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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of December 31, 2020, our investments in real estate consisted of 56 apartment properties (unaudited). The table below summarizes our investments in real estate:
|  | 2020 |  |  | 2019 |  |  | Depreciable Lives (In years)
Land |  | $ | 251,365 |  |  | $ | 234,050 |  |  | -
Building |  |  | 1,527,535 |  |  |  | 1,453,052 |  |  | 40
Furniture, fixtures and equipment |  |  | 137,870 |  |  |  | 109,263 |  |  | 5-10
Total investments in real estate |  | $ | 1,916,770 |  |  | $ | 1,796,365 |  |  |
Accumulated depreciation |  |  | (208,618 | ) |  |  | (158,435 | ) |  |
Investments in real estate, net |  | $ | 1,708,152 |  |  | $ | 1,637,930 |  |  |
Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2020:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  |  | Purchase Price |
Adley at Craig Ranch |  | 02/11/2020 |  | Dallas, TX |  |  | 251 |  |  | $ | 51,204 |
Legacy at Jones Farm |  | 12/01/2020 |  | Huntsville, AL |  |  | 421 |  |  | $ | 94,027 |
Total |  |  |  |  |  |  | 672 |  |  | $ | 145,231 |
The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2020, on the date of acquisition.
Description |  | Fair Value of Asset Acquired During the Year Ended December 31, 2020 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 145,340 |
Other assets |  |  | 89 |
Intangible assets |  |  | 1,013 |
Total assets acquired |  | $ | 146,442 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  |  | 261 |
Other liabilities |  |  | 382 |
Total liabilities assumed |  | $ | 643 |
Estimated fair value of net assets acquired |  | $ | 145,799 |
| (a) | Includes $84 of property related acquisition costs capitalized during the year ended December 31, 2020.
The below table summarizes the acquisitions for the year ended December 31, 2019:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  |  | Purchase Price |
North Park |  | 04/30/2019 |  | Atlanta, GA |  |  | 224 |  |  | $ | 28,000 |
Rocky Creek |  | 07/11/2019 |  | Tampa, FL |  |  | 264 |  |  |  | 48,000 |
Thornhill |  | 10/01/2019 |  | Raleigh, NC |  |  | 318 |  |  |  | 52,925 |
Total |  |  |  |  |  |  | 806 |  |  | $ | 128,925 |
Dispositions The below table summarizes the dispositions for the year ended December 31, 2020:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (impairment loss) on sale |
Trails at Signal Mountain |  | 10/27/2020 |  | $ | 20,000 |  |  | $ | 6,237 |
Live Oak Trace (1) |  | 11/10/2020 |  |  | 25,400 |  |  |  | (1,931 | )
Lakeshore on the Hill |  | 11/23/2020 |  |  | 14,330 |  |  |  | 3,537 |
Total |  |  |  | $ | 59,730 |  |  | $ | 7,843 |
| (1) | Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020.
The below table summarizes the dispositions for the year ended December 31, 2019:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain on sale (1) |
Reserve at Eagle Ridge |  | 04/30/2019 |  | $ | 42,000 |  |  | $ | 12,294 |
Little Rock, AR Portfolio |  | 07/18/2019 |  |  | 56,500 |  |  |  | 2,220 |
Iron Rock |  | 12/17/2019 |  |  | 56,000 |  |  |  | 20,683 |
Total |  |  |  | $ | 154,500 |  |  | $ | 35,197 |
| (1) | The gain for these properties is net of $7,417 of defeasance and debt prepayment costs.
The below table summarizes the dispositions for the year ended December 31, 2018:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain on sale (1) |
Aventine Greenville |  | 12/20/2018 |  | $ | 52,500 |  |  | $ | 6,119 |
Arbors at the Reservoir |  | 12/27/2018 |  |  | 24,800 |  |  |  | 4,445 |
Total |  |  |  | $ | 77,300 |  |  | $ | 10,564 |
| (1) | The gain for these properties is net of $911 of debt prepayment 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=121593590&loc=d3e4437-111522 + Details
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