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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023:
Property Name |  | Location |  | Units |  |  | Construction Commencement Date |  | Construction Completion Date |  | Carrying Value as of June 30, 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 |  |  | 23,954,586 |  |  |  | 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 |  |  | 13,535,176 |  |  |  | 12,996,316 |
Vantage at McKinney Falls |  | McKinney Falls, TX |  |  | 288 |  |  | December 2021 |  | N/A |  |  | 15,024,657 |  |  |  | 13,131,272 |
Freestone Greeley |  | Greeley, CO |  |  | 296 |  |  | N/A |  | N/A |  |  | 6,143,765 |  |  |  | 5,346,007 |
Freestone Cresta Bella |  | San Antonio, TX |  |  | 296 |  |  | February 2023 |  | N/A |  |  | 18,003,283 |  |  |  | 17,325,494 |
Valage Senior Living Carson Valley |  | Minden, NV |  |  | 102 |  | (1) | February 2023 |  | N/A |  |  | 8,839,675 |  |  |  | 8,608,322 |
The Jessam at Hays Farm |  | Huntsville, AL |  |  | 318 |  |  | July 2023 |  | N/A |  |  | 17,090,224 |  |  |  | 7,518,717 |
Freestone Greenville |  | Greenville, TX |  |  | 300 |  |  | April 2024 |  | N/A |  |  | 7,680,571 |  |  |  | 5,366,551 |
Freestone Ladera |  | Ladera, TX |  |  | 288 |  |  | N/A |  | N/A |  |  | 3,804,461 |  |  |  | 3,661,230 |
|  |  |  |  |  |  |  |  |  |  | $ | 157,940,664 |  |  | $ | 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 six months ended June 30, 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 |
Vantage at Westover Hills |  | San Antonio, TX |  |  | 288 |  |  | (2) |  |  | 6,986 |  |  |  | - |  |  |  | 6,986 |
|  |  |  |  |  |  |  |  | $ | 56,986 |  |  | $ | - |  |  | $ | 56,986 |
(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. (2) In May 2024, the Partnership received sales proceeds of approximately $7,000 associated with final settlements of the Vantage at Westover Hills sale in May 2022. 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 six months ended June 30, 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 | )
Vantage at O'Connor |  | San Antonio, TX |  |  | 288 |  |  | (2) |  |  | (11,744 | ) |  |  | - |  |  |  | (11,744 | )
Vantage at Conroe |  | Conroe, TX |  |  | 288 |  |  | June 2023 |  |  | 19,828,060 |  |  |  | 2,065,608 |  |  |  | 7,337,828 |
|  |  |  |  |  |  |  |  | $ | 47,719,594 |  |  | $ | 2,309,404 |  |  | $ | 22,693,013 |
(1) In February 2023, the Partnership returned sales proceeds of approximately $6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations. (2) In May 2023, the Partnership returned sales proceeds of approximately $12,000 associated with final settlements of the Vantage at O'Connor sale in July 2022. The Partnership recognized the 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 and six months ended June 30, 2024 and 2023:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Property revenues |  | $ | 4,411,360 |  |  | $ | 3,272,517 |  |  | $ | 8,196,677 |  |  | $ | 7,021,960 |
Gain on sale of property |  | $ | - |  |  | $ | 17,995,170 |  |  | $ | - |  |  | $ | 56,099,503 |
Net income (loss) |  | $ | (3,025,880 | ) |  | $ | 16,950,286 |  |  | $ | (4,150,053 | ) |  | $ | 54,693,224 |

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