REAL ESTATE ACTIVITY

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

REAL ESTATE ACTIVITY

NOTE 3. REAL ESTATE ACTIVITY

Below is a summary of the real estate owned as of March 31, 2019 (dollars in thousands):

Apartments	$	111,537
Apartments under construction		35,608
Commercial properties		227,867
Land held for development		77,749
Real estate subject to sales contract		4,325
Real estate held for sale		14,737
Total real estate, at cost, less impairment	$	471,823
Less accumulated deprecation		(81,885	)
Total real estate, net of depreciation	$	389,938

The following is a description of our significant real estate and financing transactions for the three months ended March 31, 2019:

We sold 76 land parcels (or 11.96 acres of land) from our Mercer Crossing land holdings in Farmers Branch, Texas and 10.33 acres of land, located in Dallas, Texas to third parties for an aggregate sales price of $8.7 million and recognized a gain on the sale of approximately $2.2 million.

We purchased from a third party 8.94 acres of land located in Collin County, Texas for a total purchase price of $2.5 million. In addition, purchased an option to buy 37.8 acres of land (6.3 acres located in Collin County, Texas and 31.5 acres located in Clark County, Nevada) for $2.0 million from a third party land developer.

We entered into a purchase and sale agreement with a third party for the sale of Vista Ridge Apartments, located in Lee County, Mississippi. This asset is classified as ‘held for sale’ for the period ended March 31, 2019.

We continue to invest in the development of apartment projects. During the three months ended March 31, 2019, we have invested $7.6 million related to the construction or predevelopment of various apartment complexes and capitalized $0.2 million of interest costs.