9. Investment in Unconsolidated Entities

ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity commitments and reported equity contributions within investment in unconsolidated entities on the condensed consolidated balance sheets. The investments represent the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments, up to a maximum amount, through the second anniversary of construction completion. The return on these investments earned by the Partnership is reported as investment income on the condensed consolidated statements of operations.

The following table provides the details of the investments in unconsolidated entities at September 30, 2018 and December 31, 2017:

Property Name	Location	Units	Month Commitment Executed	Construction Completion Date	Carrying Value at September 30, 2018		Carrying Value at December 31, 2017		Maximum Remaining Equity Commitment at September 30, 2018
Vantage at Corpus Christi	Corpus Christi, TX	288	March 2016	August 2017	$	8,610,674	$	9,178,139	$	1,550,000
Vantage at Boerne	Boerne, TX	288	August 2016	December 2017		8,830,000		8,272,810		1,475,936
Vantage at Waco	Waco, TX	288	August 2016	January 2018		9,337,166		8,748,091		1,592,039
Vantage at Panama City Beach	Panama City Beach, FL	288	March 2017	June 2018		11,152,005		10,349,416		1,996,500
Vantage at Powdersville	Powdersville, SC	288	November 2017	N/A		11,252,239		3,060,471		-
Vantage at Stone Creek	Omaha, NE	294	March 2018	N/A		7,386,856		-		-
Vantage at Bulverde	Bulverde, TX	288	March 2018	N/A		8,956,732		-		-
Vantage at Germantown	Germantown, TN	288	June 2018	N/A		4,402,208		-		6,119,505
Vantage at Murfreesboro	Murfreesboro, TN	288	September 2018	N/A		5,499,398		-		6,755,836
Vantage at Coventry	Omaha, NE	288	September 2018	N/A		4,867,369		-		3,279,944
					$	80,294,647	$	39,608,927	$	22,769,760

Activity in the First Nine Months of 2018

In March 2018, the Partnership executed equity commitments to fund construction of the Vantage at Stone Creek and Vantage at Bulverde multifamily properties of approximately $7.1 million and $8.6 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Stone Creek (Note 17).

In June 2018, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Germantown multifamily property.

In September 2018, the Partnership executed equity commitments to fund construction of the Vantage at Coventry and Vantage at Murfreesboro multifamily properties of approximately $8.1 million and $12.2 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Coventry (Note 17).

Activity in the First Nine Months of 2017

In March 2017, the Partnership executed an $11.7 million equity commitment to fund construction of the Vantage at Panama City Beach multifamily property. The Partnership also entered into a guarantee agreement related to the property’s construction loan (Note 17).