8. Real Estate Assets

The following tables summarizes information regarding the Partnership’s real estate assets at June 30, 2018 and December 31, 2017:

Real Estate Assets at June 30, 2018
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on June 30, 2018
Suites on Paseo	San Diego, CA		393	$	3,195,468	$	38,850,963	$	42,046,431
The 50/50 MF Property	Lincoln, NE		475		-		32,932,981		32,932,981
Jade Park	Daytona, FL		144		2,292,035		7,594,192		9,886,227
Land held for development	⁽¹⁾	⁽¹⁾			2,031,224		-		2,031,224
								$	86,896,863
Less accumulated depreciation									(11,403,940	)
Total real estate assets								$	75,492,923

⁽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

Activity in the First Six Months of 2018

In February 2018, the Partnership acquired two contiguous tracts of land in Omaha, NE. The total purchase price was approximately $2.7 million. In March 2018, a portion of the land acquired was contributed to Vantage at Stone Creek, LLC in exchange for an ownership interest in the entity (See Note 9). The remaining land is classified as “Land held for development” at June 30, 2018. In May 2018, the Partnership listed the remaining land for sale.

In February 2018, the Partnership executed a Purchase Agreement to acquire a tract of land in Douglas County, NE. If the land is successfully acquired, it will be classified as “Land held for development.”

In March 2018, the Partnership executed a Commercial Purchase Agreement to sell the Jade Park MF Property to an unrelated third party. The Partnership and the third party mutually agreed to terminate the Commercial Purchase Agreement in May 2018. In June 2018, the Partnership executed a new Commercial Purchase Agreement to sell the Jade Park MF Property to a different unrelated third party.

Activity in the First Six Months of 2017

In March 2017, the Partnership sold its 99% limited partner interest in Northern View. The table below summarizes information related to the sale. 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.

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

7,152,512

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.

Net income (loss), exclusive of the gains on sale, related to the Northern View MF Property (sold in March 2017) and the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017) for the three and six months ended June 30, 2018 and 2017 are as follows:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2018		2017			2018			2017
Net income (loss)	$	2,854	$	(90,191	)	$	(10,503	)	$	(153,043	)