Investments in Real Estate

9 Months Ended

Sep. 30, 2019

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.