Lightstone Value Plus REIT V (LVVP) 10-K 25 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust V, Inc.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Entity File Number	000-53650
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		20,200,000
Entity Central Index Key	0001387061
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment property:
Land and improvements	$ 63,873	$ 65,767
Building and improvements	248,079	227,938
Furniture, fixtures and equipment	6,552	7,231
Gross investment property	318,504	300,936
Less accumulated depreciation	(50,823)	(49,693)
Net investment property	267,681	251,243
Cash and cash equivalents	27,078	15,802
Marketable securities, available for sale	3,654	5,496
Restricted cash	4,373	4,148
Note receivable, net	12,794	10,423
Prepaid expenses and other assets	1,604	1,318
Assets held for sale	24,140	18,192
Total Assets	341,324	306,622
Liabilities and Stockholders' Equity
Notes payable, net	212,989	183,788
Accounts payable and accrued and other liabilities	6,530	6,043
Payables to related parties	0	6
Liabilities held for sale	37,165	13,686
Total liabilities	256,684	203,523
Commitments and Contingencies
Company's stockholders' equity:
Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding
Common stock, $.0001 par value per share; 350.0 million shares authorized, 20.2 million and 22.2 million shares issued and outstanding, respectively	2	2
Additional paid-in-capital	189,216	204,912
Accumulated other comprehensive income	140	111
Accumulated deficit	(102,519)	(102,404)
Total Company stockholders' equity	86,839	102,621
Noncontrolling interests	(2,199)	478
Total Stockholder's Equity	84,640	103,099
Total Liabilities and Stockholders' Equity	$ 341,324	$ 306,622

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible stock, shares authorized (in shares)	1,000	1,000
Convertible Stock Shares Issued (in share)	1,000	1,000
Convertible stock, shares outstanding (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	20,200,000	22,200,000
Common stock, shares outstanding (in shares)	20,200,000	22,200,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Rental revenues	$ 39,978	$ 37,173
Expenses
Property operating expenses	13,049	12,721
Real estate taxes	5,454	5,181
General and administrative	6,493	6,283
Depreciation and amortization	12,227	13,196
Total operating expenses	37,223	37,381
Operating income/(loss)	2,755	(208)
Interest expense, net	(9,644)	(9,221)
Interest income	1,877	1,682
Gain on sale of investment property	5,474	0
Other income, net	721	546
Net income/(loss)	1,183	(7,201)
Net (income)/loss attributable to noncontrolling interests	(1,298)	92
Net loss attributable to the Company's shares	$ (115)	$ (7,109)
Weighted average shares outstanding:
Basic and diluted	20,741	22,887
Basic and diluted loss per share	$ (0.01)	$ (0.31)
Comprehensive loss:
Net income/(loss)	$ 1,183	$ (7,201)
Other comprehensive income:
Holding gain on marketable securities, available for sale	92	251
Reclassification adjustment for (gain)/loss on sale of marketable securities included in net income/(loss)	(63)	49
Foreign currency translation gain	0	28
Total other comprehensive income	29	328
Comprehensive income/(loss)	1,212	(6,873)
Comprehensive (income)/loss attributable to noncontrolling interest	(1,298)	92
Comprehensive loss attributable to the Company's shares	$ (86)	$ (6,781)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Convertible Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2018		$ 2	$ 214,537	$ (95,295)	$ (217)	$ 794	$ 119,821
Beginning balance, shares at Dec. 31, 2018	1	23,432
Net income (loss)				(7,109)		(92)	(7,201)
Distributions paid to noncontrolling interests						(254)	(254)
Redemption, cancellation and tender of shares			(9,625)				(9,625)
Redemption, cancellation and tender of shares (in shares)		(1,209)
Contributions received from noncontrolling interests						30	30
Other comprehensive income:
Holding gain on marketable securities, available for sale					251		251
Foreign currency translation gain					28		28
Reclassification adjustment for loss on sale of marketable securities included in net loss					49		49
Ending balance, value at Dec. 31, 2019		$ 2	204,912	(102,404)	111	478	103,099
Ending balance, shares at Dec. 31, 2019	1	22,223
Net income (loss)				(115)		1,298	1,183
Distributions paid to noncontrolling interests						(3,975)	(3,975)
Tender of common stock			(15,696)				(15,696)
Tender of common stock (in shares)		(2,030)
Other comprehensive income:
Holding gain on marketable securities, available for sale					92		92
Reclassification adjustment for loss on sale of marketable securities included in net loss					(63)		(63)
Ending balance, value at Dec. 31, 2020		$ 2	$ 189,216	$ (102,519)	$ 140	$ (2,199)	$ 84,640
Ending balance, shares at Dec. 31, 2020	1	20,193

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 1,183	$ (7,201)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	12,227	13,196
Amortization of deferred financing costs	600	643
(Gain)/loss on sale of marketable securities	(63)	49
Gain on sale of investment property	(5,474)	0
Non-cash interest income	(1,746)	(1,092)
Other non-cash adjustments, net	0	12
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses and other assets	(2,795)	2,635
Increase in accounts payable and accrued and other liabilities	1,407	1,945
Decrease in payables to related parties	(6)	(310)
Net cash provided by operating activities	5,333	9,877
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(50,240)	(80,084)
Purchase of marketable securities	(1,456)	(2,985)
Proceeds from sale of marketable securities	3,390	12,127
Funding of not e receivable, net	(625)	(9,132)
Acquisition fee paid on note receivable	0	(199)
Proceeds from sale of investment property, net of closing costs	23,673	0
Proceeds from disposition of investment in unconsolidated joint venture	0	10,944
Net cash used in investing activities	(25,258)	(69,329)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	65,620	72,214
Payments on notes payable	(12,939)	(14,215)
Proceeds from advance from advisor	25,000	0
Payments on advance from advisor	(25,000)	0
Payment of loan fees and expenses	(1,584)	(1,428)
Tender of common stock	(15,696)	0
Redemption and cancellation of common stock	0	(9,625)
Contributions received from noncontrolling interests	0	30
Distributions paid to noncontrolling interest holders	(3,975)	(254)
Net cash provided by financing activities	31,426	46,722
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	0	28
Net change in cash, cash equivalents and restricted cash	11,501	(12,702)
Cash, cash equivalents and restricted cash, beginning of year	19,950	32,652
Cash, cash equivalents and restricted cash, end of year	31,451	19,950
Supplemental cash flow information for the years indicated is as follows:
Cash paid for interest, net of amounts capitalized	8,997	8,347
Holding loss/gain on marketable securities, available for sale	29	300
Capital expenditures for real estate in accrued liabilities and accounts payable	$ 42	$ 201

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization Business Lightstone Value Plus Real Estate Investment Trust V, Inc. which was previously named Behringer Harvard Opportunity REIT II, Inc., prior to July 20, 2017 (which may be referred to as the “Company,” “we,” “us,” or “our”), was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, the Company has focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. The Company has acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, and multifamily. The Company has purchased existing, income-producing properties, and newly-constructed properties. The Company has also invested in other real estate-related investments such as mortgage and mezzanine loans. The Company intends to hold the various real properties in which it has invested until such time as its board of directors determines that a sale or other disposition appears to be advantageous to achieve the Company’s investment objectives or until it appears that the objectives will not be met. The Company currently has one operating segment. As of December 31, 2020, the Company had eight real estate investments (five wholly owned properties and three properties consolidated through investments in joint ventures) and one real estate-related investment (mezzanine loan). Substantially all of the Company’s business is conducted through Lightstone REIT V OP LP, a limited partnership organized in Delaware (the “Operating Partnership”). As of December 31, 2020, the Company’s wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% partnership interest in the Operating Partnership as its sole general partner. As of December 31, 2020, the Company’s wholly-owned subsidiary, BHO Business Trust II, a Maryland business trust, was the sole limited partner of the Operating Partnership and owned the remaining 99.9% interest in the Operating Partnership. The Company’s business is managed by an external advisor and the Company has no employees. Effective February 10, 2017, the Company engaged affiliates of The Lightstone Group (“Lightstone”), LSG-BH II Advisor LLC and LSG Development Advisor LLC (collectively, the “Advisor”), to provide advisory services to the Company. Lightstone is majority owned by the chairman of the Company’s board of directors, David Lichtenstein. Pursuant to the terms of an advisory agreement and subject to the oversight of the Company’s board of directors, the Advisor is responsible for managing the Company’s day-to-day affairs and for services related to the management of the Company’s assets. Organization In connection with the Company’s initial capitalization, the Company issued 22,500 shares of its common stock and 1,000 shares of its convertible stock to the Company’s previous advisor on January 19, 2007. The 1,000 shares of convertible stock were transferred to an affiliate of Lightstone on February 10, 2017 and remain outstanding. As of December 31, 2020, the Company had 20.2 million shares of common stock outstanding. The Company’s common stock is not currently listed on a national securities exchange. The timing of a liquidity event for the Company’s stockholders will depend upon then prevailing market conditions. The Company’s board of directors previously targeted June 30, 2023 as the commencement of a liquidity event, however, on January 9, 2020, the Company’s board of directors elected to extend the targeted timeline until June 30, 2028 based on their assessment of the Company’s investment objectives and liquidity options for the Company’s stockholders. The Company can provide no assurances as to the actual timing of the commencement of a liquidity event for its stockholders or the ultimate liquidation of the Company. The Company will seek stockholder approval prior to liquidating its entire portfolio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of real estate including impairment and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements include the Company’s accounts and the accounts of other subsidiaries over which it has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest but have significant influence, it accounts for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether it is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to the Company’s consolidated financial statements. Accounting for Acquisitions of Investment Property The cost of the real estate assets acquired in an asset acquisition is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their relative fair values. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Upon the acquisition of real estate property that meets the definition of a business, the Company recognizes the assets acquired, the liabilities assumed and any noncontrolling interest as of the acquisition date, measured at their fair values. The acquisition date is the date on which the Company obtains control of the real estate property. The assets acquired and liabilities assumed may consist of land, inclusive of associated rights, buildings, assumed debt, identified intangible assets and liabilities, and asset retirement obligations. Identified intangible assets generally consist of above-market leases, in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships. Identified intangible liabilities generally consist of below-market leases. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition-related costs are expensed in the period incurred. Initial valuations are subject to change until the Company’s information is finalized, which is no later than 12 months from the acquisition date. The fair value of the tangible assets acquired, consisting of land and buildings, is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods believed to be used by market participants. The value of hotels and all other buildings is depreciated over the estimated useful lives of 39 years and 25 years, respectively, using the straight-line method. The Company determines the fair value of assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that management believes the Company could obtain at the date of the debt assumption. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan using the effective interest method. Cash and Cash Equivalents The Company considers investments in highly liquid money market funds or investments with original maturities of three months or less to be cash equivalents. The carrying amount of cash and cash equivalents reported on the consolidated balance sheet approximates fair value. Restricted Cash As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of the Company’s consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code. The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in its consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 27,078 $ 15,802 Restricted cash 4,373 4,148 Total cash, cash equivalents and restricted cash $ 31,451 $ 19,950 Marketable Securities Marketable securities currently consist of debt securities that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses for debt securities are reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below the Company’s amortized cost basis, any adverse changes in the financial condition of the issuers’ and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. As of December 31, 2020 and 2019, the Company did not recognize any impairment charges. Investment Impairment For all of the Company’s real estate and real estate related investments, the Company monitors events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess the Company’s assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant adverse change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. To the extent that the Company’s portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at those properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, the Company assesses potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company’s management reviews these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data or with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. The Company considers trends, strategic decisions regarding future development plans, and other factors in its assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, the Company recognizes an impairment loss to adjust the carrying amount of the asset to estimated fair value. While the Company believes its estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating the Company’s investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during the Company’s ownership, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the carrying value of the Company’s investments, which could be material to its financial statements. In addition, the Company may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. During the years ended December 31, 2020 and 2019, the Company did not record any impairment charges. Investment in Unconsolidated Joint Venture The Company has and may continue to provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, the Company may participate in the residual profits of the project through the sale or refinancing of the property. The Company evaluates such arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When the Company determines that the characteristics are more similar to a jointly-owned investment or partnership, it accounts for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. ADC Arrangements are reassessed at each reporting period. See Note 8 of the Notes to the Consolidated Financial Statements for additional information. Revenue Recognition The Company recognizes rental income generated from leases of its operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Leases associated with the Company’s multifamily and student housing are generally short-term in nature, and thus have no straight-line rent. Other Assets Other assets primarily consist of deposits, receivables and intangible assets related to the Company’s consolidated properties. Deferred Financing Costs Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are included as a direct deduction from the related debt in the consolidated balance sheets. Income Taxes The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. To maintain its qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries (“TRSs”). As such, the Company is subject to U.S. federal and state income and franchise taxes from these activities. As of December 31, 2020 and 2019, the Company had no material uncertain income tax positions. Additionally, even if the Company continues to qualify as a REIT, it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on its undistributed income. Concentration of Credit Risk At December 31, 2020 and 2019, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. The Company has diversified its cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents or restricted cash. Noncontrolling Interest Noncontrolling interest represents the noncontrolling member’s share of the equity in certain of the Company’s consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, the Company’s joint venture agreements provide for liquidating distributions based on achieving certain return metrics (“promoted interest”) and if a property reaches a defined return threshold, then it will result in distributions to the noncontrolling member which differs from the standard pro-rata allocation percentage. Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the applicable period. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic leading many countries, including the United States, particularly at the individual state level, to subsequently impose various degrees of restrictions and other measures, including, but not limited to, mandatory temporary closures, quarantine guidelines, limitations on travel, and “shelter in place” rules in an effort to reduce its duration and the severity of its spread. Although the COVID-19 pandemic has continued to evolve, most of these previously imposed restrictions and other measures have now been reduced and/or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval, mass production, administration and ultimate effectiveness of vaccines, as well as the timeline to achieve a level of sufficient herd immunity amongst the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the overall health of the U.S. economy for the foreseeable future. The Company’s consolidated portfolio of properties currently consists of seven multi-family apartment complexes and one student housing complex. Despite past and current restrictions and mitigation strategies, the Company’s multi-family properties still have not yet seen any significant impact from the COVID-19 pandemic. The Company’s student housing complex, which consists of the River Club Apartments and the Townhomes at River Club, are located in Athens, Georgia and principally serve as “off-campus” lodging for students attending the University of Georgia (“UGA”). Leases for the River Club Apartments and Townhomes at River Club generally have a term of one year running from August through July. UGA previously transitioned to online instruction during its Spring 2020 semester and for its other course offerings throughout the summer. However, UGA returned to “on-campus” classes beginning with its Fall 2020 semester and has continued “on-campus” classes into the current Spring 2021 semester. The Company’s student housing complex is located “off-campus” and therefore, its tenants are not required to vacate even if UGA does not conduct “on-campus” classes. However, if UGA decides to return to online instruction for its students in lieu of “on-campus” classes in future semesters, it could adversely impact leasing demand, occupancy levels and the operating results of the Company’s student housing complex in future periods. Additionally, the Company’s note receivable relates to a condominium development project located in New Yok City (the “Condominium Project”), which is subject to similar restrictions and risks. To date, the Company’s note receivable has not been significantly impacted by the COVID-19 pandemic. While the Company’s business has not yet seen any material impact from the ongoing COVID-19 pandemic, the extent to which it may be affected in future periods will largely depend on current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s properties and real estate-related investments are negatively impacted in future periods for an extended period because (i) tenants are unable to pay their rent, (ii) demand for its student housing complex declines, and (iii) its borrower is unable to pay scheduled debt service on the outstanding note receivable; the Company’s business and financial results could be materially and adversely impacted. Reclassifications Certain prior period amounts have been reclassified to conform to the current year Presentation.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	3. New Accounting Pronouncements In June 2016, the FASB issued new guidance which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Marketable Securities and Fair Value Measurements
Marketable Securities and Fair Value Measurements	4. Marketable Securities and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities: As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities: Corporate and Government Bonds $ 3,515 $ 140 $ (1 ) $ 3,654 As of December 31, 2019 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities: Corporate and Government Bonds $ 5,385 $ 113 $ (2 ) $ 5,496 Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values of the Company’s investments in debt securities are measured using quoted prices for these investments; however, the markets for these assets are not active. As of December 31, 2020 and 2019, all of the Company’s debt securities were classified as Level 2 assets and there were no transfers between the level classifications during the year ended December 31, 2020. The following table summarizes the estimated fair value of the Company’s investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of December 31, Due in 1 year $ 519 Due in 1 year through 5 years 3,135 Due in 5 years through 10 years - Due after 10 years - Total $ 3,654

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial Instruments not Reported at Fair Value	5. Financial Instruments not Reported at Fair Value The Company determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop the related estimates of fair value. The use of different market assumptions or only estimation methodologies may have a material effect on the estimated fair value amounts. As of December 31, 2020 and 2019, management estimated that the carrying value of cash and cash equivalents, restricted cash, note receivable, prepaid expenses and other assets, accounts payable and accrued and other liabilities, and accrued property tax were at amounts that reasonably approximated their fair value based on their highly-liquid nature and/or short-term maturities. The fair value of the notes payable is categorized as a Level 2 in the fair value hierarchy. The fair value was estimated using a discounted cash flow analysis valuation on the estimated borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2020 and 2019. Carrying amounts of the Company’s notes payable and the related estimated fair value as follows: As of December 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes payable $ 216,382 $ 219,625 $ 186,761 $ 187,304

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate and Real Estate-Related Investments	6. Real Estate and Real Estate-Related Investments The following table presents certain information about the Company’s consolidated investments as of December 31, 2020: Property Name Description Location Date Acquired Ownership Interest River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85 % Lakes of Margate (1) Multifamily Margate, Florida October 19, 2011 92.5 % Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 100 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Flats at Fishers Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Axis at Westmont Fishers Multifamily Westmont, Illinois November 27, 2018 100 % Valley Ranch Apartments Multifamily Ann Arbor, Michigan February 14, 2019 100 % Autumn Breeze Apartments Multifamily Noblesville, Indiana March 17, 2020 100 % Note: (1) On March 17, 2021, the disposition of the Lakes of Margate was completed pursuant to the terms of the Lakes of Margate Agreement. See Note 9 for additional information. Real Estate Asset Acquisitions Autumn Breeze Apartments On March 17, 2020, the Company completed the acquisition of a 280-unit multifamily property located in Noblesville, Indiana (the “Autumn Breeze Apartments”) from an unrelated third party, for an aggregate purchase price of approximately $43.0 million, excluding closing and other related transaction costs. In connection with the acquisition, the Company paid the Advisor an aggregate of approximately $0.8 million in acquisition fees and acquisition expense reimbursements. The Company determined this acquisition was an asset acquisition and allocated the total purchase price, including acquisition fees and expenses, to the assets acquired based on their relative fair value. Approximately $7.2 million was allocated to land and improvements, $36.0 million was allocated to building and improvements, and $0.6 million was allocated to in-place lease intangibles. The capitalization rate for the acquisition of the Autumn Breeze Apartments was approximately 4.86%. The Company calculates the capitalization rate for a real property by dividing the net operating income (“NOI”) of the property by the purchase price of the property, excluding costs. For purposes of this calculation, NOI was based upon the twelve months ended February 29, 2020. Additionally, NOI is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation. Valley Ranch Apartments On February 14, 2019, the Company completed the acquisition of a 384-unit multifamily property located in Ann Arbor, Michigan (the “Valley Ranch Apartments”) from an unrelated third party, for an aggregate purchase price of approximately $70.3 million, excluding closing and other related transaction costs. In connection with the acquisition, the Advisor received an aggregate of approximately $1.2 million in acquisition fees and acquisition expense reimbursements. In connection with the acquisition of the Valley Ranch Apartments, the Company simultaneously entered into a seven-year $43.4 million non-recourse mortgage loan (the “Valley Ranch Mortgage”) scheduled to mature on March 1, 2026. The Valley Ranch Mortgage bears interest at 4.16% and requires monthly interest-only payments through its stated maturity. The Valley Ranch Mortgage is collateralized by the Valley Ranch Apartments. See Note 11 for additional information. The Company determined this acquisition was an asset acquisition and allocated the total purchase price, including acquisition fees and expenses of $1.2 million, to the assets acquired based on their relative fair value. Approximately $24.1 million was allocated to land and improvements, $46.3 million was allocated to building and improvements, and $1.1 million was allocated to in-place lease intangibles. Real Estate Asset Dispositions - Continuing Operations The following disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results and therefore did not qualify to be reported as discontinued operations and its operating results are reflected in the Company’s results from continuing operations in the consolidated statements of operations for all periods presented through the date of disposition: Gardens Medical Pavilion On December 23, 2019, the Company and CPI/AHP Garden Medical Pavilion Mob Owner, L.L.C. (the “Gardens Medical Pavilion Buyer”), an unaffiliated third party, entered into a purchase and sale agreement (the “Gardens Medical Pavilion Agreement”) pursuant to which the Company would dispose of the Gardens Medical Pavilion to the Gardens Medical Pavilion Buyer for an aggregate contractual sales price of $24.3 million. As of December 31, 2019, the Gardens Medical Pavilion met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of December 31, 2019. On January 15, 2020, the Company completed the disposition of the Gardens Medical Pavilion to the Gardens Medical Pavilion Buyer for an aggregate contractual sales price of $24.3 million. In connection with the disposition of the Gardens Medical Pavilion, the Company recognized a gain on the sale of investment property of approximately $5.5 million during the first quarter of 2020. Approximately $12.6 million of the proceeds were used towards the repayment the Gardens Medical Mortgage. Additionally, approximately $1.8 million of the remaining proceeds were distributed to the noncontrolling member. See Notes 9 and 10 for additional information.

Note Receivable

Note Receivable	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Note Receivable	7. Note Receivable 500 West 22nd Street Mezzanine Loan On February 28, 2019, the Company, as the lender, and an unrelated third party (the “500 West 22nd Street Mezzanine Loan Borrower”), as the borrower, entered into a loan promissory note (the “500 West 22nd Street Mezzanine Loan”) pursuant to which the Company would fund up to $12.0 million of mezzanine financing. On the same date, the Company initially funded $8.0 million of the 500 West 22nd Street Mezzanine Loan. Subsequently, through the first quarter of 2020, the Company funded an additional $4.0 million and as a result, the 500 West 22nd Street Mezzanine Loan has been fully funded. The 500 West 22nd Street Mezzanine Loan is recorded in note receivable, net on the consolidated balance sheet. In connection with the fundings made for the 500 West 22nd Street Mezzanine Loan, the Advisor has received an aggregate of approximately $0.2 million in acquisition fees from the Company. The acquisition fees are accounted for as an addition to the carrying value of the 500 West 22nd Street Mezzanine Loan and are being amortized as a reduction to interest income over the initial term of the 500 West 22nd Street Mezzanine Loan using a straight-line method that approximates the effective interest method. The 500 West 22nd Street Mezzanine Loan is due August 31, 2021 and is collateralized by the ownership interests of the 500 West 22nd Street Mezzanine Loan Borrower. The 500 West 22nd Street Mezzanine Loan Borrower owns a parcel of land located at 500 West 22nd Street, New York, New York on which it is developing and constructing the Condominium Project. Although New York City previously restricted certain non-essential construction activities because of the COVD-19 pandemic, which led to a temporarily suspension of construction of the Condominium Project, construction activities for the Condominium Project resumed in early May 2020 and its anticipated construction timeline has not been significantly impacted to date. The 500 West 22nd Street Mezzanine Loan bears interest at a rate of LIBOR + 11.0% per annum with a floor of 13.493% (13.493% as of December 31, 2020). The Company received an origination fee of 1.0% of the loan balance, or approximately $0.1 million, which is presented in the consolidated balance sheets as a direct deduction from the carrying value of the 500 West 22nd Street Mezzanine Loan and is being amortized to interest income, using a straight-line method that approximates the effective interest method, over the initial term of the 500 West 22nd Street Mezzanine Loan. The 500 West 22nd Street Mezzanine Loan may be extended two additional six-month periods by the 500 West 22nd Street Mezzanine Loan Borrower provided certain conditions are met, including the establishment of an additional reserve for interest and the payment of an extension fee equal to 0.25% of the outstanding loan balance. In connection with the initial funding under the 500 West 22nd Street Mezzanine Loan, the Company retained approximately $2.1 million of the proceeds to establish a reserve for interest and other items, which is presented in the consolidated balance sheets as a direct deduction from the carrying value of the 500 West 22nd Street Mezzanine Loan and are being applied against the first 8.0% of monthly interest due during the initial term of the 500 West 22nd Street Mezzanine Loan. Through December 31, 2020, approximately $1.7 million of the reserve has been recognized as interest income and the remaining balance of the reserve was approximately $0.4 million as of December 31, 2020. The additional monthly interest due above the 8.0% threshold is added to the balance of the 500 West 22nd Street Mezzanine Loan and payable at maturity. As of December 31, 2020, approximately $1.2 million of additional interest due is included in the balance of the 500 West 22nd Street Mezzanine Loan. During the years ended December 31, 2020 and 2019, the Company recorded approximately $1.7 million and $1.1 million, respectively, of interest income related to the note receivable. As of December 31, 2020, the outstanding principal balance of the 500 West 22nd Street Mezzanine Loan was approximately $12.8 million.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	8. Investment in Unconsolidated Joint Venture The Company provided mezzanine financing totaling $15.3 million to an unaffiliated third-party entity (the “Borrower”) that owned an apartment complex in Denver, Colorado (the “Prospect Park”). The Borrower also had a senior construction loan with a third-party construction lender (the “Senior Lender”) in an aggregate original principal amount of $40.0 million. The senior construction loan was guaranteed by the owners of the developer. The Company also had a personal guaranty from the owners of the developer guaranteeing completion of Prospect Park and payment of any cost overruns. The Company’s mezzanine loan was secured by all of the membership interests of the Borrower and was subordinate to the senior construction loan. The Company’s advances of $15.3 million initially had annual stated interest rates ranging from 10% to 18%. Pursuant to the terms of the mezzanine loan, the Company participated in the residual interests of Prospect Park attributable to a sale or refinancing even though it had no actual ownership interest. The Company previously evaluated this arrangement and determined that its characteristics were similar to a jointly-owned investment or partnership. Accordingly, the Company’s investment, which was a variable interest entity (“VIE”) was accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting. On December 15, 2017, the Borrower sold Prospect Park to an unrelated third-party for a contractual sales price of approximately $100.5 million. In connection with the sale, the Borrower repaid the Senior Construction Loan in full and the Company received aggregate proceeds of approximately $21.6 million representing the repayment in full of the outstanding principal and accrued interest due on the Company’s mezzanine loan. Additionally, the Borrower placed approximately $15.1 million of the net proceeds from the sale into an escrow account to be used for settlement of the amount due to the Company for its participation in the residual interests of Prospect Park. The carrying value of the Company’s unconsolidated investment in Prospect Park, which represented the minimum amount payable to the Company for its participation in the residual interests of Prospect Park, was $10.9 million as of December 31, 2018. On January 4, 2019, the Company and the Borrower received payments of $10.9 million and $1.9 million, respectively, from the escrow account, which has a remaining balance of $2.3 million. As a result, the carrying value of the Company’s unconsolidated investment in Prospect Park has been reduced to zero. Additional amounts, if any, received by the Company from the remaining escrow account will be recognized upon receipt.

Held for Sale

Held for Sale	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale	9. Held for Sale Lakes of Margate Beginning with the fourth quarter of 2019, Lakes of Margate met the criteria to be classified as held for sale and therefore, its associated assets and liabilities, which were expected to be sold within 12 months, were previously classified as held for sale in the consolidated balance sheets as of both March 31, 2020 and December 31, 2019. However, because of the COVID-19 pandemic the Company subsequently decided during the second quarter of 2020 to discontinue its marketing efforts and to retain the property for the foreseeable future. Additionally, on June 26, 2020 the Company obtained a new 10-year mortgage financing (the “Lakes of Margate Loan”) on the property, which previously was unencumbered (see Note 10 for additional information). As a result, the Company determined the property should no longer be classified as held for sale effective as of June 30, 2020 because a sale was no longer considered probable within the next 12 months. Since the fair value of the property was in excess of the Company’s carrying value, it recorded catch-up depreciation for the period the property was previously classified as held for sale. In addition, the Company no longer has classified the long-lived asset as held for sale on the consolidated balance sheet as of December 31, 2019. Despite the Company discontinuing marketing efforts and deciding to retain the property for the foreseeable future, it was approached by an unrelated third-party during the third quarter of 2020 and ultimately entered into a purchase and sale agreement (the “Lakes of Margate Agreement”) with Lakes at Margate Apartments FL LLC (the “Lakes of Margate Buyer”). Pursuant to the terms of the Lakes of Margate Agreement, the Lakes at Margate would be sold to the Lakes of Margate Buyer for aggregate consideration of $51.0 million, including the assumption of the existing Lakes of Margate Loan, which was subject to the Lakes of Margate Buyer obtaining the lender’s consent. Because the proposed transaction was contingent on the Lakes of Margate Buyer obtaining lender approval for the assumption of the existing Lakes of Margate Loan, which was outside of the Company’s control, a sale of the property within the next 12 months was not deemed probable as of September 30, 2020 and the Company continued to classify Lakes of Margate as held for use on its consolidated balance sheet as of that date. During the fourth quarter of 2020, the Lakes of Margate Buyer successfully obtained the lender’s approval to assume the existing Lakes of Margate Loan in connection with the proposed transaction and, as a result, the Lakes of Margate now met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of December 31, 2020. On March 17, 2021, the disposition of the Lakes of Margate was completed pursuant to the terms of the Lakes of Margate Agreement. At closing, the Lakes of Margate Buyer paid $15.3 million and assumed the existing Lakes of Margate Loan with an outstanding principal balance of $35.7 million. The following summary presents the major components of the Lakes of Margate’s assets and liabilities held for sale, of as December 31, 2020. As of December 31, Net investment property $ 21,308 Other assets 2,832 Total assets held for sale $ 24,140 Note payable, net $ 35,136 Accounts payable and accrued expenses 2,029 Total liabilities held for sale $ 37,165 Gardens Medical Pavilion On December 23, 2019, the Company and the Gardens Medical Pavilion Buyer entered into the Gardens Medical Pavilion Agreement pursuant to which the Company would dispose of the Gardens Medical Pavilion to the Gardens Medical Pavilion Buyer for an aggregate contractual sales price of $24.3 million. As of December 31, 2019, the Gardens Medical Pavilion met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of December 31, 2019. The following summary presents the major components of the Gardens Medical Pavilion’s assets and liabilities held for sale as of December 31, 2019: As of December 31, Net investment property $ 17,448 Other assets 744 Total assets held for sale $ 18,192 Note payable, net $ 12,441 Accounts payable and accrued expenses 1,245 Total liabilities held for sale $ 13,686 On January 15, 2020, the Company completed the disposition of the Gardens Medical Pavilion to the Gardens Medical Pavilion Buyer for an aggregate contractual sales price of $24.3 million. In connection with the disposition of the Gardens Medical Pavilion, the Company recognized a gain on the sale of investment property of approximately $5.5 million during the first quarter of 2020. Approximately $12.6 million of the proceeds were used towards the repayment the Gardens Medical Mortgage. Additionally, approximately $1.8 million of the remaining proceeds were distributed to the noncontrolling member. See Notes 6 and 10 for additional information.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes Payable	10. Notes Payable The following table sets forth information as of the date indicated for the Company’s notes payable, excluding certain mortgage debt associated with properties that were classified as held for sale (see below and Note 9 for additional information): Property Interest Rate Weighted Average Interest Rate as of December 31, Maturity Date Amount Due at Maturity As of As of River Club and the Townhomes at River Club LIBOR + 1.78% 1.92 % May 1, 2025 $ 28,419 $ 30,359 $ 30,359 Arbors Harbor Town 4.53% 4.53 % December 28, 2025 29,000 29,000 29,000 Parkside 4.45% 4.45 % June 1, 2025 15,782 17,289 17,588 Axis at Westmont 4.39% 4.39 % February 1, 2026 34,343 37,600 37,600 Valley Ranch Apartments 4.16% 4.16 % March 1, 2026 43,414 43,414 43,414 Flats at Fishers 3.78% 3.78 % July 1, 2026 26,090 28,800 28,800 Autumn Breeze Apartments 3.39% 3.39 % April 1, 2030 25,518 29,920 - Total notes payable 3.71 % $ 202,566 216,382 186,761 Less: Deferred financing costs (3,393 ) (2,973 ) Total notes payable, net $ 212,989 $ 183,788 On March 31, 2020, the Company entered into a 10-year $29.9 million non-recourse mortgage loan (the “Autumn Breeze Apartments Loan”) scheduled to mature on April 1, 2030. The Autumn Breeze Apartments Loan bears interest at 3.39% and requires monthly interest-only payments through June 30, 2023 and monthly principal and interest payments of approximately $0.1 million thereafter, through its stated maturity. The Autumn Breeze Apartments Loan is collateralized by the Autumn Breeze Apartments. In connection with the Autumn Breeze Apartments Loan, the Company paid the Advisor an aggregate of approximately $0.3 million in financing fees. On February 14, 2019, the Company entered into the Valley Ranch Mortgage scheduled to mature on March 1, 2026. The Valley Ranch Mortgage bears interest at 4.16% and requires monthly interest-only payments through its stated maturity. The Valley Ranch Mortgage is collateralized by the Valley Ranch Apartments. On June 13, 2019, the Company entered into a seven-year $28.8 million non-recourse mortgage loan (the “Flats at Fishers Mortgage”) scheduled to mature on July 1, 2026. The Flats at Fishers Mortgage bears interest at 3.78% and requires monthly interest-only payments through the first two years of the term and thereafter, monthly payments of principal and interest based upon a 30-year amortization. The Flats at Fishers Mortgage is collateralized by the Flats at Fishers. On December 31, 2019, the Company repaid in full its Lakes of Margate Mortgage collateralized by the Lakes of Margate. On May 1, 2018, the Company entered into a seven-year non-recourse mortgage loan (the “River Club Mortgage”) in the amount of $30.4 million. The River Club Mortgage bears interest at Libor plus 1.78% and requires monthly interest-only payments during the first five years and interest and principal payments pursuant to a 30-year amortization schedule for the remaining two years through its stated maturity with the entire unpaid balance due upon maturity. The River Club Mortgage is cross-collateralized by the River Club and the Townhomes at River Club. At closing, approximately $23.4 million of the proceeds from the River Club Mortgage were used to repay in full the existing non-recourse mortgage loan. On June 1, 2018, the Company entered into a seven-year non-recourse mortgage loan (the “Parkside Mortgage”) in the amount of $18.0 million. The Parkside Mortgage bears interest at 4.45% and requires monthly interest and principal payments pursuant to a 30-year amortization schedule through its stated maturity with the entire unpaid balance due upon maturity. The Parkside Mortgage is collateralized by Parkside. At closing, approximately $9.6 million of the proceeds from the Parkside Mortgage were used to repay in full the existing non-recourse mortgage loan. On November 27, 2018, the Company assumed an existing non-recourse mortgage loan (the “Axis at Westmont Mortgage”) in the amount of $37.6 million. The Axis at Westmont Mortgage is collateralized by the Axis at Westmont, bears interest at a fixed annual rate of 4.39% and requires monthly interest only payments until March 1, 2021, at which time monthly principal and interest payments of $0.2 million are required. Any unpaid principal and interest is due on the maturity date, February 1, 2026. The Company has the right to prepay the entire outstanding amount of the loan provided that if prepayment is made prior to November 1, 2025, a prepayment premium is required. On December 28, 2018, the Company entered into a seven-year non-recourse mortgage loan (the “Arbors Harbor Town Mortgage”) in the amount of $29.0 million. The Arbors Harbor Town Mortgage bears interest at 4.53% and requires monthly interest payments through its stated maturity with the entire unpaid balance due upon maturity. The Arbors Harbor Town Mortgage is collateralized by the Arbors Harbor Town. At closing, approximately $23.7 million of the proceeds from the Arbors Harbor Town Mortgage were used to repay in full the existing non-recourse mortgage loan and an additional $1.9 million of the proceeds were used to acquire the 6.0% membership interest in the property held by a minority owner, and as a result, the Company now owns 100.0% of this property. The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of December 31, 2020. 2021 2022 2023 2024 2025 Thereafter Total Principal maturities (1) $ 1,023 $ 1,468 $ 2,498 $ 3,181 $ 46,590 $ 161,622 $ 216,382 Less: deferred financing costs (3,393 ) Total notes payable, net $ 212,989 Note: (1) – Excludes the Lakes of Margate Mortgage which is included in liabilities held for sale as of December 31, 2020. The Lakes of Margate Mortgage was assumed by the Lakes of Margate Buyer in connection with the disposition of the Lakes of Margate on March 17, 2021. See below and Note 9 for additional information. Notes Payable included in Liabilities Held for Sale Lakes of Margate Loan On June 26, 2020, the Company and its noncontrolling member entered into a 10-year, $35.7 million non-recourse mortgage loan (the “Lakes of Margate Loan”) scheduled to mature on July 1, 2030. The Lakes of Margate Loan bears interest at LIBOR + 2.98% and requires monthly interest-only payments through the first four years of the term and thereafter, monthly payments of principal and interest based upon a 30-year amortization schedule. The Lakes of Margate Loan is collateralized by the Lakes of Margate. In connection with the Lakes of Margate Loan, the Company paid the Advisor an aggregate of approximately $0.4 million in financing fees. Additionally, approximately $1.4 million of the financing proceeds were distributed to the noncontrolling member. As of December 31, 2020, the Lakes of Margate met the criteria to be classified as held for sale and therefore, its associated assets and liabilities, which include the Lakes of Margate Loan, are classified as held for sale in the consolidated balance sheet as of December 31, 2020. On March 17, 2021, the disposition of the Lakes of Margate was completed pursuant to the terms of the Lakes of Margate Agreement. At closing, the Lakes of Margate Buyer paid $15.3 million and assumed the existing Lakes of Margate Loan with an outstanding principal balance of $35.7 million. See Note 9. Gardens Medical Mortgage On June 28, 2018, the Company entered into a three-year non-recourse mortgage loan (the “Gardens Medical Mortgage”) in the amount of $13.0 million. The Gardens Medical Mortgage bore interest at Libor plus 1.90% and required monthly interest and principal payments through its stated maturity with the entire unpaid balance due upon maturity. The Gardens Medical Mortgage was collateralized by the Gardens Medical Pavilion. As of December 31, 2019, the Garden Medical Pavilion met the criteria to be classified as held for sale and therefore, its associated assets and liabilities, which include the Garden Medical Mortgage, are classified as held for sale in the consolidated balance sheet as of December 31, 2019. On January 15, 2020, the Company completed the disposition of the Gardens Medical Pavilion for an aggregate contractual sales price of $24.3 million. Approximately $12.6 million of the proceeds were used towards the repayment in full of the Gardens Medical Mortgage. See Notes 6 and 9.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Capitalization As of December 31, 2020, the Company’s authorized capital was 350,000,000 shares of common stock, 50,000,000 shares of preferred stock, and 1,000 shares of convertible stock. All shares of such stock have a par value of $.0001 per share. As of December 31, 2020, the Company had issued 20.2 million shares of its common stock, including 2.2 million shares previously issued through its distribution reinvestment plan, which was terminated on April 3, 2012. From the Company’s inception through December 31, 2020, it redeemed an aggregate 4.5 million shares of its common stock. As of December 31, 2020, the Company had 1,000 shares of convertible stock held by an affiliate of Lightstone. The shares of convertible stock will be converted into shares of common stock automatically if (1) the Company has made total distributions on then outstanding shares of its common stock equal to the issue price of those shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares, or (2) the Company lists its common stock for trading on a national securities exchange if the sum of the prior distributions on then outstanding shares of the common stock plus the aggregate market value of the common stock (based on the 30-day average closing price) meets the same 10% performance threshold. In general, the convertible stock will convert into shares of common stock with a value equal to the lesser of (A) 20% of the excess of the Company’s enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of its common stock over the aggregate issue price of those outstanding shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares, or (B) 15% of the excess of the Company’s enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of the common stock over the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares. At the date of issuance of the shares of convertible stock, management determined the fair value under GAAP was less than the nominal value paid for the shares; therefore, the difference is not material. The timing of the conversion of any or all of the convertible stock may be deferred by the Company’s board of directors if it determines that full conversion may jeopardize its qualification as a REIT. Any such deferral will in no event otherwise alter the terms of the convertible stock, and such stock shall be converted at the earliest date after the Company’s board of directors determines that such conversion will not jeopardize its qualification as a REIT. The Company’s board of directors is authorized to amend the Company’s charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has the authority to issue. Tender Offers 2020 Tender Offer The Company commenced a tender offer on June 16, 2020, pursuant to which it offered to acquire up to 300,000 shares of the Company’s common stock at a purchase price of $2.25 per share, or approximately $0.7 million in the aggregate (the “2020 Tender Offer”). The 2020 Tender Offer terminated on July 24, 2020, and a total of 26,637 shares were validly tendered and not withdrawn pursuant to the 2020 Tender Offer as of such date. In accordance with the terms of the 2020 Tender Offer, the Company subsequently repurchased all of the tendered shares for approximately $0.1 million in August 2020. 2019 Tender Offer The Company commenced a tender offer on December 17, 2019, pursuant to which it offered to acquire up to 2.0 million shares of the Company’s common stock at a purchase price of $7.75 per share, or $15.5 million in the aggregate (the “2019 Tender Offer”). The 2019 Tender Offer terminated on February 28, 2020, and a total of 2,183,888 shares were validly tendered and not withdrawn pursuant to the 2019 Tender Offer as of such date, an amount that exceeded the maximum number of shares the Company offered to purchase pursuant to the 2019 Tender Offer. In accordance with the terms of the 2019 Tender Offer, the Company subsequently repurchased a total of approximately 2.0 million shares for approximately $15.6 million in April 2020. Because the amount of repurchase requests exceeded the maximum number of shares the Company had offered to repurchase, the Company repurchased shares on a pro-rata basis, subject to “odd lot” priority as described in the 2019 Tender Offer. Excluding the stockholders eligible for “odd lot” priority that were not be subject to proration, approximately 91.58% of the number of shares tendered by each remaining stockholder who participated in the 2019 Tender Offer were repurchased by the Company. Share Redemption Program and Redemption Price The Company’s board of directors has adopted a share redemption program (the “SRP”) that permits stockholders to sell their shares back to the Company, subject to the significant conditions and limitations of the program. The Company’s board of directors can amend the provisions of the SRP at any time without the approval of its stockholders. During the year ended December 31, 2019, the Company redeemed 1.2 million shares of its common stock at average prices per share of $7.94. On August 9, 2017, the Company’s board of directors adopted a Fourth Amended and Restated Share Redemption Program (the “Fourth Amended SRP”) which became effective July 1, 2018. The material changes made to the program were as follows. The Company no longer process redemptions upon death, “qualifying disability,” or confinement to a long-term care facility on terms different than those on which it processes all other redemptions. The price at which the Company redeems shares submitted for redemption will be a percentage of the estimated NAV per Share as of the Effective Date (as defined in the Fourth Amended SRP), as follows: For Redemptions with an Effective Date Between July 1, 2018 and June 30, 2019: 92.5% of the estimated NAV per Share July 1, 2019 and June 30, 2020: 95.0% of the estimated NAV per Share July 1, 2020 and June 30, 2021: 97.5% of the estimated NAV per Share Thereafter: 100% of the estimated NAV per Share Pursuant to the terms of the Fourth Amended SRP, any shares approved for redemption are redeemed on a periodic basis as determined from time to time by the Company’s board of directors, and no less frequently than annually. The Company will not redeem, during any twelve-month period, more than 5% of the weighted average number of shares outstanding during the twelve-month period immediately prior to the date of redemption. In addition, the cash available for redemptions is limited to no more than $10.0 million in any twelve-month period. Any redemption requests are honored pro rata among all requests received based on funds available and are not honored on a first come, first served basis. On December 28, 2018, the Company’s board of directors adopted a Fifth Amended and Restated Share Redemption Program (the “Fifth Amended SRP”) which became effective on January 31, 2019. The only material change to the program was to change the measurement period for the limitations on the number and dollar amount of shares that may be accepted for redemption from a rolling 12 month-period to a calendar year. In accordance with the Fifth Amended SRP, the per share redemption price automatically adjusted to $9.18 effective November 12, 2020 as a result of the determination and approval by the Company’s board of directors of the updated estimated NAV per Share. On December 13, 2019, the Company’s board of directors approved the suspension of the SRP. Pursuant to the terms of the SRP, while the SRP is suspended, the Company will not accept any requests for redemption and any such requests and all pending requests will not be honored or retained, but will be returned to the requestor. Effective March 25, 2021, the Company’s Board of Directors reopened the SRP solely for redemptions submitted in connection with a stockholder’s death and set the price for all such purchases to $9.42, which is 100% of the NAV per Share. Deaths that occurred subsequent to January 1, 2020 are eligible for consideration. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for consideration. On an annual basis, the Company will not redeem in excess of 0.5% of the number of shares outstanding as of the end of the preceding year. Death redemption requests are expected to be processed on a quarterly basis and may be subject to pro ration if death redemption requests exceed the annual limitation. The Company’s board of directors will continue to consider the liquidity available to stockholders going forward, balanced with other long-term interests of the stockholders and the Company. It is possible that in the future additional liquidity will be made available by the Company through the SRP, issuer tender offers or other methods, though it can make no assurances as to whether that will happen, or the timing or terms of any such liquidity. Distributions The Company made an election to qualify as a REIT for federal income tax purposes commencing with its taxable year ended December 31, 2008. U.S. federal tax law requires a REIT distribute at least 90% of its annual REIT taxable income (which does not equal net income, as calculated in accordance with generally accepted accounting principles, or GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, the Company may be required to make distributions in excess of cash available. Distributions are authorized at the discretion of the Company’s board of directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. Such analyses may include actual and anticipated operating cash flow, changes in market capitalization rates for investments suitable for the Company’s portfolio, capital expenditure needs, general financial and market conditions, proceeds from asset sales, and other factors that the Company’s board of directors deems relevant. The Company’s board of directors’ decision will be substantially influenced by their obligation to ensure that the Company maintains its federal tax status as a REIT. The Company cannot provide assurance that it will pay distributions at any particular level, or at all. The Company did not make any distributions to its stockholders during the years ended December 31, 2020 and 2019.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Advisor and Property Manager The Company has agreements with the Advisor and its affiliates to pay certain fees in exchange for services performed by these entities and other related parties. The Company’s ability to secure financing and subsequent real estate operations are dependent upon the Advisor and the Advisor’s affiliates to perform such services as provided in these agreements. Additionally, the Company engaged an affiliate of Lightstone pursuant to a property management and leasing agreement. The following discussion describes the fees and expenses payable to the Advisor and affiliated property manager and their respective affiliates under various agreements. Fees Amount Acquisition - The Company pays the Advisor acquisition and advisory fees of 1.5% of the amount paid in respect of the purchase, development, construction, or improvement of each asset the Company acquires, including any debt attributable to those assets. In addition, the Company pays acquisition and advisory fees of 1.5% of the funds advanced in respect of a loan investment. The Company pays the Advisor an acquisition expense reimbursement in the amount of (i) 0.25% of the funds paid for purchasing an asset, including any debt attributable to the asset, plus 0.25% of the funds budgeted for development, construction, or improvement in the case of assets that the Company acquires and intends to develop, construct, or improve or (ii) 0.25% of the funds advanced in respect of a loan investment. The Company pays third parties, or reimburses the Advisor or its affiliates, for any investment-related expenses due to third parties in the case of a completed investment, including, but not limited to, legal fees and expenses, travel and communication expenses, costs of appraisals, accounting fees and expenses, third-party brokerage or finder’s fees, title insurance, premium expenses, and other closing costs. The Advisor and its affiliates are also responsible for paying all of the investment-related expenses that the Company pays or the Advisor or its affiliates incur that are due to third parties or related to the additional services provided by the Advisor as described above with respect to investments the Company pays does not make, other than certain non-refundable payments made in connection with any acquisition. Debt Financing - The Company pays the Advisor a debt financing fee of 1.0% of the amount available under any loan or line of credit made available to us and pay directly all third-party costs associated with obtaining the debt financing. Generally, these fees are capitalized as a direct reduction to the applicable financing and amortized over its term. Property Management - The Company pays its property manager, an affiliate of the Advisor, fees for the management, leasing, and construction supervision of the Company’s properties which is 4.0% of gross revenues of the properties managed by the Company’s property manager. The Company pays its property manager an oversight fee equal to 0.5% of the gross revenues of the property managed for any property for which the Company contracts directly with a third-party property manager. In no event will the Company’s property manager or its affiliates receive both a property management fee and an oversight fee with respect to any particular property. In the event the Company owns a property through a joint venture that does not pay the Company’s property manager directly for its services, the Company will pay its property manager a management fee or oversight fee, as applicable, based only on the Company’s economic interest in the property. Construction Management - The Company pays its property manager a construction management fee in an amount not to exceed 5% of all hard construction costs incurred in connection with, but not limited to capital repairs and improvements, major building reconstruction and tenant improvements, if such affiliate supervises construction performed by or on behalf of the Company or its affiliates. The Company incurred no construction management fees for the years ended December 31, 2020 and 2019. Asset Management - The Company pays the Advisor a monthly asset management fee of one-twelfth of 0.7% of the value of each asset. The value of the Company’s assets will be the value as determined in connection with the establishment and publication of an estimated net asset value (“NAV”) per share unless the asset was acquired after the Company’s publication of a NAV per share (in which case the value of the asset will be the contractual purchase price of the asset). Administrative Services Reimbursement - The Advisor is responsible for paying all of the expenses it incurs associated with persons employed by the Advisor to the extent that they provide services to the Company for which the Advisor receives an acquisition, asset management, or debt financing fee, including wages and benefits of the applicable personnel. Instead of reimbursing the Advisor for specific expenses paid or incurred in connection with providing services to the Company, the Company pays the Advisor an administrative services fee, which is an allocation of a portion of the actual costs that the Advisor paid or incurred providing these services to the Company (the “Administrative Services Reimbursement”). The Administrative Services Reimbursement is intended to reimburse the Advisor for all its costs associated with providing services to the Company. For the period January 1, 2019 through June 10, 2019, the Administrative Services Reimbursement was up to $1.29 million annually, pro-rated for the period. On June 10, 2019, the advisory management agreements were extended an additional year through June 10, 2020. For the period June 11, 2019 through June 10, 2020, the Administrative Services Reimbursement was up to $1.312 million. On June 10, 2020, the advisory management agreements were extended an additional year through June 10, 2021. For the period June 11, 2020 through June 10, 2021, the Administrative Services Reimbursement is limited to the lesser of the actual costs incurred or $1.33 million. The Administrative Services Reimbursement is payable in four equal quarterly installments within 45 days of the end of each calendar quarter. In addition, under the various advisory management agreements, the Company is to reimburse the Advisor for certain due diligence services provided in connection with asset acquisitions and dispositions and debt financings separately from the Administrative Services Reimbursement. Notwithstanding the fees and cost reimbursements payable to the Advisor pursuant to the Company’s advisory management agreement, under the Company’s charter the Company may not reimburse the Advisor for any amount by which the Company’s operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (i) 2% of the Company’s average invested assets, or (ii) 25% of the Company’s net income determined without reduction for any additions to reserves for depreciation, bad debts, or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period unless a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2020 and 2019, the Company’s total operating expenses (including the asset management fee) exceeded the limit on total operating expenses; however, the Company’s independent directors determined the excess expenses were justified. The following table represents the fees incurred associated with the payments to the Advisor for the periods indicated: For the Years Ended 2020 2019 Acquisition fees and acquisition expense reimbursement (1) $ 764 $ 1,428 Debt financing fees (2) 656 722 Property management fees (property operating expenses) 468 467 Administrative services reimbursement (general and administrative costs) 1,321 1,300 Asset management fees (general and administrative costs) 2,721 2,446 Total $ 5,930 $ 6,363 (1) Capitalized to the corresponding asset and amortized over its estimated useful life. (2) Capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. As of December 31, 2020, the Company had no amounts payable to the Advisor and its affiliates. As of December 31, 2019, the Company had a payable to the Advisor and its affiliates of approximately $6. The Company is dependent on the Advisor and property manager for certain services that are essential to it, including asset disposition decisions, property management and leasing services, and other general administrative responsibilities. In the event that these companies were unable to provide the Company with their respective services, the Company would be required to obtain such services from other sources. Advance from Advisor On March 16, 2020, the Advisor provided an advance of $25.0 million to the Company that bore interest at a fixed-rate of 5.00%. On March 31, 2020, the Company repaid $15.0 million of the advance and on June 29, 2020, the Company repaid the remaining $10.0 million of the advance and aggregate accrued interest of $0.2 million. Approximately $0.2 million of interest expense was incurred on the advance during the year ended December 31. 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of real estate including impairment and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements include the Company’s accounts and the accounts of other subsidiaries over which it has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest but have significant influence, it accounts for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether it is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to the Company’s consolidated financial statements.
Accounting for Acquisitions of Investment Property	Accounting for Acquisitions of Investment Property The cost of the real estate assets acquired in an asset acquisition is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their relative fair values. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Upon the acquisition of real estate property that meets the definition of a business, the Company recognizes the assets acquired, the liabilities assumed and any noncontrolling interest as of the acquisition date, measured at their fair values. The acquisition date is the date on which the Company obtains control of the real estate property. The assets acquired and liabilities assumed may consist of land, inclusive of associated rights, buildings, assumed debt, identified intangible assets and liabilities, and asset retirement obligations. Identified intangible assets generally consist of above-market leases, in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships. Identified intangible liabilities generally consist of below-market leases. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition-related costs are expensed in the period incurred. Initial valuations are subject to change until the Company’s information is finalized, which is no later than 12 months from the acquisition date. The fair value of the tangible assets acquired, consisting of land and buildings, is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods believed to be used by market participants. The value of hotels and all other buildings is depreciated over the estimated useful lives of 39 years and 25 years, respectively, using the straight-line method. The Company determines the fair value of assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that management believes the Company could obtain at the date of the debt assumption. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan using the effective interest method.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers investments in highly liquid money market funds or investments with original maturities of three months or less to be cash equivalents. The carrying amount of cash and cash equivalents reported on the consolidated balance sheet approximates fair value.
Restricted Cash	Restricted Cash As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of the Company’s consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code. The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in its consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 27,078 $ 15,802 Restricted cash 4,373 4,148 Total cash, cash equivalents and restricted cash $ 31,451 $ 19,950
Marketable Securities	Marketable Securities Marketable securities currently consist of debt securities that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses for debt securities are reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below the Company’s amortized cost basis, any adverse changes in the financial condition of the issuers’ and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. As of December 31, 2020 and 2019, the Company did not recognize any impairment charges.
Investment Impairment	Investment Impairment For all of the Company’s real estate and real estate related investments, the Company monitors events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess the Company’s assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant adverse change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. To the extent that the Company’s portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at those properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, the Company assesses potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company’s management reviews these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data or with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. The Company considers trends, strategic decisions regarding future development plans, and other factors in its assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, the Company recognizes an impairment loss to adjust the carrying amount of the asset to estimated fair value. While the Company believes its estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating the Company’s investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during the Company’s ownership, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the carrying value of the Company’s investments, which could be material to its financial statements. In addition, the Company may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. During the years ended December 31, 2020 and 2019, the Company did not record any impairment charges.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company has and may continue to provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, the Company may participate in the residual profits of the project through the sale or refinancing of the property. The Company evaluates such arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When the Company determines that the characteristics are more similar to a jointly-owned investment or partnership, it accounts for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. ADC Arrangements are reassessed at each reporting period. See Note 8 of the Notes to the Consolidated Financial Statements for additional information.
Revenue Recognition	Revenue Recognition The Company recognizes rental income generated from leases of its operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Leases associated with the Company’s multifamily and student housing are generally short-term in nature, and thus have no straight-line rent.
Other Assets	Other Assets Other assets primarily consist of deposits, receivables and intangible assets related to the Company’s consolidated properties.
Deferred Financing Fees	Deferred Financing Costs Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are included as a direct deduction from the related debt in the consolidated balance sheets.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. To maintain its qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries (“TRSs”). As such, the Company is subject to U.S. federal and state income and franchise taxes from these activities. As of December 31, 2020 and 2019, the Company had no material uncertain income tax positions. Additionally, even if the Company continues to qualify as a REIT, it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on its undistributed income.
Concentration of Credit Risk	Concentration of Credit Risk At December 31, 2020 and 2019, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. The Company has diversified its cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents or restricted cash.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the noncontrolling member’s share of the equity in certain of the Company’s consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, the Company’s joint venture agreements provide for liquidating distributions based on achieving certain return metrics (“promoted interest”) and if a property reaches a defined return threshold, then it will result in distributions to the noncontrolling member which differs from the standard pro-rata allocation percentage.
Earnings per Share	Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the applicable period.
COVID-19 Pandemic	COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic leading many countries, including the United States, particularly at the individual state level, to subsequently impose various degrees of restrictions and other measures, including, but not limited to, mandatory temporary closures, quarantine guidelines, limitations on travel, and “shelter in place” rules in an effort to reduce its duration and the severity of its spread. Although the COVID-19 pandemic has continued to evolve, most of these previously imposed restrictions and other measures have now been reduced and/or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval, mass production, administration and ultimate effectiveness of vaccines, as well as the timeline to achieve a level of sufficient herd immunity amongst the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the overall health of the U.S. economy for the foreseeable future. The Company’s consolidated portfolio of properties currently consists of seven multi-family apartment complexes and one student housing complex. Despite past and current restrictions and mitigation strategies, the Company’s multi-family properties still have not yet seen any significant impact from the COVID-19 pandemic. The Company’s student housing complex, which consists of the River Club Apartments and the Townhomes at River Club, are located in Athens, Georgia and principally serve as “off-campus” lodging for students attending the University of Georgia (“UGA”). Leases for the River Club Apartments and Townhomes at River Club generally have a term of one year running from August through July. UGA previously transitioned to online instruction during its Spring 2020 semester and for its other course offerings throughout the summer. However, UGA returned to “on-campus” classes beginning with its Fall 2020 semester and has continued “on-campus” classes into the current Spring 2021 semester. The Company’s student housing complex is located “off-campus” and therefore, its tenants are not required to vacate even if UGA does not conduct “on-campus” classes. However, if UGA decides to return to online instruction for its students in lieu of “on-campus” classes in future semesters, it could adversely impact leasing demand, occupancy levels and the operating results of the Company’s student housing complex in future periods. Additionally, the Company’s note receivable relates to a condominium development project located in New Yok City (the “Condominium Project”), which is subject to similar restrictions and risks. To date, the Company’s note receivable has not been significantly impacted by the COVID-19 pandemic. While the Company’s business has not yet seen any material impact from the ongoing COVID-19 pandemic, the extent to which it may be affected in future periods will largely depend on current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s properties and real estate-related investments are negatively impacted in future periods for an extended period because (i) tenants are unable to pay their rent, (ii) demand for its student housing complex declines, and (iii) its borrower is unable to pay scheduled debt service on the outstanding note receivable; the Company’s business and financial results could be materially and adversely impacted.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current year Presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of cash, cash equivalents and restricted cash	The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in its consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 27,078 $ 15,802 Restricted cash 4,373 4,148 Total cash, cash equivalents and restricted cash $ 31,451 $ 19,950

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Marketable Securities and Fair Value Measurements
Schedule of available-for-sale securities reconciliation	The following is a summary of the Company’s available for sale securities: As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities: Corporate and Government Bonds $ 3,515 $ 140 $ (1 ) $ 3,654 As of December 31, 2019 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities: Corporate and Government Bonds $ 5,385 $ 113 $ (2 ) $ 5,496
Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates	The following table summarizes the estimated fair value of the Company’s investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of December 31, Due in 1 year $ 519 Due in 1 year through 5 years 3,135 Due in 5 years through 10 years - Due after 10 years - Total $ 3,654

Financial Instruments not Rep_2

Financial Instruments not Reported at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Notes payable and the related estimated fair value	Carrying amounts of the Company’s notes payable and the related estimated fair value as follows: As of December 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes payable $ 216,382 $ 219,625 $ 186,761 $ 187,304

Real Estate and Real Estate-R_2

Real Estate and Real Estate-Related Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	The following table presents certain information about the Company’s consolidated investments as of December 31, 2020: Property Name Description Location Date Acquired Ownership Interest River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85 % Lakes of Margate (1) Multifamily Margate, Florida October 19, 2011 92.5 % Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 100 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Flats at Fishers Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Axis at Westmont Fishers Multifamily Westmont, Illinois November 27, 2018 100 % Valley Ranch Apartments Multifamily Ann Arbor, Michigan February 14, 2019 100 % Autumn Breeze Apartments Multifamily Noblesville, Indiana March 17, 2020 100 %

Held for Sale (Tables)

Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2020
Lakes of Margate [Member]
Schedule of assets and liabilities held for sale	The following summary presents the major components of the Lakes of Margate’s assets and liabilities held for sale, of as December 31, 2020. As of December 31, Net investment property $ 21,308 Other assets 2,832 Total assets held for sale $ 24,140 Note payable, net $ 35,136 Accounts payable and accrued expenses 2,029 Total liabilities held for sale $ 37,165
Gardens Medical Pavilion [Member]
Schedule of assets and liabilities held for sale	The following summary presents the major components of the Gardens Medical Pavilion’s assets and liabilities held for sale as of December 31, 2019: As of December 31, Net investment property $ 17,448 Other assets 744 Total assets held for sale $ 18,192 Note payable, net $ 12,441 Accounts payable and accrued expenses 1,245 Total liabilities held for sale $ 13,686

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of information on notes payable	The following table sets forth information as of the date indicated for the Company’s notes payable, excluding certain mortgage debt associated with properties that were classified as held for sale (see below and Note 9 for additional information): Property Interest Rate Weighted Average Interest Rate as of December 31, Maturity Date Amount Due at Maturity As of As of River Club and the Townhomes at River Club LIBOR + 1.78% 1.92 % May 1, 2025 $ 28,419 $ 30,359 $ 30,359 Arbors Harbor Town 4.53% 4.53 % December 28, 2025 29,000 29,000 29,000 Parkside 4.45% 4.45 % June 1, 2025 15,782 17,289 17,588 Axis at Westmont 4.39% 4.39 % February 1, 2026 34,343 37,600 37,600 Valley Ranch Apartments 4.16% 4.16 % March 1, 2026 43,414 43,414 43,414 Flats at Fishers 3.78% 3.78 % July 1, 2026 26,090 28,800 28,800 Autumn Breeze Apartments 3.39% 3.39 % April 1, 2030 25,518 29,920 - Total notes payable 3.71 % $ 202,566 216,382 186,761 Less: Deferred financing costs (3,393 ) (2,973 ) Total notes payable, net $ 212,989 $ 183,788
Schedule of contractual obligations for principal payments	The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of December 31, 2020. 2021 2022 2023 2024 2025 Thereafter Total Principal maturities (1) $ 1,023 $ 1,468 $ 2,498 $ 3,181 $ 46,590 $ 161,622 $ 216,382 Less: deferred financing costs (3,393 ) Total notes payable, net $ 212,989 Note: (1) – Excludes the Lakes of Margate Mortgage which is included in liabilities held for sale as of December 31, 2020. The Lakes of Margate Mortgage was assumed by the Lakes of Margate Buyer in connection with the disposition of the Lakes of Margate on March 17, 2021. See below and Note 9 for additional information.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Redemption Program	The price at which the Company redeems shares submitted for redemption will be a percentage of the estimated NAV per Share as of the Effective Date (as defined in the Fourth Amended SRP), as follows: For Redemptions with an Effective Date Between July 1, 2018 and June 30, 2019: 92.5% of the estimated NAV per Share July 1, 2019 and June 30, 2020: 95.0% of the estimated NAV per Share July 1, 2020 and June 30, 2021: 97.5% of the estimated NAV per Share Thereafter: 100% of the estimated NAV per Share

Related Part Transactions (Tabl

Related Part Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of fees to related parties	The following table represents the fees incurred associated with the payments to the Advisor for the periods indicated: For the Years Ended 2020 2019 Acquisition fees and acquisition expense reimbursement (1) $ 764 $ 1,428 Debt financing fees (2) 656 722 Property management fees (property operating expenses) 468 467 Administrative services reimbursement (general and administrative costs) 1,321 1,300 Asset management fees (general and administrative costs) 2,721 2,446 Total $ 5,930 $ 6,363 (1) Capitalized to the corresponding asset and amortized over its estimated useful life. (2) Capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan.

Business and Organization (Deta

Business and Organization (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Feb. 10, 2007	Jan. 19, 2007
Nature of Business [Line Items]
Common stock, shares outstanding (in shares)	20,200,000	22,200,000
Common stock, shares issued (in shares)	20,200,000	22,200,000
Convertible stock issued (in shares)	1,000	1,000
Initial Capitalization [Member] | Affiliated Entity [Member]
Nature of Business [Line Items]
Common stock, shares issued (in shares)				22,500
Convertible stock issued (in shares)				1,000
Initial Offering [Member] | Lightstone Group [Member]
Nature of Business [Line Items]
Convertible stock issued (in shares)			1,000
Behringer Harvard Opportunity Op II Lp [Member]
Nature of Business [Line Items]
Percentage of ownership interest by BHO II, Inc	0.10%
Marylands [Member]
Nature of Business [Line Items]
Percentage of remaining ownership interest held by BHO Business Trust II	99.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Restricted Cash) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 27,078	$ 15,802
Restricted cash	4,373	4,148
Total cash, cash equivalents and restricted cash	$ 31,451	$ 19,950	$ 32,652

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Impairment of marketable securities	$ 0	$ 0
Impairment charge	$ 0	0
Required minimum percentage distribution of of ordinary taxable income to stockholders to qualify as a REIT	90.00%
Uncertain income tax positions	$ 0	$ 0
Hotel [Member]
Tangible assets, estimated useful lives	39 years
Other Building [Member]
Tangible assets, estimated useful lives	25 years

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details - Available for Sale Securities) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value	$ 3,654	$ 5,496
Corporate And Government Bonds [Member]
Adjusted Cost	3,515	5,385
Gross Unrealized Gains	140	113
Gross Unrealized Losses	(1)	(2)
Fair Value	$ 3,654	$ 5,496

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details - Marketable Debt Securities) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities and Fair Value Measurements
Due in 1 year	$ 519
Due in 1 year through 5 years	3,135
Due in 5 years through 10 years	0
Due after 10 years	0
Total	$ 3,654	$ 5,496

Financial Instruments not Rep_3

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Notes payable, Carrying Amount	$ 216,382	$ 186,761
Notes payable, Estimated Fair Value	$ 219,625	$ 187,304

Real Estate and Real Estate-R_3

Real Estate and Real Estate-Related Investments (Details - Consolidated Properties)	12 Months Ended
	Dec. 31, 2020
River Club And Townhomes At River Club Athens [Member]
Real Estate Properties [Line Items]
Description	Student housing
Location	Athens, Georgia
Date Acquired	Apr. 25, 2011
Ownership Interest	85.00%
Lakes Of Margate Margate [Member]
Real Estate Properties [Line Items]
Description	Multifamily	[1]
Location	Margate, Florida	[1]
Date Acquired	Oct. 19, 2011	[1]
Ownership Interest	92.50%	[1]
Arbors Harbor Town Memphis [Member]
Real Estate Properties [Line Items]
Description	Multifamily
Location	Memphis, Tennessee
Date Acquired	Dec. 20, 2011
Ownership Interest	100.00%
Parkside Apartments Sugarland Texas [Member]
Real Estate Properties [Line Items]
Description	Multifamily
Location	Sugar Land, Texas
Date Acquired	Aug. 8, 2013
Ownership Interest	90.00%
Flats At Fishers Fishers [Member]
Real Estate Properties [Line Items]
Description	Multifamily
Location	Fishers, Indiana
Date Acquired	Nov. 30, 2017
Ownership Interest	100.00%
Axis At Westmont Fishers [Member]
Real Estate Properties [Line Items]
Description	Multifamily
Location	Westmont, Illinois
Date Acquired	Nov. 27, 2018
Ownership Interest	100.00%
Valley Ranch Apartments [Member]
Real Estate Properties [Line Items]
Description	Multifamily
Location	Ann Arbor, Michigan
Date Acquired	Feb. 14, 2019
Ownership Interest	100.00%
Autumn Breeze Apartments [Member]
Real Estate Properties [Line Items]
Description	Multifamily
Location	Noblesville, Indiana
Date Acquired	Mar. 17, 2020
Ownership Interest	100.00%
[1]	On March 17, 2021, the disposition of the Lakes of Margate was completed pursuant to the terms of the Lakes of Margate Agreement. See Note 9 for additional information.

Real Estate and Real Estate-R_4

Real Estate and Real Estate-Related Investments (Details Narrative) - USD ($) $ in Thousands	Jan. 15, 2020	Mar. 17, 2020	Dec. 23, 2019	Feb. 14, 2019	Mar. 31, 2020
Valley Ranch Apartments [Member]
Real Estate Properties [Line Items]
Business Combination, Consideration Transferred				$ 70,300
Business Combination, Acquisition Related Costs				1,200
Business Combination, intangibles assets				1,100
Acquisition Fee and Expense				1,200
Transfer Mortgage Payable				$ 43,400
Debt Instrument, Interest Rate, Stated Percentage				4.16%
Gardens Medical Pavilion South Florida [Member]
Real Estate Properties [Line Items]
Sales Contract Price	$ 24,300		$ 24,300
Repayments of Debt	12,600
Gain (Loss) on Disposition of Real Estate, Discontinued Operations					$ 5,500
Payments to Acquire Additional Interest in Subsidiaries	$ 1,800
Land and Improvements [Member] | Valley Ranch Apartments [Member]
Real Estate Properties [Line Items]
Business Combination, property, plant and equipment				$ 24,100
Building and Improvements [Member] | Valley Ranch Apartments [Member]
Real Estate Properties [Line Items]
Business Combination, property, plant and equipment				$ 46,300
Autumn Breeze Apartments [Member]
Real Estate Properties [Line Items]
Business Combination, Consideration Transferred		$ 43,000
Business Combination, Acquisition Related Costs		800
Business Combination, intangibles assets		$ 600
Capitalization Rate		4.86%
Autumn Breeze Apartments [Member] | Land and Improvements [Member]
Real Estate Properties [Line Items]
Business Combination, property, plant and equipment		$ 7,200
Autumn Breeze Apartments [Member] | Building and Improvements [Member]
Real Estate Properties [Line Items]
Business Combination, property, plant and equipment		$ 36,000

Note Receivable (Details Narrat

Note Receivable (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2019	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Payments to Acquire Notes Receivable			$ 625	$ 9,132
Note receivable			$ 12,794	10,423
Mezzanine Loan Promissory Note [Member]
Debt Instrument, Face Amount	$ 12,000
Payments to Acquire Notes Receivable	8,000	$ 4,000
Payments for Merger Related Costs	$ 200
Debt Instrument, Description of Variable Rate Basis	LIBOR + 11.0%
Debt Instrument, Basis Spread on Variable Rate	13.493%		13.493%
Debt Instrument Origination Fees Description	The Company received an origination fee of 1.0% of the loan balance, or approximately $0.1 million
Debt Instrument Origination Fees, Percentage	0.25%
Debt Instrument, Maturity Date	Aug. 31, 2021
Interest Reserve On Notes Receivable	$ 2,100		$ 400
Utilization Of Interest Reserve Percentage On Interest Due	8.00%		8.00%
Amount of additional interest included in the principal balance			$ 1,200
Investment Income, Interest			1,700
Interest income			1,700	$ 1,100
Note receivable			$ 12,800

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) - USD ($) $ in Thousands	Jan. 04, 2019	Dec. 15, 2017	Dec. 31, 2020	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Mezzanine financing to unaffiliated third party Entity			$ 15,300
Amount of senior construction loan taken by unconsolidated joint venture			40,000
Outstanding principal balance under mezzanine Loan			15,300
Proceeds from escrow deposit	$ 10,900
Prospect Park [Member]
Schedule of Equity Method Investments [Line Items]
Real Estate Property Contractual Sales Price		$ 100,500
Proceeds from Sale of Real Estate		21,600
Escrow Deposits Related to Property Sales		$ 15,100	$ 2,300
Equity Method Investments				$ 10,900
Proceeds from escrow deposit	$ 1,900
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan			10.00%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan			18.00%

Held for Sale (Details)

Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total assets held for sale	$ 24,140	$ 18,192
Total liabilities held for sale	37,165	$ 13,686
Lakes of Margate [Member]
Net investment property	21,308
Other assets	2,832
Total assets held for sale	24,140
Note payable, net	35,136
Accounts payable and accrued expenses	2,029
Total liabilities held for sale	37,165
Gardens Medical Pavilion South Florida [Member]
Net investment property	17,448
Other assets	744
Total assets held for sale	18,192
Note payable, net	12,441
Accounts payable and accrued expenses	1,245
Total liabilities held for sale	$ 13,686

Held for Sale (Details Narrativ

Held for Sale (Details Narrative) - USD ($) $ in Thousands	Jan. 15, 2020	Mar. 17, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 23, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable				$ 12,794	$ 10,423
Lakes of Margate [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of property			$ 51,000
Lakes of Margate [Member] | Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of property		$ 15,300
Note receivable		$ 35,700
Gardens Medical Pavilion [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of property	$ 12,600
Contractual sale price	24,300					$ 24,300
Gain (Loss) on Disposition of Real Estate, Discontinued Operations			$ 5,500
Payments to Acquire Additional Interest in Subsidiaries	1,800
Repayment of mortgage gardens medical mortgage	$ 12,600

Notes Payable (Details - Inform

Notes Payable (Details - Information on Notes Payable) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Feb. 14, 2019
Debt Instrument [Line Items]
Amount Due at Maturity	$ 212,989
Less: deferred financing costs	$ (3,393)
Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.71%
Amount Due at Maturity	$ 202,566
Total notes payable	216,382	$ 186,761
Less: deferred financing costs	(3,393)	(2,973)
Total notes payable, net	$ 212,989	183,788
River Club And Townhomes At River Club Athens [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	LIBOR + 1.78%
Weighted Average Interest Rate	1.92%
Debt Instrument, Maturity Date	May 1, 2025
Amount Due at Maturity	$ 28,419
Total notes payable	$ 30,359	30,359
Arbors Harbor Town Memphis [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	4.53%
Weighted Average Interest Rate	4.53%
Debt Instrument, Maturity Date	Dec. 28, 2025
Amount Due at Maturity	$ 29,000
Total notes payable	$ 29,000	29,000
Parkside Apartments Sugarland Texas [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	4.45%
Weighted Average Interest Rate	4.45%
Debt Instrument, Maturity Date	Jun. 1, 2025
Amount Due at Maturity	$ 15,782
Total notes payable	$ 17,289	17,588
Axis At Westmont [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	4.39%
Weighted Average Interest Rate	4.39%
Debt Instrument, Maturity Date	Feb. 1, 2026
Amount Due at Maturity	$ 34,343
Total notes payable	$ 37,600	37,600
Valley Ranch Apartments [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)			4.16%
Valley Ranch Apartments [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	4.16%
Weighted Average Interest Rate	4.16%
Debt Instrument, Maturity Date	Mar. 1, 2026
Amount Due at Maturity	$ 43,414
Total notes payable	$ 43,414	43,414
Flats At Fishers [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	3.78%
Weighted Average Interest Rate	3.78%
Debt Instrument, Maturity Date	Jul. 1, 2026
Amount Due at Maturity	$ 26,090
Total notes payable	$ 28,800	28,800
Autumn Breeze Apartments [Member] | Notes Payable To Banks [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	3.39%
Weighted Average Interest Rate	3.39%
Debt Instrument, Maturity Date	Apr. 1, 2030
Amount Due at Maturity	$ 25,518
Total notes payable	$ 29,920	$ 0

Notes Payable (Details - Contra

Notes Payable (Details - Contractual Obligations for Principal Payments) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 1,023	[1]
2022	1,468	[1]
2023	2,498	[1]
2024	3,181	[1]
2025	46,590	[1]
Thereafter	161,622	[1]
Total principal maturities	216,382	[1]
Less: deferred financing costs	(3,393)
Total notes payable, net	$ 212,989
[1]	Excludes the Lakes of Margate Mortgage which is included in liabilities held for sale as of December 31, 2020. The Lakes of Margate Mortgage was assumed by the Lakes of Margate Buyer in connection with the disposition of the Lakes of Margate on March 17, 2021. See below and Note 9 for additional information.

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($) $ in Thousands

Jan. 15, 2020

Jun. 13, 2019

Jun. 01, 2018

May 02, 2018

Jun. 26, 2020

Mar. 31, 2020

Feb. 14, 2019

Dec. 28, 2018

Nov. 27, 2018

Jun. 28, 2018

Mar. 17, 2021

Mar. 31, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 23, 2019

Debt Instrument [Line Items]

Note receivable

$ 12,794

$ 10,423

Lakes of Margate [Member]

Debt Instrument [Line Items]

Proceeds from disposal of property

$ 51,000

Gardens Medical Pavilion [Member]

Debt Instrument [Line Items]

Payments to Acquire Additional Interest in Subsidiaries

$ 1,800

Contractual sale price

24,300

$ 24,300

Repayment of mortgage gardens medical mortgage

12,600

Proceeds from disposal of property

$ 12,600

Subsequent Event [Member] | Lakes of Margate [Member]

Debt Instrument [Line Items]

Proceeds from disposal of property

$ 15,300

Note receivable

$ 35,700

Axis At Westmont [Member]

Debt Instrument [Line Items]

Principal amount

$ 37,600

Debt Instrument, Maturity Date

Feb. 1, 2026

Periodic payment, interest

$ 200

Periodic payment, principal

$ 200

Frequency of periodic payment

Monthly

Debt Instrument, Basis Spread on Variable Rate

4.39%

Arbors Harbor Town Memphis [Member]

Debt Instrument [Line Items]

Principal amount

$ 29,000

Debt Instrument, Maturity Date

Dec. 28, 2018

Debt Instrument, Basis Spread on Variable Rate

4.53%

Repayments of Debt and Capital Lease Obligations

$ 23,700

Payments to Acquire Additional Interest in Subsidiaries

$ 1,900

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

6.00%

Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions

100.00%

Lakes of Margate [Member]

Debt Instrument [Line Items]

Principal amount

$ 35,700

Debt Instrument, Maturity Date

Jul. 1, 2030

Debt term

10 years

Repayments of Debt and Capital Lease Obligations

$ 400

Payments to Acquire Additional Interest in Subsidiaries

$ 1,400

Debt Instrument, Description of Variable Rate Basis

LIBOR + 2.98%

Parkside [Member]

Debt Instrument [Line Items]

Principal amount

$ 18,000

Debt Instrument, Basis Spread on Variable Rate

4.45%

Repayments of Secured Debt

$ 9,600

Valley Ranch Apartments [Member]

Debt Instrument [Line Items]

Debt Instrument, Maturity Date

Mar. 1, 2026

Debt Instrument, Basis Spread on Variable Rate

4.16%

Flats At Fishers Loan [Member]

Debt Instrument [Line Items]

Principal amount

$ 28,800

Debt Instrument, Maturity Date

Jul. 1, 2026

Debt Instrument, Basis Spread on Variable Rate

3.78%

River Club And Townhomes At River Club Athens [Member]

Debt Instrument [Line Items]

Principal amount

$ 30,400

Repayments of Secured Debt

$ 23,400

Debt Instrument, Description of Variable Rate Basis

Libor plus 1.78%

Gardens Medical Pavilion [Member]

Debt Instrument [Line Items]

Principal amount

$ 13,000

Debt Instrument, Description of Variable Rate Basis

Libor plus 1.90%

Autumn Breeze Apartments Loan [Member]

Debt Instrument [Line Items]

Principal amount

$ 29,900

$ 29,900

Debt Instrument, Maturity Date

Apr. 1, 2030

Periodic payment, interest

$ 100

Periodic payment, principal

$ 100

Frequency of periodic payment

Monthly

Debt term

10 years

Debt Instrument, Basis Spread on Variable Rate

3.39%

Stockholders' Equity (Details -

Stockholders' Equity (Details - Summary of Estimated Net Asset Value Per Share as of Effective Date)	Dec. 31, 2020
July 1, 2018 and June 30, 2019 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	92.50%
July 1, 2019 and June 30, 2020 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	95.00%
July 1, 2020 and June 30, 2021 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	97.50%
Thereafter [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	100.00%

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 17, 2019	Dec. 28, 2018	Mar. 25, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2020	Jun. 16, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					350,000,000	350,000,000
Preferred stock, shares authorized (in shares)					50,000,000	50,000,000
Convertible stock, shares authorized (in shares)					1,000	1,000
Common stock, shares issued (in shares)					20,200,000	22,200,000
Common stock, par value (in dollars per share)					$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)					20,200,000	22,200,000
Common stock redeemed (in shares)					4,500,000	1,200,000
Convertible stock, shares outstanding (in shares)					1,000	1,000
Share redemption program, annual limitation, percentage of weighted average shares outstanding					5.00%
Percentage of real estate investment trust taxable income					90.00%
Treasury Stock Acquired, Average Cost Per Share			$ 9.18			$ 7.94
Subsequent Event [Member]
Class of Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share				$ 9.42
2020 Tender Offer [Member]
Class of Stock [Line Items]
Number of shares offered in a tender								300,000
Common stock, par value (in dollars per share)								$ 2.25
Aggregate value							$ 100	$ 700
Number of shares validly tendered in the offer								26,637
2019 Tender Offer [Member]
Class of Stock [Line Items]
Number of shares offered in a tender		2,000,000
Common stock, par value (in dollars per share)		$ 7.75
Aggregate value	$ 15,600	$ 15,500
Number of shares validly tendered in the offer		2,183,888
Common stock redeemed (in shares)	2,000,000
Percentage of shares repurchased		91.58%
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Cumulative, non-compounded, annual return for shares for automatic conversion of convertible stock					10.00%
Average period considered for determination of aggregate market value of common stock					30 days
Percentage of excess of enterprise value plus the aggregate value of distributions paid to date on outstanding shares of common stock over aggregate issue price of outstanding shares for determination of conversion price					20.00%
Cumulative, non-compounded, annual return on issue price added to issue price for determination of conversion price					10.00%
Percentage of excess of enterprise value plus the aggregate value of distributions paid to date on outstanding shares of common stock over aggregate issue price of outstanding shares for determination of conversion price					15.00%
Cumulative, non-compounded, annual return on issue price for determination of conversion price					6.00%

Related Party Transactions (Det

Related Party Transactions (Details - Fees to Related Parties) - Related Party [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Acquisition fees and acquisition expense reimbursement (1)	[1]	$ 764	$ 1,428
Debt financing fees (2)	[2]	656	722
Property management fees (property operating expenses)		468	467
Administrative services reimbursement (general and administrative costs)		1,321	1,300
Asset management fees (general and administrative costs)		2,721	2,446
Total		$ 5,930	$ 6,363
[1]	Capitalized to the corresponding asset and amortized over its estimated useful life.
[2]	Capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan.

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - Behringer Harvard Opportunity II Advisors [Member] - USD ($) $ in Thousands	1 Months Ended			5 Months Ended	12 Months Ended
	Jun. 29, 2020	Mar. 31, 2020	Mar. 16, 2020	Jun. 10, 2019	Jun. 10, 2021	Dec. 31, 2020	Jun. 10, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Acquisition and advisory fees as percentage of purchase, development, construction, or improvement of each asset acquired						1.50%
Acquisition and advisory fees as percentage of funds advanced in respect of loan investment						1.50%
Percentage of debt financing fee payable under loan or line of credit						1.00%
Monthly asset management fee						0.70%
Administrative Services Costs Reimbursement Real Estate Management				$ 1,290			$ 1,312
Property management fees as percentage of gross revenues of properties						4.00%
Percentage of Property management fees or oversight fees incurred						0.50%
Construction management fees, percentage						5.00%
Payable To External Advisor And Affiliates						$ 0		$ 6
Proceeds from related party debt			$ 25,000
Interest rate			5.00%
Repayment of related party debt	$ 10,000	$ 15,000
Interest expenses						$ 200
Minimum [Member]
Related Party Transaction [Line Items]
Operating expenses in excess of average invested assets						2.00%
Operating expenses in excess of net income						25.00%
Subsequent Event [Member]
Related Party Transaction [Line Items]
Administrative Services Costs Reimbursement Real Estate Management					$ 1,330
Asset Purchases [Member]
Related Party Transaction [Line Items]
Percentage of reimbursement of acquisition expense						0.25%
Development Constructionor Improvement of Assets [Member]
Related Party Transaction [Line Items]
Percentage of reimbursement of acquisition expense						0.25%
Funds Advanced For Loan Investment [Member]
Related Party Transaction [Line Items]
Percentage of reimbursement of acquisition expense						0.25%