Real Estate Assets, Net

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Real Estate Assets, Net

Real Estate Assets, Net

The following table summarizes the carrying amounts of our consolidated real estate assets:

	March 31, 2021		December 31, 2020
Building and building improvements	$	134,858,553	$	134,822,291
Land and land improvements	28,182,025		28,182,025
Furniture, fixtures and equipment	3,983,344		3,983,344
Intangible assets	3,808,756		3,808,756
	170,832,678		170,796,416
Less: Accumulated depreciation and amortization	(11,042,852)		(9,704,422)
Real estate assets, net	$	159,789,826	$	161,091,994

Asset acquisition

We did not have real estate asset acquisitions during the three months ended March 31, 2021. On March 19, 2020, we acquired Cottonwood One Upland, a multifamily community in the Greater Boston area for $103,600,000, excluding closing costs. We funded the purchase with an initial draw of $50,000,000 from our $67,600,000 credit facility with JP Morgan and proceeds from our offerings. Acquired assets and liabilities were recorded at relative fair value as an asset acquisition.

The following table summarizes the purchase price allocation of Cottonwood One Upland in 2020:

	Allocated Amounts
Property	Building		Land		Land Improvements		Personal Property		Intangible		Total
Cottonwood One Upland	$	82,145,536	$	14,514,535	$	3,009,335	$	1,967,566	$	2,305,430	$	103,942,402

The weighted-average amortization period for the intangible lease assets acquired in connection with the Cottonwood One Upland acquisition was 0.5 years.