Next, in early April, we announced the disposition and pending disposition of 21 unlevered non-core communities, comprising 6,500 homes in six markets for growth proceeds for $610 million. With these sales, we continue to process the cycling out of lower rent properties. Income per occupied home for this disposition averaged roughly $950 per month as of March 31, significantly below our portfolio average of $1,435 per home.
Pricing on the sales met expectations with an average four and 12-month economic cap rate of roughly 6.25%. Once all the transactions are completed, our average portfolio income per occupied home is projected to increase to nearly $1,500 per month. In addition, we will have exceeded our previously announced disposition guidance for the year and we will have exited Fredericksburg, Virginia, Phoenix, Arizona, and Jacksonville, Florida markets.
Our ongoing portfolio repositioning involves two components, improving our market mix and urbanizing our portfolio in our core markets. When our planned dispositions close in the second quarter, we will have sold roughly 35% to 40% of our non-core communities necessary to complete our portfolio repositioning effort. Urbanizing our portfolio in our core markets will take place through normal capital recycling.
Our development and redevelopment pipeline totaled $1.2 billion that at the end of the quarter, a third of which has been funded to date. These communities are primarily located in urban areas of gateway markets that we expect to generate better long-term growth.With the majority of our current development and redevelopment pipeline reaching completion in 2012 or 2013, we are well positioned to capitalize on the strong multi-family demand fundamentals and limited new supply, evident in our target core markets. Regarding the overall acquisition environment, we continue to underwrite opportunities in our core markets, but the landscape remains highly competitive. With that said, we formed our second joint venture with MetLife in early January. The $1.3 billion venture consists of 12 operating communities, which is owned 50% by each partner. Seven of the 12 communities were contributed from our first joint venture with MetLife, while the remaining five collectively known as Columbus Square were purchased for $630 million when the JV was formed. We will continue to explore how best to expand this relationship over time. Read the rest of this transcript for free on seekingalpha.com
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