Real Estate Properties

3 Months Ended

Mar. 31, 2023

Real estate properties, consists of the following (dollars in thousands):


	March 31, 2023		December 31, 2022
Land	$	74,246	$	74,246
Building	617,041		617,041
Building improvements	17,669		15,511
Real estate properties	708,956		706,798
Accumulated depreciation	(61,480)		(55,195)
Total real estate properties, net	$	647,476	$	651,603

A summary of real estate properties owned is as follows (dollars in thousands):


	December 31, 2022 Balance		Improvements		Depreciation		March 31, 2023 Balance
Multi-family	$	649,701	$	2,120	$	(6,257)	$	645,564
Retail shopping center and other	1,902		38		(28)		1,912
Total real estate properties	$	651,603	$	2,158	$	(6,285)	$	647,476

Contract to Acquire a Property

On March 8, 2023, we entered into an agreement to acquire a 238-unit multifamily property constructed in 2019 and located in Richmond, VA, for a purchase price of approximately $62,500,000. The purchase price includes the assumption of approximately $32,000,000 of mortgage debt bearing an interest rate of 3.34% and maturing in 2061. The purchase is subject to the satisfaction of various conditions, including the completion, to our satisfaction, of its due diligence investigation, as well as the approval by the mortgage lender of our assumption of the mortgage debt. We anticipate that this transaction will be completed by year end 2023, although we can provide no assurance that this transaction will be completed.

Property Acquisition - Prior Year

On March 23, 2022, the Company completed the purchase of its partners' remaining 28.1% interest in Verandas at Alamo, San Antonio, TX, for a purchase price of $8,721,000, with a mortgage debt in principal amount of $27,000,000 with a fixed rate of 3.64% and interest only until October 2024 and a maturity of December 2029. As a result of this purchase, this property is wholly-owned and is included in the Company's consolidated balance sheet.