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Investments in Unconsolidated Real Estate
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate
NOTE 4: Investments in Unconsolidated Real Estate
As of June 30, 2023, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $273,921 and aggregate construction debt of $143,638. We do not guarantee any debt, capital payout or other obligations associated with our joint ventures. We recognize earnings or losses from our investments in unconsolidated real estate entities consisting of our proportionate share of the net earnings or losses of the joint ventures. We recognized losses of $1,205 and $1,981, respectively, from equity method investments during the three and six months ended June 30, 2023 and $871 and $934, respectively, during the three and six months ended June 30, 2022, and these losses were recorded in loss from investments in unconsolidated real estate entities in our condensed consolidated statements of operations.
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 EntitiesLocation
Units (1) (Unaudited)
IRT Ownership InterestJune 30, 2023December 31, 2022
Metropolis at Innsbrook (2)
Richmond, VA40284.8 %$18,395 $17,331 
Views of Music City II/The Crockett (3)
Nashville, TN40850.0 %11,555 11,363 
Virtuoso (4)
Huntsville, AL17890.0 %12,860 14,422 
Lakeline StationAustin, TX37890.0 %31,061 25,292 
The MustangDallas, TX27585.0 %26,097 11,812 
Total1,641$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.