Real Estate Assets

6 Months Ended

Jun. 30, 2020

9. Real Estate Assets

The following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2020 and December 31, 2019:

Real Estate Assets as of June 30, 2020
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value
Suites on Paseo	San Diego, CA		384	$	3,199,268	$	39,121,743	$	42,321,011
The 50/50 MF Property	Lincoln, NE		475		-		32,938,822		32,938,822
Land held for development		⁽¹⁾			1,675,997		-		1,675,997
								$	76,935,830
Less accumulated depreciation									(16,773,436	)
Total real estate assets								$	60,162,394

⁽¹⁾	^{Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.}

Real Estate Assets as of December 31, 2019
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value
Suites on Paseo	San Diego, CA		384	$	3,199,268	$	39,073,728	$	42,272,996
The 50/50 MF Property	Lincoln, NE		475		-		32,937,805		32,937,805
Land held for development		⁽²⁾			1,706,862		-		1,706,862
								$	76,917,663
Less accumulated depreciation									(15,357,700	)
Total real estate assets								$	61,559,963

⁽²⁾	Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Activity in the First Six Months of 2020

As of June 30, 2020, the land held for development in Gardner, KS was under contract for sale.

In June 2020, the Partnership determined that the land held for development in Gardner, Kansas was impaired. The Partnership recorded an impairment charge of $25,200 in the second quarter of 2020, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land.