Real Estate Assets

3 Months Ended

Mar. 31, 2024

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