REAL ESTATE ACTIVITY (Tables)

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Schedule of the real estate owned

Below is a summary of the real estate owned as of March 31, 2017 (dollars in thousands):

Apartments	$	698,344
Apartments under construction		40,134
Commercial properties		205,751
Land held for development		71,562
Real estate subject to sales contract		46,360
Total real estate	$	1,062,151
Less accumulated depreciation		(160,269	)
Total real estate, net of depreciation	$	901,882