XML 23 R11.htm IDEA: XBRL DOCUMENT v3.19.1
Investments in Real Estate
 3 Months Ended
Mar. 31, 2019
Banking And Thrift [Abstract]  
Investments in Real Estate

NOTE 3: Investments in Real Estate

As of March 31, 2019, our investments in real estate consisted of 58 apartment properties with 15,880 units.  The table below summarizes our investments in real estate:   

 

 

 

As of

March 31, 2019

 

 

As of

December 31, 2018

 

 

Depreciable Lives

(In years)

 

Land

 

$

209,111

 

 

$

209,111

 

 

 

—

 

Building

 

 

1,384,840

 

 

 

1,384,810

 

 

 

40

 

Furniture, fixtures and equipment

 

 

75,924

 

 

 

66,502

 

 

5-10

 

Total investment in real estate

 

$

1,669,875

 

 

$

1,660,423

 

 

 

 

 

Accumulated depreciation

 

 

(124,107

)

 

 

(112,270

)

 

 

 

 

Investments in real estate, net

 

$

1,545,768

 

 

$

1,548,153

 

 

 

 

 

 

As of March 31, 2019 and December 31, 2018, we owned three properties that were classified as held for sale. The table below summarizes our held for sale properties.

 

Property Name

 

Location

 

Units

 

 

Net Carrying Value

 

Reserve at Eagle Ridge

 

Chicago, IL

 

 

370

 

 

$

27,093

 

Carrington Park

 

Little Rock, AR

 

 

202

 

 

 

20,655

 

Stonebridge at the Ranch

 

Little Rock, AR

 

 

260

 

 

 

29,682

 

Total

 

 

 

 

832

 

 

$

77,430

 

 

Acquisitions

In April 2019, we acquired a 224-unit property located in Atlanta, GA for $28,000.

Dispositions

In April 2019, we disposed of a 370-unit property located in Chicago, IL for $42,000. This property was previously held for sale. We expect to record a gain of approximately $12,513.