As of December 31, 2025, we held nineteen consolidated investments and five preferred equity investments. The following tables provide summary information regarding our consolidated investments and preferred equity investments.
Consolidated Investments
| | | | | | | | | | | | | | | | | |
|---|
| | | | | | | | | | | | | | | | Occupancy – | |
|---|
| · · · · Number of · · Average Year · · Ownership · · Average · · Occupancy – · · Excluding Held for · |
|---|
| Operating Investment Name · · Market / Location · · Units (1) · · Built · · Interest · · Rent (2) · · All Units (3) · · Sale/Reno Units (4) · |
|---|
| Residential Communities | | | | | | | | | | | | | | | | |
|---|
| Allure at Southpark | | Charlotte, NC | | 350 | | 2014 | | 98% | | $1,681 | | 95.7% | | 96.0% | |
|---|
| Amira at Westly | | Tampa, FL | | 408 | | 1999/2023 | | (5) | | | 1,847 | | 93.1% | | 93.4% | |
|---|
| Avenue at Timberlin Park | | Jacksonville, FL | | 200 | | 2001 | | 100% | | | 1,591 | | 94.5% | | 95.0% | |
|---|
| District at Parkview (6) | | Stone Mountain, GA | | 264 | | 2023 | | 69% | | | 1,907 | | 88.3% | | 88.6% | |
|---|
| Skytop Apartments (6) | | Cincinnati, OH | | 361 | | 2024 | | 3% | | | 1,721 | | 94.5% | | 95.0% | |
|---|
| Southern Pines Reserve (6) | | Aberdeen, NC | | 272 | | 2000/2003 | | 22% | | | 1,486 | | 93.4% | | 93.7% | |
|---|
| Villas at Huffmeister | | Houston, TX | | 294 | | 2007 | | 95% | | | 1,601 | | 96.3% | | 96.6% | |
|---|
| Wayford at Concord | | Concord, NC | | 150 | | 2019 | | 83% | | | 2,157 | | 98.0% | | 98.7% | |
|---|
| Yauger Park Villas | | Olympia, WA | | 80 | | 2010 | | 95% | | | 2,476 | | 97.5% | | 97.5% | |
|---|
| Total Residential Communities Units / Average | | | | 2,379 | | | | | | | $1,746 | | 93.7% | | 94.5% | |
|---|
| | | | | | | | | | | | | | | | | |
|---|
| Scattered Single-Family Homes | | | | | | | | | | | | | | | | |
|---|
| Ballast | | AZ / CO / WA | | 84 | | 1998 | | 95% | | $2,130 | | 77.4% | | 77.4% | |
|---|
| Golden Pacific | | IN / KS / MO | | 161 | | 1977 | | 97% | | 1,802 | | 73.9% | | 79.9% | |
|---|
| ILE | | TX / SE US | | 450 | | 1991 | | 95% | | | 1,862 | | 92.9% | | 93.9% | |
|---|
| Indy-Springfield | | IN / MO | | 304 | | 1999 | | 100% | | 1,426 | | 91.8% | | 95.5% | |
|---|
| Peak JV 2 | | Various / TX | | 549 | | 1982 | | 100% | | 1,382 | | 88.3% | | 90.0% | |
|---|
| Peak JV 3 | | Dallas-Fort Worth, TX | | 42 | | 1960 | | 100% | | 1,082 | | 14.3% | | — | |
|---|
| Savannah-84 | | Savannah, GA | | 84 | | 2022 | | 100% | | 1,875 | | 97.6% | | 97.6% | |
|---|
| Total Scattered Single-Family Homes / Average | | | | 1,674 | | | | | | | $1,625 | | 86.9% | | 90.8% | |
|---|
| Total Operating Units / Average | | | | 4,053 | | | | | | | $1,695 | | 90.9% | | 93.0% | |
|---|
| | | | | | | | | | | | | | | | | |
|---|
| Development / Lease-up Investment Name | | | | | | | | | | | | | | | | |
|---|
| Residential Communities | | | | | | | | | | | | | | | | |
|---|
| Abode Wendell Falls (7) | | Wendell, NC | | 170 | | — | | 100% | | | — | | — | | — | |
|---|
| Harmony at Clear Creek (7) | | Shawnee, KS | | 188 | | — | | 85% | | | — | | — | | — | |
|---|
| Parkside at Summers Corner (8) | | Summerville, SC | | 12 | | 2025 | | 100% | | | — | | — | | — | |
|---|
| Total Development Units | | | | 370 | | | | | | | | | | | | |
|---|
| Total Units | | | | 4,423 | | | | | | | | | | | | |
|---|
| (1) | Total operating units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3. |
| (2) | Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2025. |
| (3) | Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage. |
| (4) | Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage, and excludes 107 units classified as held for sale and an aggregate of 11 down/renovation units. |
| (5) | Amira at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information). The Amira at Westly DST has been fully subscribed with equity from individual investors. |
| (6) | District at Parkview, Skytop Apartments and Southern Pines Reserve are held through our DST Program. |
| (7) | Represents a development project with no units delivered as of December 31, 2025. Abode Wendell Falls commenced construction in 2024 and Harmony at Clear Creek is anticipated to commence construction in 2026. |
| (8) | Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed. Of the total 100 units that we have committed to acquire, 12 units had been acquired as of December 31, 2025. |
| | | | | | | | | | | | | | | | | | | | | | | |
|---|
| · · · · · · Total Actual/ · · · · · · · · · · · · · · · |
|---|
| · · · · Actual/ · · Estimated · · · · · Actual/ · · Actual/ · · Actual/ · · · · · |
|---|
| · · · · Planned · · Construction · · · · · Estimated · · Estimated · · Estimated · · · · Estimated |
|---|
| · · · · Number · · Cost · · Cost to Date · · Construction · · Initial · · Construction · · · · Average |
|---|
| Development Investment Name (1) · · Location · · of Units · · (in millions) · · (in millions) · · Cost Per Unit · · Occupancy · · Completion · · % Occupied · · Rent (2) |
|---|
| River Ford | | Brunswick, GA | | 170 | | $51.6 | | | $18.0 | | | $303,529 | | 1Q 2026 | | 1Q 2027 | | — | | | $2,004 |
|---|
| Sanford Marketplace | | Sanford, NC | | 300 | | | 59.6 | | | 12.7 | | | 198,667 | | 4Q 2026 | | 2Q 2027 | | — | | | 1,587 |
|---|
| Canvas at Wildwood | | Wildwood, FL | | 224 | | | 60.3 | | | 17.0 | | | 269,196 | | 4Q 2026 | | 4Q 2027 | | — | | | 1,937 |
|---|
| Archer at RiverBlue (3) | | Asheville, NC | | 245 | | | 71.8 | | | 10.8 | | | 293,061 | | 1Q 2028 | | 2Q 2028 | | — | | | 2,113 |
|---|
| Total Development Units | | | | 939 | | | | | | | | | | | | | | | | | | |
|---|
| | | | | | | | | | | | | | | | | | | | | | | |
|---|
| Operating Investment Name (4) | | | | | | | | | | | | | | | | | | | | | | |
|---|
| Wayford at Innovation Park | | Charlotte, NC | | 210 | | | | | | | | | | | | | | | 91.4% | | 2,313 |
|---|
| Total Operating Units | | | | 210 | | | | | | | | | | | | | | | | | | |
|---|
| Total Units/Average | | | | 1,149 | | | | | | | | | | | | | | | | | | $1,934 |
|---|
| (1) | None of the development investments had commenced lease-up as of December 31, 2025. |
| (2) | For development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization. For the operating investment, represents the average effective monthly rent per occupied unit. |
| (3) | In December 2025, we entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded as of December 31, 2025. |
| (4) | Operating investment represents a stabilized operating property. |
