REAL ESTATE ACTIVITY

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

REAL ESTATE ACTIVITY

NOTE 3. REAL ESTATE ACTIVITY

Below is a summary of the real estate owned as of June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,			December 31,
	2020			2019
Apartments	$	178,240		$	156,173
Apartments under construction		14,809			22,363
Commercial properties		230,365			229,424
Land held for development		61,225			62,037
Real estate subject to sales contract		6,307			7,966
Total real estate, at cost, less impairment	$	490,946		$	477,963
Less accumulated deprecation		(96,002	)		(90,173	)
Total real estate, net of depreciation	$	394,944		$	387,790

The following is a description of our significant real estate and financing transactions for the three months ended June 30, 2020:

● Sold a combined 25.9 acres of land to third parties in Farmers Branch, Texas and Forney, Texas for an aggregate sales price of $6.6 million and recognized a gain on the sale of approximately $5.3 million.

● Sold a plot of land (0.3 acres) in Farmers Brach, Texas for a sale price of $0.2 million and recognized a gain on the sale of approximately $0.06 million.

● Acquired a plot of land (1.3 acres) in McKinney, Texas for a purchase price of $0.5 million.

● Acquired a plot of land (0.7 acres) in Denton, Texas for a purchase price of $0.1 million.

● Purchased note receivable from related parties for a purchase price of $3.6 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).

The Company continues to invest in the development of apartment projects. During the three months ended June 30, 2020, we have invested $0.3 million related to the construction or predevelopment of various apartment complexes out of which nominal amount represents capitalized interest costs.