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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2018
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of June 30, 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 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 |  |  |  |  |
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 |
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.
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 |
| (a) | Included $266 of property related acquisition costs capitalized during the six months ended June 30, 2018.
In July 2018, we acquired two properties, Bridgeview and Collier Park. Bridgeview is a 348-unit (unaudited) property located in Tampa, FL, which we purchased for $43,000. Collier Park is a 232-unit (unaudited) property located in Columbus, OH, which we purchased for $21,200.

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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://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18511-111553 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -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 6: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18551-111553 + Details
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