As of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine held through preferred equity and loan investments. The following tables provide summary information regarding our consolidated investments and preferred equity and loan investments.
Consolidated Investments
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| | | | | | | | | | | | | | | | Occupancy – | |
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| · · · · Number of · · Average Year · · Ownership · · Average · · Occupancy – · · Excluding Held for · |
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| Operating Investment Name · Market / Location · Units (1) · Built · Interest · Rent (2) · All Units (3) · · Sale/Reno Units (4) · |
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| Scattered Single-Family Homes · · · · · · · · · · · · · · · |
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| Ballast | | AZ / CO / WA | | 84 | | 1998 | | 95% | | $2,077 | | 97.6% | | 97.6% | |
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| Golden Pacific | | IN / KS / MO | | 169 | | 1977 | | 97% | | 1,788 | | 97.6% | | 97.6% | |
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| ILE | | TX / SE US | | 478 | | 1991 | | 95% | | | 1,871 | | 89.7% | | 91.5% | |
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| Indy-Springfield | | IN / MO | | 323 | | 1999 | | 100% | | 1,337 | | 93.8% | | 96.2% | |
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| Peak JV 2 | | Various / TX | | 573 | | 1981 | | 80% | | 1,322 | | 88.0% | | 92.9% | |
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| Peak JV 3 | | Dallas-Fort Worth, TX | | 90 | | 1959 | | 56% | | 1,286 | | 60.0% | | — | |
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| Savannah-84 | | Savannah, GA | | 84 | | 2022 | | 100% | | 1,823 | | 92.9% | | 92.9% | |
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| Total Scattered Single-Family Homes / Average | | | | 1,801 | | | | | | | $1,579 | | 89.7% | | 93.8% | |
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| Residential Communities | | | | | | | | | | | | | | | | |
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| Allure at Southpark | | Charlotte, NC | | 350 | | 2014 | | 98% | | $1,724 | | 92.3% | | 92.3% | |
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| Amira at Westly | | Tampa, FL | | 408 | | 1999/2023 | | 93% | | | 1,945 | | 92.6% | | 92.9% | |
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| Avenue at Timberlin Park | | Jacksonville, FL | | 200 | | 2001 | | 100% | | | 1,613 | | 95.0% | | 95.5% | |
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| Villas at Huffmeister | | Houston, TX | | 294 | | 2007 | | 95% | | | 1,560 | | 94.6% | | 94.9% | |
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| Wayford at Concord | | Concord, NC | | 150 | | 2019 | | 83% | | | 2,166 | | 95.3% | | 96.0% | |
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| Yauger Park Villas | | Olympia, WA | | 80 | | 2010 | | 95% | | | 2,433 | | 98.8% | | 98.8% | |
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| Total Residential Communities Units / Average | | | | 1,482 | | | | | | | $1,840 | | 93.9% | | 94.1% | |
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| Total Operating Units / Average | | | | 3,283 | | | | | | | $1,689 | | 91.6% | | 94.0% | |
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| Development Investment Name | | | | | | | | | | | | | | | | |
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| Residential Communities | | | | | | | | | | | | | | | | |
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| Abode Wendell Fall (5) | | Wendell, NC | | 170 | | — | | 100% | | | — | | — | | — | |
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| Total Development Units | | | | 170 | | | | | | | | | | | | |
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| Total Units | | | | 3,453 | | | | | | | | | | | | |
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| (1) | Total operating units includes an aggregate of 167 units classified as held for sale, with such units included in the following portfolios: 8 units of ILE, 37 units of Indy-Springfield, 32 units of Peak JV 2, and all 90 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, 2024. |
| (3) | Percent occupied is calculated as (i) the number of units occupied as of December 31, 2024 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, 2024 divided by (ii) total number of units, expressed as a percentage, and excludes 167 units classified as held for sale and an aggregate of 7 down/renovation units. |
| (5) | Abode Wendell Falls is a build-to-rent development project that commenced construction in 2024. |
Preferred Equity and Loan Investments
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| · · · · · · Total Actual/ · · · · · · · · · · · · · · · · |
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| · · · · Actual/ · · Estimated · · · · · Actual/ · · Actual/ · · Actual/ · · · · · · |
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| · · · · Planned · · Construction · · · · · Estimated · · Estimated · · Estimated · · · · Estimated |
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| · · · · Number · · Cost · · Cost to Date · · Construction · · Initial · · Construction · · · · Average |
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| Lease-up Investment Name · Location / Market · of Units · (in millions) · (in millions) · Cost Per Unit · Occupancy · Completion · % Occupied · Rent (1) |
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| Willow Park | | Willow Park, TX | | 58 | | | $17.1 | | | $17.1 | | | $294,828 | | 2Q 2022 | | 3Q 2023 | | | 87.9% | | $2,362 |
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| The Cottages at Myrtle Beach | | Myrtle Beach, SC | | 294 | | | 63.2 | | | 63.2 | | | 214,966 | | 2Q 2023 | | 4Q 2023 | | | 72.1% | | | 1,743 |
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| The Cottage of Port St. Lucie | | Port St. Lucie, FL | | 286 | | | 69.6 | | | 69.5 | | | 243,357 | | 2Q 2023 | | 2Q 2024 | | | 85.7% | | | 2,133 |
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| Chandler (2) | | Chandler, AZ | | 208 | | | 48.2 | | | 48.2 | | | 231,731 | | 2Q 2024 | | 3Q 2024 | | | 46.6% | | | 1,920 |
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| Wayford at Innovation Park (3) | | Charlotte, NC | | 210 | | | 62.0 | | | 58.7 | | | 295,238 | | 3Q 2023 | | 4Q 2024 | | | 64.3% | | 1,994 |
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| Wayford at Pringle | | Charlotte, NC | | 102 | | | 37.2 | | | 37.2 | | | 364,706 | | 1Q 2024 | | 4Q 2024 | | | 85.3% | | 2,453 |
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| Total Lease-up Units | | | | 1,158 | | | | | | | | | | | | | | | | | | | |
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| Development Investment Name (4) | | | | | | | | | | | | | | | | | | | | | | | |
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| Indigo Cove | | Bluffton, SC | | 82 | | | 30.2 | | | 8.3 | | | 368,293 | | 4Q 2025 | | 1Q 2026 | | | — | | | 3,095 |
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| River Ford | | Brunswick, GA | | 170 | | | 51.6 | | | 10.6 | | | 303,529 | | 4Q 2025 | | 1Q 2027 | | | — | | | 2,004 |
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| Canvas at Wildwood | | Wildwood, FL | | 224 | | | 60.3 | | | 9.3 | | | 269,196 | | 4Q 2026 | | 4Q 2027 | | | — | | | 1,937 |
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| Total Development Units | | | | 476 | | | | | | | | | | | | | |
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| Total Units/Average | | | | 1,634 | | | | | | | | | | | | | $2,072 |
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| (1) | Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization. |
| (2) | Chandler commenced lease-up in June 2024. |
| (3) | Wayford at Innovation Park commenced lease-up in August 2023. |
| (4) | None of the development investments had commenced lease-up as of December 31, 2024. |
