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Recent Real Estate Transactions
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Recent Real Estate Transactions

3.  RECENT REAL ESTATE TRANSACTIONS

 

During the year ended December 31, 2016, the Company acquired sixty-five Model Home properties and leased them back to the home builders. The purchase price for the properties totaled $23.7 million. The Company allocated the purchase price of the properties acquired 2016 as follows:

 

 

 

 

 

 

 

Buildings

 

 

Total

 

 

 

Land

 

 

and Other

 

 

Purchase Price

 

Model Homes Properties

 

$

3,535,293

 

 

$

20,132,242

 

 

$

23,667,535

 

 

 

$

3,535,293

 

 

$

20,132,242

 

 

$

23,667,535