8. Real Estate Assets

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

Real Estate Assets at September 30, 2018
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on September 30, 2018
Suites on Paseo	San Diego, CA		384	$	3,195,468	$	38,886,126	$	42,081,594
The 50/50 MF Property	Lincoln, NE		475		-		32,933,776		32,933,776
Land held for development	⁽¹⁾	⁽¹⁾			1,778,949		-		1,778,949
								$	76,794,319
Less accumulated depreciation									(11,457,254	)
Total real estate assets								$	65,337,065

⁽¹⁾ Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for one site in Omaha, 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 Gardner, KS and Richland County, SC and land development costs for one site in Omaha, NE.

Activity in the First Nine 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 (Note 9). The remaining land is classified as “Land held for development” at September 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 Omaha, NE. The Purchase Agreement was assigned to Vantage at Coventry, LLC in September 2018 (Note 9).

In September 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered Tier 2 income (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

Jade Park

September

Daytona, FL

144

13,450,000

4,051,429

In September, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 in the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land.

Activity in the First Nine Months of 2017

In March 2017, the Partnership sold its 99% limited partner interest in the Northern View MF Property. The table below summarizes information related to the sale. The gain on sale, net of income taxes, is considered Tier 2 income (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

7,174,183

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); the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017); and the Jade Park MF Property (sold in September 2018) for the three and nine months ended September 30, 2018 and 2017 are as follows:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017			2018		2017
Net income (loss)	$	172,367	$	(660,824	)	$	161,864	$	(813,867	)