Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2025 and December 31, 2024:

Property Name	Location	Units			Construction Commencement Date	Construction Completion Date	Carrying Value as of March 31, 2025		Carrying Value as of December 31, 2024
Current Investments
Vantage at Hutto	Hutto, TX		288		December 2021	December 2023	$	14,808,715	$	14,573,715
Vantage at Loveland	Loveland, CO		288		April 2021	October 2024		21,098,735		26,560,347
Vantage at Helotes	Helotes, TX		288		May 2021	November 2022		15,090,681		15,090,681
Vantage at Fair Oaks	Boerne, TX		288		September 2021	May 2023		13,535,176		13,535,176
Vantage at McKinney Falls	McKinney Falls, TX		288		December 2021	July 2024		15,633,593		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		17,291,943		16,759,593
Valage Senior Living Carson Valley	Minden, NV		102	(1)	February 2023	N/A		8,410,047		8,471,445
The Jessam at Hays Farm	Huntsville, AL		318		July 2023	N/A		18,037,286		17,696,609
Freestone Greenville	Greenville, TX		300		April 2024	N/A		21,253,203		20,853,691
Freestone Ladera	Ladera, TX		288		August 2024	N/A		16,598,455		9,804,364
Subtotal								167,988,619		165,209,999
Previously Sold Investments
Vantage at Tomball	Tomball, TX		288		August 2020	April 2022	$	-	$	14,199,870
							$	167,988,619	$	179,409,869

(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 three months ended March 31, 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
					$	14,205,090	$	-	$	5,220

(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.

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 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

(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.

During the first three months of 2024, the Partnership advanced funds beyond its original commitments to four Vantage Properties totaling $2.9 million to cover additional construction and interest costs.

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 months ended March 31, 2025 and 2024:

	For the Three Months Ended March 31,
	2025		2024
Property revenues	$	5,345,004	$	3,785,318
Gain on sale of property	$	7,680,673	$	-
Net income (loss)	$	5,161,862	$	(1,124,174	)