REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Schedule of the real estate owned

A summary of our real estate owned as of the end of the year is listed below (dollars in thousands):

	2016			2015
Apartments	$	694,351		$	622,761
Apartments under construction		25,288			18,230
Commercial properties		218,857			215,609
Land held for development		79,188			97,790
Real estate held for sale		—			—
Real estate subject to sales contract		48,919			49,155
Total real estate, at cost, less impairment		1,066,603			1,003,545
Less accumulated deprecation		(165,597	)		(150,038	)
Total real estate, net of depreciation	$	901,006		$	853,507

Schedule of depreciation computed on a straight line basis over the estimated useful lives of the assets

Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows:

Land improvements	25 to 40 years
Buildings and improvements	10 to 40 years
Tenant improvements	Shorter of useful life or terms of related lease
Furniture, fixtures and equipment	3 to 7 years

Schedule of assets measures in recurring and non recurring basis

				Fair Value Measurements Using (dollars in thousands):
December 31, 2015		Fair Value		Level 1		Level 2		Level 3
	Commercial	$	3,000	$	—	$	—	$	3,000