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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2021
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of June 30, 2021, our investments in real estate consisted of 58 apartment properties that contain 16,261 units. The following table summarizes our investments in real estate:
|  | As of June 30, 2021 |  |  | As of December 31, 2020 |  |  | Depreciable Lives (In years) |
Land |  | $ | 260,581 |  |  | $ | 251,365 |  |  |  | — |
Building |  |  | 1,625,329 |  |  |  | 1,527,535 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 150,078 |  |  |  | 137,870 |  |  | 5-10 |
Total investment in real estate |  | $ | 2,035,988 |  |  | $ | 1,916,770 |  |  |  |  |
Accumulated depreciation |  |  | (231,866 | ) |  |  | (208,618 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,804,122 |  |  | $ | 1,708,152 |  |  |  |  |
As of June 30, 2021, we owned one property that was classified as held for sale. We expect the sale of this property to close in the third quarter of 2021. The table below summarizes our held for sale property.
Property Name |  | Location |  | Units |  |  | Net Carrying Value |
King's Landing |  | St. Louis, MO |  |  | 152 |  |  | $ | 27,910 |
Total |  |  |  |  | 152 |  |  | $ | 27,910 |
Acquisitions In May 2021, we acquired a 272-unit property located in Charlotte, NC for $66,544. In June 2021, we acquired a 322-unit property located in McKinney, TX for $73,372. The following table summarizes the aggregate relative fair value of the assets and liabilities associated with the properties acquired during the six-month period ended June 30, 2021, on the date of acquisition, accounted for under FASB ASC Topic 805-50-15-3.
Description |  | Fair Value of Assets Acquired During the Six Months Ended June 30, 2021 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 139,336 |
Other assets |  |  | 33 |
Intangible assets |  |  | 757 |
Total assets acquired |  | $ | 140,126 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  | $ | 795 |
Other liabilities |  |  | 100 |
Total liabilities assumed |  |  | 895 |
Estimated fair value of net assets acquired |  | $ | 139,231 |
| (a) | Included $177 of property related acquisition costs capitalized during the six months ended June 30, 2021.

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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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