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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Schedule of Investments in Real Estate | The following table summarizes our investments in real estate:
| 2023 |  | 2022 |  | Depreciable Lives (In years)
Land | $ | 540,950 |  |  | $ | 579,094 |  |  | —
Building | 5,288,956 |  |  | 5,695,711 |  |  | 40
Furniture, fixtures and equipment | 429,306 |  |  | 340,438 |  |  | 5-10
Total investments in real estate | $ | 6,259,212 |  |  | $ | 6,615,243 |  |  |
Accumulated depreciation | (582,760) |  |  | (425,034) |  |  |
Investments in real estate, net | $ | 5,676,452 |  |  | $ | 6,190,209 |  |  |
The following table summarizes the assets and liabilities recognized upon the consolidation of Virtuoso, our former unconsolidated real estate entity, during the year ended December 31, 2023, on the date of consolidation.
|  | Assets and Liabilities Consolidated During the Year Ended December 31, 2023
Assets: |  |
Investments in real estate |  | $ | 49,939 |
Cash and cash equivalents |  | 816 |
Restricted cash |  | 1,329 |
Other assets |  | 396 |
Intangible assets |  | 398 |
Total assets |  | $ | 52,878 |
Liabilities: |  |
Indebtedness |  | $ | 39,281 |
Accounts payable and accrued expenses |  | 255 |
Accrued interest payable |  | 283 |
Other liabilities |  | 112 |
Total liabilities |  | 39,931 |
Noncontrolling interest |  | 256 |
Derecognition of investments in unconsolidated real estate entities |  | 12,691 |
Total Liabilities and equity |  | $ | 52,878 |
Schedule of Held for Sale Property | For the year ended December 31, 2023, we recorded impairment charges that are included in (loss on impairment) gain on sale of real estate assets, net on the consolidated statements of operations as detailed in the following table.
Property Name |  | Market |  | Units (Unaudited) |  | Sale Date |  | Sale Price | (Loss on Impairment) Gain on Sale(1)
Eagle Lake Landing |  | Indianapolis, IN |  | 277 |  |  | 2/28/2023 |  | $ | 37,300 |  | $ | 1,179 |
The Meadows at River Run (2) |  | Chicago, IL |  | 374 |  |  | 12/20/2023 |  | 72,700 |  | (14,612) |
Fielders Creek (2) |  | Denver, CO |  | 217 |  |  | 12/21/2023 |  | 44,100 |  | (11,019) |
Cottage Trails at Culpepper Landing (2) |  | Norfolk, VA |  | 183 |  |  | 12/28/2023 |  | 40,750 |  | (10,168) |
Oak Crossing (2) |  | Fort Wayne, IN |  | 222 |  |  | 12/28/2023 |  | 43,100 |  | 1,029 |
Belmar Villas (2)(3) |  | Denver, CO |  | 318 |  | 2/13/2024 |  | 74,300 |  | (7,195) |
Villas at Kingwood (2)(3) |  | Houston, TX |  | 330 |  | 2/13/2024 |  | 53,700 |  | (4,634) |
Villas at Huffmeister (2)(3) |  | Houston, TX |  | 294 |  | (5) |  | 44,250 |  | (4,097) |
Hearthstone at City Center (2)(3) |  | Denver, CO |  | 360 |  | (5) |  | 74,000 |  | (9,895) |
Reserve at Creekside (2)(3) |  | Chattanooga, TN |  | 192 |  | (5) |  | 28,500 |  | (7,135) |
Westmont Commons (2)(3)(4) |  | Asheville, NC |  | 252 |  |  | (5) |  | 49,875 |  | — |
Totals |  |  |  | 3,019 |  |  |  |  | $ | 562,575 |  | $ | (66,547) |
(1)(Loss on impairment) gain on sale of real estate sold in 2023 is net of $1,900 of defeasance and debt prepayment gains. (2)Included in the Portfolio Optimization and Deleveraging Strategy. (3)Held for sale as of December 31, 2023. (4)A gain on sale of real estate is expected as a result of the sales proceeds less transactions costs exceeding the carrying value. (5)We expect the sale of these properties to close in the first quarter of 2024.
Schedule of Asset Acquisition | The below table summarizes asset acquisitions for the year ended December 31, 2022:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  | Purchase Price
Views of Music City (phase I) |  | 04/06/2022 |  | Nashville, TN |  | 96 |  |  | $ | 25,440 |
Cyan Mallard Creek |  | 08/16/2022 |  | Charlotte, NC |  | 234 |  |  | 80,000 |
The Enclave at Tranquility Lake |  | 09/13/2022 |  | Tampa, FL |  | 348 |  |  | 98,000 |
Total |  |  |  |  |  | 678 |  |  | $ | 203,440 |
The below table summarizes asset acquisitions for the year ended December 31, 2021:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  | Purchase Price
Vesta City Park |  | 05/18/2021 |  | Charlotte, NC |  | 272 |  |  | $ | 66,544 |
Cyan Craig Ranch |  | 06/08/2021 |  | Dallas, TX |  | 322 |  |  | 73,372 |
Total |  |  |  |  |  | 594 |  |  | $ | 139,916 |
Schedule of Disposition of Property | The below table summarizes the dispositions for the year ended December 31, 2022:
Property Name |  | Date of Sale |  | Sale Price |  | Gain on sale (loss on impairment) (1)
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 |
Meadows Apartments |  | 10/26/2022 |  | 57,000 |  |  | 20,573 |
Sycamore Terrace (2) |  | 12/06/2022 |  | 42,000 |  |  | (3,529) |
Total |  |  |  | $ | 257,050 |  |  | $ | 111,756 |
| (1) | The gain on sale (loss on impairment) for these properties is net of $409 of defeasance and debt prepayment gains.
| (2) | Impairment charge recognized following a fourth quarter amendment to the purchase and sale agreement which resulted in the carrying value of the property exceeding its fair value.
The below table summarizes the dispositions for the year ended December 31, 2021:
Property Name |  | Date of Sale |  | Sale Price |  | Gain on sale (1)
King's Landing |  | 07/28/2021 |  | $ | 40,100 |  |  | $ | 11,566 |
Crestmont |  | 12/13/2021 |  | 48,500 |  |  | 33,067 |
Creekside |  | 12/16/2021 |  | 91,000 |  |  | 43,104 |
Total |  |  |  | $ | 179,600 |  |  | $ | 87,737 |
| (1) | The gain on sale for these properties is net of $2,312 of defeasance costs and debt prepayment costs.

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