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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate As of December 31, 2024, our investments in real estate consisted of 113 (unaudited) operating apartment properties that contain 33,615 (unaudited) units. The following table summarizes our investments in real estate:
| 2024 |  | 2023 |  | Depreciable Lives (In years)
Land | $ | 564,966 |  |  | $ | 540,950 |  |  | —
Building | 5,323,105 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 475,865 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,363,936 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (740,957) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,622,979 |  |  | $ | 5,676,452 |  |  |
Acquisitions The following table summarizes asset acquisitions for the year ended December 31, 2024:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  | Purchase Price
Gateway at Pinellas |  | 08/13/2024 |  | Tampa, FL |  | 288 |  |  | $ | 82,000 |
Highland Ridge |  | 11/01/2024 |  | Charlotte, NC |  | 300 |  |  | 73,500 |
Serenza at Ocoee Village |  | 12/05/2024 |  | Orlando, FL |  | 320 |  |  | 84,250 |
Total |  |  |  |  |  | 908 |  |  | $ | 239,750 |
We are currently under contract on the acquisition of a 280-unit (unaudited) multifamily apartment property in Indianapolis, Indiana, which will expand our footprint in the Indianapolis market while providing enhanced scale and synergies. The aggregate purchase price of this property is approximately $59,500, which we expect to fund using forward equity sales proceeds and or the unsecured revolver. We expect to close on the acquisition of this property during the first quarter of 2025. While this property is under contract, there can be no assurance that this acquisition will be consummated at expected pricing levels, within expected time frames, or at all. There were no asset acquisitions during the year ended December 31, 2023. The following 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 |
On April 6, 2022, we acquired Views of Music City (phase I), a 96-unit property (unaudited) located in Nashville, TN for $25,440. Views of Music City (phase I) was acquired 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. The following table summarizes the aggregate fair value of the assets and liabilities associated with three multifamily property acquisitions during the year ended December 31, 2024, on the date of acquisition.
|  | Fair Value of Assets Acquired During the Year Ended December 31, 2024
Asset acquired: |  |
Investments in real estate |  | $ | 235,334 |
Other assets |  | 170 |
Intangible assets |  | 4,950 |
Total assets acquired |  | $ | 240,454 |
Liabilities assumed: |  |
Accounts payable and accrued expenses |  | $ | 1,428 |
Other liabilities |  | 466 |
Total liabilities assumed |  | 1,894 |
Estimated fair value of net assets acquired |  | $ | 238,560 |
Dispositions Held for Sale As of December 31, 2024, we had one 720-unit (unaudited) property in Birmingham, Alabama classified as held for sale. We recognized an impairment loss of $20,928 during the three months ended December 31, 2024. On February 14, 2025, we sold this property for a gross sales price of $111,000 and expect to use the proceeds to fund future property acquisitions. 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 10 properties located in seven markets in order to exit or reduce our presence in these markets while also deleveraging our balance sheet. During the year ended December 31, 2024, we completed our Portfolio Optimization and Deleveraging Strategy with the sale of six properties, totaling 1,746 units (unaudited), for an aggregate gross sale price of $324,625 and recognized an aggregate gain on sale of $25,485. The Portfolio Optimization and Deleveraging Strategy resulted in the sale of ten properties for an aggregate gross sales price of $525,300 and proceeds from the sales were used to repay an aggregate $517,100 of debt. The below table summarizes all dispositions for the year ended December 31, 2024:
Property Name |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on sale (loss on impairment) (1)
Villas of Kingwood (2) |  | Houston, TX |  | 330 |  | 02/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas (2)(3) |  | Denver, CO |  | 318 |  | 02/13/2024 |  | 74,300 |  |  | 46 |
Hearthstone at City Center (2)(3) |  | Denver, CO |  | 360 |  | 03/12/2024 |  | 74,000 |  |  | 88 |
Villas at Huffmeister (2)(3) |  | Houston, TX |  | 294 |  | 03/25/2024 |  | 44,250 |  |  | (415) |
Westmont Commons (2)(3) |  | Asheville, NC |  | 252 |  | 03/28/2024 |  | 49,875 |  |  | 25,856 |
Reserve at Creekside (2)(3) |  | Chattanooga, TN |  | 192 |  | 04/30/2024 |  | 28,500 |  |  | (152) |
Tapestry Park (4) |  | Birmingham, AL |  | 354 |  | 07/17/2024 |  | 70,800 |  |  | (14,419) |
Total |  |  |  | 2,100 |  |  |  |  | $ | 395,425 |  |  | $ | 11,066 |
(1)The gain on sale (loss on impairment), net is exclusive of $32,956 impairment charge recognized during the three months ended December 31, 2023, net of $1,953 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 loss on impairment of $15,107 was recognized during the three months ended March 31, 2024. The below table summarizes the dispositions for the year ended December 31, 2023:
Property Name |  | Date of Sale |  | Sale Price |  | Gain on sale (loss on impairment) (1)
Eagle Lake Landing |  | 02/28/2023 |  | $ | 37,300 |  |  | $ | 1,179 |
The Meadows at River Run (2) |  | 12/20/2023 |  | 72,700 |  |  | (14,612) |
Fielders Creek (2) |  | 12/21/2023 |  | 44,100 |  |  | (11,019) |
Cottage Trails at Culpepper Landing (2) |  | 12/28/2023 |  | 40,750 |  |  | (10,168) |
Oak Crossing (2) |  | 12/28/2023 |  | 43,100 |  |  | 1,029 |
Total |  |  |  | $ | 237,950 |  |  | $ | (33,591) |
(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. 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) of real estate 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.

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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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