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Investments in Real Estate | 3 Months Ended
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Mar. 31, 2018
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of March 31, 2018, our investments in real estate consisted of 56 apartment properties with 15,280 units. The table below summarizes our investments in real estate:
|  | As of March 31, 2018 |  |  | As of December 31, 2017 |  |  | Depreciable Lives (In years) |
Land |  | $ | 209,164 |  |  | $ | 193,026 |  |  |  | — |
Building |  |  | 1,393,235 |  |  |  | 1,279,777 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 36,145 |  |  |  | 31,353 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,638,544 |  |  | $ | 1,504,156 |  |  |  |  |
Accumulated depreciation |  |  | (94,001 | ) |  |  | (84,097 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,544,543 |  |  | $ | 1,420,059 |  |  |  |  |
Acquisitions The below table summarizes the acquisitions for the three months ended March 31, 2018.
Property Name |  | Date of Purchase |  | Location |  | Units |  |  | Contract Price |
Creekside Corners (1) |  | 1/3/2018 |  | Atlanta, GA |  |  | 444 |  |  | $ | 43,901 |
Hartshire Lakes (1) |  | 1/3/2018 |  | Indianapolis, IN |  |  | 272 |  |  |  | 27,597 |
The Chelsea |  | 1/4/2018 |  | Columbus, OH |  |  | 312 |  |  |  | 36,750 |
Avalon Oaks |  | 2/27/2018 |  | Columbus, OH |  |  | 235 |  |  |  | 23,000 |
Total |  |  |  |  |  |  | 1,263 |  |  | $ | 131,248 |
| (1) | These properties were acquired as the last phase of our acquisition of a nine-community portfolio, totaling 2,352 units, which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144.
The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the three-month period ended March 31, 2018, on the date of acquisition.
Description |  | Fair Value of Assets Acquired During the Three Months Ended March 31, 2018 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 129,598 |
Accounts receivable and other assets |  |  | 242 |
Intangible assets |  |  | 1,641 |
Total assets acquired (a) |  | $ | 131,481 |
Liabilities assumed: |  |  |  |
Indebtedness |  | $ | 39,362 |
Accounts payable and accrued expenses |  |  | 566 |
Other liabilities |  |  | 294 |
Total liabilities assumed |  | $ | 40,222 |
Estimated fair value of net assets acquired |  | $ | 91,259 |
| (a) | Included $241 of property related acquisition costs capitalized during the three months ended March 31, 2018.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18551-111553 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18511-111553 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: 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 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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