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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2019
Banking And Thrift [Abstract] |
Summary of Investments in Real Estate | 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 |  |  |  |  |
Summary of 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 |
Summary of Fair Value of Assets and Liabilities | 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.
Summary of Disposition of Property | 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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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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