Lightstone Value Plus REIT V (LVVP) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-53650
Entity Registrant Name	Lightstone Value Plus REIT V, Inc.
Entity Central Index Key	0001387061
Entity Tax Identification Number	20-8198863
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1985 Cedar Bridge Avenue
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Lakewood
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08701
City Area Code	(888)
Local Phone Number	808-7348
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,100

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment property:
Land and improvements	$ 76,892	$ 63,873
Building and improvements	294,753	248,079
Furniture, fixtures and equipment	8,473	6,552
Gross investment property	380,118	318,504
Less accumulated depreciation	(59,493)	(50,823)
Net investment property	320,625	267,681
Cash and cash equivalents	38,065	27,078
Marketable securities, available for sale	3,674	3,654
Restricted cash	7,148	4,373
Note receivable, net	13,742	12,794
Prepaid expenses and other assets	4,148	1,604
Assets held for sale		24,140
Total Assets	387,402	341,324
Liabilities and Stockholders’ Equity
Notes payable, net	270,593	212,989
Accounts payable and accrued and other liabilities	8,502	6,530
Liabilities held for sale		37,165
Total liabilities	279,095	256,684
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 shares issued and outstanding	2	2
Additional paid-in-capital	186,686	189,216
Accumulated other comprehensive income	224	140
Accumulated deficit	(77,142)	(102,519)
Total Company’s stockholders’ equity	109,770	86,839
Noncontrolling interests	(1,463)	(2,199)
Total Stockholders’ Equity	108,307	84,640
Total Liabilities and Stockholders’ Equity	$ 387,402	$ 341,324

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	20,200,000
Common stock, shares outstanding (in shares)	20,200,000	20,200,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Rental revenues	$ 11,187	$ 10,185	$ 30,864	$ 29,662
Expenses
Property operating expenses	4,097	3,694	10,336	9,749
Real estate taxes	1,399	1,496	4,228	4,161
General and administrative	1,825	1,634	5,046	4,745
Depreciation and amortization	3,925	3,145	9,590	9,067
Total operating expenses	11,246	9,969	29,200	27,722
Operating (loss)/income	(59)	216	1,664	1,940
Interest expense, net	(2,735)	(2,556)	(7,403)	(7,087)
Interest income	515	465	1,493	1,402
Gain on sale of investment property	0	0	27,821	5,474
Gain on disposition of unconsolidated joint venture	0	0	1,457	0
Other income, net	190	196	490	522
Net (loss)/income	(2,089)	(1,679)	25,522	2,251
Net (income)/loss attributable to noncontrolling interests	(14)	5	(145)	(1,227)
Net (loss)/income attributable to the Company’s shares	$ (2,103)	$ (1,674)	$ 25,377	$ 1,024
Weighted average shares outstanding:
Basic and diluted	20,157	20,201	20,181	20,925
Basic and diluted (loss)/income per share	$ (0.10)	$ (0.08)	$ 1.26	$ 0.05
Other comprehensive income/(loss):
Holding (loss)/gain on marketable securities, available for sale	$ (20)	$ (4)	$ (68)	$ 96
Reclassification adjustment for loss/(gain) included in net (loss)/income	159	(11)	152	(63)
Total other comprehensive income/(loss)	139	(15)	84	33
Comprehensive (loss)/income:	(1,950)	(1,694)	25,606	2,284
Comprehensive (income)/loss attributable to noncontrolling interests	(14)	5	(145)	(1,227)
Comprehensive (loss)/income attributable to the Company’s shares	$ (1,964)	$ (1,689)	$ 25,461	$ 1,057

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Convertible Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2019		$ 2	$ 204,912	$ 111	$ (102,404)	$ 478	$ 103,099
Beginning balance, shares at Dec. 31, 2019	1	22,223
Net loss					1,024	1,227	2,251
Distributions paid to noncontrolling interests						(3,488)	(3,488)
Tender of common stock			(15,695)				(15,695)
Tender of common stock, Shares		(2,030)
Holding loss on marketable securities, available for sale				96			96
Reclassification adjustment for gain on sale of marketable securities included in net loss				(63)			(63)
Ending balance, value at Sep. 30, 2020		$ 2	189,217	144	(101,380)	(1,783)	86,200
Ending balance, shares at Sep. 30, 2020	1	20,193
Beginning balance, value at Jun. 30, 2020		$ 2	189,311	159	(99,706)	(1,567)	88,199
Beginning balance, shares at Jun. 30, 2020	1	20,220
Net loss					(1,674)	(5)	(1,679)
Distributions paid to noncontrolling interests						(211)	(211)
Tender of common stock			(94)				(94)
Tender of common stock, Shares		(27)
Holding loss on marketable securities, available for sale				(4)			(4)
Reclassification adjustment for gain on sale of marketable securities included in net loss				11			11
Ending balance, value at Sep. 30, 2020		$ 2	189,217	144	(101,380)	(1,783)	86,200
Ending balance, shares at Sep. 30, 2020	1	20,193
Beginning balance, value at Dec. 31, 2020		$ 2	189,216	140	(102,519)	(2,199)	84,640
Beginning balance, shares at Dec. 31, 2020	1	20,193
Net loss					25,377	145	25,522
Distributions paid to noncontrolling interests						(451)	(451)
Acquisition of noncontrolling interest in a subsidiary			(2,128)			1,042	(1,086)
Redemption and cancellation of common stock			(402)				(402)
Redemption and cancellation of common stock shares		(43)
Holding loss on marketable securities, available for sale				(68)			(68)
Reclassification adjustment for gain on sale of marketable securities included in net loss				152			152
Ending balance, value at Sep. 30, 2021		$ 2	186,686	224	(77,142)	(1,463)	108,307
Ending balance, shares at Sep. 30, 2021	1	20,150
Beginning balance, value at Jun. 30, 2021		$ 2	187,088	85	(75,039)	(1,369)	110,767
Beginning balance, shares at Jun. 30, 2021	1	20,193
Net loss					(2,103)	14	(2,089)
Distributions paid to noncontrolling interests						(108)	(108)
Redemption and cancellation of common stock			$ (402)				$ (402)
Redemption and cancellation of common stock shares		(43)
Other comprehensive loss:
Holding loss on marketable securities, available for sale				$ (20)			$ (20)
Reclassification adjustment for gain on sale of marketable securities included in net loss				159			159
Ending balance, value at Sep. 30, 2021		$ 2	$ 186,686	$ 224	$ (77,142)	$ (1,463)	$ 108,307
Ending balance, shares at Sep. 30, 2021	1	20,150

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25,522	$ 2,251
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,590	9,067
Amortization of deferred financing fees	576	432
Gain on disposition of unconsolidated joint venture	(1,457)
Gain on sale of investment property	(27,821)	(5,474)
Non-cash interest income	(976)	(1,295)
Other non-cash adjustments	34	(63)
Changes in operating assets and liabilities:
Decrease in prepaid expenses and other assets	2,537	(93)
Decrease in accounts payable and accrued and other liabilities	(52)	1,461
Decrease in payables to related parties	59	(3)
Net cash provided by operating activities	8,012	6,283
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(64,755)	(48,035)
Purchases of marketable securities	(934)	(1,280)
Proceeds from sale of marketable securities	846	3,220
Funding of note receivable, net		(636)
Acquisition of noncontrolling interest	(1,086)
Proceeds from sale of investment property, net of closing costs	14,360	23,673
Proceeds from disposition of unconsolidated joint venture	1,457
Net cash used in investing activities	(50,112)	(23,058)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	59,350	65,620
Payments on notes payable	(677)	(12,862)
Proceeds from advance from advisor		25,000
Payments on advance from advisor		(25,000)
Payment of loan fees and expenses	(1,958)	(1,583)
Tender, redemption and cancellation of common stock	(402)	(15,695)
Distributions to noncontrolling interests	(451)	(3,488)
Net cash provided by financing activities	55,862	31,992
Net change in cash, cash equivalents and restricted cash	13,762	15,217
Cash, cash equivalents and restricted cash, beginning of year	31,451	19,950
Cash, cash equivalents and restricted cash, end of period	45,213	35,167
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	6,793	6,538
Debt assumed by buyer in connection with disposition of investment property	35,700
Capital expenditures for real estate in accrued liabilities and accounts payable	122	259
Holding gain on marketable securities, available for sale	84	33
Cash and cash equivalents	38,065	27,811
Restricted cash	7,148	7,356
Total cash, cash equivalents and restricted cash	$ 45,213	$ 35,167

Business

Business	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Lightstone Value Plus REIT V, Inc. (“Lightstone REIT V”) which was formerly known as Lightstone Value Plus Real Estate Investment Trust V, Inc. before August 31, 2021, 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. Lightstone REIT V, together with its subsidiaries is collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to Lightstone REIT V or the Company as required by the context in which any such pronoun is used. 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 September 30, 2021, the Company had eight real estate investments (six wholly owned properties and two 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 September 30, 2021, the Company’s wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1 99.9 The Company’s business is externally managed by LSG Development Advisor LLC (the “Advisor”), an affiliate of the Lightstone Group LLC (“Lightstone”) which provides advisory services to the Company and the Company has no employees. Lightstone is majority owned by the chairman emeritus 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 1,000 1,000 20.2 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. On January 9, 2020, the Company’s board of directors extended the targeted timeline for the Company to commence a liquidity event 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. Noncontrolling Interests Noncontrolling interests represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interests which is different from the standard pro-rata allocation percentage. In certain instances, our joint venture agreements provide for liquidating distributions based on achieving certain return metrics. Acquisition of Noncontrolling Member’s Ownership Interest (Lakes of Margate) On March 17, 2021, the Company acquired the noncontrolling member’s 7.5 1.1

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Interim Unaudited Financial Information The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2021. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Principles of Consolidation and Basis of Presentation Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which the Company 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 or entities which we are not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting. The consolidated balance sheet as of December 31, 2020 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Investment in Unconsolidated Joint Venture (Prospect Park) The Company previously participated in the residual interests of a mezzanine financing made to an unaffiliated third-party entity, which it accounted for in accordance with the equity method of accounting. The third-party entity owned an apartment complex located in Denver, Colorado (“Prospect Park”) which was sold to a third-party buyer in December 2017 and the carrying value of the Company’s unconsolidated investment was subsequently reduced to zero during the first quarter of 2018. On May 10, 2021, the Company received an additional payment of $ 1.5 1.5 Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period. 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 our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. COVID-19 Pandemic The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may have negative effects on the health of the U.S. economy for the foreseeable future. As of September 30, 2021, the Company’s consolidated portfolio of properties consisted of seven multi-family apartment complexes and one student housing complex. Its multi-family properties have not been significantly impacted by the COVID-19 pandemic and their occupancy levels, rental rates and rental collections have remained stable. 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. Shortly after the onset of the COVID-19 pandemic, UGA transitioned to online instruction during its Spring 2020 semester but subsequently resumed “on-campus” classes beginning with its Fall 2020 semester. The Company’s student housing complex is located “off-campus” and therefore, its tenants would not be required to vacate even if UGA did not conduct “on-campus” classes. The Company’s student housing complex has also not been significantly impacted by the COVID-19 pandemic and its occupancy level, rental rates and rental collections have remained stable. 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 is collateralized by a condominium development project located in New York City (the “Condominium Project”), which has been subject to similar restrictions and risks. To date, both the Condominium Project and the Company’s note receivable have not been significantly impacted by the COVID-19 pandemic. The Company continues to closely monitor the overall extent as to which its business may be affected by the ongoing COVID-19 pandemic which 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 its real estate-related investments are negatively impacted in future periods for an extended period because (i) tenants are unable to pay their rent, (ii) leasing demand falls causing declines in occupancy levels and/or rental rates, 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. 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.

Real Estate Asset Acquisition

Real Estate Asset Acquisition	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Asset Acquisition	3. Real Estate Asset Acquisition BayVue Apartments On July 7, 2021, the Company completed the acquisition of a 368-unit multifamily property located in Tampa, Florida (the “BayVue Apartments”), from an unrelated third party, for an aggregate purchase price of $ 59.5 1.3 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 $ 12.7 43.5 1.3 3.0 The Company simultaneously entered into a non-recourse mortgage loan facility for up to $ 52.2 LIBOR+3.10% subject to a 3.10% floor 44.3 15.2 The capitalization rate for the acquisition of the BayVue Apartments was approximately 4.22%. 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 March 31, 2021. Additionally, NOI is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

Held for Sale and Disposition o

Held for Sale and Disposition of Lakes of Margate	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale and Disposition of Lakes of Margate	4. Held for Sale and Disposition of Lakes of Margate Lakes of Margate During the fourth quarter of 2020, Lakes of Margate met the criteria to be classified as held for sale and therefore, its associated assets and liabilities were classified as held for sale in the consolidated balance sheet as of December 31, 2020. On March 17, 2021, the Company completed the disposition of the Lakes of Margate to Lakes of Margate FL LLC, an unrelated third party (the “Lakes of Margate Buyer”), for aggregate consideration of $ 50.8 15.1 35.7 14.1 27.8 The disposition of the Lakes of Margate did not qualify to be reported as discontinued operations since it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of the Lakes of Margate are reflected in our results from continuing operations for all periods presented through its date of disposition. The following summary presents the major components of the Lakes of Margate’s assets and liabilities held for sale, of as December 31, 2020. Schedule of assets and liabilities held for sale 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

Note Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Note Receivable	5. 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 8.0 4.0 The 500 West 22nd Street Mezzanine Loan is classified as 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 $ 0.2 The 500 West 22nd Street Mezzanine Loan had an initial maturity date of August 31, 2021 The 500 West 22nd Street Mezzanine Loan bears interest at a rate of LIBOR + 11.0% 13.493 Company received an origination fee of 1.0% of the loan balance, or $0.1 million In connection with the initial funding under the 500 West 22nd Street Mezzanine Loan, the Company retained $ 2.1 8.0 2.1 8.0 1.7 During the three and nine months ended September 30, 2021, the Company recorded $ 0.5 1.3 0.5 1.3 13.7

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Financial Instruments	6. Financial Instruments 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 September 30, 2021 and December 31, 2020, 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 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 September 30, 2021 and December 31, 2020. Carrying amounts of our notes payable and the related estimated fair value is summarized as follows: Schedule of Notes payable and the related estimated fair value As of September 30, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes payable $ 275,055 $ 276,688 $ 216,382 $ 219,625

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Marketable Securities And Fair Value Measurements
Marketable Securities and Fair Value Measurements	7. Marketable Securities and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: Schedule of available-for-sale securities reconciliation As of September 30, 2021 Debt securities: Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate and Government Bonds $ 3,451 $ 240 $ (17 ) $ 3,674 As of December 31, 2020 Debt securities: Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate and Government Bonds $ 3,515 $ 140 $ (1 ) $ 3,654 When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. As of September 30, 2021, the Company did not recognize any impairment charges. 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 September 30, 2021, all of the Company’s debt securities were classified as Level 2 assets and there were no transfers between the level classifications during the nine months ended September 30, 2021. The following table summarizes the estimated fair value of our 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: Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of September 30, Due in 1 year $ 824 Due in 1 year through 5 years 2,673 Due in 5 years through 10 years 177 Due after 10 years - Total $ 3,674

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Notes Payable	8. Notes Payable Notes payable, excluding debt classified as held for sale, consists of the following: Schedule of information on notes payable Property Interest Rate Weighted Average Interest Rate as of Maturity Date Amount Due at Maturity As of As of River Club and the Townhomes at River Club LIBOR + 1.78% 1.89 % 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 Arbors Harbor Town Supplemental 3.52 3.52 % January 1, 2026 5,379 5,860 - Parkside 4.45 4.45 % June 1, 2025 15,782 17,054 17,289 Axis at Westmont 4.39 4.39 % February 1, 2026 34,343 37,252 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 28,720 28,800 Flats at Fishers Supplemental 3.85 3.85 % July 1, 2026 8,366 9,176 - Autumn Breeze Apartments 3.39 3.39 % April 1, 2030 25,518 29,920 29,920 Bay Vue Apartments LIBOR + 3.10% 3.12 % July 9, 2024 44,300 44,300 - Total notes payable 3.68 % $ 260,611 275,055 216,382 Less: Deferred financing costs (4,462 ) (3,393 ) Total notes payable, net $ 270,593 $ 212,989 BayVue Mortgage On July 7, 2021, the Company entered into the BayVue Mortgage scheduled to initially mature on July 9, 2024, with two, one-year extension options, subject to certain conditions. The BayVue Mortgage requires monthly interest-only payments through its maturity date and bears interest at LIBOR+3.10% subject to a 3.10% floor. The BayVue Mortgage is collateralized by the BayVue Apartments. As of September 30, 2021, the outstanding principal balance of the BayVue Mortgage was $ 44.3 Flats at Fisher Supplemental Mortgage On August 16, 2021, the Company entered into a non-recourse subordinated mortgage loan for $9.2 million (the “Flats at Fisher Supplemental Mortgage”) scheduled to mature on July 1, 2026. The Flats at Fisher Supplemental Mortgage requires monthly payments of interest and principal of $43 through its maturity date and bears interest at 3.85%. The Flats at Fisher Supplemental Mortgage is collateralized with a subordinated interest in the Flats at Fisher. In connection with the Flats at Fisher Supplemental Mortgage, the Advisor received $0.1 million in debt financing fees. Arbors Harbor Town Supplemental Mortgage On September 30, 2021, the Company entered into a non-recourse subordinated mortgage loan for $5.9 million (the “Arbors Harbor Town Supplemental Mortgage”) scheduled to mature on January 1, 2026. The Arbors Harbor Town Supplemental Mortgage requires monthly payments of interest and principal of $26 through its maturity date and bears interest at 3.52%. The Arbors Harbor Town Supplemental Mortgage is collateralized with a subordinated interest in the Arbors Harbor Town. In connection with the Arbors Harbor Town Supplemental Mortgage, the Advisor received $0.1 million in debt financing fees. The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of September 30, 2021. Schedule of contractual obligations for principal payments 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 404 $ 1,740 $ 2,781 $ 47,773 $ 46,895 $ 175,462 $ 275,055 Less: deferred financing costs (4,462 ) Total notes payable, net $ 270,593

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders’ Equity	9. Stockholders’ Equity 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 it, 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 the stockholders. 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. 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 was 100% of the NAV per Share as of September 30, 2020. 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. In accordance with the Company’s SRP, the per share redemption price automatically adjusted to $ 12.91 For the nine months ended September 30, 2021 the Company repurchased 42,696 9.42 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 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 nine months ended September 30, 2021 and 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions The Company has agreements with the Advisor and its affiliate to pay certain fees in exchange for services performed by these entities and other related parties. These agreements have a one-year term and currently extend through June 10, 2022. The Company is dependent on the Advisor and its affiliates 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. The following table represents the fees incurred associated with the payments to the Company’s Advisor and its affiliates for the periods indicated: Schedule of Redemption Program For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Acquisition fees and acquisition expense reimbursement (1) $ 1,041 $ - $ 1,041 $ 764 Debt financing fees (2) 448 - 448 656 Property management fees (property operating expenses) 109 123 337 350 Administrative services reimbursement (general and administrative costs) 347 333 1,012 989 Asset management fees (general and administrative costs) 723 691 2,044 2,014 Total $ 2,668 $ 1,147 $ 4,882 $ 4,773 (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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Acquisition of Citadel Apartments located in Houston, Texas On October 6, 2021, the Company acquired a 293-unit multifamily property located in Houston, Texas (the “Citadel Apartments”), from AHC Citadel, LLC, an unaffiliated third party, for an aggregate purchase price of $ 66.0 In connection with the acquisition of the Citadel Apartments, the Company simultaneously entered into a non-recourse mortgage loan facility for up to $ 49.0 LIBOR+2.95% subject to a 3.05% floor The Citadel Mortgage is collateralized by the Citadel Apartments. In connection with the acquisition of the Citadel Apartments, $38.0 million was initially funded under the Citadel Mortgage and the Company paid the balance of the purchase price of $28.0 million with cash. 11.0 In connection with the acquisition, the Advisor received an aggregate of $ 1.6

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Interim Unaudited Financial Information	Interim Unaudited Financial Information The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2021. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which the Company 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 or entities which we are not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting. The consolidated balance sheet as of December 31, 2020 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period.
Investment in Unconsolidated Joint Venture (Prospect Park)	Investment in Unconsolidated Joint Venture (Prospect Park) The Company previously participated in the residual interests of a mezzanine financing made to an unaffiliated third-party entity, which it accounted for in accordance with the equity method of accounting. The third-party entity owned an apartment complex located in Denver, Colorado (“Prospect Park”) which was sold to a third-party buyer in December 2017 and the carrying value of the Company’s unconsolidated investment was subsequently reduced to zero during the first quarter of 2018. On May 10, 2021, the Company received an additional payment of $ 1.5 1.5
Earnings per Share	Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period.
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 our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves.
COVID-19 Pandemic	COVID-19 Pandemic The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may have negative effects on the health of the U.S. economy for the foreseeable future. As of September 30, 2021, the Company’s consolidated portfolio of properties consisted of seven multi-family apartment complexes and one student housing complex. Its multi-family properties have not been significantly impacted by the COVID-19 pandemic and their occupancy levels, rental rates and rental collections have remained stable. 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. Shortly after the onset of the COVID-19 pandemic, UGA transitioned to online instruction during its Spring 2020 semester but subsequently resumed “on-campus” classes beginning with its Fall 2020 semester. The Company’s student housing complex is located “off-campus” and therefore, its tenants would not be required to vacate even if UGA did not conduct “on-campus” classes. The Company’s student housing complex has also not been significantly impacted by the COVID-19 pandemic and its occupancy level, rental rates and rental collections have remained stable. 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 is collateralized by a condominium development project located in New York City (the “Condominium Project”), which has been subject to similar restrictions and risks. To date, both the Condominium Project and the Company’s note receivable have not been significantly impacted by the COVID-19 pandemic. The Company continues to closely monitor the overall extent as to which its business may be affected by the ongoing COVID-19 pandemic which 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 its real estate-related investments are negatively impacted in future periods for an extended period because (i) tenants are unable to pay their rent, (ii) leasing demand falls causing declines in occupancy levels and/or rental rates, 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.
New Accounting Pronouncements	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.

Held for Sale and Disposition_2

Held for Sale and Disposition of Lakes of Margate (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of assets and liabilities held for sale	Schedule of assets and liabilities held for sale 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

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Notes payable and the related estimated fair value	Schedule of Notes payable and the related estimated fair value As of September 30, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes payable $ 275,055 $ 276,688 $ 216,382 $ 219,625

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Marketable Securities And Fair Value Measurements
Schedule of available-for-sale securities reconciliation	Schedule of available-for-sale securities reconciliation As of September 30, 2021 Debt securities: Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate and Government Bonds $ 3,451 $ 240 $ (17 ) $ 3,674 As of December 31, 2020 Debt securities: Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate and Government Bonds $ 3,515 $ 140 $ (1 ) $ 3,654
Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates	Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of September 30, Due in 1 year $ 824 Due in 1 year through 5 years 2,673 Due in 5 years through 10 years 177 Due after 10 years - Total $ 3,674

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of information on notes payable	Schedule of information on notes payable Property Interest Rate Weighted Average Interest Rate as of Maturity Date Amount Due at Maturity As of As of River Club and the Townhomes at River Club LIBOR + 1.78% 1.89 % 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 Arbors Harbor Town Supplemental 3.52 3.52 % January 1, 2026 5,379 5,860 - Parkside 4.45 4.45 % June 1, 2025 15,782 17,054 17,289 Axis at Westmont 4.39 4.39 % February 1, 2026 34,343 37,252 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 28,720 28,800 Flats at Fishers Supplemental 3.85 3.85 % July 1, 2026 8,366 9,176 - Autumn Breeze Apartments 3.39 3.39 % April 1, 2030 25,518 29,920 29,920 Bay Vue Apartments LIBOR + 3.10% 3.12 % July 9, 2024 44,300 44,300 - Total notes payable 3.68 % $ 260,611 275,055 216,382 Less: Deferred financing costs (4,462 ) (3,393 ) Total notes payable, net $ 270,593 $ 212,989
Schedule of contractual obligations for principal payments	Schedule of contractual obligations for principal payments 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 404 $ 1,740 $ 2,781 $ 47,773 $ 46,895 $ 175,462 $ 275,055 Less: deferred financing costs (4,462 ) Total notes payable, net $ 270,593

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Redemption Program	Schedule of Redemption Program For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Acquisition fees and acquisition expense reimbursement (1) $ 1,041 $ - $ 1,041 $ 764 Debt financing fees (2) 448 - 448 656 Property management fees (property operating expenses) 109 123 337 350 Administrative services reimbursement (general and administrative costs) 347 333 1,012 989 Asset management fees (general and administrative costs) 723 691 2,044 2,014 Total $ 2,668 $ 1,147 $ 4,882 $ 4,773

Business (Details Narrative)

Business (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Feb. 10, 2007	Jan. 19, 2007
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, shares issued (in shares)	20,200,000		20,200,000
Convertible stock issued (in shares)	1,000		1,000
Common stock, shares outstanding (in shares)	20,200,000		20,200,000
Payments to Noncontrolling Interests	$ 1,086
Initial Capitalization [Member] | Affiliated Entity [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, shares issued (in shares)					22,500
Convertible stock issued (in shares)					1,000
Initial Offering [Member] | Lightstone Group [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible stock issued (in shares)				1,000
Behringer Harvard Opportunity Op I I Lp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of ownership interest by BHO II, Inc	0.10%
Marylands [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of remaining ownership interest held by BHO Business Trust II	99.90%
Lakes Of Margate [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	7.50%
Payments to Noncontrolling Interests	$ 1,100

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	May 10, 2021	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Gain on disposition of unconsolidated joint venture		$ 1,457
Prospect Park [Member]
Defined Benefit Plan Disclosure [Line Items]
Proceeds from Joint Venture	$ 1,500
Gain on disposition of unconsolidated joint venture	$ 1,500

Real Estate Asset Acquisition (

Real Estate Asset Acquisition (Details Narrative) - USD ($) $ in Thousands	Jul. 07, 2021	Sep. 30, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Land and improvements		$ 76,892	$ 63,873
Bay Vue Apartments [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate purchase price	$ 59,500
Acquisition related cost	1,300
Land and improvements	12,700
Building and improvements	43,500
Furniture and fixtures	1,300
Lease intangibles	3,000
Mortgage loan facility	$ 52,200
LIBOR Rate	LIBOR+3.10%  subject to a 3.10% floor
Mortgage asstes	$ 44,300
Business acquisition cash	$ 15,200

Held for Sale and Disposition_3

Held for Sale and Disposition of Lakes of Margate (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
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

Held for Sale and Disposition_4

Held for Sale and Disposition of Lakes of Margate (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 17, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable			$ 13,742	$ 12,794
Lakes Of Margate [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of property	$ 15,100	$ 50,800
Note receivable	$ 35,700
Proceeds from escrow		14,100
Gain on sale of investment property		$ 27,800

Note Receivable (Details Narrat

Note Receivable (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
Payments to Acquire Notes Receivable					$ 636
Note receivable		$ 13,742		$ 13,742		$ 12,794
Mezzanine Loan Promissory Note [Member]
Short-term Debt [Line Items]
Debt Instrument, Face Amount	$ 12,000
Payments to Acquire Notes Receivable	8,000				4,000
Payments for Merger Related Costs	$ 200
Debt Instrument, Maturity Date	Aug. 31, 2021
Debt Instrument, Description of Variable Rate Basis	LIBOR + 11.0%
Debt Instrument, Basis Spread on Variable Rate				13.493%
Debt Instrument Origination Fees Description	Company received an origination fee of 1.0% of the loan balance, or $0.1 million
Interest Reserve On Notes Receivable	$ 2,100
Utilization Of Interest Reserve Percentage On Interest Due	8.00%			8.00%
Investment Income, Interest				$ 2,100
Amount of additional interest included in the principal balance				1,700
Interest income		500	$ 500	1,300	$ 1,300
Note receivable		$ 13,700		$ 13,700

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Notes payable, Carrying Amount	$ 275,055	$ 216,382
Notes payable, Estimated Fair Value	$ 276,688	$ 219,625

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details - Available for Sale Securities) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Fair Value	$ 3,674	$ 3,654
Corporate And Government Bonds [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Adjusted Cost	3,451	3,515
Gross Unrealized Gains	240	140
Gross Unrealized Losses	(17)	(1)
Fair Value	$ 3,674	$ 3,654

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details - Marketable Debt Securities - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities And Fair Value Measurements
Due in 1 year	$ 824
Due in 1 year through 5 years	2,673
Due in 5 years through 10 years	177
Due after 10 years
Total	$ 3,674	$ 3,654

Notes Payable (Details - Inform

Notes Payable (Details - Information on Notes Payable) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amount Due at Maturity	$ 270,593
Less: deferred financing costs	$ (4,462)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.68%
Amount Due at Maturity	$ 260,611
Total notes payable	275,055	$ 216,382
Less: deferred financing costs	(4,462)	(3,393)
Total notes payable, net	$ 270,593	212,989
River Club And Townhomes At River Club Athens [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR + 1.78%
Weighted Average Interest Rate	1.89%
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]
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
Interest rate (as a percent)	4.53%
Arbors Harbor Town Supplemental [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.52%
Debt Instrument, Maturity Date	Jan. 1, 2026
Amount Due at Maturity	$ 5,379
Total notes payable	$ 5,860
Interest rate (as a percent)	3.52%
Parkside Apartments Sugarland Texas [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.45%
Debt Instrument, Maturity Date	Jun. 1, 2025
Amount Due at Maturity	$ 15,782
Total notes payable	$ 17,054	17,289
Interest rate (as a percent)	4.45%
Axis At Westmont [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.39%
Debt Instrument, Maturity Date	Feb. 1, 2026
Amount Due at Maturity	$ 34,343
Total notes payable	$ 37,252	37,600
Interest rate (as a percent)	4.39%
Valley Ranch Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
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
Interest rate (as a percent)	4.16%
Flats At Fishers [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.78%
Debt Instrument, Maturity Date	Jul. 1, 2026
Amount Due at Maturity	$ 26,090
Total notes payable	$ 28,720	28,800
Interest rate (as a percent)	3.78%
Flats At Fishers Supplemental [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.85%
Debt Instrument, Maturity Date	Jul. 1, 2026
Amount Due at Maturity	$ 8,366
Total notes payable	$ 9,176
Interest rate (as a percent)	3.85%
Autumn Breeze Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.39%
Debt Instrument, Maturity Date	Apr. 1, 2030
Amount Due at Maturity	$ 25,518
Total notes payable	$ 29,920	29,920
Interest rate (as a percent)	3.39%
Bay Vue Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.12%
Debt Instrument, Maturity Date	Jul. 9, 2024
Amount Due at Maturity	$ 44,300
Total notes payable	$ 44,300
Interest rate (as a percent)	3.10%

Notes Payable (Details - Contra

Notes Payable (Details - Contractual Obligations for Principal Payments) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021	$ 404
2022	1,740
2023	2,781
2024	47,773
2025	46,895
Thereafter	175,462
Total principal maturities	275,055
Less: deferred financing costs	(4,462)
Total notes payable, net	$ 270,593

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - Notes Payable to Banks [Member] - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total notes payable	$ 275,055	$ 216,382
Bay Vue Apartments [Member]
Debt Instrument [Line Items]
Total notes payable	$ 44,300

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - $ / shares	9 Months Ended
	Sep. 30, 2021	Nov. 11, 2021
Equity [Abstract]
Redemption price		$ 12.91
Repurchase of common stock	42,696
Repurchase price per shares	$ 9.42
Percentage of real estate investment trust taxable income	90.00%

Stockholders' Equity (Details -

Stockholders' Equity (Details - Summary of Estimated Net Asset Value Per Share as of Effective Date) - Related Party [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Acquisition fees and acquisition expense reimbursement	[1]	$ 1,041		$ 1,041	$ 764
Debt financing fees	[2]	448		448	656
Property management fees (property operating expenses)		109	123	337	350
Administrative services reimbursement (general and administrative costs)		347	333	1,012	989
Asset management fees (general and administrative costs)		723	691	2,044	2,014
Total		$ 2,668	$ 1,147	$ 4,882	$ 4,773
[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.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - Bayvue [Member] $ in Thousands	Oct. 06, 2021USD ($)
Subsequent Event [Line Items]
Purchase Price	$ 66,000
Loan facility	$ 49,000
Debt Instrument, Description of Variable Rate Basis	LIBOR+2.95%  subject to a 3.05% floor
Business Acquisition description	The Citadel Mortgage is collateralized by the Citadel Apartments. In connection with the acquisition of the Citadel Apartments, $38.0 million was initially funded under the Citadel Mortgage and the Company paid the balance of the purchase price of $28.0 million with cash.
Mortgages	$ 11,000
Proceed from acquisition fees	$ 1,600