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Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended
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Dec. 31, 2013
Schedule III - Real Estate and Accumulated Depreciation | Schedule III Real Estate and Accumulated Depreciation As of December 31, 2013 (Dollars in thousands)
Property Name |  |  |  |  |  | Initial Cost |  |  | Cost of Improvements, net of Retirements |  |  | Gross Carrying Amount |  |  | Accumulated Depreciation- |  |  | Encumbrances (Unpaid |  |  | Year of |  |  | Life of |
| Description |  | Location |  | Land |  |  | Building |  |  | Land |  |  | Building |  |  | Land(a) |  |  | Building(a) |  |  | Building |  |  | Principal) |  |  | Acquisition |  |  | Depreciation |
Crestmont |  | Apartment |  | Marietta, GA |  | $ | 3,254 |  |  | $ | 13,044 |  |  | $ | — |  |  | $ | 225 |  |  | $ | 3,254 |  |  | $ | 13,269 |  |  | $ | (2,129 | ) |  | $ | (6,698 | ) |  |  | 2011 |  |  |  | 40 |
Copper Mill |  | Apartment |  | Austin, TX |  |  | 3,472 |  |  |  | 13,958 |  |  |  | — |  |  |  | 346 |  |  |  | 3,472 |  |  |  | 14,304 |  |  |  | (2,326 | ) |  |  | (7,293 | ) |  |  | 2011 |  |  |  | 40 |
Cumberland |  | Apartment |  | Smyrna, GA |  |  | 3,100 |  |  |  | 13,166 |  |  |  | — |  |  |  | 308 |  |  |  | 3,100 |  |  |  | 13,474 |  |  |  | (2,180 | ) |  |  | (6,846 | ) |  |  | 2011 |  |  |  | 40 |
Heritage Trace |  | Apartment |  | Newport News, VA |  |  | 2,673 |  |  |  | 10,761 |  |  |  | — |  |  |  | 350 |  |  |  | 2,673 |  |  |  | 11,111 |  |  |  | (1,811 | ) |  |  | (5,457 | ) |  |  | 2011 |  |  |  | 40 |
Belle Creek Apartments |  | Apartment |  | Henderson, CO |  |  | 1,890 |  |  |  | 7,596 |  |  |  | — |  |  |  | 370 |  |  |  | 1,890 |  |  |  | 7,966 |  |  |  | (1,123 | ) |  |  | (10,575 | ) |  |  | 2011 |  |  |  | 40 |
Runaway Bay |  | Apartment |  | Indianapolis, IN |  |  | 3,079 |  |  |  | 12,318 |  |  |  | — |  |  |  | 192 |  |  |  | 3,079 |  |  |  | 12,510 |  |  |  | (377 | ) |  |  | (10,222 | ) |  |  | 2012 |  |  |  | 40 |
Tresa at Arrowhead |  | Apartment |  | Phoenix, AZ |  |  | 7,080 |  |  |  | 28,500 |  |  |  | — |  |  |  | 353 |  |  |  | 7,080 |  |  |  | 28,853 |  |  |  | (3,455 | ) |  |  | (27,500 | ) |  |  | 2011 |  |  |  | 40 |
The Crossings |  | Apartment |  | Phoenix, AZ |  |  | 4,600 |  |  |  | 17,948 |  |  |  | — |  |  |  | 3 |  |  |  | 4,600 |  |  |  | 17,951 |  |  |  | (37 | ) |  |  | — |  |  |  | 2013 |  |  |  | 40 |
Berkshire Square |  | Apartment |  | Phoenix, AZ |  |  | 2,650 |  |  |  | 10,319 |  |  |  | — |  |  |  | 7 |  |  |  | 2,650 |  |  |  | 10,326 |  |  |  | (65 | ) |  |  | (8,612 | ) |  |  | 2013 |  |  |  | 40 |
Centrepoint Apartments |  | Apartment |  | Tucson, AZ |  |  | 5,620 |  |  |  | 22,720 |  |  |  | — |  |  |  | 194 |  |  |  | 5,620 |  |  |  | 22,914 |  |  |  | (2,272 | ) |  |  | (17,600 | ) |  |  | 2011 |  |  |  | 40 |
|  |  |  |  |  | $ | 37,418 |  |  | $ | 150,330 |  |  | $ | — |  |  | $ | 2,348 |  |  | $ | 37,418 |  |  | $ | 152,678 |  |  | $ | (15,775 | ) |  | $ | (100,803 | ) |  |  |  |  |  |  |  |
(a) | The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2013.
Investments in Real Estate |  | For the Year Ended December 31, 2013 |  |  | For the Year Ended December 31, 2012 |
Balance, beginning of period |  | $ | 153,565 |  |  | $ | 137,428 |
Additions during period: |  |  |  |  |  |  |  |
Acquisitions |  |  | 35,517 |  |  |  | 15,397 |
Improvements to land and building |  |  | 1,014 |  |  |  | 1,148 |
Deductions during period: |  |  |  |  |  |  |  |
Dispositions of real estate |  |  | — |  |  |  | (408 | )
Balance, end of period: |  | $ | 190,096 |  |  | $ | 153,565 |
Accumulated Depreciation |  | For the Year Ended December 31, 2013 |  |  | For the Year Ended December 31, 2012 |
Balance, beginning of period |  | $ | 12,283 |  |  | $ | 9,304 |
Depreciation expense |  |  | 3,492 |  |  |  | 3,387 |
Dispositions of real estate |  |  | — |  |  |  | (408 | )
Balance, end of period: |  | $ | 15,775 |  |  | $ | 12,283 |

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- Definition The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule III) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 + Details
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