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Note 4 - Investments in Unconsolidated Real Estate - Schedule of Equity Method Investments in Real Estate Entities (Details) $ in Thousands | Mar. 31, 2025 USD ($) | Jan. 30, 2025 | Dec. 31, 2024 USD ($)
--- | --- | --- | ---
Number of units |  | 33,175 |  |
Metropolis At Innsbrook [Member] |  |  |  |
Number of units |  | 402 |  |
The Mustang [Member] |  |  |  |
Number of units |  | 275 |  |
Equity Method Investment, Ownership Percentage |  | 85.00% |  |
Nexton Pine Hollow [Member] |  |  |  |
Number of units |  |  | 324 |
Investments in Unconsolidated Real Estate Entities [Member] |  |  |  |
Number of units | [1] | 1,588 |  |
Equity Method Investment, Ownership Percentage |  |  |  |
Equity Method Investment, Carrying Value |  | $ 101,640 |  | $ 91,975
Richmond, Virginia [Member] | Metropolis At Innsbrook [Member] |  |  |  |
Number of units | [1],[2] | 402 |  |
Equity Method Investment, Ownership Percentage | [2] | 84.80% |  |
Equity Method Investment, Carrying Value | [2] | $ 20,816 |  | 21,163
Nashville, Tennessee [Member] | Views of Music City and The Crockett [Member] |  |  |  |
Number of units | [1],[3] | 209 |  |
Equity Method Investment, Ownership Percentage | [3] | 50.00% |  |
Equity Method Investment, Carrying Value | [3] | $ 5,912 |  | 5,905
Austin, Texas [Member] | Lakeline Station [Member] |  |  |  |
Number of units | [1] | 378 |  |
Equity Method Investment, Ownership Percentage |  | 90.00% |  |
Equity Method Investment, Carrying Value |  | $ 36,609 |  | 36,106
Dallas, Texas [Member] | The Mustang [Member] |  |  |  |
Number of units | [1],[4] | 275 |  |
Equity Method Investment, Ownership Percentage | [4] | 85.00% |  |
Equity Method Investment, Carrying Value | [4] | $ 29,288 |  | 28,801
Charleston, South Carolina [Member] | Nexton Pine Hollow [Member] |  |  |  |
Number of units | [1],[5] | 324 |  |
Equity Method Investment, Ownership Percentage | [5] | 90.00% |  |
Equity Method Investment, Carrying Value | [5] | $ 9,015 |  | $ 0
[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. The property was listed for sale during the three months ended March 31, 2025 and is under contract to be sold during the three months ended June 30, 2025. From the sale we expect to receive a return of our invested capital in the amount of $24,500 and to recognize a gain of approximately $10,300.
[3] | Views of Music City II is an operating property and was listed for sale during the three months ended March 31, 2025. We expect this property to be sold during 2025 and to receive our preferred return and invested capital.
[4] | The Mustang is an operating property consisting of 275 total units. 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 85% occupancy or August 15, 2025.
[5] | On January 30, 2025, we entered into a joint venture for the development of Nexton Pine Hollow, a to-be-built multifamily apartment project comprised of 324 units in Charleston, SC. We have committed to invest an aggregate of $28,582 in this joint venture.

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- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(10)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 + Details
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