8.     Investments in Unconsolidated Real Estate Joint Ventures 



As of June 30, 2018, the Company had equity interests in 17 unconsolidated real estate joint ventures involved in the development of single-family master planned communities, multifamily apartment facilities and retail centers.  Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated variable interest entities.  See Note 3 for information regarding the Company’s investments in consolidated variable interest entities.



Investments in unconsolidated real estate joint ventures consisted of the following (in thousands):







During May 2018, the Company invested in a joint venture, Altis Ludlam - Miami Investor, LLC, to acquire land and obtain entitlements for a potential multifamily apartment development project located in Miami, Florida.



See Note 10 to the Company’s consolidated financial statements included in the 2017 Annual Report for the Company’s accounting policies for analyzing its investments in real estate joint ventures.