Real Estate Assets (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Line Items]

Real Estate Assets Owned by Partnership

The following tables summarizes information regarding the Partnership’s real estate assets at March 31, 2018 and December 31, 2017:

Real Estate Assets at March 31, 2018
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on March 31, 2018
Suites on Paseo	San Diego, CA		393	$	3,185,853	$	38,613,645	$	41,799,498
The 50/50 MF Property	Lincoln, NE		475		-		32,932,981		32,932,981
Jade Park	Daytona, FL		144		2,292,035		7,583,941		9,875,976
Land held for development	(1)	(1)			1,936,769		-		1,936,769
								$	86,545,224
Less accumulated depreciation									(10,484,484	)
Total real estate assets								$	76,060,740

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

Real Estate Assets at December 31, 2017
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on December 31, 2017
Suites on Paseo	San Diego, CA		394	$	3,166,463	$	38,454,894	$	41,621,357
The 50/50 MF Property	Lincoln, NE		475		-		32,932,981		32,932,981
Jade Park	Daytona, FL		144		2,292,035		7,565,613		9,857,648
Land held for development	(2)	(2)			1,860,737		-		1,860,737
								$	86,272,723
Less accumulated depreciation									(9,580,531	)
Total real estate assets								$	76,692,192

² 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

Net Income, Exclusive of the Gains on Sale

Net income (loss), exclusive of the gains on sale, related to the sales of the Northern View MF Property in March 2017 and the sale of the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties in November 2017 for the three months ended March 31, 2018 and 2017 are as follows:

	For the Three Months Ended March 31,
	2018			2017
Net loss	$	(13,357	)	$	(62,852	)

MF Properties [Member]

Real Estate [Line Items]

Gains on Sale, Net of Income Taxes

In March 2017, the Partnership sold its 99% limited partner interest in Northern View. The table below summarizes information related to the sale. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations.

Property Name	Month Sold	Property Location	Units	Gross Proceeds		Gain on Sale before Income Taxes
Northern View	March	Highland Heights, KY	294	$	13,750,000	$	7,168,587