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Operating Real Estate Held in Consolidated VIEs, Net
 6 Months Ended
Jun. 30, 2021
Real Estate [Abstract]  
Operating Real Estate Held in Consolidated VIEs, Net Operating Real Estate Held in Consolidated VIEs, Net
During the six months ended June 30, 2021, the Company invested in two joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities 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 Consolidated VIEs actively lease the apartment units within the multi-family apartment communities to individual tenants at market rates for the production of rental income. These leases are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point. Rental income for the three and six months ended June 30, 2021 in the amounts of $2.1 million and $3.6 million, respectively, is included in other income (loss) on the accompanying condensed consolidated statements of operations.

The following is a summary of the real estate investments in Consolidated VIEs, collectively, as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):

June 30, 2021December 31, 2020
Land$16,866 $5,400 
Building and improvements104,368 43,764 
Furniture, fixture and equipment5,693 1,522 
Real estate$126,927 $50,686 
Accumulated depreciation (1)
(1,674)(154)
Real estate, net (2)
$125,253 $50,532 

(1)Depreciation expense for the three and six months ended June 30, 2021 totaled $0.8 million and $1.5 million, respectively, 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.