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Investment in Unconsolidated Ventures

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

The Company has interests in unconsolidated joint ventures that own multi-family properties. The table below provides information regarding these joint ventures at March 31, 2019 (dollars in thousands):


Location	Number of Units	Carrying Value of Investment		Mortgage Balance		Percent Ownership
Columbia, SC	374	$	4,535	$	40,034	32	%
Columbia, SC (a)	339	8,098		39,646		46	%
Forney, TX (b)	313	6,492		25,350		50	%

	1,026	$	19,125	$	105,030

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(a) Property is currently in lease up. Construction financing for this project of up to $47,426 has been secured. Such financing bears interest at 4.95% and matures in June 2020.

(b) This interest is held through a tenancy-in-common.

The net loss from these ventures was $223,000 and $63,000 for the three months ended March 31, 2019 and 2018, respectively.