Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021:

Property Name	Location	Units		Construction Commencement Date	Construction Completion Date	Carrying Value as of December 31, 2022		Carrying Value as of December 31, 2021
Current Investments
Vantage at Stone Creek	Omaha, NE		294	March 2018	April 2020	$	5,465,967	$	6,143,099
Vantage at Coventry	Omaha, NE		294	September 2018	February 2021		6,826,584		7,611,614
Vantage at Conroe	Conroe, TX		288	April 2019	January 2021		10,424,625		11,164,625
Vantage at Tomball	Tomball, TX		288	August 2020	April 2022		13,051,936		11,814,774
Vantage at Hutto	Hutto, TX		288	December 2021	N/A		12,590,292		5,629,651
Vantage at Loveland	Loveland, CO		288	April 2021	N/A		18,109,568		10,913,911
Vantage at Helotes	Helotes, TX		288	May 2021	November 2022		14,029,032		11,350,686
Vantage at Fair Oaks	Boerne, TX		288	September 2021	N/A		12,000,297		6,424,306
Vantage at McKinney Falls	McKinney Falls, TX		288	December 2021	N/A		12,253,749		6,530,009
Freestone Greeley	Greeley, CO		296	N/A	N/A		4,775,708		-
Freestone Cresta Bella	San Antonio, TX		296	N/A	N/A		6,263,083		-
Subtotal							115,790,841		77,582,675
Sold Investments
Vantage at Murfreesboro	Murfreesboro, TN		288	September 2018	October 2020	$	-	$	12,240,000
Vantage at O'Connor	San Antonio, TX		288	October 2019	June 2021		-		9,109,343
Vantage at Westover Hills	San Antonio, TX		288	January 2020	July 2021		-		8,861,504
Subtotal							-		30,210,847
						$	115,790,841	$	107,793,522

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 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.

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during 2021:

Property Name	Location	Units		Month Sold	Gross Proceeds to the Partnership		Investment Income		Gain on Sale
Vantage at Germantown	Germantown, TN		288	March 2021	$	16,096,560	$	862,454	$	2,809,106
Vantage at Powdersville	Powdersville, SC		288	May 2021		20,118,680		2,359,394		5,463,484
Vantage at Bulverde	Bulverde, TX		288	August 2021		18,916,961		1,392,312		6,954,649
Vantage at Panama City Beach	Panama City Beach, FL		288	(1)		293,510		-		293,510
					$	55,425,711	$	4,614,160	$	15,520,749

(1)In November 2021, the Partnership received cash of approximately $294,000 upon the resolution of gain contingencies related to the sale of Vantage at Panama
City Beach in September 2019. 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 for the years ended December 31, 2022 and 2021:

	For the Years Ended December 31,
	2022		2021
Property Revenues	$	22,048,926	$	24,501,799
Gain on sale of property	$	87,602,712	$	42,792,935
Net income	$	83,943,337	$	37,836,191