Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 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 December 31, 2023 and 2022:

Property Name	Location	Units			Construction Commencement Date	Construction Completion Date	Carrying Value as of December 31, 2023		Carrying Value as of December 31, 2022
Current Investments
Vantage at Tomball	Tomball, TX		288		August 2020	April 2022	$	13,235,090		13,051,936
Vantage at Hutto	Hutto, TX		288		December 2021	December 2023		13,908,660		12,590,292
Vantage at Loveland	Loveland, CO		288		April 2021	N/A		20,464,906		18,109,568
Vantage at Helotes	Helotes, TX		288		May 2021	November 2022		15,090,681		14,029,032
Vantage at Fair Oaks	Boerne, TX		288		September 2021	May 2023		12,996,316		12,000,297
Vantage at McKinney Falls	McKinney Falls, TX		288		December 2021	N/A		13,131,272		12,253,749
Freestone Greeley	Greeley, CO		296		N/A	N/A		5,346,007		4,775,708
Freestone Cresta Bella	San Antonio, TX		296		February 2023	N/A		17,325,494		6,263,083
Valage Senior Living Carson Valley	Minden, NV		102	(1)	February 2023	N/A		8,608,322		-
The Jessam at Hays Farm	Huntsville, AL		318		July 2023	N/A		7,518,717		-
Freestone Greenville	Greenville, TX		300		N/A	N/A		5,366,551		-
Freestone Ladera	Ladera, TX		288		N/A	N/A		3,661,230		-
Subtotal								136,653,246		93,073,665
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
Vantage at Conroe	Conroe, TX		288		April 2019	January 2021		-		10,424,625
Subtotal								-		22,717,176
							$	136,653,246	$	115,790,841

(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 year ended December 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)		(6,184	)		-		(6,184	)
Vantage at O'Connor	San Antonio, TX		288	(2)		(11,744	)		-		(11,744	)
Vantage at Conroe	Conroe, TX		288	June 2023		19,828,060			2,065,608		7,337,828
Vantage at Powdersville	Powdersville, SC		288	(3)		32,385			-		32,385
					$	47,751,979		$	2,309,404	$	22,725,398

(1)In February 2023, the Partnership returned sales proceeds of approximately $6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statements of operations.

(2)In May 2023, the Partnership returned sales proceeds of approximately $12,000 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 consolidated statement of operations.

(3)In August 2023, the Partnership received sales proceeds of approximately $32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statement of operations.

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 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	$	29,399,532	$	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.

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, 2023 and 2022:

	For the Years Ended December 31,
	2023		2022
Property revenues	$	13,321,584	$	22,048,926
Gain on sale of property	$	56,959,112	$	87,602,712
Net income (loss)	$	48,500,277	$	83,943,337