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REAL ESTATE ACTIVITY | 6 Months Ended
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Jun. 30, 2019
Real Estate [Abstract] |
REAL ESTATE ACTIVITY | NOTE 3. REAL ESTATE ACTIVITY The following table summarizes ARL’s real estate investments as of June 30, 2019 and December 31, 2018 (dollars in thousands):
|  | June 30, 2019 |  |  | December 31, 2018 |
Apartments |  | $ | 119,982 |  |  | $ | 126,274 |
Apartments under construction |  |  | 24,710 |  |  |  | 21,916 |
Commercial properties |  |  | 228,206 |  |  |  | 224,162 |
Land held for development |  |  | 77,245 |  |  |  | 83,641 |
Real estate subject to sales contract |  |  | 1,626 |  |  |  | 3,149 |
Real estate held for sale |  |  | 14,737 |  |  |  | — |
Total real estate, at cost, less impairment |  | $ | 466,506 |  |  |  | 459,142 |
Less accumulated deprecation |  |  | (83,084 | ) |  |  | (78,099 | )
Total real estate, net of depreciation |  | $ | 383,422 |  |  | $ | 381,043 |
The following is a description of the Company’s significant real estate and financing transactions for the three months ended June 30, 2019:
| ● | Sold 12.16 acres of land located in Farmers Branch, Texas for an aggregate sales price of $3.5 million and recognized a gain on the sale of approximately $0.7 million.
| ● | Sold 6.25 acres of land located in Nashville, Tennessee for a total sales price of $2.3 million and recognized a gain on the sale of approximately $0.9 million.
| ● | Sold 23.24 acres of land located in Fort Worth, Texas for a sales price of $1.8 million and recognized a gain on the sale of approximately $0.5 million.
| ● | Sold a multifamily residential property, located in Mary Ester, Florida for a total sales price of $3.1 million out of which $1.8 million represents land received with a total acreage of 1.27 acres located in Riverside, California in exchange for a note receivable of the same value. The Company recognized a loss from this sale of approximately $0.08 million.
| ● | Sold water district receivables related to infrastructure development work, located in Kaufman County, Texas for $7.0 million. No gain or loss was recognized from the sale of these receivables.
| ● | Purchased a plot of land (0.47 acres) in Athens, Alabama for a purchase price of $0.4 million.
| ● | Purchased notes receivables from related parties for an aggregate purchase price of $31.9 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).
The Company continues to invest in the development of apartment projects. During the six months ended June 30, 2019, TCI has invested $17.0 million related to the construction or predevelopment of various apartment complexes and capitalized $0.4 million of interest costs.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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