52,846
Encumbrances	$ 41,400
Current Communities | AVA Toluca Hills (2)
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,151
Initial Cost
Land and Improvements	$ 86,450
Building / Construction in Progress & Improvements	170,276
Costs Subsequent to Acquisition / Construction	95,364
Total Cost
Land and Improvements	86,450
Building / Construction in Progress & Improvements	265,640
Total	352,090
Accumulated Depreciation	102,318
Total real estate, net	249,772	248,197
Encumbrances	$ 0
Current Communities | eaves Woodland Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	891
Initial Cost
Land and Improvements	$ 68,940
Building / Construction in Progress & Improvements	96,808
Costs Subsequent to Acquisition / Construction	24,026
Total Cost
Land and Improvements	68,940
Building / Construction in Progress & Improvements	120,834
Total	189,774
Accumulated Depreciation	60,028
Total real estate, net	129,746	131,151
Encumbrances	$ 111,500
Current Communities | Avalon Thousand Oaks Plaza
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	148
Initial Cost
Land and Improvements	$ 12,810
Building / Construction in Progress & Improvements	24,045
Costs Subsequent to Acquisition / Construction	4,194
Total Cost
Land and Improvements	12,810
Building / Construction in Progress & Improvements	28,239
Total	41,049
Accumulated Depreciation	13,499
Total real estate, net	27,550	27,450
Encumbrances	$ 0
Current Communities | Avalon Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120
Initial Cost
Land and Improvements	$ 10,240
Building / Construction in Progress & Improvements	33,038
Costs Subsequent to Acquisition / Construction	5,743
Total Cost
Land and Improvements	10,240
Building / Construction in Progress & Improvements	38,781
Total	49,021
Accumulated Depreciation	16,612
Total real estate, net	32,409	33,453
Encumbrances	$ 0
Current Communities | AVA Studio City I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	450
Initial Cost
Land and Improvements	$ 17,658
Building / Construction in Progress & Improvements	94,249
Costs Subsequent to Acquisition / Construction	34,908
Total Cost
Land and Improvements	17,658
Building / Construction in Progress & Improvements	129,157
Total	146,815
Accumulated Depreciation	54,024
Total real estate, net	92,791	96,708
Encumbrances	$ 0
Current Communities | AVA Newport
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	145
Initial Cost
Land and Improvements	$ 1,975
Building / Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition / Construction	11,792
Total Cost
Land and Improvements	1,975
Building / Construction in Progress & Improvements	15,606
Total	17,581
Accumulated Depreciation	10,478
Total real estate, net	7,103	6,696
Encumbrances	$ 0
Current Communities | eaves Mission Viejo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166
Initial Cost
Land and Improvements	$ 2,517
Building / Construction in Progress & Improvements	9,241
Costs Subsequent to Acquisition / Construction	6,979
Total Cost
Land and Improvements	2,517
Building / Construction in Progress & Improvements	16,220
Total	18,737
Accumulated Depreciation	13,024
Total real estate, net	5,713	5,748
Encumbrances	$ 0
Current Communities | eaves South Coast
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	258
Initial Cost
Land and Improvements	$ 4,709
Building / Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition / Construction	15,755
Total Cost
Land and Improvements	4,709
Building / Construction in Progress & Improvements	31,818
Total	36,527
Accumulated Depreciation	24,428
Total real estate, net	12,099	13,043
Encumbrances	$ 0
Current Communities | eaves Santa Margarita
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	302
Initial Cost
Land and Improvements	$ 4,607
Building / Construction in Progress & Improvements	16,895
Costs Subsequent to Acquisition / Construction	15,861
Total Cost
Land and Improvements	4,607
Building / Construction in Progress & Improvements	32,756
Total	37,363
Accumulated Depreciation	24,362
Total real estate, net	13,001	13,626
Encumbrances	$ 0
Current Communities | eaves Huntington Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	304
Initial Cost
Land and Improvements	$ 4,871
Building / Construction in Progress & Improvements	19,729
Costs Subsequent to Acquisition / Construction	13,791
Total Cost
Land and Improvements	4,871
Building / Construction in Progress & Improvements	33,520
Total	38,391
Accumulated Depreciation	28,606
Total real estate, net	9,785	10,354
Encumbrances	$ 0
Current Communities | Avalon Irvine I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	279
Initial Cost
Land and Improvements	$ 9,911
Building / Construction in Progress & Improvements	67,504
Costs Subsequent to Acquisition / Construction	9,080
Total Cost
Land and Improvements	9,911
Building / Construction in Progress & Improvements	76,584
Total	86,495
Accumulated Depreciation	39,040
Total real estate, net	47,455	49,535
Encumbrances	$ 0
Current Communities | Avalon Irvine II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	179
Initial Cost
Land and Improvements	$ 4,358
Building / Construction in Progress & Improvements	40,890
Costs Subsequent to Acquisition / Construction	1,807
Total Cost
Land and Improvements	4,358
Building / Construction in Progress & Improvements	42,697
Total	47,055
Accumulated Depreciation	17,651
Total real estate, net	29,404	30,843
Encumbrances	$ 0
Current Communities | eaves Lake Forest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	225
Initial Cost
Land and Improvements	$ 5,199
Building / Construction in Progress & Improvements	21,117
Costs Subsequent to Acquisition / Construction	8,662
Total Cost
Land and Improvements	5,199
Building / Construction in Progress & Improvements	29,779
Total	34,978
Accumulated Depreciation	14,489
Total real estate, net	20,489	21,201
Encumbrances	$ 0
Current Communities | Avalon Baker Ranch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	430
Initial Cost
Land and Improvements	$ 31,689
Building / Construction in Progress & Improvements	98,004
Costs Subsequent to Acquisition / Construction	1,623
Total Cost
Land and Improvements	31,689
Building / Construction in Progress & Improvements	99,627
Total	131,316
Accumulated Depreciation	33,927
Total real estate, net	97,389	100,111
Encumbrances	$ 0
Current Communities | Avalon Irvine III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156
Initial Cost
Land and Improvements	$ 11,607
Building / Construction in Progress & Improvements	43,973
Costs Subsequent to Acquisition / Construction	719
Total Cost
Land and Improvements	11,607
Building / Construction in Progress & Improvements	44,692
Total	56,299
Accumulated Depreciation	13,898
Total real estate, net	42,401	43,554
Encumbrances	$ 0
Current Communities | Avalon Brea Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	653
Initial Cost
Land and Improvements	$ 72,925
Building / Construction in Progress & Improvements	220,193
Costs Subsequent to Acquisition / Construction	38
Total Cost
Land and Improvements	72,925
Building / Construction in Progress & Improvements	220,231
Total	293,156
Accumulated Depreciation	25,816
Total real estate, net	267,340	275,756
Encumbrances	$ 0
Current Communities | eaves Seal Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	549
Initial Cost
Land and Improvements	$ 46,790
Building / Construction in Progress & Improvements	104,129
Costs Subsequent to Acquisition / Construction	34,702
Total Cost
Land and Improvements	46,790
Building / Construction in Progress & Improvements	138,831
Total	185,621
Accumulated Depreciation	56,813
Total real estate, net	128,808	133,471
Encumbrances	$ 0
Current Communities | Avalon Huntington Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	378
Initial Cost
Land and Improvements	$ 13,055
Building / Construction in Progress & Improvements	105,981
Costs Subsequent to Acquisition / Construction	1,430
Total Cost
Land and Improvements	13,055
Building / Construction in Progress & Improvements	107,411
Total	120,466
Accumulated Depreciation	31,757
Total real estate, net	88,709	92,157
Encumbrances	$ 0
Current Communities | AVA Pacific Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	564
Initial Cost
Land and Improvements	$ 9,922
Building / Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition / Construction	45,027
Total Cost
Land and Improvements	9,922
Building / Construction in Progress & Improvements	85,607
Total	95,529
Accumulated Depreciation	61,955
Total real estate, net	33,574	35,778
Encumbrances	$ 0
Current Communities | eaves Mission Ridge
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200
Initial Cost
Land and Improvements	$ 2,710
Building / Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition / Construction	16,894
Total Cost
Land and Improvements	2,710
Building / Construction in Progress & Improvements	27,818
Total	30,528
Accumulated Depreciation	22,093
Total real estate, net	8,435	8,784
Encumbrances	$ 0
Current Communities | eaves San Marcos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	184
Initial Cost
Land and Improvements	$ 3,277
Building / Construction in Progress & Improvements	13,385
Costs Subsequent to Acquisition / Construction	9,605
Total Cost
Land and Improvements	3,277
Building / Construction in Progress & Improvements	22,990
Total	26,267
Accumulated Depreciation	9,254
Total real estate, net	17,013	15,757
Encumbrances	$ 0
Current Communities | eaves Rancho Penasquitos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 6,692
Building / Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition / Construction	13,603
Total Cost
Land and Improvements	6,692
Building / Construction in Progress & Improvements	40,746
Total	47,438
Accumulated Depreciation	19,603
Total real estate, net	27,835	29,195
Encumbrances	$ 0
Current Communities | Avalon Vista
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221
Initial Cost
Land and Improvements	$ 12,689
Building / Construction in Progress & Improvements	43,328
Costs Subsequent to Acquisition / Construction	1,268
Total Cost
Land and Improvements	12,689
Building / Construction in Progress & Improvements	44,596
Total	57,285
Accumulated Depreciation	15,502
Total real estate, net	41,783	43,039
Encumbrances	$ 0
Current Communities | eaves La Mesa
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168
Initial Cost
Land and Improvements	$ 9,490
Building / Construction in Progress & Improvements	29,412
Costs Subsequent to Acquisition / Construction	5,020
Total Cost
Land and Improvements	9,490
Building / Construction in Progress & Improvements	34,432
Total	43,922
Accumulated Depreciation	18,022
Total real estate, net	25,900	26,452
Encumbrances	$ 0
Current Communities | Avalon La Jolla Colony
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 16,760
Building / Construction in Progress & Improvements	29,234
Costs Subsequent to Acquisition / Construction	11,233
Total Cost
Land and Improvements	16,760
Building / Construction in Progress & Improvements	40,467
Total	57,227
Accumulated Depreciation	19,117
Total real estate, net	38,110	39,520
Encumbrances	$ 0
Current Communities | Avalon South End
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265
Initial Cost
Land and Improvements	$ 13,723
Building / Construction in Progress & Improvements	90,017
Costs Subsequent to Acquisition / Construction	4,019
Total Cost
Land and Improvements	13,723
Building / Construction in Progress & Improvements	94,036
Total	107,759
Accumulated Depreciation	15,261
Total real estate, net	92,498	95,961
Encumbrances	$ 0
Current Communities | AVA South End
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	164
Initial Cost
Land and Improvements	$ 9,367
Building / Construction in Progress & Improvements	45,277
Costs Subsequent to Acquisition / Construction	2,441
Total Cost
Land and Improvements	9,367
Building / Construction in Progress & Improvements	47,718
Total	57,085
Accumulated Depreciation	6,801
Total real estate, net	50,284	51,367
Encumbrances	$ 0
Current Communities | Avalon Hawk
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	71
Initial Cost
Land and Improvements	$ 2,564
Building / Construction in Progress & Improvements	44,255
Costs Subsequent to Acquisition / Construction	3
Total Cost
Land and Improvements	2,564
Building / Construction in Progress & Improvements	44,258
Total	46,822
Accumulated Depreciation	5,443
Total real estate, net	41,379	43,118
Encumbrances	$ 0
Current Communities | Avalon Highland Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	260
Initial Cost
Land and Improvements	$ 4,586
Building / Construction in Progress & Improvements	73,014
Costs Subsequent to Acquisition / Construction	157
Total Cost
Land and Improvements	4,586
Building / Construction in Progress & Improvements	73,171
Total	77,757
Accumulated Depreciation	9,086
Total real estate, net	68,671	71,893
Encumbrances	$ 0
Current Communities | Avalon Lakeside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	425
Initial Cost
Land and Improvements	$ 15,073
Building / Construction in Progress & Improvements	102,992
Costs Subsequent to Acquisition / Construction	533
Total Cost
Land and Improvements	15,073
Building / Construction in Progress & Improvements	103,525
Total	118,598
Accumulated Depreciation	19,021
Total real estate, net	99,577	103,640
Encumbrances	$ 0
Current Communities | Avalon Addison
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	196
Initial Cost
Land and Improvements	$ 11,174
Building / Construction in Progress & Improvements	59,132
Costs Subsequent to Acquisition / Construction	615
Total Cost
Land and Improvements	11,174
Building / Construction in Progress & Improvements	59,747
Total	70,921
Accumulated Depreciation	7,395
Total real estate, net	63,526	65,262
Encumbrances	$ 0
New England
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	9,134
Initial Cost
Land and Improvements	$ 376,067
Building / Construction in Progress & Improvements	1,966,618
Costs Subsequent to Acquisition / Construction	450,043
Total Cost
Land and Improvements	376,067
Building / Construction in Progress & Improvements	2,416,661
Total	2,792,728
Accumulated Depreciation	983,650
Total real estate, net	1,809,078	1,878,074
Encumbrances	$ 45,000
New York City, NY
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,788
Initial Cost
Land and Improvements	$ 528,710
Building / Construction in Progress & Improvements	1,301,326
Costs Subsequent to Acquisition / Construction	117,163
Total Cost
Land and Improvements	528,710
Building / Construction in Progress & Improvements	1,418,489
Total	1,947,199
Accumulated Depreciation	621,672
Total real estate, net	1,325,527	1,366,024
Encumbrances	$ 300,700
New York - Suburban
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,563
Initial Cost
Land and Improvements	$ 227,477
Building / Construction in Progress & Improvements	781,800
Costs Subsequent to Acquisition / Construction	82,002
Total Cost
Land and Improvements	227,477
Building / Construction in Progress & Improvements	863,802
Total	1,091,279
Accumulated Depreciation	362,384
Total real estate, net	728,895	749,403
Encumbrances	$ 0
New Jersey
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	5,189
Initial Cost
Land and Improvements	$ 220,994
Building / Construction in Progress & Improvements	1,000,642
Costs Subsequent to Acquisition / Construction	133,171
Total Cost
Land and Improvements	220,994
Building / Construction in Progress & Improvements	1,133,813
Total	1,354,807
Accumulated Depreciation	457,824
Total real estate, net	896,983	929,058
Encumbrances	$ 0
Metro NY/NJ
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	12,540
Initial Cost
Land and Improvements	$ 977,181
Building / Construction in Progress & Improvements	3,083,768
Costs Subsequent to Acquisition / Construction	332,336
Total Cost
Land and Improvements	977,181
Building / Construction in Progress & Improvements	3,416,104
Total	4,393,285
Accumulated Depreciation	1,441,880
Total real estate, net	2,951,405	3,044,485
Encumbrances	$ 300,700
Mid Atlantic
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	14,482
Initial Cost
Land and Improvements	$ 715,937
Building / Construction in Progress & Improvements	2,689,687
Costs Subsequent to Acquisition / Construction	374,570
Total Cost
Land and Improvements	715,937
Building / Construction in Progress & Improvements	3,064,257
Total	3,780,194
Accumulated Depreciation	1,289,611
Total real estate, net	2,490,583	2,563,729
Encumbrances	$ 32,200
Southeast Florida
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	2,837
Initial Cost
Land and Improvements	$ 169,177
Building / Construction in Progress & Improvements	919,007
Costs Subsequent to Acquisition / Construction	14,109
Total Cost
Land and Improvements	169,177
Building / Construction in Progress & Improvements	933,116
Total	1,102,293
Accumulated Depreciation	187,740
Total real estate, net	914,553	947,396
Encumbrances	$ 0
Denver, CO
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,539
Initial Cost
Land and Improvements	$ 48,678
Building / Construction in Progress & Improvements	452,932
Costs Subsequent to Acquisition / Construction	5,126
Total Cost
Land and Improvements	48,678
Building / Construction in Progress & Improvements	458,058
Total	506,736
Accumulated Depreciation	104,153
Total real estate, net	402,583	417,170
Encumbrances	$ 0
Seattle, WA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	5,109
Initial Cost
Land and Improvements	$ 205,038
Building / Construction in Progress & Improvements	1,168,007
Costs Subsequent to Acquisition / Construction	96,545
Total Cost
Land and Improvements	205,038
Building / Construction in Progress & Improvements	1,264,552
Total	1,469,590
Accumulated Depreciation	476,259
Total real estate, net	993,331	1,030,790
Encumbrances	$ 0
San Jose, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,727
Initial Cost
Land and Improvements	$ 297,065
Building / Construction in Progress & Improvements	782,196
Costs Subsequent to Acquisition / Construction	186,317
Total Cost
Land and Improvements	297,065
Building / Construction in Progress & Improvements	968,513
Total	1,265,578
Accumulated Depreciation	619,098
Total real estate, net	646,480	676,556
Encumbrances	$ 0
Oakland - East Bay, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,244
Initial Cost
Land and Improvements	$ 163,492
Building / Construction in Progress & Improvements	981,993
Costs Subsequent to Acquisition / Construction	184,874
Total Cost
Land and Improvements	163,492
Building / Construction in Progress & Improvements	1,166,867
Total	1,330,359
Accumulated Depreciation	507,687
Total real estate, net	822,672	838,440
Encumbrances	$ 4,681
San Francisco, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,074
Initial Cost
Land and Improvements	$ 225,456
Building / Construction in Progress & Improvements	890,094
Costs Subsequent to Acquisition / Construction	88,185
Total Cost
Land and Improvements	225,456
Building / Construction in Progress & Improvements	978,279
Total	1,203,735
Accumulated Depreciation	473,201
Total real estate, net	730,534	756,795
Encumbrances	$ 106,250
Northern California
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	12,045
Initial Cost
Land and Improvements	$ 686,013
Building / Construction in Progress & Improvements	2,654,283
Costs Subsequent to Acquisition / Construction	459,376
Total Cost
Land and Improvements	686,013
Building / Construction in Progress & Improvements	3,113,659
Total	3,799,672
Accumulated Depreciation	1,599,986
Total real estate, net	2,199,686	2,271,791
Encumbrances	$ 110,931
Los Angeles, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	12,000
Initial Cost
Land and Improvements	$ 806,973
Building / Construction in Progress & Improvements	2,275,192
Costs Subsequent to Acquisition / Construction	563,606
Total Cost
Land and Improvements	806,973
Building / Construction in Progress & Improvements	2,838,798
Total	3,645,771
Accumulated Depreciation	1,225,117
Total real estate, net	2,420,654	2,475,704
Encumbrances	$ 183,150
Orange County, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,024
Initial Cost
Land and Improvements	$ 214,213
Building / Construction in Progress & Improvements	767,533
Costs Subsequent to Acquisition / Construction	122,239
Total Cost
Land and Improvements	214,213
Building / Construction in Progress & Improvements	889,772
Total	1,103,985
Accumulated Depreciation	334,289
Total real estate, net	769,696	796,095
Encumbrances	$ 0
San Diego, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,767
Initial Cost
Land and Improvements	$ 61,540
Building / Construction in Progress & Improvements	194,006
Costs Subsequent to Acquisition / Construction	102,650
Total Cost
Land and Improvements	61,540
Building / Construction in Progress & Improvements	296,656
Total	358,196
Accumulated Depreciation	165,546
Total real estate, net	192,650	198,525
Encumbrances	$ 0
Southern California
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	17,791
Initial Cost
Land and Improvements	$ 1,082,726
Building / Construction in Progress & Improvements	3,236,731
Costs Subsequent to Acquisition / Construction	788,495
Total Cost
Land and Improvements	1,082,726
Building / Construction in Progress & Improvements	4,025,226
Total	5,107,952
Accumulated Depreciation	1,724,952
Total real estate, net	3,383,000	3,470,324
Encumbrances	$ 183,150
North Carolina
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	760
Initial Cost
Land and Improvements	$ 30,240
Building / Construction in Progress & Improvements	252,563
Costs Subsequent to Acquisition / Construction	6,620
Total Cost
Land and Improvements	30,240
Building / Construction in Progress & Improvements	259,183
Total	289,423
Accumulated Depreciation	36,591
Total real estate, net	252,832	262,339
Encumbrances	$ 0
Texas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	621
Initial Cost
Land and Improvements	$ 26,247
Building / Construction in Progress & Improvements	162,124
Costs Subsequent to Acquisition / Construction	1,148
Total Cost
Land and Improvements	26,247
Building / Construction in Progress & Improvements	163,272
Total	189,519
Accumulated Depreciation	26,416
Total real estate, net	163,103	168,902
Encumbrances
Expansion Regions
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,381
Initial Cost
Land and Improvements	$ 56,487
Building / Construction in Progress & Improvements	414,687
Costs Subsequent to Acquisition / Construction	7,768
Total Cost
Land and Improvements	56,487
Building / Construction in Progress & Improvements	422,455
Total	478,942
Accumulated Depreciation	63,007
Total real estate, net	415,935	431,241
Encumbrances	$ 0
Same Store
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	76,858
Initial Cost
Land and Improvements	$ 4,317,304
Building / Construction in Progress & Improvements	16,585,720
Costs Subsequent to Acquisition / Construction	2,528,368
Total Cost
Land and Improvements	4,317,304
Building / Construction in Progress & Improvements	19,114,088
Total	23,431,392
Accumulated Depreciation	7,871,238
Total real estate, net	15,560,154	16,055,000
Encumbrances	$ 671,981
Other Stabilized Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,478
Initial Cost
Land and Improvements	$ 319,132
Building / Construction in Progress & Improvements	1,365,748
Costs Subsequent to Acquisition / Construction	62,386
Total Cost
Land and Improvements	319,132
Building / Construction in Progress & Improvements	1,428,134
Total	1,747,266
Accumulated Depreciation	217,909
Total real estate, net	1,529,357	1,110,436
Encumbrances	$ 62,448
Other Stabilized Communities | AVA Balboa Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	100
Initial Cost
Land and Improvements	$ 10,537
Building / Construction in Progress & Improvements	40,644
Costs Subsequent to Acquisition / Construction	12
Total Cost
Land and Improvements	10,537
Building / Construction in Progress & Improvements	40,656
Total	51,193
Accumulated Depreciation	880
Total real estate, net	50,313	0
Encumbrances
Other Stabilized Communities | Avalon Cherry Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	306
Initial Cost
Land and Improvements	$ 9,798
Building / Construction in Progress & Improvements	85,418
Costs Subsequent to Acquisition / Construction	30
Total Cost
Land and Improvements	9,798
Building / Construction in Progress & Improvements	85,448
Total	95,246
Accumulated Depreciation	3,391
Total real estate, net	91,855	0
Encumbrances	$ 0
Other Stabilized Communities | Avalon Lowry
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	347
Initial Cost
Land and Improvements	$ 15,382
Building / Construction in Progress & Improvements	121,429
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	15,382
Building / Construction in Progress & Improvements	121,429
Total	136,811
Accumulated Depreciation	600
Total real estate, net	136,211	0
Encumbrances
Other Stabilized Communities | Avalon North Andover
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221
Initial Cost
Land and Improvements	$ 13,617
Building / Construction in Progress & Improvements	63,000
Costs Subsequent to Acquisition / Construction	1
Total Cost
Land and Improvements	13,617
Building / Construction in Progress & Improvements	63,001
Total	76,618
Accumulated Depreciation	4,733
Total real estate, net	71,885	73,317
Encumbrances	$ 0
Other Stabilized Communities | Avalon Brighton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 11,160
Building / Construction in Progress & Improvements	77,866
Costs Subsequent to Acquisition / Construction	335
Total Cost
Land and Improvements	11,160
Building / Construction in Progress & Improvements	78,201
Total	89,361
Accumulated Depreciation	5,214
Total real estate, net	84,147	86,355
Encumbrances	$ 0
Other Stabilized Communities | Avalon Mooresville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 3,770
Building / Construction in Progress & Improvements	48,939
Costs Subsequent to Acquisition / Construction	171
Total Cost
Land and Improvements	3,770
Building / Construction in Progress & Improvements	49,110
Total	52,880
Accumulated Depreciation	3,392
Total real estate, net	49,488	51,437
Encumbrances	$ 0
Other Stabilized Communities | Avalon Perimeter Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	262
Initial Cost
Land and Improvements	$ 11,533
Building / Construction in Progress & Improvements	55,411
Costs Subsequent to Acquisition / Construction	26
Total Cost
Land and Improvements	11,533
Building / Construction in Progress & Improvements	55,437
Total	66,970
Accumulated Depreciation	2,484
Total real estate, net	64,486	0
Encumbrances	$ 0
Other Stabilized Communities | Avalon Somerville Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	374
Initial Cost
Land and Improvements	$ 16,663
Building / Construction in Progress & Improvements	98,452
Costs Subsequent to Acquisition / Construction	356
Total Cost
Land and Improvements	16,663
Building / Construction in Progress & Improvements	98,808
Total	115,471
Accumulated Depreciation	8,702
Total real estate, net	106,769	109,877
Encumbrances	0
Other Stabilized Communities | The Park Loggia Commercial
Initial Cost
Land and Improvements	77,393
Building / Construction in Progress & Improvements	76,410
Costs Subsequent to Acquisition / Construction	10,558
Total Cost
Land and Improvements	77,393
Building / Construction in Progress & Improvements	86,968
Total	164,361
Accumulated Depreciation	16,194
Total real estate, net	148,167	151,200
Encumbrances	$ 0
Other Stabilized Communities | Avalon Harrison
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	143
Initial Cost
Land and Improvements	$ 14,380
Building / Construction in Progress & Improvements	75,858
Costs Subsequent to Acquisition / Construction	565
Total Cost
Land and Improvements	14,380
Building / Construction in Progress & Improvements	76,423
Total	90,803
Accumulated Depreciation	7,560
Total real estate, net	83,243	85,632
Encumbrances	$ 0
Other Stabilized Communities | Avalon Harbor Isle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	172
Initial Cost
Land and Improvements	$ 18,751
Building / Construction in Progress & Improvements	76,479
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	18,751
Building / Construction in Progress & Improvements	76,479
Total	95,230
Accumulated Depreciation	6,763
Total real estate, net	88,467	87,814
Encumbrances	$ 0
Other Stabilized Communities | Avalon Frisco at Main
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 11,919
Building / Construction in Progress & Improvements	71,954
Costs Subsequent to Acquisition / Construction	802
Total Cost
Land and Improvements	11,919
Building / Construction in Progress & Improvements	72,756
Total	84,675
Accumulated Depreciation	7,213
Total real estate, net	77,462	80,364
Encumbrances	$ 0
Other Stabilized Communities | Avalon West Plano
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	568
Initial Cost
Land and Improvements	$ 14,100
Building / Construction in Progress & Improvements	123,693
Costs Subsequent to Acquisition / Construction	908
Total Cost
Land and Improvements	14,100
Building / Construction in Progress & Improvements	124,601
Total	138,701
Accumulated Depreciation	14,001
Total real estate, net	124,700	132,876
Encumbrances	$ 62,448
Other Stabilized Communities | Avalon at Pier 121
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 8,418
Building / Construction in Progress & Improvements	54,048
Costs Subsequent to Acquisition / Construction	76
Total Cost
Land and Improvements	8,418
Building / Construction in Progress & Improvements	54,124
Total	62,542
Accumulated Depreciation	3,170
Total real estate, net	59,372
Encumbrances	$ 0
Other Stabilized Communities | Avalon Townhomes at Bee Cave
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	126
Initial Cost
Land and Improvements	$ 7,955
Building / Construction in Progress & Improvements	41,282
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	7,955
Building / Construction in Progress & Improvements	41,282
Total	49,237
Accumulated Depreciation	489
Total real estate, net	48,748
Encumbrances	$ 0
Other Stabilized Communities | AVA Ballston Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	714
Initial Cost
Land and Improvements	$ 71,640
Building / Construction in Progress & Improvements	240,201
Costs Subsequent to Acquisition / Construction	40,066
Total Cost
Land and Improvements	71,640
Building / Construction in Progress & Improvements	280,267
Total	351,907
Accumulated Depreciation	114,814
Total real estate, net	237,093	243,879
Encumbrances	$ 0
Other Stabilized Communities | Avalon Wilton on River Rd
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	102
Initial Cost
Land and Improvements	$ 2,116
Building / Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition / Construction	8,480
Total Cost
Land and Improvements	2,116
Building / Construction in Progress & Improvements	23,144
Total	25,260
Accumulated Depreciation	18,309
Total real estate, net	6,951	7,685
Encumbrances	$ 0
Development Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	9,460
Initial Cost
Land and Improvements	$ 200,647
Building / Construction in Progress & Improvements	2,281,033
Costs Subsequent to Acquisition / Construction	335
Total Cost
Land and Improvements	200,647
Building / Construction in Progress & Improvements	2,281,368
Total	2,482,015
Accumulated Depreciation	36,844
Total real estate, net	2,445,171	1,593,800
Encumbrances	$ 0
Development Communities | Avalon West Dublin
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	499
Initial Cost
Land and Improvements	$ 39,070
Building / Construction in Progress & Improvements	221,025
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	39,070
Building / Construction in Progress & Improvements	221,025
Total	260,095
Accumulated Depreciation	6,236
Total real estate, net	253,859	239,840
Encumbrances	$ 0
Development Communities | Avalon Pleasanton - Phase 1
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	82
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	20,275
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	20,275
Total	20,275
Accumulated Depreciation	0
Total real estate, net	20,275
Encumbrances	$ 0
Development Communities | Kanso Hillcrest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	182
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	15,807
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	15,807
Total	15,807
Accumulated Depreciation	0
Total real estate, net	15,807
Encumbrances
Development Communities | Avalon Westminster Promenade
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312
Initial Cost
Land and Improvements	$ 6,282
Building / Construction in Progress & Improvements	107,568
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	6,282
Building / Construction in Progress & Improvements	107,568
Total	113,850
Accumulated Depreciation	1,131
Total real estate, net	112,719	91,833
Encumbrances	$ 0
Development Communities | Avalon Governor's Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	304
Initial Cost
Land and Improvements	$ 10,298
Building / Construction in Progress & Improvements	125,111
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	10,298
Building / Construction in Progress & Improvements	125,111
Total	135,409
Accumulated Depreciation	645
Total real estate, net	134,764	106,898
Encumbrances	$ 0
Development Communities | Avalon Merrick Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	254
Initial Cost
Land and Improvements	$ 23,779
Building / Construction in Progress & Improvements	79,155
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	23,779
Building / Construction in Progress & Improvements	79,155
Total	102,934
Accumulated Depreciation	4,829
Total real estate, net	98,105	93,451
Encumbrances	$ 0
Development Communities | Avalon South Miami
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	126,402
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	126,402
Total	126,402
Accumulated Depreciation	0
Total real estate, net	126,402	43,909
Encumbrances	$ 0
Development Communities | Kanso Milford
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	162
Initial Cost
Land and Improvements	$ 14,361
Building / Construction in Progress & Improvements	47,357
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	14,361
Building / Construction in Progress & Improvements	47,357
Total	61,718
Accumulated Depreciation	1,008
Total real estate, net	60,710	38,557
Encumbrances	$ 0
Development Communities | Avalon Quincy Adams
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	38,834
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	38,834
Total	38,834
Accumulated Depreciation	0
Total real estate, net	38,834
Encumbrances	$ 0
Development Communities | Avalon Annapolis
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	508
Initial Cost
Land and Improvements	$ 13,195
Building / Construction in Progress & Improvements	160,461
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	13,195
Building / Construction in Progress & Improvements	160,461
Total	173,656
Accumulated Depreciation	372
Total real estate, net	173,284	115,599
Encumbrances	$ 0
Development Communities | Avalon Hunt Valley West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	322
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	79,435
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	79,435
Total	79,435
Accumulated Depreciation	0
Total real estate, net	79,435	29,616
Encumbrances	$ 0
Development Communities | AVA Brewers Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	418
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	23,182
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	23,182
Total	23,182
Accumulated Depreciation	0
Total real estate, net	23,182
Encumbrances	$ 0
Development Communities | Avalon Durham
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336
Initial Cost
Land and Improvements	$ 17,329
Building / Construction in Progress & Improvements	99,764
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	17,329
Building / Construction in Progress & Improvements	99,764
Total	117,093
Accumulated Depreciation	1,436
Total real estate, net	115,657	80,784
Encumbrances	$ 0
Development Communities | Avalon Lake Norman
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	345
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	59,909
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	59,909
Total	59,909
Accumulated Depreciation	0
Total real estate, net	59,909	20,233
Encumbrances	$ 0
Development Communities | Avalon Carmel
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	29,299
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	29,299
Total	29,299
Accumulated Depreciation	0
Total real estate, net	29,299
Encumbrances	$ 0
Development Communities | Avalon Oakridge I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	459
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	25,229
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	25,229
Total	25,229
Accumulated Depreciation	0
Total real estate, net	25,229
Encumbrances	$ 0
Development Communities | Avalon W Squared at Princeton Junction
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	535
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	118,103
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	118,103
Total	118,103
Accumulated Depreciation	0
Total real estate, net	118,103	50,414
Encumbrances	$ 0
Development Communities | Avalon Princeton on Harrison
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	68,584
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	68,584
Total	68,584
Accumulated Depreciation	0
Total real estate, net	68,584	25,615
Encumbrances	$ 0
Development Communities | Avalon Wayne
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	473
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	73,596
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	73,596
Total	73,596
Accumulated Depreciation	0
Total real estate, net	73,596	23,811
Encumbrances	$ 0
Development Communities | Avalon Parsippany
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	410
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	61,470
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	61,470
Total	61,470
Accumulated Depreciation	0
Total real estate, net	61,470	17,012
Encumbrances	$ 0
Development Communities | Avalon Roseland II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	533
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	65,048
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	65,048
Total	65,048
Accumulated Depreciation	0
Total real estate, net	65,048
Encumbrances	$ 0
Development Communities | Avalon Montville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	349
Initial Cost
Land and Improvements	$ 8,463
Building / Construction in Progress & Improvements	116,478
Costs Subsequent to Acquisition / Construction	22
Total Cost
Land and Improvements	8,463
Building / Construction in Progress & Improvements	116,500
Total	124,963
Accumulated Depreciation	3,780
Total real estate, net	121,183	110,858
Encumbrances	$ 0
Development Communities | Avalon Princeton Circle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221
Initial Cost
Land and Improvements	$ 11,705
Building / Construction in Progress & Improvements	75,606
Costs Subsequent to Acquisition / Construction	55
Total Cost
Land and Improvements	11,705
Building / Construction in Progress & Improvements	75,661
Total	87,366
Accumulated Depreciation	3,770
Total real estate, net	83,596	84,482
Encumbrances	$ 0
Development Communities | Avalon Amityville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338
Initial Cost
Land and Improvements	$ 22,463
Building / Construction in Progress & Improvements	113,328
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	22,463
Building / Construction in Progress & Improvements	113,328
Total	135,791
Accumulated Depreciation	4,368
Total real estate, net	131,423	122,575
Encumbrances	$ 0
Development Communities | Avalon Plano
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	155
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	14,502
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	14,502
Total	14,502
Accumulated Depreciation	0
Total real estate, net	14,502
Encumbrances	$ 0
Development Communities | Avalon Tech Ridge I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	444
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	29,142
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	0
Building / Construction in Progress & Improvements	29,142
Total	29,142
Accumulated Depreciation	0
Total real estate, net	29,142
Encumbrances	$ 0
Development Communities | Avalon Bothell Commons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	467
Initial Cost
Land and Improvements	$ 26,699
Building / Construction in Progress & Improvements	205,180
Costs Subsequent to Acquisition / Construction	155
Total Cost
Land and Improvements	26,699
Building / Construction in Progress & Improvements	205,335
Total	232,034
Accumulated Depreciation	6,826
Total real estate, net	225,208	216,782
Encumbrances	$ 0
Development Communities | Avalon Redmond Campus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	214
Initial Cost
Land and Improvements	$ 7,003
Building / Construction in Progress & Improvements	81,183
Costs Subsequent to Acquisition / Construction	103
Total Cost
Land and Improvements	7,003
Building / Construction in Progress & Improvements	81,286
Total	88,289
Accumulated Depreciation	2,443
Total real estate, net	85,846	81,531
Encumbrances	0
Land Held for Development
Initial Cost
Land and Improvements	151,922
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	151,922
Building / Construction in Progress & Improvements	0
Total	151,922
Accumulated Depreciation	0
Total real estate, net	151,922	199,062
Encumbrances	0
Corporate Overhead
Initial Cost
Land and Improvements	53,179
Building / Construction in Progress & Improvements	13,305
Costs Subsequent to Acquisition / Construction	70,703
Total Cost
Land and Improvements	53,179
Building / Construction in Progress & Improvements	84,008
Total	137,187
Accumulated Depreciation	56,729
Total real estate, net	80,458	36,563
Encumbrances	$ 7,400,000
Wholly owned properties
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	90,796
2024 Disposals
Total Cost
Total real estate, net		$ 348,010
Unsecured notes
Total Cost
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 41,216
Secured notes
Total Cost
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 15,964