Significant Transactions

6 Months Ended

Jun. 30, 2019

Significant Transactions [Abstract]

Significant Transactions

Note 3 — Significant Transactions

Acquisitions of Apartment Communities

During the six months ended June 30, 2019, we acquired an apartment community located in Ardmore, Pennsylvania, a suburb of Philadelphia. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):

Number of apartment homes		110
Purchase price (1)	$	66,725
Capitalized transaction costs	$	892
Acquisition costs allocated to land	$	4,929
Acquisition costs allocated to building and improvements	$	61,271

(1) The gross purchase price of the acquisition consisted of $32.8 million in cash, $30.9 million of assumed property-level debt and the issuance of 59,761 OP Units. In accordance with GAAP, the OP Units were valued at $50.77 per unit, the Aimco Common Stock closing price on April 5, 2019, the purchase date.

Dispositions of Apartment Communities

During the six months ended June 30, 2019, we sold apartment communities as summarized below (dollars in thousands):

Apartment communities sold		8
Apartment homes sold		2,605
Gain on dispositions of real estate	$	355,783

The apartment communities sold were predominantly located outside of our primary markets or in lower-rated locations within our primary markets and had average revenues per apartment home significantly below those of our retained portfolio.

In addition to the apartment communities we sold during the current period, from time to time we may be marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of June 30, 2019, no apartment communities were classified as held for sale.