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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2025
Investments in Real Estate |
Investments in Real Estate | Note 5 – Investments in Real Estate As of December 31, 2025, the Company held nineteen consolidated investments and five preferred equity investments. The following tables provide summary information regarding the Company’s consolidated investments and preferred equity investments. Consolidated Investments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Number of | ​ | ​ | Ownership |
Operating Investment Name | ​ ​ ​ | Location / Market | ​ ​ ​ | Units (1) | ​ ​ ​ | ​ ​ ​ | Interest | ​
Residential Communities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allure at Southpark | ​ | Charlotte, NC | ​ | 350 | ​ | ​ | 98 | %
Amira at Westly |  | Tampa, FL |  | 408 |  |  | (2) | ​
Avenue at Timberlin Park |  | Jacksonville, FL |  | 200 |  |  | 100 | %
District at Parkview (3) | ​ | Stone Mountain, GA | ​ | 264 | ​ | ​ | 69 | %
Skytop Apartments (3) | ​ | Cincinnati, OH | ​ | 361 | ​ | ​ | 3 | %
Southern Pines Reserve (3) | ​ | Aberdeen, NC | ​ | 272 | ​ | ​ | 22 | %
Villas at Huffmeister |  | Houston, TX |  | 294 |  |  | 95 | %
Wayford at Concord | ​ | Concord, NC | ​ | 150 | ​ | ​ | 83 | %
Yauger Park Villas | ​ | Olympia, WA | ​ | 80 | ​ | ​ | 95 | %
Total Residential Communities Units |  | ​ |  | 2,379 |  |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Scattered Single-Family Homes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ballast | ​ | AZ / CO / WA | ​ | 84 | ​ | ​ | 95 | %
Golden Pacific | ​ | IN / KS / MO | ​ | 161 | ​ | ​ | 97 | %
ILE | ​ | TX / SE US | ​ | 450 | ​ | ​ | 95 | %
Indy-Springfield | ​ | IN / MO | ​ | 304 | ​ | ​ | 100 | %
Peak JV 2 | ​ | Various / TX | ​ | 549 | ​ | ​ | 100 | %
Peak JV 3 | ​ | Dallas-Fort Worth, TX | ​ | 42 | ​ | ​ | 100 | %
Savannah-84 | ​ | Savannah, GA | ​ | 84 | ​ | ​ | 100 | %
Total Scattered Single-Family Homes | ​ | ​ | ​ | 1,674 | ​ | ​ | ​ | ​
Total Operating Units | ​ | ​ | ​ | 4,053 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Development / Lease-up Investment Name | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential Communities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Abode Wendell Falls (4) | ​ | Wendell, NC | ​ | 170 | ​ | ​ | 100 | %
Harmony at Clear Creek (4) | ​ | Shawnee, KS | ​ | 188 | ​ | ​ | 85 | %
Parkside at Summers Corner (5) | ​ | Summerville, SC | ​ | 12 | ​ | ​ | 100 | %
Total Development Units | ​ | ​ | ​ | 370 | ​ | ​ | ​ | ​
Total Units | ​ | ​ | ​ | 4,423 | ​ | ​ | ​ | ​
(1) | Total number of units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3.
(2) | Amira at Westly is held through the Company’s DST Program (refer to Note 9 for further information). The Amira at Westly DST has been fully subscribed with equity from individual investors.
(3) | District at Parkview, Skytop Apartments and Southern Pines Reserve are held through the Company’s DST Program.
(4) | Represents a development project with no units delivered as of December 31, 2025.
(5) | Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed. Of the total 100 units that the Company has committed to acquire, 12 units had been acquired as of December 31, 2025.
Depreciation expense was $24.7 million and $17.4 million for the years ended December 31, 2025 and 2024, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $2.9 million and $2.4 million as of December 31, 2025 and 2024, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity Investments ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Actual /
​ | ​ | ​ | ​ | Planned
Development Investment Name | ​ ​ ​ | Location | ​ ​ ​ | Number of Units
Archer at RiverBlue | ​ | Asheville, NC | ​ | 245
Canvas at Wildwood | ​ | Wildwood, FL | ​ | 224
River Ford | ​ | Brunswick, GA | ​ | 170
Sanford Marketplace | ​ | Sanford, NC | ​ | 300
Total Development Units | ​ | ​ | ​ | 939
​ | ​ | ​ | ​ | ​
Operating Investment Name (1) |  | ​ |  | ​
Wayford at Innovation Park | ​ | Charlotte, NC | ​ | 210
Total Operating Units | ​ | ​ | ​ | 210
Total Units |  | ​ |  | 1,149
(1)Operating investment represents a stabilized operating property.

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