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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Summary of Investments in Real Estate | 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 |  |  |
Summary of Acquisitions | 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 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 |
Summary of Fair Value of Assets and Liabilities | 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.
Summary of Disposition of Property | 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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- 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=121647850&loc=d3e4845-128472 + Details
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