Mortgages Payable

6 Months Ended

Jun. 30, 2025

Mortgages Payable [Abstract]

Mortgages Payable

14. Mortgages Payable

The following is a summary of the Partnership's mortgage payable, net of deferred financing costs, as of June 30, 2025 and December 31, 2024:

Property Mortgage Payables	Outstanding Mortgage Payable as of June 30, 2025, net		Outstanding Mortgage Payable as of December 31, 2024, net		Year Acquired	Stated Maturity	Variable / Fixed	Period End Rate
Vantage at San Marcos (1)	$	310,220	$	1,664,347	2020	November 2025	Variable		8.25	%

(1)The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).

In February 2025, Vantage at San Marcos paid down approximately $1.4 million outstanding principal of the associated mortgage payable with proceeds from sale of a parcel of land.