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Note 4 - Investments in Unconsolidated Real Estate - Schedule of Equity Method Investments in Real Estate Entities (Details) $ in Thousands | Sep. 30, 2025 USD ($) | Jul. 21, 2025 | Dec. 31, 2024 USD ($)
--- | --- | --- | ---
Number of units |  | 33,818 |  |
Metropolis At Innsbrook [Member] |  |  |  |
Equity Method Investment, Ownership Percentage |  |  | 84.80% |
Lakeline Station [Member] |  |  |  |
Number of units |  | 378 |  |
The Mustang [Member] |  |  |  |
Number of units |  | 275 |  |
Investments in Unconsolidated Real Estate Entities [Member] |  |  |  |
Number of units | [1] | 1,588 |  |
Equity Method Investment, Carrying Value |  | $ 93,965 |  | $ 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] | $ 0 |  | 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],[4] | 378 |  |
Equity Method Investment, Ownership Percentage | [4] | 90.00% |  |
Equity Method Investment, Carrying Value | [4] | $ 40,983 |  | 36,106
Dallas, Texas [Member] | The Mustang [Member] |  |  |  |
Number of units | [1],[5] | 275 |  |
Equity Method Investment, Ownership Percentage | [5] | 85.00% |  |
Equity Method Investment, Carrying Value | [5] | $ 31,038 |  | 28,801
Charleston, South Carolina [Member] | Nexton Pine Hollow [Member] |  |  |  |
Number of units | [1] | 324 |  |
Equity Method Investment, Ownership Percentage |  | 90.00% |  |
Equity Method Investment, Carrying Value |  | $ 16,032 |  | $ 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 that was sold on July 21, 2025. We had an 84.8% ownership interest in this property at the time of sale. We received $31,085 in proceeds from the sale, comprised of a return of our initial investment of $24,501 and equity proceeds of $6,584. We recognized a gain of $10,389 from this sale during the three months ended September 30, 2025.
[3] | Views of Music City II is an operating property. On October 9, 2025, our joint venture partner redeemed our investment in this property, comprised of a return of our initial capital of $5,912 and a preferred return of $3,248. We expect to recognize the preferred return of $3,248 in income (loss) from investments in unconsolidated real estate entities in our condensed consolidated statements of operations. Under the terms of our joint venture agreement, we are entitled to the right of first refusal on the sale of the property.
[4] | Lakeline Station is an operating property consisting of 378 units. [We are currently evaluating whether to exercise our call option that gives us the right to buy the property.]
[5] | The Mustang is an operating property consisting of 275 total units. [We are currently evaluating whether to exercise our call option that gives us the right to buy the property.]

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