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Investments In Real Estate
 12 Months Ended
Dec. 31, 2011
Investments In Real Estate [Abstract]  
Investments In Real Estate

NOTE 3: Investments in Real Estate

As of December 31, 2011, our investments in real estate consisted of seven multifamily real estate properties with 1,812 units. The table below summarizes our investments in real estate:

 

 

         

Land

    $ 27,089   

Building

      109,072   

Furniture, fixtures and equipment

      1,267   
    

 

 

  

Total investment in real estate

      137,428   

Accumulated depreciation

      (9,304 ) 
    

 

 

  

Investments in real estate, net

    $ 128,124   
    

 

 

  

Acquisitions

On April 29, 2011, we, through our operating partnership, acquired six multifamily properties, which we refer to as the initial portfolio, from six wholly-owned subsidiaries of our sponsor. The contribution value of the initial portfolio was $103,790. In connection with the acquisition of the initial portfolio, our operating partnership assumed $64,575 of mortgage indebtedness and issued $39,215 of limited partnership interests, or 3,921,500 limited partner units, to our sponsor. In addition, our sponsor purchased an additional 125,000 limited partner units for $1,250 in cash on April 29, 2011. Because, we are wholly owned by our sponsor and under common control, the assets and liabilities of the initial portfolio were recorded at our sponsor's carrying amount, or book value, at the time of contribution, pursuant to Staff Accounting Bulletin Topic 5G and ASC 805-50-30-5.

On December 16, 2011, we entered into a purchase and sale agreement with a wholly owned subsidiary of our sponsor, pursuant to which we purchased a 320-unit multi-family property, which we refer to as Centrepoint Apartments, located in Tucson, Arizona from our sponsor for a purchase price of $29,500. We obtained a $17,600 first mortgage on Centrepoint Apartments and issued $12,282 of limited partnership interests, or 12,282,000 limited partnership units, in our operating partnership. Because, we are wholly owned by our sponsor, the assets and liabilities of the property were recorded at our sponsor's carrying amount at the time of acquisition, pursuant to Staff Accounting Bulletin Topic 5G and ASC 805-50-30-5.

The following table summarizes the aggregate carrying value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2011, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.

 

         

Description

    Carrying Amount  

Assets acquired:

         

Investments in real estate, net

    $ 128,124   

Liabilities assumed:

         

Mortgage indebtedness

      (82,175 ) 
    

 

 

  

Carrying amount of net assets acquired

    $ 45,949   
    

 

 

  

 

Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisitions occurred on January 1, 2011. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:

 

                 

Description

    For the
Year Ended
December 31, 2011		     For the
Year Ended
December 31, 2010		  

Total revenue, as reported

    $ 8,668      $ 5   

Pro forma revenue

      15,222        15,227   

Net income (loss) allocable to common shares, as reported

      (112 )      4   

Pro forma net income (loss) allocable to common shares

      (112 )      4