Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2018

The table below summarizes our investments in real estate:

	As of September 30, 2018			As of December 31, 2017			Depreciable Lives (In years)
Land	$	203,130		$	193,026			—
Building		1,313,805			1,279,777			40
Furniture, fixtures and equipment		55,080			31,353		5-10
Total investment in real estate	$	1,572,015		$	1,504,156
Accumulated depreciation		(101,589	)		(84,097	)
Investments in real estate, net	$	1,470,426		$	1,420,059

Summary of Properties Classified as Held for Sale

As of September 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	$	26,941
Carrington Park	Little Rock, AR		202		20,581
Arbors at the Reservoir	Ridgeland, MS		170		19,411
Stonebridge at the Ranch	Little Rock, AR		260		29,598
Aventine Greenville	Greenville, SC		346		45,322
Total			1,348	$	141,853

Summary of Acquisitions

The below table summarizes the acquisitions for the nine months ended September 30, 2018:

Property Name	Date of Purchase	Location	Units		Contract Price
Creekside Corners (1)	1/3/2018	Lithonia, GA		444	$	43,901
Hartshire Lakes (1)	1/3/2018	Bargersville, IN		272		27,597
The Chelsea	1/4/2018	Columbus, OH		312		36,750
Avalon Oaks	2/27/2018	Columbus, OH		235		23,000
Bridgeview	7/11/2018	Tampa, FL		348		43,000
Collier Park	7/26/2018	Grove City, OH		232		21,200
Total				1,843	$	195,448

(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 nine-month period ended September 30, 2018, on the date of acquisition, accounted for under FASB ASC Topic 805-50-15-3.

Description	Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2018
Assets acquired:
Investments in real estate (a)	$	193,237
Accounts receivable and other assets		460
Intangible assets		2,356
Total assets acquired	$	196,053
Liabilities assumed:
Indebtedness	$	39,362
Accounts payable and accrued expenses		1,062
Other liabilities		501
Total liabilities assumed		40,925
Estimated fair value of net assets acquired	$	155,128