Investments in Real Estate

3 Months Ended

Mar. 31, 2021

Note 4 – Investments in Real Estate

As of March 31, 2021, the Company held investments in thirty-four consolidated operating properties and twenty-one properties through preferred equity, mezzanine loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity, mezzanine loan and ground lease investments.

Consolidated Operating Properties


		Number of	Date Built /	Ownership
Multifamily Community Name	Location	Units	Renovated ⁽¹⁾	Interest
ARIUM Glenridge	Atlanta, GA	480	1990	90	%
ARIUM Hunter’s Creek	Orlando, FL	532	1999	100	%
ARIUM Metrowest	Orlando, FL	510	2001	100	%
ARIUM Westside	Atlanta, GA	336	2008	90	%
Ashford Belmar	Lakewood, CO	512	1988/1993	85	%
Avenue 25	Phoenix, AZ	254	2013	100	%
Carrington at Perimeter Park	Morrisville, NC	266	2007	100	%
Chattahoochee Ridge	Atlanta, GA	358	1996	90	%
Chevy Chase	Austin, TX	320	1971	92	%
Cielo on Gilbert	Mesa, AZ	432	1985	90	%
Citrus Tower	Orlando, FL	336	2006	97	%
Denim	Scottsdale, AZ	645	1979	100	%
Elan	Austin, TX	270	2007	100	%
Element	Las Vegas, NV	200	1995	100	%
Falls at Forsyth	Cumming, GA	356	2019	100	%
Gulfshore Apartment Homes	Naples, FL	368	2016	100	%
Navigator Villas	Pasco, WA	176	2013	90	%
Outlook at Greystone	Birmingham, AL	300	2007	100	%
Park & Kingston	Charlotte, NC	168	2015	100	%
Pine Lakes Preserve	Port St. Lucie, FL	320	2003	100	%
Plantation Park	Lake Jackson, TX	238	2016	80	%
Providence Trail	Mount Juliet, TN	334	2007	100	%
Roswell City Walk	Roswell, GA	320	2015	98	%
Sands Parc	Daytona Beach, FL	264	2017	100	%
The Brodie	Austin, TX	324	2001	100	%
The District at Scottsdale	Scottsdale, AZ	332	2018	100	%
The Links at Plum Creek	Castle Rock, CO	264	2000	88	%
The Mills	Greenville, SC	304	2013	100	%
The Preserve at Henderson Beach	Destin, FL	340	2009	100	%
The Reserve at Palmer Ranch	Sarasota, FL	320	2016	100	%
The Sanctuary	Las Vegas, NV	320	1988	100	%
Veranda at Centerfield	Houston, TX	400	1999	93	%
Villages of Cypress Creek	Houston, TX	384	2001	80	%
Wesley Village	Charlotte, NC	301	2010	100	%
Total		11,584

(1)	Represents date of last significant renovation or year built if there were no renovations.

Depreciation expense was $18.7 million and $18.2 million for the three months ended March 31, 2021 and 2020, respectively.

Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $1.5 million and $2.6 million for the three months ended March 31, 2021 and 2020, respectively.

Preferred Equity, Mezzanine Loan and Ground Lease Investments


			Actual /
		Actual /	Estimated	Actual / Estimated
		Planned	Initial	Construction
Multifamily Community Name	Location	Number of Units	Occupancy	Completion
Lease-up Investments ⁽¹⁾
Motif	Fort Lauderdale, FL	385	1Q 2020	2Q 2020
Total lease-up units		385

Development Investments ⁽¹⁾
Zoey	Austin, TX	307	1Q 2022	2Q 2022
Reunion Apartments	Orlando, FL	280	1Q 2022	3Q 2022
Avondale Hills	Decatur, GA	240	1Q 2023	1Q 2023
The Hartley at Blue Hill, formerly The Park at Chapel Hill	Chapel Hill, NC	414	4Q 2021	1Q 2023
Encore Chandler	Chandler, AZ	208	2Q 2023	3Q 2023
Total development units		1,449

Multifamily Community Name	Location	Number of Units
Operating Investments ⁽¹⁾
Alexan CityCentre	Houston, TX	340
Belmont Crossing ⁽²⁾	Smyrna, GA	192
Domain at The One Forty	Garland, TX	299
Georgetown Crossing ⁽²⁾	Savannah, GA	168
Hunter’s Pointe ⁽²⁾	Pensacola, FL	204
Mira Vista	Austin, TX	200
Park on the Square ⁽²⁾	Pensacola, FL	240
Sierra Terrace ⁽²⁾	Atlanta, GA	135
Sierra Village ⁽²⁾	Atlanta, GA	154
The Commons⁽²⁾	Jacksonville, FL	328
The Riley	Richardson, TX	262
Thornton Flats	Austin, TX	104
Vickers Historic Roswell	Roswell, GA	79
Water’s Edge ⁽²⁾	Pensacola, FL	184
Wayford at Concord	Concord, NC	150
Total operating units		3,039
Total units		4,873

(1)	Properties in which the Company has a mezzanine loan, preferred equity or ground lease investment. Operating investments represent stabilized operating properties. Refer to Note 5, Note 6 and Note 13 for further information.

(2)	Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons and Water’s Edge are collectively known as the Strategic Portfolio. Refer to Note 6 for further information.