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Investments in Unconsolidated Entities (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 and December 31, 2024:
Property Name |  | Location |  | Units |  |  | Construction Commencement Date |  | Construction Completion Date |  | Carrying Value as of March 31, 2025 |  |  | Carrying Value as of December 31, 2024 |
Current Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Hutto |  | Hutto, TX |  |  | 288 |  |  | December 2021 |  | December 2023 |  | $ | 14,808,715 |  |  | $ | 14,573,715 |
Vantage at Loveland |  | Loveland, CO |  |  | 288 |  |  | April 2021 |  | October 2024 |  |  | 21,098,735 |  |  |  | 26,560,347 |
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 |  |  |  | 13,535,176 |
Vantage at McKinney Falls |  | McKinney Falls, TX |  |  | 288 |  |  | December 2021 |  | July 2024 |  |  | 15,633,593 |  |  |  | 15,633,593 |
Freestone Greeley |  | Greeley, CO |  |  | 296 |  |  | N/A |  | N/A |  |  | 6,230,785 |  |  |  | 6,230,785 |
Freestone Cresta Bella |  | San Antonio, TX |  |  | 296 |  |  | February 2023 |  | November 2024 |  |  | 17,291,943 |  |  |  | 16,759,593 |
Valage Senior Living Carson Valley |  | Minden, NV |  |  | 102 |  | (1) | February 2023 |  | N/A |  |  | 8,410,047 |  |  |  | 8,471,445 |
The Jessam at Hays Farm |  | Huntsville, AL |  |  | 318 |  |  | July 2023 |  | N/A |  |  | 18,037,286 |  |  |  | 17,696,609 |
Freestone Greenville |  | Greenville, TX |  |  | 300 |  |  | April 2024 |  | N/A |  |  | 21,253,203 |  |  |  | 20,853,691 |
Freestone Ladera |  | Ladera, TX |  |  | 288 |  |  | August 2024 |  | N/A |  |  | 16,598,455 |  |  |  | 9,804,364 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | 167,988,619 |  |  |  | 165,209,999 |
Previously Sold Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Tomball |  | Tomball, TX |  |  | 288 |  |  | August 2020 |  | April 2022 |  | $ | - |  |  | $ | 14,199,870 |
|  |  |  |  |  |  |  |  |  |  | $ | 167,988,619 |  |  | $ | 179,409,869 |
(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, 2025:
Property Name |  | Location |  | Units |  |  | Month Sold |  | Gross Proceeds to the Partnership |  |  | Investment Income |  |  | Gain on Sale |
Vantage at Tomball |  | Tomball, TX |  |  | 288 |  |  | January 2025 |  | $ | 14,199,870 |  |  | $ | - |  |  | $ | - |
Vantage at Coventry |  | Omaha, NE |  |  | 294 |  |  | (1) |  |  | 5,220 |  |  |  | - |  |  |  | 5,220 |
|  |  |  |  |  |  |  |  | $ | 14,205,090 |  |  | $ | - |  |  | $ | 5,220 |
(1) In February 2025, the Partnership received sales proceeds of approximately $5,000 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, 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. During the first three months of 2024, the Partnership advanced funds beyond its original commitments to four Vantage Properties totaling $2.9 million to cover additional construction and interest costs.
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, 2025 and 2024:
|  | For the Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Property revenues |  | $ | 5,345,004 |  |  | $ | 3,785,318 |
Gain on sale of property |  | $ | 7,680,673 |  |  | $ | - |
Net income (loss) |  | $ | 5,161,862 |  |  | $ | (1,124,174 | )

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