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Investments in Unconsolidated Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Investments in Unconsolidated Real Estate | The following table summarizes our investments in unconsolidated real estate entities as of March 31, 2023 and December 31, 2022:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units(1) (Unaudited) |  | IRT Ownership Interest |  | March 31, 2023 |  | December 31, 2022
Metropolis at Innsbrook |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 17,583 |  |  | $ | 17,331 |
Views of Music City II / The Crockett |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,483 |  |  | 11,363 |
Virtuoso |  | Huntsville, AL |  | 178 |  | 90.0 | % |  | 13,647 |  |  | 14,422 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 30,571 |  |  | 25,292 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 19,598 |  |  | 11,812 |
Total |  |  |  | 1,641 |  |  |  | $ | 92,882 |  |  | $ | 80,220 |
(1)Represents the total number of units after development is complete and each property is placed in service. As of March 31, 2023 178-units (unaudited) at the Virtuoso investment’s development and 199-units (unaudited) at The Crockett are complete and had ongoing operations. We have one year from the delivery date to exercise our purchase option on The Crockett.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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