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 equity 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 a date approximately

two to three years after construction completion. The return on these investments earned by the Partnership is reported as “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, 2020 and 2019 and remaining equity commitment amounts as of December 31, 2020:

Property Name	Location	Units		Month Commitment Executed	Construction Completion Date	Carrying Value as of December 31, 2020		Carrying Value as of December 31, 2019		Maximum Remaining Equity Commitment as of December 31, 2020
Vantage at Waco	Waco, TX		288	August 2016	May 2018	$	-	$	9,337,166	$	-
Vantage at Powdersville	Powdersville, SC		288	November 2017	February 2020		12,295,801		12,295,801		-
Vantage at Stone Creek	Omaha, NE		294	March 2018	April 2020		7,840,500		7,840,500		-
Vantage at Bulverde	Bulverde, TX		288	March 2018	August 2019		10,570,000		10,144,052		-
Vantage at Germantown	Germantown, TN		288	June 2018	March 2020		12,425,000		11,745,155		-
Vantage at Murfreesboro	Murfreesboro, TN		288	September 2018	October 2020		14,640,000		13,516,425		-
Vantage at Coventry	Omaha, NE		294	September 2018	N/A		9,007,435		9,007,435		-
Vantage at Conroe	Conroe, TX		288	April 2019	N/A		10,406,895		8,078,519		-
Vantage at O'Connor	San Antonio, TX		288	October 2019	N/A		8,245,890		5,016,811		-
Vantage at Westover Hills	San Antonio, TX		288	January 2020	N/A		8,021,544		-		-
Vantage at Tomball	Tomball, TX		288	August 2020	N/A		9,280,134		-		1,425,562
Vantage at Hutto	Hutto, TX		288	November 2020	N/A		3,163,676		-		7,359,952
Vantage at San Marcos	San Marcos, TX		288	November 2020	N/A		981,695		-		8,943,914
			3,756			$	106,878,570	$	86,981,864	$	17,729,428

In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property.

In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership has received cash of approximately $10.8 million as a result of the sale. The Partnership recognized approximately $1.5 million of “Investment Income” associated with the sale.

In August 2020, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property.

In November 2020, the Partnership executed a $10.5 million equity commitment to fund construction of the Vantage at Hutto multifamily property and a $9.9 million equity commitment to fund construction of the Vantage at San Marcos.

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

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 future periods if certain gain contingencies are satisfied.

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.

The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2020 and 2019: