Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022:

Property Name	Location	Units			Construction Commencement Date	Construction Completion Date	Carrying Value as of March 31, 2023		Carrying Value as of December 31, 2022
Current Investments
Vantage at Conroe	Conroe, TX		288		April 2019	January 2021		10,424,625		10,424,625
Vantage at Tomball	Tomball, TX		288		August 2020	April 2022		13,235,090		13,051,936
Vantage at Hutto	Hutto, TX		288		December 2021	N/A		12,907,679		12,590,292
Vantage at Loveland	Loveland, CO		288		April 2021	N/A		18,474,179		18,109,568
Vantage at Helotes	Helotes, TX		288		May 2021	November 2022		14,311,487		14,029,032
Vantage at Fair Oaks	Boerne, TX		288		September 2021	N/A		12,241,907		12,000,297
Vantage at McKinney Falls	McKinney Falls, TX		288		December 2021	N/A		12,500,461		12,253,749
Freestone Greeley	Greeley, CO		296		N/A	N/A		4,867,201		4,775,708
Freestone Cresta Bella	San Antonio, TX		296		February 2023	N/A		7,905,183		6,263,083
Valage Senior Living Carson Valley	Minden, NV		88	(1)	February 2023	N/A		4,267,244		-
Subtotal								111,135,056		103,498,290
Previously Sold Investments
Vantage at Stone Creek	Omaha, NE		294		March 2018	April 2020	$	-	$	5,465,967
Vantage at Coventry	Omaha, NE		294		September 2018	February 2021		-		6,826,584
Subtotal								-		12,292,551
							$	111,135,056	$	115,790,841

(1)Valage Senior Living Carson Valley is a seniors housing property with 88 units and 102 beds.

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, 2023:

Property Name	Location	Units		Month Sold	Gross Proceeds to the Partnership			Investment Income		Gain (loss) on Sale
Vantage at Stone Creek	Omaha, NE		294	January 2023	$	14,689,244		$	108,295		9,114,980
Vantage at Coventry	Omaha, NE		294	January 2023		13,220,218			135,501		6,258,133
Vantage at Murfreesboro	Murfreesboro, TN		288	(1)		(6,185	)		-		(6,184	)
					$	27,903,277		$	243,796	$	15,366,929

(1)In February 2023, the Partnership paid additional cash of approximately $6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the full amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations.

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 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	$	29,258,279	$	657,937	$	16,360,343
Vantage at Bulverde	Bulverde, TX		288	(1)		75,000		-		75,000
Vantage at Germantown	Germantown, TN		288	(2)		4,407		-		4,407
					$	29,337,686	$	657,937	$	16,439,750

(1)In March 2022, the Partnership received cash of approximately $75,000 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 condensed consolidated statements of operations.

(2)In March 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 condensed consolidated statements of operations

Summary of Partnership's Investments in Unconsolidated Entities

The following table provides combined summary financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023		2022
Property Revenues	$	3,749,443	$	6,681,291
Gain on sale of property	$	38,104,333	$	38,171,003
Net income	$	37,742,938	$	38,730,562