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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Summary of Investments in Real Estate | The following table summarizes our investments in real estate:
| As of September 30, 2024 |  | As of December 31, 2023 |  | Depreciable Lives (In years)
Land | $ | 552,008 |  |  | $ | 540,950 |  |  | —
Building | 5,311,757 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 477,739 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,341,504 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (715,702) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,625,802 |  |  | $ | 5,676,452 |  |  |
Summary of Held for Sale Property | The table below summarizes our acquisitions for the nine months ended September 30, 2024:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  | Purchase Price
Gateway at Pinellas |  | 8/13/2024 |  | Tampa-St. Petersburg, FL |  | 288 |  | $ | 82,000 |
The table below summarizes our dispositions for the nine months ended September 30, 2024:
Property |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on Sale (Loss on Impairment), Net
Villas of Kingwood (1) |  | Houston, TX |  | 330 |  | 2/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas (1) |  | Denver, CO |  | 318 |  | 2/13/2024 |  | 74,300 |  |  | 46 |
Hearthstone at City Center (1) |  | Denver, CO |  | 360 |  | 3/12/2024 |  | 74,000 |  |  | 88 |
Villas at Huffmeister (1) |  | Houston, TX |  | 294 |  | 3/25/2024 |  | 44,250 |  |  | (415) |
Westmont Commons |  | Asheville, NC |  | 252 |  | 3/28/2024 |  | 49,875 |  |  | 25,856 |
Reserve at Creekside (1) |  | Chattanooga, TN |  | 192 |  | 4/30/2024 |  | 28,500 |  |  | (152) |
Tapestry Park (2) |  | Birmingham, AL |  | 354 |  |  | 7/17/2024 |  | 70,800 |  |  | (14,419) |
|  |  |  | 2,100 |  |  |  |  | $ | 395,425 |  |  | $ | 11,066 |
(1)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. (2) A loss on impairment of $15,107 was recognized during the three months ended March 31, 2024.
Schedule of Asset Acquisition | The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the nine months ended September 30, 2024, 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, 2024
Assets acquired: |  |
Investments in real estate |  | $ | 80,551 |
Other assets |  | 88 |
Intangible assets |  | 1,584 |
Total assets acquired |  | 82,223 |
Liabilities assumed: |  |
Accounts payable and accrued expenses |  | 858 |
Other liabilities |  | 145 |
Total liabilities assumed |  | 1,003 |
Estimated fair value of net assets acquired |  | $ | 81,220 |

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