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Investments in Real Estate | 3 Months Ended
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Mar. 31, 2022
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate As of March 31, 2022, our investments in real estate consisted of 119 apartment properties that contain 35,498 units. The following table summarizes our investments in real estate:
| As of March 31, 2022 |  | As of December 31, 2021 |  | Depreciable Lives (In years)
Land | $ | 557,926 |  |  | $ | 567,507 |  |  | —
Building | 5,550,022 |  |  | 5,622,492 |  |  | 40
Furniture, fixtures and equipment | 274,376 |  |  | 272,356 |  |  | 5-10
Total investment in real estate | $ | 6,382,324 |  |  | $ | 6,462,355 |  |  |
Accumulated depreciation | (283,666) |  |  | (243,475) |  |  |
Investments in real estate, net | $ | 6,098,658 |  |  | $ | 6,218,880 |  |  |
As of March 31, 2022, we owned two properties that were classified as held for sale. We expect the sale of these properties to close in the second half of 2022. The table below summarizes our held for sale properties.
Property Name |  | Net Carrying Value |  | Units (unaudited) |
Meadows Apartments - Louisville, KY |  | $ | 35,594 |  |  | 400 |  |
Sycamore Terrace - Terra Haute, IN |  | 45,398 |  |  | 250 |  |
Total |  | $ | 80,992 |  |  | 650 |  |
Acquisitions On April 6, 2022, we acquired Views of Music City (phase I), a 96-unit property located in Nashville, TN for $25,440. We purchased this property from one of our unconsolidated joint ventures. See Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations – Current Developments – Capital Recycling." Dispositions The following table summarizes our dispositions for the three months ended March 31, 2022:
Property Name |  | Date of Sale |  | Sale Price |  | Gain on sale
Riverchase |  | 01/18/2022 |  | $ | 31,000 |  |  | $ | 12,901 |
Heritage Park |  | 02/02/2022 |  | 48,500 |  |  | 31,366 |
Raindance |  | 02/02/2022 |  | 47,500 |  |  | 33,748 |
Haverford |  | 02/02/2022 |  | 31,050 |  |  | 16,697 |
Total |  |  |  | $ | 158,050 |  |  | $ | 94,712 |

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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=124259787&loc=d3e4437-111522 + Details
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