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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024:
Property Name |  | Location |  | Units |  |  | Construction Commencement Date |  | Construction Completion Date |  | Carrying Value as of June 30, 2025 |  |  | Carrying Value as of December 31, 2024 |
Market Rate Development Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Hutto |  | Hutto, TX |  |  | 288 |  |  | December 2021 |  | December 2023 |  | $ | 14,988,329 |  |  | $ | 14,573,715 |
Vantage at Loveland |  | Loveland, CO |  |  | 288 |  |  | April 2021 |  | October 2024 |  |  | 21,098,736 |  |  |  | 26,560,347 |
Vantage at Fair Oaks |  | Boerne, TX |  |  | 288 |  |  | September 2021 |  | May 2023 |  |  | 14,346,224 |  |  |  | 13,535,176 |
Vantage at McKinney Falls |  | McKinney Falls, TX |  |  | 288 |  |  | December 2021 |  | July 2024 |  |  | 16,076,440 |  |  |  | 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 |  |  | 17,891,332 |  |  |  | 16,759,593 |
Valage Senior Living Carson Valley |  | Minden, NV |  |  | 102 |  | (1) | February 2023 |  | April 2025 |  |  | 7,569,162 |  |  |  | 8,471,445 |
The Jessam at Hays Farm |  | Huntsville, AL |  |  | 318 |  |  | July 2023 |  | N/A |  |  | 17,981,599 |  |  |  | 17,696,609 |
Freestone Greenville |  | Greenville, TX |  |  | 300 |  |  | April 2024 |  | N/A |  |  | 19,370,521 |  |  |  | 20,853,691 |
Freestone Ladera |  | Ladera, TX |  |  | 288 |  |  | August 2024 |  | N/A |  |  | 18,101,105 |  |  |  | 9,804,364 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | 153,654,233 |  |  |  | 150,119,318 |
Other Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Construction Lending JV (2) |  | N/A |  | N/A |  |  | N/A |  | N/A |  |  | 240,865 |  |  |  | - |
Previously Sold Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Vantage at Tomball |  | Tomball, TX |  |  | 288 |  |  | August 2020 |  | April 2022 |  | $ | - |  |  | $ | 14,199,870 |
Vantage at Helotes |  | Helotes, TX |  |  | 288 |  |  | May 2021 |  | November 2022 |  |  | - |  |  |  | 15,090,681 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | 29,290,551 |
|  |  |  |  |  |  |  |  |  |  | $ | 153,895,098 |  |  | $ | 179,409,869 |
(1) Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units. (2) The Construction Lending JV invests in loans to finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States, similar to the Partnership’s current GIL, taxable GIL and property loan investments
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, 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 |
Vantage at Helotes (2) |  | Helotes, TX |  |  | 288 |  |  | May 2025 |  |  | 17,083,556 |  |  |  | 1,829,525 |  |  |  | 163,350 |
Vantage at O'Connor |  | San Antonio, TX |  |  | 288 |  |  | (3) |  |  | 32,166 |  |  |  | - |  |  |  | 32,166 |
|  |  |  |  |  |  |  |  | $ | 31,320,812 |  |  | $ | 1,829,525 |  |  | $ | 200,736 |
(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. (2) Vantage at Helotes, at the direction of its managing member, sold substantially all its assets to a non-profit entity that financed the purchase by issuing tax-exempt and taxable bonds. The Partnership acquired two MRBs issued by the buyer to finance the purchase of the property (see Note 4). (3) In June 2025, the Partnership received sales proceeds of approximately $32,000 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 statement of operations. 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.
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, 2025 and 2024:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Property revenues |  | $ | 4,830,476 |  |  | $ | 4,411,360 |  |  | $ | 10,175,479 |  |  | $ | 8,196,677 |
Interest income |  | $ | 126,988 |  |  | $ | - |  |  | $ | 126,988 |  |  | $ | - |
Gain on sale |  | $ | 9,591,652 |  |  | $ | - |  |  | $ | 17,272,325 |  |  | $ | - |
Net income (loss) |  | $ | 5,825,925 |  |  | $ | (3,025,880 | ) |  | $ | 10,987,787 |  |  | $ | (4,150,053 | )

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