| Summary of Investments in Unconsolidated Entities |
The following table provides the details of the investments in unconsolidated entities as of March 31, 2026 and December 31, 2025:
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Property Name |
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Location |
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Units |
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Construction Commencement Date |
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Construction Completion Date |
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Carrying Value as of March 31, 2026 |
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Carrying Value as of December 31, 2025 |
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Market Rate Multifamily Investments |
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Vantage at Hutto |
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Hutto, TX |
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288 |
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December 2021 |
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December 2023 |
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$ |
15,994,420 |
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$ |
14,988,329 |
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Vantage at Loveland |
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Loveland, CO |
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288 |
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April 2021 |
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October 2024 |
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21,098,735 |
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21,098,735 |
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Vantage at Fair Oaks |
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Boerne, TX |
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288 |
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September 2021 |
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May 2023 |
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14,777,042 |
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14,346,224 |
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Vantage at McKinney Falls |
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McKinney Falls, TX |
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288 |
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December 2021 |
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July 2024 |
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24,198,940 |
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16,076,440 |
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Freestone Greeley |
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Greeley, CO |
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296 |
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N/A |
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N/A |
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5,925,774 |
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5,909,710 |
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Freestone Cresta Bella |
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San Antonio, TX |
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296 |
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February 2023 |
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November 2024 |
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13,955,932 |
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13,701,640 |
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The Jessam at Hays Farm |
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Huntsville, AL |
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318 |
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July 2023 |
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December 2025 |
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15,469,275 |
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16,125,448 |
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Freestone Greenville |
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Greenville, TX |
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300 |
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April 2024 |
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September 2025 |
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16,391,973 |
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17,175,697 |
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Freestone Ladera |
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Ladera, TX |
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288 |
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August 2024 |
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December 2025 |
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16,189,076 |
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17,085,732 |
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Subtotal |
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144,001,167 |
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136,507,955 |
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Market Rate Seniors Housing Investments |
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Valage Senior Living Carson Valley |
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Minden, NV |
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102 |
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(1) |
February 2023 |
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April 2025 |
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2,209,232 |
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2,531,540 |
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Valage Senior Living Mt. Rose |
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Reno, NV |
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122 |
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April 2026 |
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N/A |
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7,706,134 |
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6,913,343 |
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Subtotal |
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9,915,366 |
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9,444,883 |
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Other Investments |
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Construction Lending JV (2) |
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N/A |
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N/A |
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N/A |
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N/A |
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430,258 |
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347,006 |
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$ |
154,346,791 |
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$ |
146,299,844 |
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(1)Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units. (2)The Construction Lending JV invests in loans to finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States, similar to the Partnership’s current GIL, taxable GIL and property loan investments
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| Summary of Sales Information of Partnership Investment in Unconsolidated Entities |
The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2025:
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Property Name |
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Location |
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Units |
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Month Sold |
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Gross Proceeds to the Partnership |
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Investment Income |
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Gain (Loss) on Sale |
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Vantage at Tomball |
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Tomball, TX |
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288 |
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January 2025 |
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$ |
14,199,870 |
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$ |
- |
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$ |
- |
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Vantage at Coventry |
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Omaha, NE |
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294 |
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(1) |
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5,220 |
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- |
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5,220 |
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$ |
14,205,090 |
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$ |
- |
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$ |
5,220 |
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(1)In February 2025, the Partnership received sales proceeds of approximately $5,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations.
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| Summary of Partnership's Investments in Unconsolidated Entities |
The following table provides summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2026 and 2025:
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Property revenues |
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$ |
8,295,062 |
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$ |
5,345,004 |
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Interest income |
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$ |
245,713 |
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$ |
- |
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Gain on sale |
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$ |
- |
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$ |
7,680,673 |
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Net income (loss) |
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$ |
(5,964,738 |
) |
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$ |
5,161,862 |
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