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Investment in Real Estate
 9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
Investment in Real Estate
Investment in Real Estate
Acquisitions
All acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with FASB ASC 805 and, accordingly, the results of operations of acquired assets are included in the Consolidated Statements of Income and Comprehensive Income from the dates of acquisition. Certain purchase price adjustments may be made within one year following the acquisition and applied prospectively in accordance with ASU 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.
On June 15, 2016, we completed the acquisition of Forest Lake Estates, a 1,168-Site property located in Zephryhills, Florida. This property consists of 894 manufactured home community Sites and 274 RV resort Sites. The purchase price of approximately $75.2 million was funded with proceeds from the ATM offering program and the assumption of mortgage debt of approximately $22.6 million.
On May 26, 2016, we closed on the acquisition of Portland Fairview, a 407-Site RV resort located in Fairview, Oregon. The purchase price of approximately $17.6 million was funded with available cash.
On January 27, 2016, we completed the acquisition of Rose Bay, a 303-Site RV resort, located in Port Orange, Florida. The total purchase price of approximately $7.4 million was funded with available cash.
During the year ended December 31, 2015, we acquired two RV resorts, Whispering Pines and Miami Everglades, collectively containing 581 Sites, and one manufactured home community, Bogue Pines, containing 150 Sites. The combined purchase price of approximately $23.9 million was funded with available cash.
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the nine months ended September 30, 2016 and the year ended December 31, 2015, which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs for assets (amounts in thousands):
 
Nine Months Ended
 
Year Ended
 
September 30,
2016
 
December 31,
2015
Assets acquired
 
 
 
Land
$
52,090

 
$
8,985

Buildings and other depreciable property
43,572

 
13,948

Manufactured homes
39

 
345

In-place leases
4,447

 
622

Net investment in real estate
100,148

 
23,900

Other assets
20

 
53

Total Assets acquired
$
100,168

 
$
23,953

 
 
 
 
Liabilities assumed
 
 
 
Mortgage notes payable
$
22,010

 
$
—

Other liabilities
1,955

 
266

Total Liabilities assumed
$
23,965

 
$
266

Net assets acquired
$
76,203

 
$
23,687


On October 13, 2016, subsequent to the quarter ended September 30, 2016, we closed on the acquisition of Riverside RV, a 499-Site RV resort located in Arcadia, Florida. The purchase price of approximately $20.3 million was funded with available cash.
Real estate acquisitions at cost
On August 15, 2016, we closed on the purchase of approximately 25 acres of vacant land adjacent to our Colony Cove and Ridgewood Estates manufactured home communities in Ellenton, Florida, for $2.0 million.
Dispositions and real estate held for disposition
As of September 30, 2016, we did not have any Properties designated as held for disposition pursuant to FASB ASC 360-10-35.