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Operating Real Estate Held in Consolidated VIEs, Net
 12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]  
Operating Real Estate Held in Consolidated VIEs, Net Operating Real Estate Held in Consolidated VIE, Net
On November 12, 2020, the Company determined that it became the primary beneficiary of Campus Lodge, a variable interest entity that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated Campus Lodge into its consolidated financial statements (see Note 7).

The following is a summary of the real estate investments in Campus Lodge as of December 31, 2020 (dollar amounts in thousands):

Land$5,400 
Building and improvements43,764 
Furniture, fixture and equipment1,522 
Real estate$50,686 
Accumulated depreciation (1)
(154)
Real estate, net (2)
$50,532 

(1)Depreciation expense for the year ended December 31, 2020 totaled $0.2 million and is included in operating expenses on the accompanying consolidated statements of operations.
(2)Included in other assets on the accompanying consolidated balance sheets.

The estimated depreciation expense related to operating real estate held in Consolidated VIE is as follows (dollar amounts in thousands):

Year Ending December 31,Depreciation Expense
2021$1,864 
2022$1,864 
2023$1,864 
2024$1,864 
2025$1,839