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Acquisitions (Tables)
12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Acquisitions
The VAA Holdback Portfolio consisted of the following properties:
PropertyLocationUnits
Blue Lake VillasWaxahachie, TX186 
Blue Lake Villas Phase IIWaxahachie, TX70 
Northside on TravisSherman, TX200 
Parc at Denham SpringsDenham Spring, LA224 
Residences at Holland LakeWeatherford, TX208 
Villas of Park West IPueblo, CO148 
Villas of Park West IIPueblo, CO112 
1,148 
We have determined that the purchase price represented the fair value of the additional ownership interest in the VAA Holdback Portfolio that was acquired.
Fair value of existing ownership interest (at 50% ownership)
$219,500 
Carrying value of investment146,313 
Gain on remeasurement of assets$73,187 
Schedule of Preliminary Allocation of Fair Value in Acquisition
The following is a summary of the allocation of the fair value of the VAA Holdback Portfolio:
Real estate$219,500 
Other assets4,843 
   Total assets acquired224,343 
Mortgage notes payable70,330 
Accounts payable and other liabilities1,624 
Accrued interest190 
   Total liabilities assumed72,144 
   Fair value of acquired net assets (100% ownership)
$152,199