Real Estate Assets

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Real Estate Assets

8. Real Estate Assets

The following tables summarizes information regarding the Partnership’s real estate assets at March 31, 2017 and December 31, 2016:

Real Estate Assets at March 31, 2017
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on March 31, 2017
Eagle Village	Evansville, IN		511	$	567,880	$	12,661,690	$	13,229,570
Residences of DeCordova	Granbury, TX		110		1,170,337		8,036,532		9,206,869
Residences of Weatherford	Weatherford, TX		76		1,942,229		5,757,148		7,699,377
Suites on Paseo	San Diego, CA		394		3,162,463		38,387,617		41,550,080
The 50/50 MF Property	Lincoln, NE		475		-		32,928,878		32,928,878
Jade Park	Daytona, FL		144		2,292,035		7,317,084		9,609,119
Land held for development	Various	N/A			4,491,925		-		4,491,925
								$	118,715,818
Less accumulated depreciation									(15,101,930	)
Total real estate assets								$	103,613,888

Real Estate Assets at December 31, 2016
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on December 31, 2016
Eagle Village	Evansville, IN		511	$	567,880	$	12,655,244	$	13,223,124
Northern View	Highland Heights, KY		294		688,539		8,088,059		8,776,598
Residences of DeCordova	Granbury, TX		110		1,170,337		8,029,404		9,199,741
Residences of Weatherford	Weatherford, TX		76		1,942,229		5,751,260		7,693,489
Suites on Paseo	San Diego, CA		394		3,162,463		38,365,351		41,527,814
The 50/50 MF Property	Lincoln, NE		475		-		32,928,878		32,928,878
Jade Park	Daytona, FL		144		2,292,035		7,270,845		9,562,880
Land held for development	Various	N/A			7,531,104		-		7,531,104
								$	130,443,628
Less accumulated depreciation									(16,217,028	)
Total real estate assets								$	114,226,600

Recent Transactions

In March 2017, the Partnership sold its 99% limited partner interest in Northern View. Gross proceeds from the sale were approximately $13.8 million. The Partnership recognized a gain on sale of approximately $7.2 million before income taxes. The gain on sale, net of income taxes, is considered Tier 2 income (See Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations.

Net income (loss), exclusive of the gains on sale, related to the Arboretum (sold in June 2016), Woodland Park (Sold in July 2016) and Northern View MF Properties for the three months ended March 31, 2017 and 2016 are as follows:

	For the Three Months Ended March 31,
	2017			2016
Net income (loss)	$	(3,291	)	$	172,552

At March 31, 2017, the Partnership had executed a Purchase and Sale Agreement (“PSA”) to sell a parcel of land in St. Petersburg, Florida. The carrying value of the land is approximately $3.0 million. See Note 24 for further discussion.

During 2016, the Partnership executed PSAs to acquire two contiguous tracts of land in Omaha, Nebraska. If these tracts of land are successfully acquired, they will be classified as “Land held for development.”