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Investments in Real Estate
 3 Months Ended
Mar. 31, 2015
Investments in Real Estate

NOTE 3: Investments in Real Estate

As of March 31, 2015, our investments in real estate consisted of 30 apartment properties with 8,819 units. The table below summarizes our investments in real estate:

 

     As of March 31,
2015		      As of December 31,
2014		      Depreciable Lives
(In years)

Land

    $ 112,600       $ 112,600       —  

Building

      570,475         570,475       40

Furniture, fixtures and equipment

      6,792         6,037       5-10
  

 

 

     

 

 

     

Total investment in real estate

   689,867      689,112   

Accumulated depreciation

   (27,261 )    (23,376 ) 
  

 

 

     

 

 

     

Investments in real estate, net

 $ 662,606    $ 665,736   

On May 1, 2015, we acquired a 236-unit apartment residential community located in Indianapolis, Indiana. We acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs.