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Investments in Unconsolidated Entities (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
Property Name |  | Location |  | Units |  |  | Construction Commencement Date |  | Construction Completion Date |  | Carrying Value as of March 31, 2023 |  |  | Carrying Value as of December 31, 2022 |
Current Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Conroe |  | Conroe, TX |  |  | 288 |  |  | April 2019 |  | January 2021 |  |  | 10,424,625 |  |  |  | 10,424,625 |
Vantage at Tomball |  | Tomball, TX |  |  | 288 |  |  | August 2020 |  | April 2022 |  |  | 13,235,090 |  |  |  | 13,051,936 |
Vantage at Hutto |  | Hutto, TX |  |  | 288 |  |  | December 2021 |  | N/A |  |  | 12,907,679 |  |  |  | 12,590,292 |
Vantage at Loveland |  | Loveland, CO |  |  | 288 |  |  | April 2021 |  | N/A |  |  | 18,474,179 |  |  |  | 18,109,568 |
Vantage at Helotes |  | Helotes, TX |  |  | 288 |  |  | May 2021 |  | November 2022 |  |  | 14,311,487 |  |  |  | 14,029,032 |
Vantage at Fair Oaks |  | Boerne, TX |  |  | 288 |  |  | September 2021 |  | N/A |  |  | 12,241,907 |  |  |  | 12,000,297 |
Vantage at McKinney Falls |  | McKinney Falls, TX |  |  | 288 |  |  | December 2021 |  | N/A |  |  | 12,500,461 |  |  |  | 12,253,749 |
Freestone Greeley |  | Greeley, CO |  |  | 296 |  |  | N/A |  | N/A |  |  | 4,867,201 |  |  |  | 4,775,708 |
Freestone Cresta Bella |  | San Antonio, TX |  |  | 296 |  |  | February 2023 |  | N/A |  |  | 7,905,183 |  |  |  | 6,263,083 |
Valage Senior Living Carson Valley |  | Minden, NV |  |  | 88 |  | (1) | February 2023 |  | N/A |  |  | 4,267,244 |  |  |  | - |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | 111,135,056 |  |  |  | 103,498,290 |
Previously Sold Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Stone Creek |  | Omaha, NE |  |  | 294 |  |  | March 2018 |  | April 2020 |  | $ | - |  |  | $ | 5,465,967 |
Vantage at Coventry |  | Omaha, NE |  |  | 294 |  |  | September 2018 |  | February 2021 |  |  | - |  |  |  | 6,826,584 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | 12,292,551 |
|  |  |  |  |  |  |  |  |  |  | $ | 111,135,056 |  |  | $ | 115,790,841 |
(1) Valage Senior Living Carson Valley is a seniors housing property with 88 units and 102 beds.
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 the three months ended March 31, 2023:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain (loss) on Sale |
Vantage at Stone Creek |  | Omaha, NE |  |  | 294 |  |  | January 2023 |  | $ | 14,689,244 |  |  | $ | 108,295 |  |  |  | 9,114,980 |
Vantage at Coventry |  | Omaha, NE |  |  | 294 |  |  | January 2023 |  |  | 13,220,218 |  |  |  | 135,501 |  |  |  | 6,258,133 |
Vantage at Murfreesboro |  | Murfreesboro, TN |  |  | 288 |  |  | (1) |  |  | (6,185 | ) |  |  | - |  |  |  | (6,184 | )
|  |  |  |  |  |  |  |  | $ | 27,903,277 |  |  | $ | 243,796 |  |  | $ | 15,366,929 |
(1) In February 2023, the Partnership paid additional cash of approximately $6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the full amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 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 |  | $ | 29,258,279 |  |  | $ | 657,937 |  |  | $ | 16,360,343 |
Vantage at Bulverde |  | Bulverde, TX |  |  | 288 |  |  | (1) |  |  | 75,000 |  |  |  | - |  |  |  | 75,000 |
Vantage at Germantown |  | Germantown, TN |  |  | 288 |  |  | (2) |  |  | 4,407 |  |  |  | - |  |  |  | 4,407 |
|  |  |  |  |  |  |  |  | $ | 29,337,686 |  |  | $ | 657,937 |  |  | $ | 16,439,750 |
(1) In March 2022, the Partnership received cash of approximately $75,000 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 condensed consolidated statements of operations. (2) In March 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 condensed consolidated statements of operations
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides combined summary financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2023 and 2022:
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Property Revenues |  | $ | 3,749,443 |  |  | $ | 6,681,291 |
Gain on sale of property |  | $ | 38,104,333 |  |  | $ | 38,171,003 |
Net income |  | $ | 37,742,938 |  |  | $ | 38,730,562 |

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