Investments in real estate, net consisted of the following ($ in thousands):


	June 30, 2024			December 31, 2023
Building and building improvements	$	244,553		$	201,033
Land and land improvements		99,895			76,912
Furniture, fixtures and equipment		3,761			3,265
Total		348,209			281,210
Accumulated depreciation		(9,367	)		(5,737	)
Investments in real estate, net	$	338,842		$	275,473

On December 1, 2023, the Company entered into a purchase and sale agreement to acquire a single-family rental residential community under development (“Fiore”) located within the Sarasota, Florida metropolitan area. Fiore will contain 126 three-bedroom townhomes, all with high-end unit finishes and community amenities, including a pool and dog park. The total purchase price will be approximately $45.4 million, exclusive of closing costs. Upon execution of the purchase and sale agreement, the Company was obligated to deliver a cash deposit in the amount of $9.1 million to be held in escrow. A portion of the deposit will be applied towards the purchase price for each closing beginning with the second closing. Fiore is currently under development and townhomes will be conveyed on a rolling basis in multiple tranches containing approximately 18-36 townhomes per closing. On December 15, 2023, the Company closed on the initial tranche of 36 townhomes for $13.1 million, inclusive of closing costs. On February 26, 2024, the Company closed on the second tranche of 36 townhomes for $13.1 million, inclusive of closing costs. On April 24, 2024 and June 25, 2024, the Company closed on the third and fourth tranches, respectively, each consisting of 18 townhomes for a total purchase price of $13.1 million, inclusive of closing costs. From December 1, 2023 until the final closing, the Company has a variable interest in the entity holding the remaining tranches of townhomes. The entity is a VIE but the Company does not consolidate the entity as it is not the primary beneficiary.

As of June 30, 2024 there are 18 townhomes remaining to be acquired, which will be purchased for $6.5 million, exclusive of closing costs when construction is completed.

On May 15, 2024, the Company acquired a 95% interest in a 99,837-square foot, 100% leased, Class A grocery-anchored shopping center (“Shops at Grand Avenue”) in the Maspeth neighborhood of Queens, NY. The total purchase price was $48.3 million, exclusive of closing costs. The net purchase price paid by the Company was $46.1 million, inclusive of closing costs.

The following table provides details of the properties acquired during the six months ended June 30, 2024 ($ in thousands):


Property Type	Purchase Price(1)		Number of Transactions		Number of Properties		Sq. Ft. (in thousands)/Units
Single-family rental property(2)	$	26,143		3		1	72 units
Retail		48,878		1		1	100 sq. ft.
Total	$	75,021		4		2

(1) Purchase price is inclusive of acquisition-related costs.

(2) The 72 townhomes acquired during the six months ended June 30, 2024 are included as a single property.

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2024 ($ in thousands):


	Amount
Building and building improvements	$	42,881
Land and land improvements		22,969
Furniture, fixtures and equipment		442
In-place lease intangibles		9,921
Above-market lease intangibles		137
Below-market lease intangibles		(1,329	)
Total purchase price		75,021
Other acquisition costs		(402	)
Deposit applied		(7,258	)
Non-controlling interest deemed contributions		(2,422	)
Net purchase price	$	64,939