Real Estate Properties

6 Months Ended

Jun. 30, 2023

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


	June 30, 2023		December 31, 2022
Land	$	74,246	$	74,246
Building	617,041		617,041
Building improvements	20,335		15,511
Real estate properties	711,622		706,798
Accumulated depreciation	(67,753)		(55,195)
Total real estate properties, net	$	643,869	$	651,603

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


	December 31, 2022 Balance		Improvements		Depreciation		June 30, 2023 Balance
Multi-family	$	649,701	$	4,717	$	(12,503)	$	641,915
Retail shopping center and other	1,902		107		(55)		1,954
Total real estate properties	$	651,603	$	4,824	$	(12,558)	$	643,869

Partner Buyouts

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 8 - "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
			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.

Property Disposition

There were no dispositions in the three and six months ended June 30, 2023. On February 2, 2022 the Company sold a vacant land parcel located in Daytona, Florida for a sales price of $4,700,000, and, after closing costs, recognized a nominal gain.

Contract to Acquire a Property On March 8, 2023, the Company 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 approval by the mortgage lender of the Company's assumption of the mortgage debt. As of June 30, 2023, the Company paid a non-refundable deposit of $1,250,000 on the property which will be forfeited, with certain exceptions, if the transaction is not completed.