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INVESTMENTS IN REAL ESTATE (Tables) | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
Schedule of Investments in Real Estate | Investments in real estate consist of the following (in thousands):
|  | June 30, 2022 |  | December 31, 2021
Land |  | $ | 149,144 |  |  | $ | 141,236 |
Land improvements |  | 2,697 |  |  | 2,644 |
Buildings and improvements |  | 454,845 |  |  | 454,431 |
Furniture, fixtures, and equipment |  | 4,451 |  |  | 4,398 |
Tenant improvements |  | 30,677 |  |  | 29,733 |
Work in progress |  | 13,446 |  |  | 10,260 |
Investments in real estate |  | 655,260 |  |  | 642,702 |
Accumulated depreciation |  | (152,653) |  |  | (144,718) |
Net investments in real estate |  | $ | 502,607 |  |  | $ | 497,984 |
Schedule of Asset Acquisitions | During the six months ended June 30, 2022, the Company acquired a 100% fee-simple interest in the following properties from unrelated third-parties. The purchases were accounted for as asset acquisitions. Please see “Investments in Unconsolidated Entities” (Note 4) for information on the Company’s acquisition of an approximate 44% interest in an office property in February 2022.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price
|  |  |  |  |  |  |  | (in thousands)
3022 S Western Avenue, Los Angeles, CA (1) (3) |  | Multifamily (3) |  | May 20, 2022 |  | 6,000 |  | $ | 5,650 |
3101 S Western Avenue, Los Angeles, CA (2) (4) |  | Multifamily (4) |  | February 11, 2022 |  | 3,752 |  | $ | 2,260 |
(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $191,000, which are not included in the purchase price above. (2)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $14,000, which are not included in the purchase price above. (3)The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 114 residential units starting in 2024. (4)The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 45 residential units starting in 2023.
Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation of the aforementioned acquisitions during the six months ended June 30, 2022.
| (in thousands)
Land | $ | 7,907 |  |  |  |  |
Land improvements | 52 |  |  |  |  |
Buildings and improvements | 156 |  |  |  |  |
Net assets acquired | $ | 8,115 |  |  |  |  |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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