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Investments in Real Estate
 6 Months Ended
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.