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Recent Real Estate Transactions
3 Months Ended
Mar. 31, 2019
Real Estate [Abstract]  
Recent Real Estate Transactions

3. RECENT REAL ESTATE TRANSACTIONS

On January 15, 2019, the Company sold the Morena Office Center for approximately $5.6 million and recognized a gain of approximately $700,000.       

During the three months ended March 31, 2019, the Company disposed of 15 model homes for approximately $5.8 million and recognized a gain of approximately $514,000 related to the sale of these Model Homes.

During the three months ended March 30, 2018, the Company acquired 19 model homes for approximately $7.3 million. The purchase price was paid through cash payments of approximately $2.2 million and mortgage notes of approximately $5.1 million.

During the three months ended March 31, 2018, the Company disposed of two model homes for approximately $905,000 and recognized a gain of approximately $74,000 related to the sale of these Model Homes.