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Investments in Real Estate
 6 Months Ended
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 —
Building5,210,283 5,288,956 40
Furniture, fixtures and equipment469,585 429,306 
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)MarketUnits (unaudited)Sale DateSale Price Gain on Sale (Loss on Impairment), Net
Villas of Kingwood (2)Houston, TX3302/13/2024$53,700 $62 
Belmar Villas (2)Denver, CO3182/13/202474,300 46 
Hearthstone at City Center (2)Denver, CO3603/12/202474,000 88 
Villas at Huffmeister (2)Houston, TX2943/25/202444,250 (415)
Westmont CommonsAsheville, NC2523/28/202449,875 25,856 
Reserve at Creekside (2)Chattanooga, TN1924/30/202428,500 (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.
PropertyMarketUnits (Unaudited)Sale DateSale Price
Tapestry Park (1)Birmingham, AL3547/17/2024$70,800 
(1)A loss on impairment of $15,107 was recognized during the three months ended March 31, 2024.