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Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2018
Banking And Thrift [Abstract]  
Summary of Investments in Real Estate 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

 

 

 

 
Summary of Properties Classified as Held for Sale 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

 

 
Summary of 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 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.

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 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.
Summary of Disposition of Property's

 


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.