ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments for a period of time approximating two to three years after construction completion. The return on these investments earned by the Partnership is reported as “Investment income” on the Partnership’s condensed consolidated statements of operations.

The following table provides the details of the investments in unconsolidated entities as of September 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of September 30, 2020:

Property Name	Location	Units		Month Commitment Executed	Construction Completion Date	Carrying Value as of September 30, 2020		Carrying Value as of December 31, 2019		Maximum Remaining Equity Commitment as of September 30, 2020
Vantage at Waco	Waco, TX		288	August 2016	May 2018	$	-	$	9,337,166	$	-
Vantage at Powdersville	Powdersville, SC		288	November 2017	February 2020		12,295,801		12,295,801		-
Vantage at Stone Creek	Omaha, NE		294	March 2018	April 2020		7,840,500		7,840,500		-
Vantage at Bulverde	Bulverde, TX		288	March 2018	August 2019		10,570,000		10,144,052		-
Vantage at Germantown	Germantown, TN		288	June 2018	March 2020		12,425,000		11,745,155		-
Vantage at Murfreesboro	Murfreesboro, TN		288	September 2018	N/A		14,564,613		13,516,425		-
Vantage at Coventry	Omaha, NE		294	September 2018	N/A		9,007,435		9,007,435		-
Vantage at Conroe	Conroe, TX		288	April 2019	N/A		10,151,000		8,078,519		-
Vantage at O'Connor	San Antonio, TX		288	October 2019	N/A		8,043,132		5,016,811		-
Vantage at Westover Hills	San Antonio, TX		288	January 2020	N/A		7,824,302		-		-
Vantage at Tomball	Tomball, TX		288	August 2020	N/A		6,455,139		-		4,056,333
			3,180			$	99,176,922	$	86,981,864	$	4,056,333

In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property.

In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership has received cash of approximately $10.6 million as a result of the sale. The Partnership recognized approximately $1.3 million of “Investment Income” associated with the sale. The Partnership may also be entitled to up to $213,000 of additional proceeds in 2020 if certain gain contingencies are satisfied.

In August 2020, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property.

In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at Conroe multifamily property.

In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of investment income and approximately $10.5 million of gain on sale of investment in an unconsolidated entity associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds if certain gain contingencies are satisfied.

The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2020 and 2019:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2020			2019		2020		2019
Property Revenues	$	3,501,288		$	3,713,106	$	8,971,999	$	9,534,250
Gain on sale of property	$	372,974		$	22,556,694	$	6,635,966	$	22,556,694
Net income (loss)	$	(1,495,383	)	$	21,606,621	$	341,905	$	20,918,176