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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2024
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of June 30, 2024, our investments in real estate consisted of 110 operating apartment properties (unaudited, including one owned through a consolidated joint venture) that contain an aggregate of 32,685 units (unaudited). The following table summarizes our investments in real estate, excluding one property we classified as held for sale:
| As of June 30, 2024 |  | As of December 31, 2023 |  | Depreciable Lives (In years)
Land | $ | 538,151 |  |  | $ | 540,950 |  |  | —
Building | 5,210,283 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 469,585 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,218,019 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (667,681) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,550,338 |  |  | $ | 5,676,452 |  |  |
As of June 30, 2024, we owned one property, Tapestry Park, with 354 units (unaudited) in Birmingham, Alabama that we classified as held for sale which was subsequently sold on July 17, 2024 for a gross sales price of $70,800. Portfolio Optimization and Deleveraging Strategy On October 26, 2023, our Board of Directors approved a plan, which we refer to as our Portfolio Optimization and Deleveraging Strategy, which targeted the sale of ten properties located in seven markets in order to exit or reduce our presence in these markets while also deleveraging our balance sheet. On April 30, 2024, we sold the tenth and final property under our Portfolio Optimization and Deleveraging Strategy for a gross sales price of $28,500 and proceeds from the sale were used to repay debt. As of June 30, 2024, all ten properties in our Portfolio Optimization and Deleveraging Strategy had been sold for a total gross sales price of $525,300 and proceeds from the sales were used to repay $517,100 of debt. Dispositions The table below summarizes our dispositions for the six months ended June 30, 2024:
Property (1) |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on Sale (Loss on Impairment), Net
Villas of Kingwood (2) |  | Houston, TX |  | 330 |  | 2/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas (2) |  | Denver, CO |  | 318 |  | 2/13/2024 |  | 74,300 |  |  | 46 |
Hearthstone at City Center (2) |  | Denver, CO |  | 360 |  | 3/12/2024 |  | 74,000 |  |  | 88 |
Villas at Huffmeister (2) |  | Houston, TX |  | 294 |  | 3/25/2024 |  | 44,250 |  |  | (415) |
Westmont Commons |  | Asheville, NC |  | 252 |  | 3/28/2024 |  | 49,875 |  |  | 25,856 |
Reserve at Creekside (2) |  | Chattanooga, TN |  | 192 |  | 4/30/2024 |  | 28,500 |  |  | (152) |
|  |  |  | 1,746 |  |  |  |  | $ | 324,625 |  |  | $ | 25,485 |
(1)Included in the Portfolio Optimization and Deleveraging Strategy. (2)The gain on sale (loss on impairment), net is exclusive of an aggregate $32,956 impairment charge recognized during the three months ended December 31, 2023, net of $1,105 of defeasance and debt prepayment gains. The table below summarizes our property held for sale as of June 30, 2024 and subsequently sold.
Property |  | Market |  | Units (Unaudited) |  |  |  | Sale Date |  | Sale Price
Tapestry Park (1) |  | Birmingham, AL |  | 354 |  |  |  | 7/17/2024 |  | $ | 70,800 |
(1)A loss on impairment of $15,107 was recognized during the three months ended March 31, 2024.

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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