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Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:


Property Name	Location	Units			Construction Commencement Date	Construction Completion Date	Carrying Value as of September 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	October 2024		26,049,858		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	July 2024		15,468,569		13,131,272
Freestone Greeley	Greeley, CO		296		N/A	N/A		6,230,785		5,346,007
Freestone Cresta Bella	San Antonio, TX		296		February 2023	N/A		17,674,721		17,325,494
Valage Senior Living Carson Valley	Minden, NV		102	(1)	February 2023	N/A		8,801,049		8,608,322
The Jessam at Hays Farm	Huntsville, AL		318		July 2023	N/A		17,425,290		7,518,717
Freestone Greenville	Greenville, TX		300		April 2024	N/A		13,527,642		5,366,551
Freestone Ladera	Ladera, TX		288		August 2024	N/A		6,165,898		3,661,230
							$	168,743,254	$	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 nine months ended September 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 nine months ended September 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
Vantage at Powdersville	Powdersville, SC		288	(3)		32,385			-		32,385
					$	47,751,979		$	2,309,404	$	22,725,398

(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.

(3)

In August 2023, the Partnership received sales proceeds of approximately $32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement 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 nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Property revenues	$	5,206,245		$	2,904,950		$	13,402,922		$	9,926,910
Gain on sale of property	$	-		$	-		$	-		$	56,099,503
Net income (loss)	$	(3,042,365	)	$	(1,560,982	)	$	(7,192,418	)	$	53,132,243