REAL ESTATE ACTIVITY (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Schedule of the real estate owned

Below is a summary of the real estate owned as of June 30, 2015 (dollars in thousands):

Apartments	$	546,904
Apartments under construction		3,261
Commercial properties		202,912
Land held for development		146,692
Real estate subject to sales contract		22,877
Total real estate	$	922,646
Less accumulated depreciation		(130,235	)
Total real estate, net of depreciation	$	792,411