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Investments in Unconsolidated Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 and December 31, 2023:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | March 31, 2024 |  | December 31, 2023
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 17,363 |  |  | $ | 18,028 |
Views of Music City II / The Crockett (3) |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,734 |  |  | 11,632 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 32,670 |  |  | 32,126 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 27,720 |  |  | 27,258 |
Total |  |  |  | 1,463 |  |  |  |  | $ | 89,487 |  |  | $ | 89,044 |
(1)Represents the total number of units after development is complete and each property is placed in service. (2)The Metropolis at Innsbrook is an operating property consisting of 402 total units (unaudited). We have a call option that gives us the right to buy the property upon the earlier of the date upon which the property achieves 90% occupancy or October 17, 2025. We also have a right to initiate a sale of the property after June 7, 2024. (3)Views of Music City II and The Crockett are operating properties consisting of 209 total units (unaudited) and 199 units (unaudited), respectively. We have exercised our right of first offer on The Crockett, which permits us to acquire the property once we determine the fair market value. We have until October 1, 2024 to exercise our right of first offer on the Views of Music City II.

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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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