Investments in Unconsolidated Real Estate Entities (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Schedule of Preferred Equity Investment In Unconsolidated Real Estate

Our investments in unconsolidated real estate consist of preferred equity investments in development projects, and are summarized as follows:

Development	Location	Units	Commitment Date	Preferred Return			Total Commitment		Amount Funded to Date
Lector85	Ybor City, FL	254	08/15/2019	13	%	(1)	$	9,900,000	$	9,900,000
Vernon Boulevard	Queens, NY	534	07/23/2020	13	%	(2)	15,000,000		15,000,000
Riverfront	West Sacramento, CA	285	11/30/2020	16	%		15,091,649		5,192,486
Total							$	39,991,649	$	30,092,486
(1) Will be reduced to 10% annually upon the later to occur of (i) stabilization of the development project or (ii) the one-year anniversary of the receipt of all temporary certificates of occupancy subject to certain financial conditions being satisfied.
(2) In addition to the preferred return, we receive a profit participation upon a liquidity event, pari passu alongside the preferred equity contribution from the Preferred Co-Investor.

Activity for the three months ended March 31, 2021 is as follows:

	Balance at						Balance at
Development	12/31/20		Contributions		Equity in Earnings		3/31/21
Lector85	$	11,396,026	$	—	$	321,750	$	11,717,776
Vernon Boulevard	15,886,169		—		514,682		16,400,851
Riverfront	2,718,266		2,512,338		115,022		5,345,626
Total	$	30,000,461	$	2,512,338	$	951,454	$	33,464,253

Activity during the three months ended March 31, 2020 for Lector85, our only preferred equity investment during that period, is as follows:

	Balance at						Balance at
Development	12/31/19		Contributions		Equity in Earnings		3/31/20
Lector85	$	4,961,868	$	5,210,937	$	240,096	$	10,412,901