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Operating Real Estate Held in Consolidated VIEs, Net
 3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Operating Real Estate Held in Consolidated VIEs, Net Operating Real Estate Held in Consolidated VIEs, Net
During the three months ended March 31, 2021, the Company invested in a joint venture investment that owns a multi-family apartment community, which the Company determined to be a VIE and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entity into its condensed consolidated financial statements (see Note 7).

On November 12, 2020, the Company determined that it became the primary beneficiary of a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment. Accordingly, on this date, the Company consolidated the VIE into its condensed consolidated financial statements (see Note 7).

The following is a summary of the real estate investments in Consolidated VIEs, collectively, as of March 31, 2021 and December 31, 2020, respectively (dollar amounts in thousands):

March 31, 2021December 31, 2020
Land$9,319 $5,400 
Building and improvements69,977 43,764 
Furniture, fixture and equipment3,680 1,522 
Real estate$82,976 $50,686 
Accumulated depreciation (1)
(835)(154)
Real estate, net (2)
$82,141 $50,532 

(1)Depreciation expense for the three months ended March 31, 2021 totaled $0.7 million and is included in operating expenses on the accompanying condensed consolidated statements of operations.
(2)Included in other assets on the accompanying condensed consolidated balance sheets.