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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.