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Investments in Real Estate
 3 Months Ended
Mar. 31, 2015
Real Estate [Abstract]  
Real Estate Disclosure [Text Block]
Note 4 – Investments in Real Estate
 
As of March 31, 2015, the Company was invested in ten operating real estate properties and three development properties through joint venture partnerships. The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting.
 
Operating Properties
 
 
 
Number of
 
Date
 
Ownership
 
Average
 
%
 
Multifamily Community Name/Location
 
Units
 
Built/Renovated  (1)
 
Interest
 
Rent  (2)
 
Occupied  (3)
 
MDA Apartment/ Chicago, IL (4)
 
190
 
2006
 
35.31
%
$
2,231
 
95
%
Enders Place at Baldwin Park/ Orlando, FL
 
220
 
2003
 
89.50
%
 
1,521
 
95
%
Park & Kingston, Charlotte, NC
 
153
 
2014
 
46.95
%
 
1,184
 
91
%
ARIUM Grande Lakes/ Orlando, FL
 
306
 
2005
 
95.00
%
 
1,130
 
96
%
Lansbrook Village/ Palm Harbor, FL
 
595
 
2004
 
76.81
%
 
1,122
 
93
%
Village Green of Ann Arbor/ Ann Arbor, MI
 
520
 
2013
 
48.61
%
 
1,120
 
93
%
Fox Hill, Austin , TX
 
288
 
2010
 
85.27
%
 
1,110
 
98
%
North Park Towers/ Southfield, MI (5)
 
313
 
2000
 
100.0
%
 
1,044
 
95
%
Springhouse at Newport News/ Newport News, VA
 
432
 
1985
 
75.00
%
 
830
 
92
%
Villas at Oak Crest/ Chattanooga, TN
 
209
 
1999
 
67.18
%
 
806
 
98
%
Total/Average
 
3,226
 
 
 
 
 
$
1,150
 
94
%
 
(1) Represents date of last significant renovation or year built if there were no renovations.  
(2) Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2015. Total concessions for the three months ended March 31, 2015 amounted to approximately $45,000.
(3) Percent occupied is calculated as (i) the number of units occupied as of March 31, 2015, divided by (ii) total number of units, expressed as a percentage.
(4) The MDA Apartments include 8,200 square feet of retail space. Average effective rent excluding the property’s retail space was $2,082.
(5) This property is classified as held for sale as of March 31, 2015 and accounted for on a consolidated basis based on our 100% ownership in the property. Amounts related to this investment are classified as held for sale assets/liabilities on the Company’s consolidated balance sheet.
 
Depreciation expense was $2.3 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively including amounts in discontinued operations.
 
Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $0.5 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively.
 
Development Properties
 
 
 
Number of
 
Initial
 
Final Units to
 
Pro Forma
 
Multifamily Community Name/Location
 
Units
 
Occupancy
 
be Delivered
 
Average Rent  (1)
 
UCF Orlando / Orlando, FL
 
296
 
2Q 2015
 
2Q 2016
 
$
1,211
 
Alexan CityCentre / Houston, TX
 
340
 
4Q 2016
 
4Q 2017
 
 
2,144
 
Alexan Blaire House / Houston, TX
 
269
 
1Q 2017
 
1Q 2018
 
$
2,019
 
Total/Average
 
905
 
 
 
 
 
$
1,803
 
 
(1) Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.