REAL ESTATE ACTIVITY (Tables)

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Schedule of the real estate owned

Below is a summary of the real estate we owned as of September 30, 2016 (dollars in thousands):

Apartments	$	664,383
Apartments under construction		52,034
Commercial properties		203,507
Land held for development		87,131
Real estate subject to sales contract		47,192
Total real estate	$	1,054,247
Less accumulated depreciation		(154,399	)
Total real estate, net of depreciation	$	899,848