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REAL ESTATE ACTIVITY
 3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
REAL ESTATE ACTIVITY

NOTE 2. REAL ESTATE ACTIVITY

 

Below is a summary of the real estate owned as of March 31, 2018 (dollars in thousands):

 

Apartments   $ 718,373  
Apartments under construction     124,272  
Commercial properties     201,436  
Land held for development     68,202  
Real estate subject to sales contract     44,854  
Total real estate   $ 1,157,137  
Less accumulated depreciation     (178,007 )
Total real estate, net of depreciation   $ 979,130  

 

The highlights of our significant real estate transactions for the three months ended March 31, 2018 are listed below:

 

Sales

 

During the three months ended March 31, 2018, TCI sold 112.2 acres of land located to an independent third party for a total sales price of $7.2 million. We recorded an aggregate gain of $1.3 million from the land sale. In addition, TCI sold six income-producing properties to a related party for an aggregate purchase price of $8.5 million, out of which, $2.1 million was received in cash and $6.4 million in note receivables. No gain or loss was recorded from the sale of income-producing properties.

 

As of March 31, 2018, the Company has approximately 91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions, TCI has deferred the recording of the sales in accordance with ASC 360-20.

 

We continue to invest in the development of apartment projects. During the three months ended March 31, 2018, we have expended $20.1 million related to the construction or predevelopment of various apartment complexes and capitalized $0.9 million of interest costs.