Real Estate Properties (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Real Estate Properties Owned

Real estate properties, consists of the following (dollars in thousands):


	September 30, 2023		December 31, 2022
Land	$	74,246	$	74,246
Building	616,997		617,041
Building improvements	22,854		15,511
Real estate properties	714,097		706,798
Accumulated depreciation	(74,108)		(55,195)
Total real estate properties, net	$	639,989	$	651,603

A summary of real estate properties owned is as follows (dollars in thousands):


	December 31, 2022 Balance		Improvements		Depreciation		Sale of Property		September 30, 2023 Balance
Multi-family	$	649,701	$	7,299	$	(18,830)	$	—	$	638,170
Retail shopping center and other	1,902		107		(83)		(107)		1,819
Total real estate properties	$	651,603	$	7,406	$	(18,913)	$	(107)	$	639,989

At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):


	September 30, 2023		December 31, 2022
Land	$	46,331	$	59,404
Building	291,473		315,400
Building improvements	7,691		10,445
Real estate properties	345,495		385,249
Accumulated depreciation	(67,399)		(66,945)
Total real estate properties, net	$	278,096	$	318,304

Schedule of Asset Acquisition Allocation of Book Value

In the nine months ended September 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 8 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands):


Buyout Date	Property Name	Location	Units	Remaining Interest Purchased		Purchase Price (1)
03/23/2022	Verandas at Alamo	San Antonio, TX	288	28.1	%	$	8,721
04/07/2022	Vanguard Heights	Creve Coeur, MO	174	21.6	%	4,880
05/11/2022	Jackson Square	Tallahassee, FL	242	20	%	7,215
05/24/2022	Brixworth at Bridge Street	Huntsville, AL	208	20	%	10,697
05/26/2022	Woodland Apartments	Boerne, TX	120	20	%	3,881
06/30/2022	Grove at River Place	Macon, GA	240	20	%	7,485
07/12/2022	Civic I	Southaven, MS	392	25	%	18,233
07/12/2022	Civic II	Southaven, MS	384	25	%	17,942
07/14/2022	Abbotts Run	Wilmington, NC	264	20	%	9,010
07/19/2022	Somerset at Trussville	Trussville, AL	328	20	%	10,558
08/03/2022	Magnolia Pointe	Madison, AL	204	20	%	7,246
			2,844			$	105,868

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(1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $2,191 and operating cash acquired from the ventures of $2,797.