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Investments in Unconsolidated Real Estate
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate
NOTE 4: Investments in Unconsolidated Real Estate
As of March 31, 2024, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $292,639 and aggregate construction debt of $179,293. We do not guarantee any debt, capital payout or other obligations associated with these entities. 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 $829 and $776 from equity method investments during the three months ended March 31, 2024 and 2023, respectively, 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 March 31, 2024 and December 31, 2023:
Carrying Value As Of
Investments in Unconsolidated Real Estate EntitiesLocation
Units (1) (Unaudited)
IRT Ownership InterestMarch 31, 2024December 31, 2023
Metropolis at Innsbrook (2)Richmond, VA40284.8 %$17,363 $18,028 
Views of Music City II / The Crockett (3)Nashville, TN40850.0 %11,734 11,632 
Lakeline StationAustin, TX37890.0 %32,670 32,126 
The MustangDallas, TX27585.0 %27,720 27,258 
   Total1,463 $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.