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Investments in Unconsolidated Real Estate
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate
NOTE 4: Investments in Unconsolidated Real Estate
As of September 30, 2024, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $336,440 and aggregate construction debt of $216,554. 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 $703 and $2,382 from equity method investments during the three and nine months ended September 30, 2024, respectively, and $1,178 and $3,158, respectively, during the three and nine months ended September 30, 2023, 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 September 30, 2024 and December 31, 2023:
Carrying Value As Of
Investments in Unconsolidated Real Estate EntitiesLocation
Units (1) (Unaudited)
IRT Ownership InterestSeptember 30, 2024December 31, 2023
Metropolis at Innsbrook (2)Richmond, VA40284.8 %$21,081 $18,028 
Views of Music City II (3)/ The Crockett (4)Nashville, TN40850.0 %11,846 11,632 
Lakeline StationAustin, TX37890.0 %33,794 32,126 
The MustangDallas, TX27585.0 %28,672 27,258 
   Total1,463 $95,393 $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 joint venture agreement governing the entity that owns this property, which resulted in the return of our invested capital in the amount of $5,541 and preferred return in the amount of $2,964, net, thereon on October 17, 2024, while also providing us with a right of first refusal on any sale of The Crockett.