ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the investments represents 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 through the second anniversary of construction completion. The return on these investments earned by the Partnership is reported within “Investment income” on the Partnership’s consolidated statements of operations.

The following table provides the details of the investments in unconsolidated entities as of December 31, 2019 and 2018 and remaining equity commitment amounts as of December 31, 2019:

Property Name	Location	Units		Month Commitment Executed	Construction Completion Date	Carrying Value as of December 31, 2019		Carrying Value as of December 31, 2018		Maximum Remaining Equity Commitment as of December 31, 2019
Vantage at Boerne	Boerne, TX		288	August 2016	April 2018	$	-	$	8,830,000	$	-
Vantage at Waco	Waco, TX		288	August 2016	May 2018		9,337,166		9,337,166		1,592,039
Vantage at Panama City Beach	Panama City Beach, FL		288	March 2017	July 2018		-		11,408,135		-
Vantage at Powdersville	Powdersville, SC		288	November 2017	N/A		12,295,801		11,535,895		-
Vantage at Stone Creek	Omaha, NE		294	March 2018	N/A		7,840,500		7,572,819		-
Vantage at Bulverde	Bulverde, TX		288	March 2018	August 2019		10,144,052		9,182,522		-
Vantage at Germantown	Germantown, TN		288	June 2018	N/A		11,745,155		7,033,398		-
Vantage at Murfreesboro	Murfreesboro, TN		288	September 2018	N/A		13,516,425		6,254,104		-
Vantage at Coventry	Omaha, NE		288	September 2018	N/A		9,007,435		5,380,267		-
Vantage at Conroe	Conroe, TX		288	April 2019	N/A		8,078,519		-		1,347,128
Vantage at O'Connor	San Antonio, TX		288	October 2019	N/A		5,016,811		-		2,475,171
			3,174			$	86,981,864	$	76,534,306	$	5,414,338

In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of “Investment income” and approximately $10.5 million of “Gain on sale of investments in unconsolidated entities” associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds in the third quarter of 2020 if certain gain contingencies are satisfied.

In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at O’Connor multifamily property.

In December 2019, Vantage at Boerne sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $15.2 million upon sale. The Partnership recognized approximately $1.2 million of “Investment income” and approximately $5.7 million as “Gain on sale of investments in unconsolidated entities” associated with the sale.

In December 2018, Vantage at Corpus Christi sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $12.1 million upon sale. The Partnership recognized approximately $590,000 of “Investment income” on sale. In addition, the Partnership recognized approximately $2.9 million as “Gain on sale of investments in unconsolidated entities”, which is considered either Tier 2 or Tier 3 income (see Note 3).

The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2019 and 2018: