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Investments in Unconsolidated Real Estate (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2023 and December 31, 2022:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | June 30, 2023 |  | December 31, 2022
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 18,395 |  |  | $ | 17,331 |
Views of Music City II/The Crockett (3) |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,555 |  |  | 11,363 |
Virtuoso (4) |  | Huntsville, AL |  | 178 |  | 90.0 | % |  | 12,860 |  |  | 14,422 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 31,061 |  |  | 25,292 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 26,097 |  |  | 11,812 |
Total |  |  |  | 1,641 |  |  |  | $ | 99,968 |  |  | $ | 80,220 |
(1)Represents the total number of units after development is complete and each property is placed in service. (2)Operations commenced during the three months ended June 30, 2023 with 172 units (unaudited) placed in service. The remaining 230 units (unaudited) will be placed in service throughout the second half of 2023. (3)As of June 30, 2023, all 199 units (unaudited) at The Crockett were complete and had ongoing operations. We have one year from the delivery date to exercise our purchase option on The Crockett. (4)As of June 30, 2023, all 178 units (unaudited) at the Virtuoso investment’s development were complete and had ongoing operations.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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