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Real Estate Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
Real Estate Assets Owned by Partnership

The following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2023 and December 31, 2022:

 

Real Estate Assets as of June 30, 2023

 

Property Name

 

Location

 

Number of
Units

 

 

Land and Land
Improvements

 

 

Buildings and
Improvements

 

 

Carrying Value

 

Suites on Paseo

 

San Diego, CA

 

 

384

 

 

$

3,199,244

 

 

$

40,041,787

 

 

$

43,241,031

 

Vantage at San Marcos

 

San Marcos, TX

 

(1)

 

 

 

2,660,615

 

 

 

1,003,857

 

 

 

3,664,472

 

Land held for development

 

 

(2)

 

 

 

1,109,482

 

 

 

-

 

 

 

1,109,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48,014,985

 

Less accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,451,985

)

Real estate assets, net

 

 

 

 

 

 

 

 

 

 

 

 

$

35,563,000

 
(1)
The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information.
(2)
Land held for development consists of land and development costs for a parcel of land in Richland County, SC.

 

Real Estate Assets as of December 31, 2022

 

Property Name

 

Location

 

Number of
Units

 

 

Land and Land
Improvements

 

 

Buildings and
Improvements

 

 

Carrying Value

 

Suites on Paseo

 

San Diego, CA

 

 

384

 

 

$

3,199,244

 

 

$

39,799,082

 

 

$

42,998,326

 

Vantage at San Marcos

 

San Marcos, TX

 

(1)

 

 

 

2,660,615

 

 

 

1,003,857

 

 

 

3,664,472

 

Land held for development

 

 

(2)

 

 

 

1,551,196

 

 

 

-

 

 

 

1,551,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48,213,994

 

Less accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,663,516

)

Real estate assets, net

 

 

 

 

 

 

 

 

 

 

 

 

$

36,550,478

 
(1)
The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information.
(2)
Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE.
Schedule of Net Gain (Loss) Exclusive of Gains on Sale of MF Property

Net gain (loss), exclusive of the gains on sale, related to The 50/50 MF Property for the three and six months ended June 30, 2023, and 2022 is as follows:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net gain (loss)

 

$

-

 

 

$

39,147

 

 

$

-

 

 

$

(183,292

)