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Note 4 - Investments in Unconsolidated Real Estate
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 4: Investments in Unconsolidated Real Estate

 

As of March 31, 2025, our investments in unconsolidated real estate entities had aggregate land, building, and capitalized construction in progress costs of $344,057 and aggregate construction debt of $225,887. 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 $590 and $829 from equity method investments during the three months ended March 31, 2025 and 2024, 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, 2025 and December 31, 2024:

 

            

Carrying Value As Of

 

Investments in Unconsolidated Real Estate Entities

 

Location

 

Units (1)

  

IRT Ownership Interest

  

March 31, 2025

  

December 31, 2024

 

Metropolis at Innsbrook (2)

 

Richmond, VA

  402   84.8% $20,816  $21,163 

Views of Music City II (3)

 

Nashville, TN

  209   50.0%  5,912   5,905 

Lakeline Station

 

Austin, TX

  378   90.0%  36,609   36,106 

The Mustang (4)

 

Dallas, TX

  275   85.0%  29,288   28,801 

Nexton Pine Hollow (5)

 

Charleston, SC

  324   90.0%  9,015   — 

Total

  1,588     $101,640  $91,975 

 

 

(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 consisting of 209 units 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.