REAL ESTATE ACTIVITY (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Schedule of the real estate owned

Below is a summary of the real estate owned as of June 30, 2017 (dollars in thousands):

Apartments	$	698,571
Apartments under construction		64,546
Commercial properties		206,293
Land held for development		71,351
Real estate subject to sales contract		46,403
Total real estate	$	1,087,164
Less accumulated depreciation		(166,335	)
Total real estate, net of depreciation	$	920,829