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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2022
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2022, our investments in real estate consisted of 122 apartment properties that contain 36,176 units (unaudited). The following table summarizes our investments in real estate:
| As of September 30, 2022 |  | As of December 31, 2021 |  | Depreciable Lives (In years)
Land | $ | 581,698 |  |  | $ | 567,507 |  |  | —
Building | 5,728,487 |  |  | 5,622,492 |  |  | 40
Furniture, fixtures and equipment | 323,902 |  |  | 272,356 |  |  | 5-10
Total investments in real estate | $ | 6,634,087 |  |  | $ | 6,462,355 |  |  |
Accumulated depreciation | (379,171) |  |  | (243,475) |  |  |
Investments in real estate, net | $ | 6,254,916 |  |  | $ | 6,218,880 |  |  |
As of September 30, 2022, we owned two properties that were classified as held for sale. The sale of Meadows Apartments closed on October 26, 2022 and we expect Sycamore Terrace to close in the fourth quarter of 2022. In connection with the sale of these properties we expect to extinguish $46,087 of mortgage debt. The table below summarizes our held for sale properties.
Property Name |  | Net carrying value |  | Units (unaudited) |
Meadows Apartments - Louisville, KY |  | $ | 36,545 |  |  | 400 |  |
Sycamore Terrace - Terre Haute, IN |  | 45,633 |  |  | 250 |  |
Totals |  | $ | 82,178 |  |  | 650 |  |
Acquisitions On April 6, 2022, we acquired Views of Music City (phase I), a 96-unit property (unaudited) located in Nashville, TN for $25,440. We purchased this property from one of our unconsolidated joint ventures. On account of our equity interest in this joint venture, we received $4,428 of the sales proceeds, comprised of $3,406 as a return of capital and $1,022 as a preferred return on capital. In accordance with ASC 970-323-30-7, we recorded the preferred return on capital as a reduction to the carrying value of the purchased real estate, deferring the gain which will be recognized as income on a pro rata basis as the real estate is depreciated or when it is sold to a third party. On August 16, 2022, we acquired Cyan Mallard Creek, a 234-unit property (unaudited) located in Charlotte, NC for $80,000. On September 13, 2022, we acquired The Enclave at Tranquility Lake, a 348-unit property (unaudited) located in Tampa, FL for $98,000. The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the nine months ended September 30, 2022, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.
|  | Fair Value of Assets Acquired During the Nine Months Ended September 30, 2022
Assets acquired: |  |
Investments in real estate |  | $ | 201,611 |
Other assets |  | 229 |
Intangible assets |  | 1,136 |
Total assets acquired |  | 202,976 |
Liabilities assumed: |  |
Accounts payable and accrued expenses |  | 872 |
Other liabilities |  | 327 |
Total liabilities assumed |  | 1,199 |
Estimated fair value of net assets acquired |  | $ | 201,777 |
Dispositions The following table summarizes our dispositions for the nine months ended September 30, 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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