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 condensed consolidated statements of operations.

The following table provides the details of the investments in unconsolidated entities as of June 30, 2021 and December 31, 2020 and remaining equity commitment amounts as of June 30, 2021:

Property Name	Location	Units		Month Commitment Executed	Construction Completion Date	Carrying Value as of June 30, 2021		Carrying Value as of December 31, 2020		Maximum Remaining Equity Commitment as of June 30, 2021
Vantage at Powdersville	Powdersville, SC		288	November 2017	February 2020		-		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		10,570,000		-
Vantage at Germantown	Germantown, TN		288	June 2018	March 2020		-		12,425,000		-
Vantage at Murfreesboro	Murfreesboro, TN		288	September 2018	October 2020		12,240,000		14,640,000		-
Vantage at Coventry	Omaha, NE		294	September 2018	February 2021		9,007,435		9,007,435		-
Vantage at Conroe	Conroe, TX		288	April 2019	January 2021		10,938,202		10,406,895		-
Vantage at O'Connor	San Antonio, TX		288	October 2019	June 2021		8,666,870		8,245,890		-
Vantage at Westover Hills	San Antonio, TX		288	January 2020	N/A		8,431,070		8,021,544		-
Vantage at Tomball	Tomball, TX		288	August 2020	N/A		11,240,890		9,280,134		-
Vantage at Hutto ⁽¹⁾	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		1,031,813		981,695		8,943,914
Vantage at Loveland	Loveland, CO		288	April 2021	N/A		7,044,939		-		9,409,484
Vantage at Helotes	Helotes, TX		288	May 2021	N/A		4,779,161		-		7,869,399
			4,044			$	91,790,880	$	106,878,570	$	33,582,749

⁽¹⁾ The property became a consolidated VIE effective during the second quarter of 2021 (Note 5).

In March 2021, Vantage at Germantown sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $16.1 million upon sale. The Partnership recognized approximately $862,000 of “Investment income” and approximately $2.8 million as “Gain on sale of investment in an unconsolidated entity” associated with the sale.

In April 2021, the Partnership executed a $16.3 equity commitment to fund the construction of the Vantage at Loveland multifamily property. The Partnership may increase its equity commitment to $18.2 million based upon the occurrence of certain events.

In May 2021, the Partnership executed a $12.6 equity commitment to fund the construction of the Vantage at Helotes multifamily property.

In May 2021, Vantage at Powdersville sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $20.1 million upon sale. The Partnership recognized approximately $2.4 million of “Investment income” and approximately $5.5 million as “Gain on sale of investment in an unconsolidated entity” associated with the sale.

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 received cash of approximately $10.3 million upon sale. As of June 30, 2020, the Partnership recognized approximately $931,000 of “Investment income” associated with the sale. The Partnership recognized additional “Investment income” of approximately $373,000 and $201,000 in the third and fourth quarters of 2020, respectively, upon the resolution of certain gain contingencies.

The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and six months ended June 30, 2021 and 2020: