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Investments in Unconsolidated Entities (Tables) | 12 Months Ended
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Dec. 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 December 31, 2024 and 2023:
Property Name |  | Location |  | Units |  |  | Construction Commencement Date |  | Construction Completion Date |  | Carrying Value as of December 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 |  | October 2024 |  |  | 26,560,347 |  |  |  | 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 |  |  | 15,633,593 |  |  |  | 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 |  | November 2024 |  |  | 16,759,593 |  |  |  | 17,325,494 |
Valage Senior Living Carson Valley |  | Minden, NV |  |  | 102 |  | (1) | February 2023 |  | N/A |  |  | 8,471,445 |  |  |  | 8,608,322 |
The Jessam at Hays Farm |  | Huntsville, AL |  |  | 318 |  |  | July 2023 |  | N/A |  |  | 17,696,609 |  |  |  | 7,518,717 |
Freestone Greenville |  | Greenville, TX |  |  | 300 |  |  | April 2024 |  | N/A |  |  | 20,853,691 |  |  |  | 5,366,551 |
Freestone Ladera |  | Ladera, TX |  |  | 288 |  |  | August 2024 |  | N/A |  |  | 9,804,364 |  |  |  | 3,661,230 |
|  |  |  |  |  |  |  |  |  |  | $ | 179,409,869 |  |  | $ | 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 year ended December 31, 2024:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain 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 |
Vantage at Murfreesboro |  | Murfreesboro, TN |  |  | 288 |  |  | (3) |  |  | 60,858 |  |  |  | - |  |  |  | 60,858 |
|  |  |  |  |  |  |  |  | $ | 117,844 |  |  | $ | - |  |  | $ | 117,844 |
(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 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 consolidated statement of operations. (3) In December 2024, the Partnership received tax refund proceeds of approximately $61,000 primarily 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 consolidated statements of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2023:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain (Loss) 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 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 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 consolidated statements of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2022:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain on Sale |
Vantage at Murfreesboro |  | Murfreesboro, TN |  |  | 288 |  |  | March 2022 |  | $ | 29,399,532 |  |  | $ | 657,937 |  |  | $ | 16,501,596 |
Vantage at Westover Hills |  | San Antonio, TX |  |  | 288 |  |  | May 2022 |  |  | 20,923,784 |  |  |  | - |  |  |  | 12,658,501 |
Vantage at Bulverde |  | Bulverde, TX |  |  | 288 |  |  | (1) |  |  | 60,000 |  |  |  | - |  |  |  | 60,000 |
Vantage at Germantown |  | Germantown, TN |  |  | 288 |  |  | (2) |  |  | 4,407 |  |  |  | - |  |  |  | 4,407 |
Vantage at O’Connor |  | San Antonio, TX |  |  | 288 |  |  | July 2022 |  |  | 19,381,976 |  |  |  | 1,195 |  |  |  | 10,580,781 |
|  |  |  |  |  |  |  |  | $ | 69,769,699 |  |  | $ | 659,132 |  |  | $ | 39,805,285 |
(1) During 2022, the Partnership received net cash of approximately $60,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. (2) During 2022, the Partnership received cash of approximately $4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s 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 as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022:
|  | December 31, 2024 |  |  | December 31, 2023 |
Assets |  | $ | 456,310,813 |  |  | $ | 317,027,557 |
Liabilities |  | $ | 307,735,879 |  |  | $ | 195,330,159 |
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Property revenues |  | $ | 19,953,172 |  |  | $ | 13,321,584 |  |  | $ | 22,048,926 |
Gain on sale of property |  | $ | - |  |  | $ | 56,959,112 |  |  | $ | 87,602,712 |
Net income (loss) |  | $ | (16,168,741 | ) |  | $ | 48,500,277 |  |  | $ | 83,943,337 |

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