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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2018
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of December 31, 2018, our investments in real estate consisted of 58 apartment properties (unaudited). The table below summarizes our investments in real estate:
|  | 2018 |  |  | 2017 |  |  | Depreciable Lives (In years)
Land |  | $ | 209,111 |  |  | $ | 193,026 |  |  | -
Building |  |  | 1,384,810 |  |  |  | 1,279,777 |  |  | 40
Furniture, fixtures and equipment |  |  | 66,502 |  |  |  | 31,353 |  |  | 5-10
Total investment in real estate |  | $ | 1,660,423 |  |  | $ | 1,504,156 |  |  |
Accumulated depreciation |  |  | (112,270 | ) |  |  | (84,097 | ) |  |
Investments in real estate, net |  | $ | 1,548,153 |  |  | $ | 1,420,059 |  |  |
As of December 31, 2018, we owned three properties that were classified as held for sale. 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 |  | Market |  | Units (unaudited) |  |  | Net Carrying Value |
Reserve at Eagle Ridge |  | Chicago, IL |  |  | 370 |  |  | $ | 27,027 |
Carrington Park |  | Little Rock, AR |  |  | 202 |  |  |  | 20,619 |
Stonebridge at the Ranch |  | Little Rock, AR |  |  | 260 |  |  |  | 29,639 |
Total |  |  |  |  | 832 |  |  | $ | 77,285 |
Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2018:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  |  | Contract Price |
Creekside Corners (1) |  | 01/03/2018 |  | Atlanta, GA |  |  | 444 |  |  | $ | 43,901 |
Hartshire Lakes (1) |  | 01/03/2018 |  | Indianapolis, IN |  |  | 272 |  |  |  | 27,597 |
The Chelsea |  | 01/04/2018 |  | Columbus, OH |  |  | 312 |  |  |  | 36,750 |
Avalon Oaks |  | 02/27/2018 |  | Columbus, OH |  |  | 235 |  |  |  | 23,000 |
Bridgeview |  | 07/11/2018 |  | Tampa-St. Petersburg, FL |  |  | 348 |  |  |  | 43,000 |
Collier Park |  | 07/26/2018 |  | Columbus, OH |  |  | 232 |  |  |  | 21,200 |
Waterford |  | 10/11/2018 |  | Atlanta, GA |  |  | 260 |  |  |  | 30,500 |
Lucerne |  | 11/07/2018 |  | Tampa-St. Petersburg, FL |  |  | 276 |  |  |  | 47,000 |
Total |  |  |  |  |  |  | 2,379 |  |  | $ | 272,948 |
| (1) | These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), 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 year ended December 31, 2018, on the date of acquisition.
Description |  | Fair Value of Asset Acquired During the Year Ended December 31, 2018 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 270,223 |
Accounts receivable and other assets |  |  | 980 |
Intangible assets |  |  | 3,074 |
Total assets acquired |  | $ | 274,277 |
Liabilities assumed: |  |  |  |
Indebtedness |  | $ | 54,756 |
Accounts payable and accrued expenses |  |  | 1,338 |
Other liabilities |  |  | 659 |
Total liabilities assumed |  | $ | 56,753 |
Estimated fair value of net assets acquired |  | $ | 217,524 |
| (a) | Includes $599 of property related acquisition costs capitalized during the year ended December 31, 2018.
The below table summarizes the acquisitions for the year ended December 31, 2017:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  |  | Contract Price |
Lakes of Northdale |  | 2/27/2017 |  | Tampa, FL |  |  | 216 |  |  | $ | 29,750 |
Haverford Place |  | 5/24/2017 |  | Lexington, KY |  |  | 160 |  |  |  | 14,240 |
Village at Auburn (1) |  | 6/30/2017 |  | Durham, NC |  |  | 328 |  |  |  | 42,950 |
Cherry Grove (2) |  | 9/26/2017 |  | North Myrtle Beach, SC |  |  | 172 |  |  |  | 16,157 |
Riverchase (2) |  | 9/26/2017 |  | Indianapolis, IN |  |  | 216 |  |  |  | 18,899 |
Kensington (2) |  | 9/26/2017 |  | Canal Winchester, OH |  |  | 264 |  |  |  | 24,409 |
Schirm Farms (2) |  | 9/26/2017 |  | Canal Winchester, OH |  |  | 264 |  |  |  | 23,749 |
Live Oak Trace (2) |  | 10/25/2017 |  | Baton Rouge, LA |  |  | 264 |  |  |  | 28,501 |
Tides at Calabash (2) |  | 11/14/2017 |  | Wilmington, NC |  |  | 168 |  |  |  | 14,269 |
Brunswick Point (2) |  | 12/12/2017 |  | Wilmington, NC |  |  | 288 |  |  |  | 30,661 |
Total |  |  |  |  |  |  | 2,340 |  |  | $ | 243,585 |
| (1) | This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests.
| (2) | These properties were acquired as a part of our acquisition of the HPI Portfolio, totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $3,624, which are included in Acquisition related debt extinguishment expenses within the Consolidated Statements of Operations.
Dispositions The below table summarizes the dispositions for the year ended December 31, 2018:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale (1) |
Aventine Greenville |  | 12/20/2018 |  | $ | 52,500 |  |  | $ | 6,119 |
Arbors at the Reservoir |  | 12/27/2018 |  |  | 24,800 |  |  |  | 4,445 |
Total |  |  |  | $ | 77,300 |  |  | $ | 10,564 |
| (1) | The gain (loss) for these properties is net of $911 of debt prepayment premium costs.
The below table summarizes the dispositions for the year ended December 31, 2017:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale (1) |
Copper Mill |  | 5/5/2017 |  | $ | 32,000 |  |  | $ | 15,595 |
Heritage Trace |  | 6/1/2017 |  |  | 11,600 |  |  |  | (1,256 | )
Berkshire Square |  | 6/9/2017 |  |  | 16,000 |  |  |  | 1,510 |
Crossings |  | 11/28/2017 |  |  | 27,200 |  |  |  | 3,061 |
Total |  |  |  | $ | 86,800 |  |  | $ | 18,910 |
| (1) | The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs.
The below table summarizes the dispositions for the year ended December 31, 2016:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale |
Cumberland Glen (1) |  | 02/18/2016 |  | $ | 18,000 |  |  | $ | 2,452 |
Belle Creek |  | 04/07/2016 |  |  | 23,000 |  |  |  | 14,191 |
Tresa |  | 05/05/2016 |  |  | 47,000 |  |  |  | 15,142 |
Total |  |  |  | $ | 88,000 |  |  | $ | 31,785 |
| (1) | Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

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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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