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Investments in Real Estate
 3 Months Ended
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.