XML 53 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

Investments in Unconsolidated Entities | 12 Months Ended
--- | ---
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | 9. Investments in Unconsolidated Entities The Partnership has non-controlling investments in unconsolidated entities. The Partnership applies the equity method of accounting by initially recording these investments at cost, subsequently adjusted for accrued preferred returns, the Partnership’s share of earnings (losses) of the unconsolidated entities, cash contributions, and distributions. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. The Partnership is entitled to a preferred return on invested capital in each unconsolidated entity. An affiliate of the Vantage unconsolidated entities guarantees a preferred return on the Partnership’s investments through a date approximately five years after commencement of construction. The Partnership’s preferred return is reported as “Investment income” on the Partnership’s consolidated statements of operations. The following table provides the details of the investments in unconsolidated entities as of December 31, 2022 and 2021:
Property Name |  | Location |  | Units |  |  | Construction Commencement Date |  | Construction Completion Date |  | Carrying Value as of December 31, 2022 |  |  | Carrying Value as of December 31, 2021 |
Current Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Stone Creek |  | Omaha, NE |  |  | 294 |  |  | March 2018 |  | April 2020 |  | $ | 5,465,967 |  |  | $ | 6,143,099 |
Vantage at Coventry |  | Omaha, NE |  |  | 294 |  |  | September 2018 |  | February 2021 |  |  | 6,826,584 |  |  |  | 7,611,614 |
Vantage at Conroe |  | Conroe, TX |  |  | 288 |  |  | April 2019 |  | January 2021 |  |  | 10,424,625 |  |  |  | 11,164,625 |
Vantage at Tomball |  | Tomball, TX |  |  | 288 |  |  | August 2020 |  | April 2022 |  |  | 13,051,936 |  |  |  | 11,814,774 |
Vantage at Hutto |  | Hutto, TX |  |  | 288 |  |  | December 2021 |  | N/A |  |  | 12,590,292 |  |  |  | 5,629,651 |
Vantage at Loveland |  | Loveland, CO |  |  | 288 |  |  | April 2021 |  | N/A |  |  | 18,109,568 |  |  |  | 10,913,911 |
Vantage at Helotes |  | Helotes, TX |  |  | 288 |  |  | May 2021 |  | November 2022 |  |  | 14,029,032 |  |  |  | 11,350,686 |
Vantage at Fair Oaks |  | Boerne, TX |  |  | 288 |  |  | September 2021 |  | N/A |  |  | 12,000,297 |  |  |  | 6,424,306 |
Vantage at McKinney Falls |  | McKinney Falls, TX |  |  | 288 |  |  | December 2021 |  | N/A |  |  | 12,253,749 |  |  |  | 6,530,009 |
Freestone Greeley |  | Greeley, CO |  |  | 296 |  |  | N/A |  | N/A |  |  | 4,775,708 |  |  |  | - |
Freestone Cresta Bella |  | San Antonio, TX |  |  | 296 |  |  | N/A |  | N/A |  |  | 6,263,083 |  |  |  | - |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | 115,790,841 |  |  |  | 77,582,675 |
Sold Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Murfreesboro |  | Murfreesboro, TN |  |  | 288 |  |  | September 2018 |  | October 2020 |  | $ | - |  |  | $ | 12,240,000 |
Vantage at O'Connor |  | San Antonio, TX |  |  | 288 |  |  | October 2019 |  | June 2021 |  |  | - |  |  |  | 9,109,343 |
Vantage at Westover Hills |  | San Antonio, TX |  |  | 288 |  |  | January 2020 |  | July 2021 |  |  | - |  |  |  | 8,861,504 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | 30,210,847 |
|  |  |  |  |  |  |  |  |  |  | $ | 115,790,841 |  |  | $ | 107,793,522 |
The Partnership has remaining commitments to provide additional equity funding for certain unconsolidated entities as of December 31, 2022. See Note 18 for further details regarding the Partnership's remaining funding commitments. Activity in 2022 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during 2022:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain on Sale |
Vantage at Murfreesboro |  | Murfreesboro, TN |  |  | 288 |  |  | March 2022 |  | $ | 29,399,532 |  |  | $ | 657,937 |  |  | $ | 16,501,596 |
Vantage at Westover Hills |  | San Antonio, TX |  |  | 288 |  |  | May 2022 |  |  | 20,923,784 |  |  |  | - |  |  |  | 12,658,501 |
Vantage at Bulverde |  | Bulverde, TX |  |  | 288 |  |  | (1) |  |  | 60,000 |  |  |  | - |  |  |  | 60,000 |
Vantage at Germantown |  | Germantown, TN |  |  | 288 |  |  | (2) |  |  | 4,407 |  |  |  | - |  |  |  | 4,407 |
Vantage at O'Connor |  | San Antonio, TX |  |  | 288 |  |  | July 2022 |  |  | 19,381,976 |  |  |  | 1,195 |  |  |  | 10,580,781 |
|  |  |  |  |  |  |  |  | $ | 69,769,699 |  |  | $ | 659,132 |  |  | $ | 39,805,285 |
(1) During 2022, the Partnership received net cash of approximately $60,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. (2) During 2022, the Partnership received cash of approximately $4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. New Equity Commitments: In October 2022, the Partnership executed a $16.0 million equity commitment to fund the construction of the Freestone Greeley multifamily property. In November 2022, the Partnership executed a $16.4 million equity commitment to fund the construction of the Freestone Cresta Bella multifamily property. Activity in 2021 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during 2021:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain on Sale |
Vantage at Germantown |  | Germantown, TN |  |  | 288 |  |  | March 2021 |  | $ | 16,096,560 |  |  | $ | 862,454 |  |  | $ | 2,809,106 |
Vantage at Powdersville |  | Powdersville, SC |  |  | 288 |  |  | May 2021 |  |  | 20,118,680 |  |  |  | 2,359,394 |  |  |  | 5,463,484 |
Vantage at Bulverde |  | Bulverde, TX |  |  | 288 |  |  | August 2021 |  |  | 18,916,961 |  |  |  | 1,392,312 |  |  |  | 6,954,649 |
Vantage at Panama City Beach |  | Panama City Beach, FL |  |  | 288 |  |  | (1) |  |  | 293,510 |  |  |  | - |  |  |  | 293,510 |
|  |  |  |  |  |  |  |  | $ | 55,425,711 |  |  | $ | 4,614,160 |  |  | $ | 15,520,749 |
(1) In November 2021, the Partnership received cash of approximately $294,000 upon the resolution of gain contingencies related to the sale of Vantage at Panama City Beach in September 2019. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. New and Amended Equity Commitments: In April 2021, the Partnership executed a $16.3 million equity commitment to fund the construction of the Vantage at Loveland multifamily property. In May 2021, the Partnership executed a $12.6 million equity commitment to fund the construction of the Vantage at Helotes multifamily property. In September 2021, Vantage at Fair Oaks ceased to be a consolidated VIE (Note 5) and the Partnership executed an $11.0 million commitment to fund the construction of the property. In December 2021, the Partnership executed a $11.4 million equity commitment to fund the construction of the Vantage at McKinney Falls multifamily property. In December 2021, the Partnership increased its total equity commitment related to the Vantage at Hutto multifamily property from $10.5 million to $11.2 million. Summarized Unconsolidated Entity Level Financial Data The following table provides summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the years ended December 31, 2022 and 2021:
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Property Revenues |  | $ | 22,048,926 |  |  | $ | 24,501,799 |
Gain on sale of property |  | $ | 87,602,712 |  |  | $ | 42,792,935 |
Net income |  | $ | 83,943,337 |  |  | $ | 37,836,191 |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration