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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Schedule of Investments in Real Estate | 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 |  |  |
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 | 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 |
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 |
Schedule of Disposition of Property | 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.
Schedule of Asset Acquisition | 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 |

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