Quarterly report pursuant to Section 13 or 15(d)

Multifamily Developmental Activity

Multifamily Developmental Activity
9 Months Ended
Sep. 30, 2021
Multifamily Developmental Activity [Abstract]  
Multifamily Developmental Activity 4. Multifamily developmental activity In August 2020, the Company entered into the Brentford Joint Venture with the JV Partner for the purpose of developing Brentford at The Mile, a planned 411-unit multifamily apartment complex. Under the Brentford Joint Venture agreement, the Company has a 98.2% controlling interest and is the managing member with the JV Partner holding the remaining 1.8% limited partnership interest. We contributed a parcel of land to the Brentford Joint Venture (the “Brentford Parcel”) at a value of $18.5 million, for which we received equity contribution credit in the Brentford Joint Venture. Our cost basis in the Brentford Parcel was $5.1 million as of September 30, 2021. Construction of Brentford at The Mile commenced in August 2020 and is anticipated to be completed over a period of 24 to 36 months. As of September 30, 2021, the development cost incurred was $41.4 million, which is reflected in land and building held for development, net on our consolidated balance sheets along with our $5.1 million cost basis in the Brentford Parcel. As of September 30, 2021, we have contractual construction commitments totaling $51.0 million that will be paid to various contractors as the project is completed.