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Real Estate Assets | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Real Estate Assets | 10. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2023 and December 31, 2022:
Real Estate Assets as of September 30, 2023 |
Property Name |  | Location |  | Number of Units |  |  | Land and Land Improvements |  |  | Buildings and Improvements |  |  | Carrying Value |
Suites on Paseo |  | San Diego, CA |  |  | 384 |  |  | $ | 3,202,744 |  |  | $ | 40,132,862 |  |  | $ | 43,335,606 |
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 |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 48,109,560 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,837,974 | )
Real estate assets, net |  |  |  |  |  |  |  |  |  |  |  |  | $ | 35,271,586 |
(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. In January 2023, the Partnership sold the land held for development in Omaha, NE and received proceeds of $442,000 which is approximately the Partnership’s carrying value. In December 2022, the Partnership sold 100% of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The Partnership received an unsecured property loan upon sale (Note 8) payable from future net cash flows of the property. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The remainder of the purchase price was funded by the issuance of a seller financing property loan to the Partnership in the amount of $4.8 million (Note 8). As a result of the sale, the Partnership deconsolidated The 50/50 MF Property assets and liabilities in its consolidated financial statements. The Partnership incurred costs of approximately $404,000 related to the sale which reduced the Partnership’s gain on sale. The Partnership has deferred its entire gain on sale of approximately $6.6 million which is reported within accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. The Partnership will recognize the deferred gain upon collection of principal of the unsecured property loan (Note 14). Net gain (loss), exclusive of the gains on sale, related to The 50/50 MF Property for the three and nine months ended September 30, 2023, and 2022 is as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net loss |  | $ | - |  |  | $ | (363,288 | ) |  | $ | - |  |  | $ | (546,580 | )

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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