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Scheule III. REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION
 12 Months Ended
Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Real Estate Assets and Accumulated Depreciation and Amortization
Description
 
Location
 
Owner-ship Percent
 
Encumbrances(1)
 
Initial Cost of Company
 
Cost Capitalized Subsequent to Acquisition
 
Gross Amount at which Carried at
Close of Period
 
Accumulated Depreciation and Amortization
 
Original Date of Construction
 
Date Acquired
 
 
 
 
Land
 
Building and Improvements(2)
 
Total
 
 
Land
 
Building and Improvements(2)
 
Total(3)
 
 
 
Clarion Park Apartments
 
Olathe, KS
 
100%
 
$
11,930,339

 
$
1,470,991

 
$
9,744,009

 
$
11,215,000

 
$
988,626

 
$
1,470,991

 
$
10,450,720

 
$
11,921,711

 
$
(3,224,329
)
 
1994
 
6/28/11
Truman Farm Villas
 
Grandview, MO
 
100%
 
—

 
842,987

 
8,257,013

 
9,100,000

 
1,232,186

 
842,987

 
9,248,570

 
10,091,557

 
(2,953,604
)
 
2008
 
12/22/11
EBT Lofts
 
Kansas City, MO
 
100%
 
—

 
460,362

 
8,114,638

 
8,575,000

 
770,709

 
460,362

 
8,543,029

 
9,003,391

 
(2,561,371
)
 
1899
 
12/30/11
Spring Creek of Edmond
 
Edmond, OK
 
100%
 
17,113,376

 
2,346,503

 
17,602,343

 
19,948,846

 
1,187,564

 
2,346,503

 
18,384,515

 
20,731,018

 
(5,204,981
)
 
1974
 
3/9/12
Montclair Parc Apartments
 
Oklahoma City, OK
 
100%
 
21,719,269

 
3,325,556

 
32,424,444

 
35,750,000

 
2,104,988

 
3,325,556

 
33,343,837

 
36,669,393

 
(8,840,527
)
 
1999
 
4/26/12
Sonoma Grande Apartments
 
Tulsa, OK
 
100%
 
20,451,101

 
2,737,794

 
29,462,206

 
32,200,000

 
1,166,391

 
2,737,794

 
30,078,984

 
32,816,778

 
(8,015,610
)
 
2009
 
5/24/12
Estancia Apartments
 
Tulsa, OK
 
100%
 
—

 
2,544,634

 
27,240,628

 
29,785,262

 
1,005,697

 
2,544,634

 
27,724,761

 
30,269,395

 
(7,239,095
)
 
2006
 
6/29/12
Hilliard Park Apartments
 
Hilliard, OH
 
100%
 
12,390,229

 
1,413,437

 
18,484,692

 
19,898,129

 
1,037,955

 
1,413,437

 
19,117,326

 
20,530,763

 
(4,837,983
)
 
2000
 
9/11/12
Sycamore Terrace Apartments
 
Terre Haute, IN
 
100%
 
17,847,045

 
1,321,194

 
21,852,963

 
23,174,157

 
471,708

 
1,321,194

 
21,879,086

 
23,200,280

 
(5,253,317
)
 
2011/2013
 
9/20/12, 3/5/14
Hilliard Summit Apartments
 
Hilliard, OH
 
100%
 
15,027,104

 
1,536,795

 
22,639,028

 
24,175,823

 
572,011

 
1,536,795

 
22,762,387

 
24,299,182

 
(5,529,077
)
 
2012
 
9/28/12
Forty-57 Apartments
 
Lexington, KY
 
100%
 
35,563,625

 
3,055,614

 
49,444,386

 
52,500,000

 
1,409,158

 
3,055,614

 
50,091,659

 
53,147,273

 
(12,032,326
)
 
2008
 
12/20/12
Riverford Crossing Apartments
 
Frankfort, KY
 
100%
 
20,229,093

 
2,595,387

 
27,404,613

 
30,000,000

 
911,816

 
2,595,387

 
27,774,395

 
30,369,782

 
(6,842,412
)
 
2011
 
12/28/12
Montecito Apartments
 
Austin, TX
 
100%
 
12,823,790

 
3,081,522

 
15,918,478

 
19,000,000

 
2,914,296

 
3,081,522

 
18,398,578

 
21,480,100

 
(5,151,505
)
 
1984
 
12/31/12
Hilliard Grand Apartments
 
Dublin, OH
 
100%
 
28,392,107

 
2,657,734

 
38,012,528

 
40,670,262

 
701,519

 
2,657,734

 
37,897,380

 
40,555,114

 
(8,766,861
)
 
2010
 
12/31/12
Library Lofts East
 
Kansas City, MO
 
100%
 
8,166,247

 
1,669,405

 
11,080,595

 
12,750,000

 
540,378

 
1,669,405

 
11,415,006

 
13,084,411

 
(2,743,641
)
 
1906/1923
 
2/28/13
Deep Deuce at Bricktown
 
Oklahoma City, OK
 
100%
 
32,069,379

 
2,529,318

 
37,266,648

 
39,795,966

 
6,197,411

 
2,580,318

 
42,737,983

 
45,318,301

 
(12,398,000
)
 
2001
 
3/28/13
Retreat at Quail North
 
Oklahoma City, OK
 
100%
 
16,268,147

 
1,700,810

 
24,025,543

 
25,726,353

 
556,897

 
1,700,810

 
24,093,797

 
25,794,607

 
(5,539,869
)
 
2012
 
6/12/13
Waterford on the Meadow
 
Plano, TX
 
100%
 
15,175,716

 
2,625,024

 
20,849,131

 
23,474,155

 
3,702,083

 
2,625,024

 
23,986,048

 
26,611,072

 
(6,140,697
)
 
1984
 
7/3/13
Tapestry Park Apartments
 
Birmingham , AL
 
100%
 
43,712,670

 
3,277,884

 
47,118,797

 
50,396,681

 
420,292

 
3,277,884

 
46,900,625

 
50,178,509

 
(10,572,417
)
 
2012/2014
 
8/13/13, 12/1/14
Dawntree Apartments
 
Carrollton, TX
 
100%
 
14,450,118

 
3,135,425

 
21,753,469

 
24,888,894

 
2,360,472

 
3,135,425

 
23,511,480

 
26,646,905

 
(5,864,112
)
 
1982
 
8/15/13
Description
 
Location
 
Owner-ship Percent
 
Encumbrances(1)
 
Initial Cost of Company
 
Cost Capitalized Subsequent to Acquisition
 
Gross Amount at which Carried at
Close of Period
 
Accumulated Depreciation and Amortization
 
Original Date of Construction
 
Date Acquired
 
 
 
 
Land
 
Building and Improvements(2)
 
Total
 
 
Land
 
Building and Improvements(2)
 
Total(3)
 
 
 
Stuart Hall Lofts
 
Kansas City, MO
 
100%
 
$
16,045,948

 
$
1,585,035

 
$
15,264,965

 
$
16,850,000

 
$
259,800

 
$
1,585,035

 
$
15,240,006

 
$
16,825,041

 
$
(3,363,616
)
 
1910
 
8/27/13
BriceGrove Park Apartments
 
Canal Winchester, OH
 
100%
 
17,133,615

 
1,596,212

 
18,503,788

 
20,100,000

 
868,554

 
1,596,212

 
18,921,522

 
20,517,734

 
(4,348,152
)
 
2002
 
8/29/13
Retreat at Hamburg Place
 
Lexington, KY
 
100%
 
12,072,255

 
1,605,839

 
14,694,161

 
16,300,000

 
400,090

 
1,605,839

 
14,766,336

 
16,372,175

 
(3,359,740
)
 
2013
 
9/5/13
Villas at Huffmeister
 
Houston, TX
 
100%
 
27,058,201

 
5,858,663

 
31,741,337

 
37,600,000

 
1,943,132

 
5,858,663

 
32,964,053

 
38,822,716

 
(7,702,859
)
 
2007
 
10/10/13
Villas at Kingwood
 
Kingwood, TX
 
100%
 
35,156,654

 
6,512,468

 
33,637,532

 
40,150,000

 
2,333,431

 
6,512,468

 
35,182,141

 
41,694,609

 
(8,339,936
)
 
2008
 
10/10/13
Waterford Place at Riata Ranch
 
Cypress, TX
 
100%
 
—

 
3,184,857

 
20,215,143

 
23,400,000

 
1,098,339

 
3,184,857

 
20,813,492

 
23,998,349

 
(4,944,919
)
 
2008
 
10/10/13
Carrington Place
 
Houston, TX
 
100%
 
27,384,768

 
5,450,417

 
27,449,583

 
32,900,000

 
1,937,311

 
5,450,417

 
28,692,733

 
34,143,150

 
(6,646,264
)
 
2004
 
11/7/13
Carrington Champion Forest
 
Houston, TX
 
100%
 
24,978,692

 
3,760,329

 
29,239,671

 
33,000,000

 
1,496,724

 
3,760,329

 
30,120,500

 
33,880,829

 
(6,893,137
)
 
2008
 
11/7/13
Carrington Park at Huffmeister
 
Houston, TX
 
100%
 
19,440,839

 
3,241,747

 
21,908,253

 
25,150,000

 
1,205,865

 
3,241,747

 
22,589,773

 
25,831,520

 
(5,300,183
)
 
2008
 
11/7/13
Heritage Grand at Sienna Plantation
 
Missouri City, TX
 
100%
 
16,822,121

 
3,776,547

 
22,762,411

 
26,538,958

 
499,424

 
3,776,547

 
22,715,694

 
26,492,241

 
(4,979,819
)
 
2012
 
12/20/13
Mallard Crossing
 
Loveland, OH
 
100%
 
33,367,682

 
2,383,256

 
37,416,744

 
39,800,000

 
1,866,149

 
2,383,256

 
38,612,320

 
40,995,576

 
(7,861,158
)
 
1997
 
12/27/13
Reserve at Creekside
 
Chattanooga, TN
 
100%
 
14,241,494

 
1,344,233

 
17,530,767

 
18,875,000

 
1,242,125

 
1,344,233

 
18,420,868

 
19,765,101

 
(3,627,475
)
 
2004
 
3/28/14
Oak Crossing
 
Fort Wayne, IN
 
100%
 
20,204,961

 
2,005,491

 
22,224,509

 
24,230,000

 
495,102

 
2,005,491

 
22,303,140

 
24,308,631

 
(4,171,773
)
 
2012-13
 
6/3/14
Double Creek Flats
 
Plainfield, IN
 
100%
 
21,877,897

 
1,306,880

 
30,545,199

 
31,852,079

 
85,220

 
1,306,880

 
30,166,508

 
31,473,388

 
(866,844
)
 
2016
 
5/7/18
Jefferson at the Perimeter
 
Dunwoody, GA
 
100%
 
64,387,092

 
17,763,296

 
85,870,687

 
103,633,983

 
712,061

 
17,763,296

 
85,279,756

 
103,043,052

 
(1,876,207
)
 
1996
 
6/11/18
 
 
 
 
 
 
$
693,501,574

 
$
105,703,646

 
$
917,700,902

 
$
1,023,404,548

 
$
46,695,484

 
$
105,754,646

 
$
945,129,008

 
$
1,050,883,654

 
$
(203,993,817
)
 
 
 
 
________________
(1)
Encumbrances include the unamortized portion of loan premiums on assumed debt allocated to individual assets in the aggregate amount of $0.3 million and net deferred financing costs of $4,227,995 as of December 31, 2018.
(2)
Building and improvements include tenant origination and absorption costs and other intangible assets.
(3)
The aggregate cost of real estate for federal income tax purposes was $1.07 billion (unaudited) as of December 31, 2018.
Below is a summary of activity for real estate and accumulated depreciation for the years ended December 31, 2018, 2017 and 2016:
 
 
2018
 
2017
 
2016
Real estate:
 
 
 
 
 
 
Balance at the beginning of the year
 
$
1,248,296,985

 
$
1,694,278,958

 
$
1,666,901,082

Acquisitions
 
135,486,062

 
—

 
—

Improvements
 
9,906,890

 
15,621,609

 
28,485,659

Cost of real estate sold
 
(341,007,619
)
 
(461,332,750
)
 
—

Write-off of disposed and fully depreciated and fully amortized assets
 
(1,798,664
)
 
(270,832
)
 
(1,107,783
)
Balance at the end of the year
 
$
1,050,883,654

 
$
1,248,296,985

 
$
1,694,278,958

 
 
 
 
 
 
 
Accumulated depreciation and amortization:
 
 
 
 
 
 
Balance at the beginning of the year
 
$
221,581,654

 
$
232,744,083

 
$
163,445,987

Depreciation and amortization expense
 
46,109,794

 
67,755,152

 
69,513,484

Write-off of accumulated depreciation and amortization of real estate assets sold
 
(63,671,739
)
 
(78,793,834
)
 
—

Write-off of disposed and fully depreciated and fully amortized assets
 
(25,892
)
 
(123,747
)
 
(215,388
)
Balance at the end of the year
 
$
203,993,817

 
$
221,581,654

 
$
232,744,083