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Investment in Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Virginia JVValue-Add JV (1)Core JV
Initial formation dateOctober 2021June 2023July 2023
AIR Ownership20%30%53%
Outside Entities Ownership80%70%47%
Number of Apartment Communities3111
Apartment Units1,7484433,549
(1)A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but AIR will receive 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture.
The following table summarizes certain relevant information with respect to our investments in unconsolidated joint ventures (in thousands):
September 30, 2023
Virginia JVValue-Add JVCore JV
Total Third-Party Debt$395,000 $94,105 $799,164 
AIR's Investment In Balance (1)$18,198 $29,341 $272,957 
(1)AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $31.6 million related to two immaterial unconsolidated investments and certain basis differences.
December 31, 2022
Virginia JVValue-Add JVCore JV
Total Third-Party Debt$395,000 — — 
AIR's Investment In Balance (1)$20,660 — — 
(1)AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.2 million related to two immaterial unconsolidated investments.
The table below presents earnings or losses attributable to our investments in unconsolidated joint ventures, which is included in loss from unconsolidated real estate partnerships in our combined condensed consolidated statements of operations (in thousands):
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Virginia JV$(1,113)$(87)$(3,004)$(2,974)
Core JV(7,930)— (7,930)— 
Value-Add JV(1,347)— (1,333)— 
Total$(10,390)$(87)$(12,267)$(2,974)