4. Real Estate Investments

As of June 30, 2015, the major components of the Company’s investments in multifamily properties, were as follows (unaudited):

Property	Land		Building and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
The Miramar Apartments	$	1,580,000	$	8,382,397		$	—		$	51,108	$	481,391		$	10,494,896
Arbors on Forest Ridge		2,330,000		10,933,104			—			3,066		344,014			13,610,184
Cutter's Point		3,330,000		12,705,851			—			4,872		454,310			16,495,033
Eagle Crest		5,450,000		21,729,555			—			9,435		601,546			27,790,536
Meridian		2,310,000		10,292,699			—			14,261		299,730			12,916,690
Silverbrook		4,860,000		24,760,216			—			102,240		1,143,201			30,865,657
Timberglen		2,510,000		14,108,874			—			194,345		385,363			17,198,582
Toscana		1,730,000		7,045,546			—			244,628		282,110			9,302,284
The Grove at Alban		3,640,000		18,949,455			—			316,379		340,779			23,246,613
Willowdale Crossings		4,650,000		35,584,957			—			108,391		551,553			40,894,901
Edgewater at Sandy Springs		14,290,000		41,567,414			—			1,662,215		1,558,001			59,077,630
Beechwood Terrace		1,390,000		20,306,191			—			13,531		310,704			22,020,426
Willow Grove		3,940,000		10,212,885			—			335,360		294,493			14,782,738
Woodbridge		3,650,000		12,130,551			—			384,850		301,092			16,466,493
Abbington Heights		1,770,000		16,133,545			—			34,556		323,982			18,262,083
The Summit at Sabal Park		5,770,000		13,170,279			—			97,574		358,546			19,396,399
Courtney Cove		5,880,000		12,700,535			—			119,112		514,021			19,213,668
Colonial Forest		2,090,000		3,436,453			—			11,088		240,997			5,778,538
Park at Blanding		2,610,000		3,952,226			—			65,043		190,986			6,818,255
Park at Regency		2,620,000		5,617,077			—			11,083		324,987			8,573,147
Jade Park		1,490,000		6,383,222			—			34,467		197,330			8,105,019
Mandarin Reserve		5,610,000		19,980,761			—			788,816		531,848			26,911,425
Radbourne Lake		2,440,000		21,115,026			—			202,433		546,902			24,304,361
Timber Creek		11,260,000		11,983,564			—			867,295		191,824			24,302,683
Belmont at Duck Creek		1,910,000		16,896,199			—			3,068		331,496			19,140,763
The Arbors		1,730,000		6,402,658			—			6,275		170,108			8,309,041
The Crossings		4,150,000		16,587,591			—			663,995		405,201			21,806,787
The Crossings at Holcomb Bridge		5,560,000		9,875,229			—			651,171		371,562			16,457,962
The Knolls		3,410,000		17,265,489			—			109,229		361,760			21,146,478
Regatta Bay		1,660,000		15,838,146			—			186,212		238,560			17,922,918
Sabal Palm at Lake Buena Vista		7,580,000		40,245,240			—			353,329		484,425			48,662,994
Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments)		6,120,000		10,401,326			—			344,429		144,441			17,010,196
Cornerstone		1,500,000		29,393,528			894,000			407,323		158,882			32,353,733
McMillan Place		3,610,000		16,787,699			572,000			145,662		105,691			21,221,052
Barrington Mill		10,170,000		46,480,099			1,814,000			449,253		275,266			59,188,618
Dana Point		4,090,000		11,555,782			362,000			99,459		305,887			16,413,128
Heatherstone		2,320,000		6,793,214			208,000			45,565		142,799			9,509,578
Versailles		6,720,000		19,052,192			581,000			190,217		390,675			26,934,084
Bayberry Apartments		7,480,000		12,994,731			401,000			423,323		161,586			21,460,640
		165,210,000		639,751,506			4,832,000			9,754,658		14,818,049			834,366,213
Accumulated depreciation and amortization		—		(20,101,421	)		(3,719,371	)		—		(1,743,454	)		(25,564,246	)
	$	165,210,000	$	619,650,085		$	1,112,629		$	9,754,658	$	13,074,595		$	808,801,967

As of December 31, 2014, the major components of the Company’s investments in multifamily properties, were as follows:

Property	Land		Building and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
The Miramar Apartments	$	1,580,000	$	8,355,872		$	290,000		$	—	$	433,354		$	10,659,226
Arbors on Forest Ridge		2,330,000		10,831,742			312,000			1,556		263,482			13,738,780
Cutter's Point		3,330,000		12,612,164			352,000			27,633		333,204			16,655,001
Eagle Crest		5,450,000		21,454,515			654,000			125,369		474,391			28,158,275
Meridian		2,310,000		10,258,263			299,000			—		198,449			13,065,712
Silverbrook		4,860,000		24,534,598			793,000			92,461		912,685			31,192,744
Timberglen		2,510,000		14,071,434			408,000			375		314,374			17,304,183
Toscana		1,730,000		6,961,530			230,000			23,145		229,169			9,173,844
The Grove at Alban		3,640,000		18,913,344			796,000			104,844		228,722			23,682,910
Willowdale Crossings		4,650,000		35,543,667			1,172,000			1,200		401,169			41,768,036
Edgewater at Sandy Springs		14,290,000		41,094,413			1,930,000			1,261,227		1,005,747			59,581,387
Beechwood Terrace		1,390,000		19,680,820			409,000			164,621		157,222			21,801,663
Willow Grove		3,940,000		9,512,555			298,000			647,246		92,152			14,489,953
Woodbridge		3,650,000		12,020,293			334,000			305,915		178,974			16,489,182
Abbington Heights		1,770,000		15,863,951			400,000			110,310		170,595			18,314,856
The Summit at Sabal Park		5,770,000		12,972,098			404,000			81,884		221,200			19,449,182
Courtney Cove		5,880,000		12,486,882			431,000			80,447		311,573			19,189,902
Colonial Forest		2,090,000		3,116,687			186,000			242,841		166,378			5,801,906
Park at Blanding		2,610,000		3,691,461			177,000			183,739		111,158			6,773,358
Park at Regency		2,620,000		5,343,919			220,000			60,558		196,138			8,440,615
Jade Park		1,490,000		6,061,395			200,000			218,688		89,406			8,059,489
Mandarin Reserve		5,610,000		19,679,711			701,000			701,020		300,213			26,991,944
Radbourne Lake		2,440,000		20,830,406			652,000			148,114		355,391			24,425,911
Timber Creek		11,260,000		10,704,510			799,000			948,430		113,475			23,825,415
Belmont at Duck Creek		1,910,000		16,654,792			436,000			107,063		134,860			19,242,715
The Arbors		1,730,000		5,844,105			199,000			162,100		44,827			7,980,032
The Crossings		4,150,000		16,138,747			834,000			491,672		126,678			21,741,097
The Crossings at Holcomb Bridge		5,560,000		9,788,284			616,000			48,173		66,311			16,078,768
The Knolls		3,410,000		16,931,399			759,000			107,984		124,357			21,332,740
Regatta Bay		1,660,000		15,803,412			714,000			1,014		110,384			18,288,810
Sabal Palm at Lake Buena Vista		7,580,000		40,130,430			1,387,000			80,255		438,526			49,616,211
Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments)		6,120,000		10,373,000			492,000			—		15,000			17,000,000
		129,320,000		488,260,399			17,884,000			6,529,884		8,319,564			650,313,847
Accumulated depreciation and amortization		—		(8,533,478	)		(12,442,170	)		—		(812,292	)		(21,787,940	)
	$	129,320,000	$	479,726,921		$	5,441,830		$	6,529,884	$	7,507,272		$	628,525,907

Depreciation expense was $12,499,888 and $2,088,554 for the six months ended June 30, 2015 and 2014, respectively.

Amortization expense related to the Company’s intangible lease assets was $9,160,422 and $3,490,666 for the six months ended June 30, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets for the remainder of the year ended December 31, 2015 for all acquisitions completed through June 30 2015 is expected to be $1,112,629. Due to the six month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to December 31, 2014 has been fully amortized and the assets and related accumulated amortization have been written-off as of June 30, 2015.