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Investments in Unconsolidated Real Estate (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | June 30, 2024 |  | December 31, 2023
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 17,127 |  |  | $ | 18,028 |
Views of Music City II (3)/ The Crockett (4) |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,805 |  |  | 11,632 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 33,225 |  |  | 32,126 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 28,190 |  |  | 27,258 |
Total |  |  |  | 1,463 |  |  |  |  | $ | 90,347 |  |  | $ | 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. On June 21, 2024, we entered into an agreement with the developer to list the property for sale upon achieving 85% occupancy. (3)Views of Music City II is an operating property consisting of 209 total units (unaudited). On July 16, 2024, we amended the joint venture agreement to require the property to be listed for sale no later than March 31, 2025, and to provide us with a right of first refusal, on any sale of the property. (4)The Crockett is an operating property consisting of 199 units (unaudited). On July 16, 2024, we amended the related joint venture agreement for the property, which is expected to result in the return of our invested capital and corresponding preferred return no later than December 31, 2024, while also providing us with a right of first refusal on any sale of 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://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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