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Company Description (as filed with the SEC)
The Company had a successful year and continues to benefit from the favorable conditions in the multifamily markets. During 2014, the Company continued to implement its strategy to upgrade the quality of the portfolio and successfully sold ten assets and acquired three multifamily apartment communities. The Company also entered into a new joint venture and started the construction of the Aura Prestonwood development project and closed on a construction loan and commenced the construction of the Walnut Creek development project. The ten multifamily apartment communities were sold for gross sales price of $251.5 million. The net sale proceeds of seven of those ten multifamily apartment communities were used to acquire four replacement properties through like kind exchanges under Section 1031 of the Internal Revenue Code. ... More ...