Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2019

The following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2019 and 2018:

Real Estate Assets as of December 31, 2019
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value
Suites on Paseo	San Diego, CA		384	$	3,199,268	$	39,073,728	$	42,272,996
The 50/50 MF Property	Lincoln, NE		475		-		32,937,805		32,937,805
Land held for development		⁽¹⁾			1,706,862		-		1,706,862
								$	76,917,663
Less accumulated depreciation									(15,357,700	)
Total real estate assets								$	61,559,963

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

Real Estate Assets as of December 31, 2018
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value
Suites on Paseo	San Diego, CA		384	$	3,195,468	$	38,961,163	$	42,156,631
The 50/50 MF Property	Lincoln, NE		475		-		32,935,907		32,935,907
Land held for development		⁽²⁾			1,776,197		-		1,776,197
								$	76,868,735
Less accumulated depreciation									(12,272,387	)
Total real estate assets								$	64,596,348

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

MF Properties [Member]

Real Estate [Line Items]

Gains on Sale, Net of Income Taxes

During 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 either Tier 2 or Tier 3 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

Jade Park

September

Daytona, FL

144

13,450,000

4,051,429