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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2019
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2019, our real estate portfolio consisted of 57 apartment properties with 15,536 units. The table below summarizes our investments in real estate:
|  | As of September 30, 2019 |  |  | As of December 31, 2018 |  |  | Depreciable Lives (In years) |
Land |  | $ | 221,767 |  |  | $ | 209,111 |  |  |  | — |
Building |  |  | 1,412,855 |  |  |  | 1,384,810 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 97,770 |  |  |  | 66,502 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,732,392 |  |  | $ | 1,660,423 |  |  |  |  |
Accumulated depreciation |  |  | (145,075 | ) |  |  | (112,270 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,587,317 |  |  | $ | 1,548,153 |  |  |  |  |
As of September 30, 2019, we owned one property that was classified as held for sale. The 300-unit property held for sale, Iron Rock, is located in Austin, TX and had a net carrying value of $32,381 as of September 30, 2019. We had three properties classified as held for sale as of December 31, 2018. Acquisitions The below table summarizes our acquisitions for the nine months ended September 30, 2019.
Property Name |  | Date of Purchase |  | Location |  | Units |  |  | Contract Price |
North Park |  | 4/30/2019 |  | Atlanta, GA |  |  | 224 |  |  | $ | 28,000 |
Rocky Creek |  | 7/11/2019 |  | Tampa, FL |  |  | 264 |  |  | $ | 48,000 |
Total |  |  |  |  |  |  | 488 |  |  | $ | 76,000 |
The following table summarizes the aggregate relative fair value of the assets and liabilities associated with the properties acquired during the nine-month period ended September 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 Nine Months Ended September 30, 2019 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 75,429 |
Other assets |  |  | 128 |
Intangible assets |  |  | 764 |
Total assets acquired |  | $ | 76,321 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  | $ | 345 |
Other liabilities |  |  | 166 |
Total liabilities assumed |  |  | 511 |
Estimated fair value of net assets acquired |  | $ | 75,810 |
| (a) | Included $193 of property related acquisition costs capitalized during the nine months ended September 30, 2019.
In October 2019, we acquired a 318-unit property located in Raleigh, NC for a purchase price of $52,925. Dispositions The below table summarizes our dispositions for the nine months ended September 30, 2019.
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale (1) |
Reserve at Eagle Ridge |  | 4/30/2019 |  | $ | 42,000 |  |  | $ | 12,294 |
Little Rock, AR Portfolio |  | 7/18/2019 |  | $ | 56,500 |  |  | $ | 2,230 |
Total |  |  |  | $ | 98,500 |  |  | $ | 14,524 |
| (1) | The gain (loss) for these properties is net of $5,233 of debt prepayment premium costs.

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- References No definition available. + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118952595&loc=d3e4437-111522 + Details
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