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Investments in Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2018
Banking And Thrift [Abstract] |
Summary of Investments in Real Estate | The table below summarizes our investments in real estate:
|  | As of June 30, 2018 |  |  | As of December 31, 2017 |  |  | Depreciable Lives (In years) |
Land |  | $ | 190,134 |  |  | $ | 193,026 |  |  |  | — |
Building |  |  | 1,263,181 |  |  |  | 1,279,777 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 43,276 |  |  |  | 31,353 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,496,591 |  |  | $ | 1,504,156 |  |  |  |  |
Accumulated depreciation |  |  | (91,426 | ) |  |  | (84,097 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,405,165 |  |  | $ | 1,420,059 |  |  |  |  |
Summary of Properties Classified as Held for Sale | As of June 30, 2018, we owned five properties that were classified as held for sale and expect these properties to be sold in the next twelve months. The table below summarizes our held for sale properties. We did not have any properties classified as held for sale as of December 31, 2017.
Property Name |  | Location |  | Units |  |  | Net Carrying Value |
Reserve at Eagle Ridge |  | Waukegan, IL |  |  | 370 |  |  | $ | 26,757 |
Carrington Park |  | Little Rock, AR |  |  | 202 |  |  |  | 20,312 |
Arbors at the Reservoir |  | Ridgeland, MS |  |  | 170 |  |  |  | 19,321 |
Stonebridge at the Ranch |  | Little Rock, AR |  |  | 260 |  |  |  | 29,478 |
Aventine Greenville |  | Greenville, SC |  |  | 346 |  |  |  | 45,264 |
Total |  |  |  |  | 1,348 |  |  | $ | 141,132 |
Summary of Acquisitions | The below table summarizes the acquisitions for the six months ended June 30, 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 six-month period ended June 30, 2018, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Assets Acquired During the Six-Month Period Ended June 30, 2018 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 129,623 |
Accounts receivable and other assets |  |  | 242 |
Intangible assets |  |  | 1,641 |
Total assets acquired |  | $ | 131,506 |
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 |  | $ | 91,284 |

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