Notes Payable (Tables)

9 Months Ended

Sep. 30, 2025

Notes Payable [Abstract]

Schedule of notes payable

Notes payable consists of the following:

Property	Interest Rate	Weighted Average Interest Rate for the Nine Months Ended September 30, 2025	Maturity Date	Amount Due at Maturity		As of September 30, 2025			As of December 31, 2024
Arbors Harbor Town	4.53%	4.53%	January 1, 2026	$	29,000	$	29,000		$	29,000
Arbors Harbor Town Supplemental	3.52%	3.52%	January 1, 2026		5,379		5,410			5,502
The Aster Apartments   (Repaid in full)					—		—			15,940
The Aster Apartments	5.20%	5.20%	June 1, 2030		21,765		21,765			—
Axis at Westmont	4.39%	4.39%	February 1, 2026		34,343		34,640			35,165
Valley Ranch Apartments	4.16%	4.16%	March 1, 2026		43,414		43,414			43,414
Autumn Breeze Apartments   (Repaid in full)					—		—			28,962
BayVue Apartments   (Repaid in full)					—		—			47,382
BayVue Apartments	4.98%	4.98%	July 1, 2030		48,188		48,188			—
Citadel Apartments Senior	SOFR + 1.61%     (floor 1.71%)	5.93%	October 11, 2026		35,200		35,200			35,200
Citadel Apartments Junior	SOFR + 8.86%     (floor 8.96%)	13.18%	October 11, 2026		8,800		8,800			8,800
Camellia Apartments	6.05%	6.05%	January 1, 2030		33,911		33,911			33,911
Discovery at Space Coast Apartments	5.60%	5.60%	January 1, 2030		42,668		43,735			43,735
Total notes payable		5.30%		$	302,668		304,063			327,011
Less: Deferred financing costs							(4,878	)		(3,843	)
Total notes payable, net						$	299,185		$	323,168

Schedule of contractual obligations for principal payments

The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of September 30, 2025.

	2025		2026		2027		2028		2029		Thereafter		Total
Principal maturities	$	211	$	156,252	$	-	$	689	$	1,072	$	145,839	$	304,063
Less: deferred financing costs														(4,878	)
Total notes payable, net													$	299,185