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2. Summary of the real estate owned as of (Tables)
 6 Months Ended
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