Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Entities

The following table provides the details of the investments in unconsolidated entities as of December 31, 2021 and 2020:

Property Name	Location	Units		Construction Commencement Date	Construction Completion Date	Carrying Value as of December 31, 2021		Carrying Value as of December 31, 2020
Vantage at Powdersville	Powdersville, SC		288	November 2017	February 2020		-	$	12,295,801
Vantage at Stone Creek	Omaha, NE		294	March 2018	April 2020	$	6,143,099		7,840,500
Vantage at Bulverde	Bulverde, TX		288	March 2018	August 2019		-		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		7,611,614		9,007,435
Vantage at Conroe	Conroe, TX		288	April 2019	January 2021		11,164,625		10,406,895
Vantage at O'Connor	San Antonio, TX		288	October 2019	June 2021		9,109,343		8,245,890
Vantage at Westover Hills	San Antonio, TX		288	January 2020	July 2021		8,861,504		8,021,544
Vantage at Tomball	Tomball, TX		288	August 2020	N/A		11,814,774		9,280,134
Vantage at Hutto	Hutto, TX		288	December 2021	N/A		5,629,651		3,163,676
Vantage at San Marcos (1)	San Marcos, TX		288	N/A	N/A		-		981,695
Vantage at Loveland	Loveland, CO		288	April 2021	N/A		10,913,911		-
Vantage at Helotes	Helotes, TX		288	May 2021	N/A		11,350,686		-
Vantage at Fair Oaks	Boerne, TX		288	September 2021	N/A		6,424,306		-
Vantage at McKinney Falls	McKinney Falls, TX		288	December 2021	N/A		6,530,009		-
						$	107,793,522	$	106,878,570

(1)The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this property but construction has not commenced as of December 31, 2021.

Summary of Sales Information of Partnership Investment in Unconsolidated Entities

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during 2021:

Property Name	Location	Units		Month Sold	Gross Proceeds		Investment Income		Gain on Sale
Vantage at Germantown	Germantown, TN		288	March 2021	$	16,096,560	$	862,454	$	2,809,106
Vantage at Powdersville	Powdersville, SC		288	May 2021		20,118,680		2,359,394		5,463,484
Vantage at Bulverde	Bulverde, TX		288	August 2021		18,916,961		1,392,312		6,954,649
Vantage at Panama City Beach	Panama City Beach, FL		288	(1)		293,510		-		293,510
					$	55,425,711	$	4,614,160	$	15,520,749

(1)In November 2021, the Partnership received cash of approximately $294,000 upon the resolution of gain contingencies related to the sale of Vantage at Panama City Beach in September 2019. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations.

Summary of Partnership's Investments in Unconsolidated Entities

The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2021 and 2020:

	For the Years Ended December 31,
	2021		2020
Property Revenues	$	24,501,799	$	14,553,331
Gain on sale of property	$	42,792,935	$	6,106,279
Net income (loss)	$	37,836,191	$	(1,674,527	)