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REAL ESTATE ACTIVITY | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
REAL ESTATE ACTIVITY | NOTE 3. REAL ESTATE ACTIVITY Below is a summary of the real estate owned as of June 30, 2020 and December 31, 2019 (dollars in thousands):
|  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Apartments |  | $ | 178,240 |  |  | $ | 156,173 |
Apartments under construction |  |  | 14,809 |  |  |  | 22,363 |
Commercial properties |  |  | 230,365 |  |  |  | 229,424 |
Land held for development |  |  | 61,225 |  |  |  | 62,037 |
Real estate subject to sales contract |  |  | 6,307 |  |  |  | 7,966 |
Total real estate, at cost, less impairment |  | $ | 490,946 |  |  | $ | 477,963 |
Less accumulated deprecation |  |  | (96,002 | ) |  |  | (90,173 | )
Total real estate, net of depreciation |  | $ | 394,944 |  |  | $ | 387,790 |
The following is a description of our significant real estate and financing transactions for the three months ended June 30, 2020:
| ● | Sold a combined 25.9 acres of land to third parties in Farmers Branch, Texas and Forney, Texas for an aggregate sales price of $6.6 million and recognized a gain on the sale of approximately $5.3 million.
| ● | Sold a plot of land (0.3 acres) in Farmers Brach, Texas for a sale price of $0.2 million and recognized a gain on the sale of approximately $0.06 million.
| ● | Acquired a plot of land (1.3 acres) in McKinney, Texas for a purchase price of $0.5 million.
| ● | Acquired a plot of land (0.7 acres) in Denton, Texas for a purchase price of $0.1 million.
| ● | Purchased note receivable from related parties for a purchase price of $3.6 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 three months ended June 30, 2020, we have $0.3 million related to the construction or predevelopment of various apartment complexes out of which nominal amount represents capitalized 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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