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Investments in Real Estate
 3 Months Ended
Mar. 31, 2016
Banking And Thrift [Abstract]  
Investments in Real Estate

NOTE 3: Investments in Real Estate

As of March 31, 2016, our investments in real estate consisted of 48 apartment properties with 13,502 units (unaudited). The table below summarizes our investments in real estate:

 

 

 

As of March 31, 2016

 

 

As of December 31, 2015

 

 

Depreciable Lives

(In years)

 

Land

 

$

187,485

 

 

$

190,585

 

 

 

—

 

Building

 

 

1,155,339

 

 

 

1,168,453

 

 

 

40

 

Furniture, fixtures and equipment

 

 

14,514

 

 

 

12,977

 

 

5-10

 

Total investment in real estate

 

$

1,357,338

 

 

$

1,372,015

 

 

 

 

 

Accumulated depreciation

 

 

(44,422

)

 

 

(39,638

)

 

 

 

 

Investments in real estate, net  (1)

 

$

1,312,916

 

 

$

1,332,377

 

 

 

 

 

 

(1)

As of March 31, 2016, two of our multi-family real estate properties were considered held-for-sale.  The carrying amount and fair value less estimated to costs to sell of these properties was $39,347 and $69,300, respectively.  

Acquisitions

During the first quarter of 2016, we received additional information regarding estimates we had made for certain accrued expenses related to our acquisition of Trade Street Residential Inc., or the TSRE acquisition, that was completed on September 17, 2015.  This information led to an increase in fair value of the net assets we acquired of $91, which we recognized during the three months ended March 31, 2016.  

Dispositions

On February 18, 2016, we disposed of one multi-family real estate property for a total sale price of $18,000.  We recorded a gain on the sale of this asset of $2,453.

In April 2016, we disposed of one multi-family real estate property for a total sale price of $23,000.  We will recognize a gain on the sale of this asset.

In May 2016, we disposed of one multi-family real estate property for a total sale price of $47,000.  We will recognize a gain on the sale of this asset.