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2. Summary of the real estate owned as of (Tables) | 6 Months Ended
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Jun. 30, 2014
Summary of the real estate owned as of |
Summary of the real estate owned as of |
Apartments |  | $ | 436,211 |
Commercial properties |  |  | 178,338 |
Land held for development |  |  | 156,034 |
Real estate held for sale |  |  | 2,116 |
Real estate subject to sales contract |  |  | 25,211 |
Total real estate |  | $ | 797,910 |
Less accumulated depreciation |  |  | (126,750 | )
Total real estate, net of depreciation |  | $ | 671,160 |

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