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OTHER ASSETS | 6 Months Ended
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Jun. 30, 2016
OTHER ASSETS |
OTHER ASSETS | NOTE 4. OTHER ASSETS Approximately $2,392,000, and $2,257,000 of security deposits are included in prepaid expenses and other assets at June 30, 2016 and December 31, 2015, respectively. The security deposits and escrow accounts are restricted cash. Included in prepaid expenses and other assets at June 30, 2016 and December 31, 2015 is approximately $483,000 and $801,000, respectively, held in escrow to fund future capital improvements. As of June 30, 2016, approximately $118,000 of the replacement reserve was related to the fire damage at Westgate Apartments. The reserve will be refunded when the repairs are complete. Intangible assets on the acquisitions of Hamilton Green and the Residence at Captain Parkers are included in prepaid expenses and other assets. Intangible assets are approximately $121,00 0 net of accumulated amortization of approximately $2,136,000 and approximately $382,000 net of accumulated amortization of approximately $1,875,000 at June 30, 2016 and December 31, 2015, respectively. Financing fees in association with the line of credit of approximately $51,000 and $75,000 are net of accumulated amortization of approximately $90,000 and $66,000 at June 30, 2016 and December 31, 2015 respectively.

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