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Investments in Unconsolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Investments in Unconsolidated Entities | 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 |
Summary of Sales Information of Partnership Investment in Unconsolidated Entities | 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. 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.
Summary of Partnership's Investments in Unconsolidated Entities | 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 |

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