3.    REAL ESTATE TRANSACTIONS

 

On January 18, 2013, the Company acquired Alterra at Overlook Ridge 1A (“Alterra 1A”), a 310-unit multi-family rental property located in Revere, Massachusetts, for approximately $61.3 million in cash.  The purchase price for the property was funded primarily through borrowings  under the Company’s unsecured revolving credit facility.

 

The purchase price was allocated to the net assets acquired as follows (in thousands):

 

 

 

 

 

For the three months ended March 31, 2013, included in general and administrative expense was approximately $56,000 of transaction costs related to the Alterra 1A acquisition.

 

On April 4, 2013, the Company acquired Alterra at Overlook Ridge IB, a 412-unit multi-family property in Revere, Massachusetts, for approximately $88 million.  The Company funded the acquisition primarily through borrowings under the Company’s unsecured revolving credit facility.  

 

On April 10, 2013, the Company sold its 248,400 square foot office property located at 19 Skyline Drive in Hawthorne, New York for approximately $16 million.