AIR consolidates the AIR Operating Partnership, a VIE of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of AIR are that of the AIR Operating Partnership.

All of the VIEs the AIR Operating Partnership consolidates own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities. The AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership.

	As of December 31,
	2020		2019
VIEs with interests in apartment communities		5		5
Apartment communities owned by VIEs		16		5
Apartment homes in communities owned by VIEs		5,369		2,016

Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership and those properties that remain with the Spinnee, are summarized in the table below (in thousands):

	As of December 31,
	2020		2019
Assets
Net real estate	$	1,125,315	$	201,425
Cash and cash equivalents	$	10,548	$	4,153
Restricted cash	$	8,818	$	2,047
Other assets	$	23,870	$	18,731
Liabilities
Non-recourse property debt secured by AIR communities, net	$	1,278,318	$	175,550
Accrued liabilities and other	$	34,038	$	23,780

We have an interest in a partnership that owns Parkmerced Apartments, which meets the definition of a VIE. However, we are not the primary beneficiary and do not consolidate this partnership. In connection with the Separation, Aimco was allocated economic ownership of the $275.0 million mezzanine investment and the option to acquire a 30% equity interest in the partnership. The investment accrues interest at 10% per annum with a five-year term and the right to extend for a second five-year term. Subsequent to the Separation, all risks and rewards of ownership are Aimco’s. As of December 31, 2020, the investment balance of $307.4 million, primarily consisting of notes receivable, is included in other assets in AIR’s consolidated balance sheets as title has not been legally transferred. Since AIR has legally assigned all risks and rewards of ownership to Aimco, there is an equal, and offsetting liability included in accrued liabilities and other in AIR’s consolidated balance sheets. Accordingly, there is no net effect on AIR’s shareholders’ equity.