v3.26.1
Real Estate Assets - Real Estate Assets Owned by Partnership (Details)
Jun. 30, 2026
USD ($)
Unit
Dec. 31, 2025
USD ($)
Real Estate [Line Items]    
Carrying Value $ 112,910,196 $ 3,622,574
Less accumulated depreciation (1,934,648)  
Net real estate assets $ 110,975,548 3,622,574
The Park at Sondrio [Member] | Greenville, SC [Member]    
Real Estate [Line Items]    
Number of Units | Unit 271  
Land and Land Improvements $ 6,706,487  
Buildings and Improvements 25,700,888  
Carrying Value $ 32,407,375  
The Park at Vietti [Member] | Spartanburg, SC [Member]    
Real Estate [Line Items]    
Number of Units | Unit 204  
Land and Land Improvements $ 3,298,540  
Buildings and Improvements 19,847,261  
Carrying Value $ 23,145,801  
Windsor Shores Apartments [Member] | Columbia, SC [Member]    
Real Estate [Line Items]    
Number of Units | Unit 176  
Land and Land Improvements $ 2,360,633  
Buildings and Improvements 19,966,971  
Carrying Value $ 22,327,604  
Century Plaza Apartments [Member] | Greenville, SC [Member]    
Real Estate [Line Items]    
Number of Units | Unit 212  
Land and Land Improvements $ 5,826,323  
Buildings and Improvements 25,580,519  
Carrying Value 31,406,842  
Vantage at San Marcos [Member] | San Marcos TX [Member]    
Real Estate [Line Items]    
Land and Land Improvements [1] 2,513,092 2,513,092
Carrying Value [1] 2,513,092 2,513,092
Land Held for Development [Member] | Richland County, SC [Member]    
Real Estate [Line Items]    
Land and Land Improvements 1,109,482 1,109,482
Carrying Value $ 1,109,482 $ 1,109,482
[1] The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.

 

Real Estate Assets as of December 31, 2025

 

Property Name

 

Location

 

Number of
Units

 

Land and Land
Improvements

 

 

Buildings and
Improvements

 

 

Carrying Value

 

Vantage at San Marcos

 

San Marcos, TX

 

(1)

 

$

2,513,092

 

 

$

-

 

 

$

2,513,092

 

Land held for development

 

Richland County, SC

 

 

 

 

1,109,482

 

 

 

-

 

 

 

1,109,482

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,622,574

 

(1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.

During the first quarter of 2026, the Partnership acquired four multifamily properties previously owned by the non-profit borrowers of The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, The Ivy Apartments MRB (a/k/a Century Plaza Apartments), and Windsor Shores Apartments MRB and taxable MRB via deed in lieu of foreclosure. All four MF Properties are located in South Carolina. Prior to the acquisition of each property, the Partnership's total aggregate outstanding principal balance and the estimated aggregate fair value of the MRBs and taxable MRBs was approximately $119.9 million and $110.3 million, respectively. The difference between the aggregate outstanding principal and the estimated fair value of both the MRBs and taxable MRBs was due to approximately $8.7 million of allowance for credit loss (Note 10) and approximately $987,000 of unrealized losses. The Partnership recorded the SC MF Properties at fair value upon acquisition and recognized a recovery of provision for credit loss and gain upon the deed in lieu of foreclosure transactions of approximately $2.0 million and $2.2 million, respectively. The SC MF Properties are currently being managed by an unaffiliated third-party property management firm to maximize operating cash flows and property values. The Partnership may look to sell the SC MF Properties once operations are maximized.