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Real Estate Assets | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Real Estate Assets | 8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2024 and December 31, 2023:
Real Estate Assets as of March 31, 2024 |
Property Name |  | Location |  | Number of Units |  | Land and Land Improvements |  |  | Buildings and Improvements |  |  | Carrying Value |
Vantage at San Marcos |  | San Marcos, TX |  | (1) |  |  | 2,660,615 |  |  |  | 946,043 |  |  |  | 3,606,658 |
Land held for development |  |  |  | (2) |  |  | 1,109,482 |  |  |  | - |  |  |  | 1,109,482 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 4,716,140 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  | - |
Real estate assets, net |  |  |  |  |  |  |  |  |  |  |  | $ | 4,716,140 |
(1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 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, 2023 |
Property Name |  | Location |  | Number of Units |  | Land and Land Improvements |  |  | Buildings and Improvements |  |  | Carrying Value |
Vantage at San Marcos |  | San Marcos, TX |  | (1) |  |  | 2,660,615 |  |  |  | 946,043 |  |  |  | 3,606,658 |
Land held for development |  |  |  | (2) |  |  | 1,109,482 |  |  |  | - |  |  |  | 1,109,482 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 4,716,140 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  | - |
Real estate assets, net |  |  |  |  |  |  |  |  |  |  |  | $ | 4,716,140 |
(1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information. (2) Land held for development consists of land and development costs for a parcel of land in Richland County, SC. In January 2023, the Partnership sold the land held for development in Omaha, NE and received proceeds of $442,000 which approximated the Partnership’s carrying value. In December 2023, the Partnership sold the Suites on Paseo MF Property. Net income related to the Suites on Paseo MF Property for the three months ended March 31, 2024, and 2023 was as follows:
|  | For the Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Net income |  | $ | - |  |  | $ | 228,912 |

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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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