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


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.


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

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.

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.


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.


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)


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

(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.