Subsequent Events	12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	27. Subsequent Events In January 2025, a partial repayment of $7.2 million was made on the Sandy Creek property loan. Proceeds of approximately $5.8 million were used to pay down the related TOB trust financing. In January 2025, the Willow Place Apartments GIL and Supplemental GIL with outstanding principal of approximately $20.7 million and approximately $1.5 million, respectively, were redeemed in full. Proceeds of approximately $17.7 million were used to repay the related TOB trust financing. In January 2025, the Osprey Village GIL with outstanding principal of $60.0 million was redeemed in full. Proceeds of approximately $49.5 million were used to repay the related TOB trust financing. In January 2025, the managing member of Vantage at Hutto refinanced its construction loan and the Partnership has provided a limited guaranty for the new loan. The Partnership will only have to perform on the guaranty if a default by the borrower were to occur. The Partnership’s guaranty was approximately $17.5 million at closing, or 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. Upon closing of the refinancing, the Partnership was no longer subject to the forward loan purchase agreement associated with the Vantage at Hutto construction loan discussed in Note 16. In January 2025, Vantage at Tomball, at the direction its managing member, sold substantially all assets to an unrelated third-party and ceased operations. The Partnership received net cash of approximately $14.2 million, inclusive of the return of its contributed equity and accrued preferred return. The Partnership will recognize no gain or loss on sale in the first quarter of 2025. In February 2025, the borrower of the Legacy Commons at Signal Hills GIL extended the maturity date from February 1, 2025 to August 1, 2025. Freddie Mac extended its forward purchase commitment maturity to August 1, 2025 as well. There were no additional changes to terms associated with the extensions. In February 2025, the maturity dates for TOB trust financings associated with The Park at Vietti – Series A, The Park at Sondrio – Series A, Residency at the Empire MRBs, Windsor Shores Apartments, The Ivy Apartments, and Residency at the Entrepreneur MRBs were extended to January 2028. In February 2025, the borrower of the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs extended the maturity dates from April 1, 2025 to October 1, 2025. Freddie Mac extended its forward purchase commitments maturity to October 1, 2025 as well. There were no additional changes to terms associated with the extensions. In February 2025, the Partnership acquired two new series of GILs associated with Poppy Grove I with a principal amount of $5.2 million. The new GILs share a first lien with the existing Poppy Grove I GIL and taxable GIL and have the same general terms as the Poppy Grove I GIL. The acquisition proceeds of $5.2 million were then used by the borrower to pay down the same amount of principal of the existing Poppy Grove I taxable GIL.

Subsequent Events

12 Months Ended

Dec. 31, 2024

27. Subsequent Events

In January 2025, a partial repayment of $7.2 million was made on the Sandy Creek property loan. Proceeds of approximately $5.8 million were used to pay down the related TOB trust financing.

In January 2025, the Willow Place Apartments GIL and Supplemental GIL with outstanding principal of approximately $20.7 million and approximately $1.5 million, respectively, were redeemed in full. Proceeds of approximately $17.7 million were used to repay the related TOB trust financing.

In January 2025, the Osprey Village GIL with outstanding principal of $60.0 million was redeemed in full. Proceeds of approximately $49.5 million were used to repay the related TOB trust financing.

In January 2025, the managing member of Vantage at Hutto refinanced its construction loan and the Partnership has provided a limited guaranty for the new loan. The Partnership will only have to perform on the guaranty if a default by the borrower were to occur. The Partnership’s guaranty was approximately $17.5 million at closing, or 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. Upon closing of the refinancing, the Partnership was no longer subject to the forward loan purchase agreement associated with the Vantage at Hutto construction loan discussed in Note 16.

In January 2025, Vantage at Tomball, at the direction its managing member, sold substantially all assets to an unrelated third-party and ceased operations. The Partnership received net cash of approximately $14.2 million, inclusive of the return of its contributed equity and accrued preferred return. The Partnership will recognize no gain or loss on sale in the first quarter of 2025.

In February 2025, the borrower of the Legacy Commons at Signal Hills GIL extended the maturity date from February 1, 2025 to August 1, 2025. Freddie Mac extended its forward purchase commitment maturity to August 1, 2025 as well. There were no additional changes to terms associated with the extensions.

In February 2025, the maturity dates for TOB trust financings associated with The Park at Vietti – Series A, The Park at Sondrio – Series A, Residency at the Empire MRBs, Windsor Shores Apartments, The Ivy Apartments, and Residency at the Entrepreneur MRBs were extended to January 2028.

In February 2025, the borrower of the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs extended the maturity dates from April 1, 2025 to October 1, 2025. Freddie Mac extended its forward purchase commitments maturity to October 1, 2025 as well. There were no additional changes to terms associated with the extensions.

In February 2025, the Partnership acquired two new series of GILs associated with Poppy Grove I with a principal amount of $5.2 million. The new GILs share a first lien with the existing Poppy Grove I GIL and taxable GIL and have the same general terms as the Poppy Grove I GIL. The acquisition proceeds of $5.2 million were then used by the borrower to pay down the same amount of principal of the existing Poppy Grove I taxable GIL.