We are pleased to report that in just over four months since our transformation announcement, we have already deployed or tied up over 55% of our $450 million target.
We have deployed or under binding contract to deploy approximately $154 million and we have been awarded another $97 million that is moving toward a binding contract.
We closed our first Southeastern multifamily acquisition, The Oxford, on August 10th for $48 million.
We have three additional acquisitions in process, including two communities that are under binding contracts of $106 million and the $97 million property that is moving toward the binding contract.
Our first acquisition, The Oxford, is a 240 unit garden-style community in the city of Conyers, Georgia.
The area is primarily comprised of family households who want the benefits of living in the suburbs, combined with connectivity with downtown, midtown and the South Atlanta business districts, along with the proximity to local employment nodes, including the Interstate 20 corridor, which is experiencing significant investment as employers expand into the area.
The Oxford was built in 1999 and over the past five years same-store rent growth for the submarkets 1999 product has outperformed the average for all 90s vintage apartments in the Atlanta market and significantly outperformed the overall Atlanta market rent growth for all apartments.
Over the past three years, the submarket has widened its outperformance versus the region's 90s vintage rent growth by over 3%.
The Oxford has performed very well during the first two-and-a- half months we've operated it, with very strong new lease rate growth of 25% during September and increasing to 26% in October.
We acquired The Oxford at a cap rate of 4.7% and we expect an NOI growth rate that will be very high for the next three years.
Year-over-year effect of rents for Atlanta, Raleigh/Durham and Charlotte grew by 19.8%, 19% and 17.6% respectively in September as reported by RealPage.
New lease trade outs were even stronger, averaging 22.7% across the three markets and a 580 basis point inflection between June and September.
Reported first quarter annual demand had already exceeded the five-year average in each target market, yet it climbed over 23% higher from the first and the third quarters.
Raleigh/Durham posted a second quarter annual demand at 142% of its five-year average, while Charlotte and Atlanta second quarter annual demand topped 162% and 161% of their five-year averages respectively.
We remain in active negotiations, pursuing additional opportunities and would like to tie up another $200 million in multifamily assets that we expect can now be completed by early 2022.
Year-over-year effective rents climbed 640 basis points from June to September.
Suburban Virginia's performance followed a similar pattern, but with even stronger growth with year-over-year effective rent growth accelerating to 9.7% in September.
Our DC portfolio is positioned well with 80% of our portfolio in Northern Virginia where the rapidly expanding consumer technology sector continues to drive job and income growth.
New lease rate growth was 9% for leases signed in September and 11% for leases signed thus far in October on an effective basis.
On the renewal side there has been very strong demand and the renewal lease rate growth was over 6% for September renewals and over 7% for October renewals on an effective basis.
Total concessions for September move-ins declined over 95% compared to June move-ins driven by both a decline in the number of new leases with concessions and a decline in the average concession amount per lease.
The percentage of new leases with concessions declined from an average level of 60% during the first half of the year to only 9% of new leases for September move-ins.
The average concession value for new leases where concessions were granted, declined by 60% from $1300 for June move-ins to approximately $560 per home for September move-ins.
Same-store average occupancy grew 40 basis points in October, compared to the third quarter.
Blended lease rate growth was 7% for leases signed in September and over 8% for leases signed in October on an effective basis which represents a significant increase in the third quarter average.
For move-ins that took place during the third quarter, blended lease rate growth was 3.5% on average on an effective basis, representing a 620 basis point increase from the second quarter.
Specifically, the average effective rent for new leases in the third quarter was above the same month in 2019 for 17 of our 21 same-store properties.
In fact, new leases for our suburban portfolio were 10% above the 2019 level on average in the third quarter, highlighting how well our suburban properties performed during the pandemic.
Our ability to capture this embedded growth will be slower during the winter months, as less than 25% of our leases expire between November and December.
Trove lease-up momentum continues and it is now over 85% occupied.
We expect Trove to be a key growth driver adding approximately $7 million of NOI in 2022 and $7.6 million of NOI in 2023.
We also continued to monitor demand levels at Riverside, where we have a shovel-ready opportunity to add 767 units which we put on hold when COVID hit.
We have a pipeline of approximately 2,700 units in our same-store portfolio.
Year-to-date we have fully renovated over 130 units and have invested capital in upgrading 110 additional units.
We expect to spend $3 million in our renovation program this year ramping up to approximately $7.50 million to $8 million next year for the current same-store portfolio.
And overall this adjustment has increased our NOI margin by 300 to 400 basis points.
All of these adjustments are described in detail on page 14 of the third quarter earnings package.
Net income for the third quarter of 2021 was approximately $31 million or $0.37 per diluted share compared to a net loss of $1 million or $0.01 per diluted share in the prior year.
Core FFO was $0.20 per diluted share reflecting a year-over-year decline of $0.16 due to the impact of our commercial asset sales.
Multifamily same-store NOI declined 40 basis points compared to the prior year driven by the impact of leases signed during the pandemic.
Excluding the impact of amortization related to concessions granted in prior periods same-store multifamily NOI increased 2% on a year-over-year basis during the third quarter.
We collected 99% of multifamily rents during the third quarter and received $400,000 of local government rent assistance from residents.
Year-to-date residents have received over $1.4 million of rental assistance.
Other NOI which represents Watergate 600 declined 4.9% in the third quarter compared to the prior year primarily due to higher taxes and payroll expenses and a favorable bad debt recovery in the prior year period.
Leasing activity at Watergate 600 has been steady, despite the challenging environment of the DC office market.
We signed an 8200 square foot new lease with a credit tenant during the quarter and two renewals and one expansion post quarter end.
Our percentage leased has increased to 92% and we have activity to allow us to create further value in the asset.
This one remaining office asset is an iconic building with Riverfront and monument views, high-quality institutional tenants and a weighted average lease term of eight years and we continue to see opportunity to create value by owning and leasing Watergate 600.
We are reinstating full year 2021 guidance with a core FFO range of $1.05 per share to $1.08 per share.
We estimate that our same-store multifamily portfolio will contribute between 90 and $90.5 million of NOI for the year.
At the midpoint this implies an approximate 4.5% multifamily growth rate for the fourth quarter compared to the prior year period.
Trove and The Oxford are expected to contribute between $3.75 million and $4.25 million of 2021 NOI.
Watergate 600 is expected to contribute approximately $12.75 million of NOI.
We completed the sale of the office portfolio on July 26th for gross proceeds of $766 million and completed the sale of retail portfolio on September 22nd for gross proceeds of $168.3 million.
As we've discussed, we entered into binding agreements to acquire two communities in the Atlanta market for $106 million and are moving toward an additional binding agreement for another property $97 million.
We redeemed all $300 million of senior unsecured notes that previously were scheduled to mature in 2022 on August 26 and repaid $150 million of amounts outstanding under the term loan maturing in 2023 on September 27.
We ended the quarter with a very low net debt to EBITDA ratio of 1.4 times.
And our equity versus debt ratio is expected to get close to 80% to 20% which will be very strong.
We currently have approximately $1 billion of liquidity including the full availability of our $700 million line of credit, which we further extended another four years this quarter.

Summary:
Core FFO was $0.20 per diluted share reflecting a year-over-year decline of $0.16 due to the impact of our commercial asset sales.
We are reinstating full year 2021 guidance with a core FFO range of $1.05 per share to $1.08 per share.