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Investments in Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2018
Banking And Thrift [Abstract] |
Summary of 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 |  |  |  |  |
Summary of 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.
Summary of Fair Value of Assets and Liabilities | 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 Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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