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Real Estate Assets
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Real Estate Assets

8. Real Estate Assets

The following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2025 and December 31, 2024:

 

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Property Name

 

Location

 

Land and Land
Improvements

 

 

Buildings and
Improvements

 

 

Carrying Value

 

 

Land and Land
Improvements

 

 

Buildings and
Improvements

 

 

Carrying Value

 

Vantage at San Marcos (1)

 

San Marcos, TX

 

$

1,306,487

 

 

$

1,136,167

 

 

$

2,442,654

 

 

$

2,660,615

 

 

$

1,136,167

 

 

$

3,796,782

 

Land held for development

 

Richland County, SC

 

 

1,109,483

 

 

 

-

 

 

 

1,109,483

 

 

 

1,109,482

 

 

 

-

 

 

 

1,109,482

 

 

 

 

 

 

 

 

 

 

 

$

3,552,137

 

 

 

 

 

 

 

 

$

4,906,264

 

Less accumulated depreciation

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

-

 

Real estate assets, net

 

 

 

 

 

 

 

 

 

$

3,552,137

 

 

 

 

 

 

 

 

$

4,906,264

 
(1)
The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.

In February 2025, Vantage at San Marcos received proceeds of approximately $1.4 million, net of selling costs, upon sale of a parcel of land. Proceeds from the sale were used to pay down outstanding principal on the associated mortgage payable (Note 14).

In June 2024, the Partnership received its final sales proceeds associated with the sale of the Suites on Paseo MF Property. The Partnership recognized a gain on sale of approximately $64,000.