
	June 30, 2022		December 31, 2021
Land	$	57,138	$	38,822
Building	422,619		281,841
Building improvements	11,160		9,354
Real estate properties	490,917		330,017
Accumulated depreciation	(43,031)		(36,467)
Total real estate properties, net	$	447,886	$	293,550


	December 31, 2021 Balance		Partner Buyouts		Improvements		Depreciation		Sale of Property		June 30, 2022 Balance
Multi-family	$	291,538	$	159,121	$	1,807	$	(6,537)	$	—	$	445,929
Retail shopping center and other	2,012		—		—		(55)		—		1,957
Total real estate properties	$	293,550	$	159,121	$	1,807	$	(6,592)	$	—	$	447,886

In the six months ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands):


Buyout Date	Property Name	Location	Units	Remaining Interest Purchased		Purchase Price (1)
03/23/2022	Verandas at Alamo	San Antonio, TX	288	28.1	%	$	8,721
04/07/2022	Vanguard Heights	Creve Coeur, MO	174	21.6	%	4,880
05/11/2022	Jackson Square	Tallahassee, FL	242	20	%	7,215
05/24/2022	Brixworth at Bridge Street	Huntsville, AL	208	20	%	10,697
05/26/2022	Woodland Apartments	Boerne, TX	120	20	%	3,881
06/30/2022	Grove at River Place	Macon, GA	240	20	%	7,485
		Total	1,272			$	42,879

__________________

(1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $ 1,313 and operating cash acquired from the ventures of $1,408.

Subsequent to the quarter ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in five unconsolidated joint ventures that own the properties identified below:


Buyout Date	Property Name	Location	Units	Remaining Interest Purchased		Book Value of Property at 6/30/2022		Purchase Price (1)
07/12/2022	Civic I	Southaven, MS	392	25	%	$	30,865	$	18,233
07/12/2022	Civic II	Southaven, MS	384	25	%	32,912		17,942
07/14/2022	Abbotts	Wilmington, NC	264	20	%	37,346		9,010
07/19/2022	Somerset at Trussville	Trussville, AL	328	20	%	40,514		10,558
08/03/2022	Magnolia Pointe	Madison, AL	204	20	%	18,533		7,246
		Total	1,572			$	160,170	$	62,989

The Company determined that the gross assets purchased in each of these 11 acquisitions is concentrated in a single identifiable asset. Therefore, the transactions do not meet the definition of a business and are accounted for as asset acquisitions. The Company assessed the fair value of the tangible assets of the properties as of the acquisition date using the cost accumulation and income approach which utilized market capitalization rates between 4.0% and 4.5%, which are Level 3 unobservable inputs in the fair value hierarchy.

The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands):


	Verandas at Alamo		Vanguard Heights		Jackson Square		Brixworth at Bridge Street		The Woodland Apts		Grove at River Place		Total Purchase Price Allocation
Land	$	3,336	$	5,466	$	3,398	$	1,959	$	1,289	$	2,866	$	18,314
Building and improvements	33,465		30,826		27,167		20,080		12,853		16,416		140,807
Total land and buildings	$	36,801	$	36,292	$	30,565	$	22,039	$	14,142	$	19,282	$	159,121

Acquisition related intangible assets	797		508		634		321		233		396		2,889
Total Asset	$	37,598	$	36,800	$	31,199	$	22,360	$	14,375	$	19,678	$	162,010

Acquisition related mortgage intangible	$	(62)	$	588	$	283	$	—	$	—	$	136	$	945