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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2019
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of June 30, 2019, our investments in real estate consisted of 58 apartment properties with 15,734 units. The table below summarizes our investments in real estate:
|  | As of June 30, 2019 |  |  | As of December 31, 2018 |  |  | Depreciable Lives (In years) |
Land |  | $ | 211,959 |  |  | $ | 209,111 |  |  |  | — |
Building |  |  | 1,409,776 |  |  |  | 1,384,810 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 83,034 |  |  |  | 66,502 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,704,769 |  |  | $ | 1,660,423 |  |  |  |  |
Accumulated depreciation |  |  | (136,488 | ) |  |  | (112,270 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,568,281 |  |  | $ | 1,548,153 |  |  |  |  |
As of June 30, 2019, we owned two properties that were classified as held for sale. These properties were sold on July 18, 2019 for $56,500. The table below summarizes our held for sale properties.
Property Name |  | Location |  | Units |  |  | Net Carrying Value |
Carrington Park |  | Little Rock, AR |  |  | 202 |  |  | $ | 20,747 |
Stonebridge at the Ranch |  | Little Rock, AR |  |  | 260 |  |  |  | 29,747 |
Total |  |  |  |  | 462 |  |  | $ | 50,494 |
We had three properties classified as held for sale as of December 31, 2018. Acquisitions On April 30, 2019, we acquired a 224-unit property located in Atlanta, GA for $28,000. 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, 2019, on the date of acquisition, accounted for under FASB ASC Topic 805-50-15-3.
Description |  | Fair Value of Assets Acquired During The Six Months Ended June 30, 2019 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 27,770 |
Other assets |  |  | 38 |
Intangible assets |  |  | 316 |
Total assets acquired |  | $ | 28,124 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  | $ | 80 |
Other liabilities |  |  | 108 |
Total liabilities assumed |  |  | 188 |
Estimated fair value of net assets acquired |  | $ | 27,936 |
| (a) | Included $86 of property related acquisition costs capitalized during the six months ended June 30, 2019.
In July 2019, we acquired a 264-unit property located in Tampa, FL, which we purchased for $48,000. Dispositions On April 30, 2019, we disposed of a 370-unit property located in Chicago, IL for $42,000. The property was previously held for sale. We recorded a gain of $12,131 for this property which is net of $2,029 of debt extinguishment costs. In July 2019, we disposed of a 202-unit property and a 260-unit property, both located in Little Rock, AR, for a combined sales price of $56,500. These properties were previously held for sale.

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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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