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Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023:

Property Name		Location		Units				Construction Commencement Date		Construction Completion Date		Carrying Value as of March 31, 2024				Carrying Value as of December 31, 2023
Current Investments
Vantage at Tomball		Tomball, TX			288			August 2020		April 2022		$	14,199,870				13,235,090
Vantage at Hutto		Hutto, TX			288			December 2021		December 2023			14,573,715				13,908,660
Vantage at Loveland		Loveland, CO			288			April 2021		N/A			21,157,573				20,464,906
Vantage at Helotes		Helotes, TX			288			May 2021		November 2022			15,090,681				15,090,681
Vantage at Fair Oaks		Boerne, TX			288			September 2021		May 2023			13,485,258				12,996,316
Vantage at McKinney Falls		McKinney Falls, TX			288			December 2021		N/A			14,349,293				13,131,272
Freestone Greeley		Greeley, CO			296			N/A		N/A			5,784,762				5,346,007
Freestone Cresta Bella		San Antonio, TX			296			February 2023		N/A			17,661,138				17,325,494
Valage Senior Living Carson Valley		Minden, NV			102		(1)	February 2023		N/A			8,684,133				8,608,322
The Jessam at Hays Farm		Huntsville, AL			318			July 2023		N/A			10,941,810				7,518,717
Freestone Greenville		Greenville, TX			300			April 2024		N/A			5,470,516				5,366,551
Freestone Ladera		Ladera, TX			288			N/A		N/A			3,732,158				3,661,230
												$	145,130,907			$	136,653,246

(1)Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units.

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, 2024:

Property Name		Location		Units				Month Sold		Gross Proceeds to the Partnership				Investment Income				Gain (loss) on Sale
Vantage at Coventry		Omaha, NE			294			(1)		$	50,000			$	-			$	50,000

(1)In January 2024, the Partnership received sales proceeds of approximately $50,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations.

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 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)			(6,184	)			-				(6,184	)
										$	27,903,278			$	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.

Summary of Partnership's Investments in Unconsolidated Entities

The following table provides summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2024 and 2023:

		For the Three Months Ended March 31,
		2024				2023
Property revenues		$	3,785,318			$	3,749,443
Gain on sale of property		$	-			$	38,104,333
Net income (loss)		$	(1,124,174	)		$	37,742,938

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Summary of sales information of partnership investment in unconsolidated entities.

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Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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