8. Real Estate Assets

The following tables summarizes information regarding the Partnership’s real estate assets at June 30, 2017 and December 31, 2016:

Real Estate Assets at June 30, 2017
Property Name	Location	Number of Units			Land and Land Improvements		Buildings and Improvements		Carrying Value on June 30, 2017
Eagle Village	Evansville, IN		511		$	567,880	$	12,665,500	$	13,233,380
Residences of DeCordova	Granbury, TX		110			1,170,337		8,039,373		9,209,710
Residences of Weatherford	Weatherford, TX		76			1,942,229		5,767,980		7,710,209
Suites on Paseo	San Diego, CA		394			3,166,463		38,397,243		41,563,706
The 50/50 MF Property	Lincoln, NE		475			-		32,932,982		32,932,982
Jade Park	Daytona, FL		144			2,292,035		7,375,451		9,667,486
Land held for development	⁽¹⁾		⁽¹	⁾		1,590,273		-		1,590,273
									$	115,907,746
Less accumulated depreciation										(16,367,265	)
Total real estate assets									$	99,540,481

¹ Land held for development consists of parcels of land in Johnson County, KS and Richland County, SC and land development costs for a site in Douglas County, NE.

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	⁽²⁾		⁽²	⁾		7,531,104		-		7,531,104
									$	130,443,628
Less accumulated depreciation										(16,217,028	)
Total real estate assets									$	114,226,600

² Land held for development consists of parcels of land in St. Petersburg, FL, Johnson County, KS, and Richland County, SC and land and development costs for a site in Panama City Beach, FL.

Activity in the First Six Months of 2017

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.

In May 2017, the Partnership closed on the sale of a parcel of land in St. Petersburg, Florida. The Partnership recognized a loss on sale of approximately $22,000, attributable to direct selling expenses.

In June 2017, the Partnership executed a listing agreement with a broker to market the Suites on Paseo MF Property for sale.

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

Activity in the First Six Months of 2016

In June 2016, the Partnership sold the Arboretum, an MF Property, for $30.2 million and realized a gain of approximately $12.4 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, Woodland Park (sold in July 2016) and Northern View MF Properties, for the three and six months ended June 30, 2017 and 2016 are as follows:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017			2016
Net income (loss)	$	(15,444	)	$	114,601	$	(18,735	)	$	287,153