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INVESTMENTS IN REAL ESTATE (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Investments in Real Estate | Investments in real estate consist of the following:
| December 31,
| 2022 |  | 2021
| (in thousands)
Land | $ | 151,727 |  |  | $ | 141,236 |
Land improvements | 1,837 |  |  | 2,644 |
Buildings and improvements | 455,275 |  |  | 454,431 |
Furniture, fixtures, and equipment | 4,339 |  |  | 4,398 |
Tenant improvements | 34,372 |  |  | 29,733 |
Work in progress | 12,863 |  |  | 10,260 |
Investments in real estate | 660,413 |  |  | 642,702 |
Accumulated depreciation | (158,407) |  |  | (144,718) |
Net investments in real estate | $ | 502,006 |  |  | $ | 497,984 |
Schedule of Asset Acquisitions | During the year ended December 31, 2022, the Company acquired a 100% fee-simple interest in the following properties from unrelated third-parties which were accounted for as asset acquisitions.
|  | Asset |  | Date of |  |  |  | Purchase |  |
Property |  | Type |  | Acquisition |  | Square Feet |  | Price (1) |  |
|  |  |  |  |  |  |  | (in thousands) |  |
3109 S Western Avenue, Los Angeles, CA (1)(5) |  | Multifamily (5) |  | August 4, 2022 |  | 5,900 |  | $ | 700 |  |  |
1007 E 7th Street, Austin, TX (2) (6) |  | Office (6) |  | July 1, 2022 |  | 1,352 |  | $ | 1,900 |  |  |
3022 S Western Avenue, Los Angeles, CA (3) (7) |  | Multifamily (7) |  | May 20, 2022 |  | 6,000 |  | $ | 5,650 |  |  |
3101 S Western Avenue, Los Angeles, CA (4) (8) |  | Multifamily (8) |  | 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 $11,000, 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 $52,000, which are not included in the purchase price above. (3)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $192,000, which are not included in the purchase price above. (4)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $22,000, which are not included in the purchase price above. (5)The Company intends to redevelop approximately seven commercial units totaling 5,635 rentable square feet and six parking stalls starting in 2024. (6)The property is located on a land site of approximately 7,450 square feet. The Company intends to complete pre-development and entitlement work to provide optionality for future development. (7)The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 119 residential units starting in 2024. (8)The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 40 residential units starting in 2023. During the year ended December 31, 2021, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price
|  |  |  |  |  |  |  | (in thousands)
1037 North Sycamore, Los Angeles, CA (1) |  | Office |  | July 13, 2021 |  | 4,900 |  | $ | 2,900 |
(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 $33,000, which are not included in the purchase price above.
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 years ended December 31, 2022 and 2021.
| Year Ended December 31,
| 2022 |  | 2021 |  |
| (in thousands)
Land | $ | 10,491 |  |  | $ | 1,839 |  |  |
Land improvements | 54 |  |  | 33 |  |  |
Buildings and improvements | 164 |  |  | 1,061 |  |  |
Tenant improvements | 47 |  |  | — |  |  |
Acquired in-place leases | 68 |  |  | — |  |  |
Acquired above-market leases | — |  |  | — |  |  |
Acquired below-market leases | (37) |  |  | — |  |  |
Net assets acquired | $ | 10,787 |  |  | $ | 2,933 |  |  |

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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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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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