Lightstone Value Plus REIT V (LVVP) 10-K 24 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 0
Entity Common Stock, Shares Outstanding		20,100
Auditor Name	EISNERAMPER LLP
Auditor Location	New Jersey
Auditor Firm ID	274

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment property:
Land and improvements	$ 83,599	$ 63,873
Building and improvements	316,370	248,079
Furniture, fixtures and equipment	8,952	6,552
Gross investment property	408,921	318,504
Less accumulated depreciation	(45,915)	(50,823)
Net investment property	363,006	267,681
Cash and cash equivalents	24,360	27,078
Marketable securities, available for sale	3,645	3,654
Restricted cash	20,879	4,373
Note receivable, net	13,919	12,794
Prepaid expenses and other assets	5,622	1,604
Assets held for sale	0	24,140
Total Assets	431,431	341,324
Liabilities and Stockholders’ Equity
Notes payable, net	277,530	212,989
Accounts payable and accrued and other liabilities	8,031	6,530
Liabilities held for sale	0	37,165
Total liabilities	285,561	256,684
Company’s stockholders’ equity:
Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding	0	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding	0	0
Common stock, $.0001 par value per share; 350.0 million shares authorized, 20.1 and 20.2 million shares issued and outstanding, respectively	2	2
Additional paid-in-capital	171,079	189,216
Accumulated other comprehensive income	13	140
Accumulated deficit	(25,224)	(102,519)
Total Company’s stockholders’ equity	145,870	86,839
Noncontrolling interests	0	(2,199)
Total Stockholders’ Equity	145,870	84,640
Total Liabilities and Stockholders’ Equity	$ 431,431	$ 341,324

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	1,000,000	1,000,000
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)	20,100,000	20,200,000
Common stock, shares outstanding (in shares)	20,100,000	20,200,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Rental revenues	$ 43,134	$ 39,978
Expenses
Property operating expenses	14,498	13,049
Real estate taxes	5,865	5,454
General and administrative	6,982	6,493
Depreciation and amortization	14,858	12,227
Total operating expenses	42,203	37,223
Operating income	931	2,755
Interest expense, net	(10,640)	(9,644)
Interest income	2,025	1,877
Gain on sale of investment property	82,819	5,474
Gain on sale of unconsolidated joint venture	1,457	0
Other income, net	902	721
Net income	77,494	1,183
Net income attributable to noncontrolling interests	(199)	(1,298)
Net income/(loss) attributable to the Company’s shares	$ 77,295	$ (115)
Weighted average shares outstanding:
Basic and diluted	20,169	20,741
Basic and diluted loss per share	$ 3.83	$ (0.01)
Other comprehensive (loss)/income:
Net income	$ 77,494	$ 1,183
Holding (loss)/gain on marketable securities, available for sale	(113)	92
Reclassification adjustment for gain on sale of marketable securities included in net income	(14)	(63)
Total other comprehensive (loss)/income	(127)	29
Comprehensive income	77,367	1,212
Comprehensive income attributable to noncontrolling interest	(199)	(1,298)
Comprehensive income/(loss) attributable to the Company’s shares	$ 77,168	$ (86)

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]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2019		$ 2	$ 204,912	$ (102,404)	$ 111	$ 478	$ 103,099
Beginning balance, shares at Dec. 31, 2019	1	22,223
Net income				(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, Shares		(2,030)
Holding loss on marketable securities, available for sale					92		92
Reclassification adjustment for gain on sale of marketable securities included in net income					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
Net income				77,295		199	77,494
Distributions paid to noncontrolling interests						(610)	(610)
Acquisition of noncontrolling interests in subsidiaries			(17,524)			2,610	(14,914)
Tender, redemption and cancellation of common stock			(613)				(613)
Tender, redemption and cancellation of common stock shares		(65)
Holding loss on marketable securities, available for sale					(113)		(113)
Reclassification adjustment for gain on sale of marketable securities included in net income					(14)		(14)
Ending balance, value at Dec. 31, 2021		$ 2	$ 171,079	$ (25,224)	$ 13		$ 145,870
Ending balance, shares at Dec. 31, 2021	1	20,128

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 77,494	$ 1,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,858	12,227
Amortization of deferred financing costs	948	600
Gain on sale of unconsolidated joint venture	(1,457)	0
Gain on sale of investment property	(82,819)	(5,474)
Non-cash interest income	(1,170)	(1,746)
Other non-cash adjustments, net	13	(63)
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses and other assets	2,868	(2,795)
(Decrease)/increase in accounts payable and accrued and other liabilities	(556)	1,407
Decrease in payables to related parties	0	(6)
Net cash provided by operating activities	10,179	5,333
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(134,857)	(50,240)
Purchase of marketable securities	(1,267)	(1,456)
Proceeds from sale of marketable securities	1,162	3,390
Funding of note receivable, net	0	(625)
Proceeds from sale of unconsolidated joint venture	1,457	0
Acquisition of noncontrolling interests in subsidiaries	(14,914)	0
Proceeds from sale of investment property, net of closing costs	90,252	23,673
Net cash used in investing activities	(58,167)	(25,258)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	97,433	65,620
Payments on notes payable	(31,440)	(12,939)
Proceeds from advance from advisor	0	25,000
Payments on advance from advisor	0	(25,000)
Payment of loan fees and expenses	(2,994)	(1,584)
Tender, redemption and cancellation of common stock	(613)	(15,696)
Distributions paid to noncontrolling interests	(610)	(3,975)
Net cash provided by financing activities	61,776	31,426
Net change in cash, cash equivalents and restricted cash	13,788	11,501
Cash, cash equivalents and restricted cash, beginning of year	31,451	19,950
Cash, cash equivalents and restricted cash, end of year	45,239	31,451
Supplemental cash flow information for the years indicated is as follows:
Cash paid for interest, net of amounts capitalized	9,565	8,997
Holding loss/gain on marketable securities, available for sale	127	29
Capital expenditures for real estate in accrued liabilities and accounts payable	85	42
Debt assumed by buyer in connection with disposition of investment property	$ 35,700	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization Business Lightstone Value Plus REIT V, Inc. which was formerly known as Lightstone Value Plus Real Estate Investment Trust V, Inc. before August 31, 2021 (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, 2021, the Company had eight wholly owned real estate investments (multi-family apartment complexes) 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, 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 20.1 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 and the Company’s board of directors’ assessment of the Company’s investment objectives and liquidity options for the Company’s stockholders. Currently, the Company’s board of directors has targeted June 30, 2028 for the commencement of a liquidity event. However, 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. Furthermore, 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, 2021
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 buildings are generally depreciated over estimated useful lives ranging up to 39 years 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: Schedule of cash, cash equivalents and restricted cash December 31, 2021 2020 Cash and cash equivalents $ 24,360 $ 27,078 Restricted cash 20,879 4,373 Total cash, cash equivalents and restricted cash $ 45,239 $ 31,451 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, 2021 and 2020, 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, 2021 and 2020, the Company did not record any impairment charges. 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 may engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRSs”). As such, the Company may be subject to U.S. federal and state income and franchise taxes from these activities. As of December 31, 2021 and 2020, 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 its income and property and to U.S. federal income taxes and excise taxes on its undistributed income. Concentration of Credit Risk At December 31, 2021 and 2020, 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. Additionally, if the Company acquires a noncontrolling member’s ownership interest, the acquisition is accounted for as an equity transaction with any difference between the contractual purchase price paid and the carrying value of the noncontrolling member’s interest recorded to additional paid in capital. 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 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 continuing COVID-19 pandemic remains highly unpredictable and dynamic and its ultimate 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 ongoing administration and ultimate effectiveness of vaccines, including booster shots, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the ongoing COVID-19 pandemic may have negative effects on the health of the U.S. economy for the foreseeable future. As of December 31, 2021, the Company’s consolidated portfolio of properties consisted of eight multi-family apartment complexes. 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. Additionally, the Company’s note receivable is collateralized by a 10-unit 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	12 Months Ended
	Dec. 31, 2021
Accounting Changes and Error Corrections [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 adoption of this standard will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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: Schedule of available-for-sale securities reconciliation As of December 31, 2021 Debt securities: Adjusted Cost Gross Unrealized Gross Unrealized Fair Corporate and Government Bonds $ 3,634 $ 47 $ (36 ) $ 3,645 As of December 31, 2020 Debt securities: Adjusted Gross Unrealized Gross Unrealized Fair Corporate and Government Bonds $ 3,515 $ 140 $ (1 ) $ 3,654 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, 2021 and 2020, 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, 2021. 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: Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of Due in 1 year $ 659 Due in 1 year through 5 years 2,849 Due in 5 years through 10 years 137 Due after 10 years - Total $ 3,645

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020, management estimated that the carrying value of cash and cash equivalents, restricted cash, note receivable, prepaid expenses and other assets and 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 December 31, 2021 and 2020. Carrying amounts of the Company’s notes payable and the related estimated fair value are as follows: Schedule of Notes payable and the related estimated fair value As of As of Carrying Estimated Carrying Estimated Notes payable $ 282,375 $ 287,194 $ 216,382 $ 219,625

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Properties	6. Real Estate Properties The following table presents certain information about the Company’s wholly owned and consolidated real estate properties as of December 31, 2021: Schedule of information pertaining to consolidated investments Property Name Description Location Date Acquired Ownership Interest Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 100 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 100 % Flats at Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Axis at Westmont 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 % BayVue Apartments Multifamily Tampa, Florida July 7, 2021 100 % Citadel Apartments Multifamily Houston, Texas October 6, 2021 100 % Acquisition Activities Year Ended December 31, 2021 Acquisition of 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 a contractual purchase price of $ 59.5 44.3 15.2 1.0 The Company determined this acquisition was an asset acquisition and allocated the total purchase price, including closing and other acquisition related costs, to the assets acquired based on their relative fair value. Approximately $ 12.7 43.5 1.3 3.0 The capitalization rate for the acquisition of the BayVue Apartments was approximately 4.22 Acquisition of Citadel Apartments On October 6, 2021, the Company acquired a 293-unit multifamily property located in Houston, Texas (the “Citadel Apartments”), from an unrelated third party for a contractual purchase price of $ 66.0 38.0 28.0 1.2 The Company determined this acquisition was an asset acquisition and allocated the total purchase price, including closing and other acquisition related costs, to the assets acquired based on their relative fair value. Approximately $ 13.6 48.3 2.6 3.5 The capitalization rate for the acquisition of the Citadel Apartments was approximately 3.63 Acquisition of Noncontrolling Interest in Parkside On December 30, 2021, the Company acquired the noncontrolling member’s 10.0 3.6 3.7 Year Ended December 31, 2020 Acquisition of 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 a contractual purchase price of approximately $ 43.0 0.8 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 36.0 0.6 Dispositions Activities The following dispositions 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 their operating results are reflected in the Company’s results from continuing operations in the consolidated statements of operations for all periods presented through their respective dates of disposition: Year Ended December 31, 2021 Held for Sale and Disposition of Lakes of Margate During the fourth quarter of 2020, the Company’s majority owned and consolidated 280-unit multifamily property located in Margate, Florida (the “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. 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 On March 17, 2021, the Company completed the disposition of the Lakes of Margate for a contractual sales price of $ 50.8 15.1 35.7 1.1 7.5 2.1 27.8 Disposition of the River Club Properties On December 22, 2021, the Company completed the disposition of the River Club Apartments and the Townhomes at River Club, two student housing complexes with a total of 1,134 beds (collectively, the “River Club Properties”) located in Athens, Georgia, for a contractual sales price of $ 77.3 30.4 10.2 15.0 11.7 55.0 Year Ended December 31, 2020 Held for Sale and Disposition of the Gardens Medical Pavilion During the fourth quarter of 2019, the Company’s majority owned and consolidated Gardens Medical Pavilion located in Palm Beach Gardens, Florida 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, 2019. Subsequently on January 15, 2020, the Company and the noncontrolling member completed the disposition of the Gardens Medical Pavilion for a contractual sales price of $ 24.3 12.6 1.8 5.5

Note Receivable

Note Receivable	12 Months Ended
	Dec. 31, 2021
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 8.0 4.0 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 received an aggregate of approximately $ 0.2 The 500 West 22nd Street Mezzanine Loan had an initial maturity date of August 31, 2021, with two six-month extension options, subject to satisfaction of certain conditions, and is collateralized by the ownership interests of the 500 West 22nd Street Mezzanine Loan Borrower. However, as a result of the exercise of both of the two six-month extension options, the maturity date has been extended to September 1, 2022 The 500 West 22nd Street Mezzanine Loan bears interest at a rate of LIBOR+11.0% 13.493 13.493 In connection with the initial funding under the 500 West 22nd Street Mezzanine Loan, the Company retained $ 2.1 8.0 2.1 1.9 1.8 1.7 13.9

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	8. Investment in Unconsolidated Joint Venture The Company previously participated in the residual interests of a mezzanine financing made to an unrelated 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

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Notes Payable	9. 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: Schedule of information on notes payable Property Interest Rate Weighted Average Interest Rate as of December 31, Maturity Date Amount Due As of As of River Club Properties (Repaid in full on December 22, 2021) $ - $ 30,359 Arbors Harbor Town 4.53 4.53 January 1, 2026 $ 29,000 29,000 29,000 Arbors Harbor Town Supplemental 3.52 3.52 January 1, 2026 5,379 5,842 - Parkside 4.45 4.45 June 1, 2025 15,782 16,974 17,289 Axis at Westmont 4.39 4.39 February 1, 2026 34,343 37,100 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 28,592 28,800 Flats at Fishers Supplemental 3.85 3.85 July 1, 2026 8,366 9,150 - Autumn Breeze Apartments 3.39 3.39 April 1, 2030 25,518 29,920 29,920 BayVue Apartments LIBOR + 3.10% 3.10 3.10 July 9, 2024 44,383 44,383 - Citadel Apartments Senior LIBOR + 1.50% 1.60 1.60 October 11, 2024 30,400 30,400 - Citadel Apartments Junior LIBOR + 8.75% 8.85 8.85 October 11, 2024 7,600 7,600 - Total notes payable 3.79 $ 270,275 282,375 216,382 Less: Deferred financing costs (4,845 ) (3,393 ) Total notes payable, net $ 277,530 $ 212,989 Citadel Apartments On October 6, 2021, the Company entered into a non-recourse mortgage loan facility for up to $ 39.2 30.4 9.8 7.6 The Citadel Apartments Mortgages initially mature on October 11, 2024, with two one-year extension options, subject to the satisfaction of certain conditions, and are collateralized by the Citadel Apartments, while the Citadel Apartments Junior Mortgage is subordinate to the Citadel Apartments Senior Mortgage. In connection with the acquisition of the Citadel Apartments, an aggregate $ 38.0 28.0 0.5 38.0 11.0 11.0 BayVue Apartments On July 7, 2021, the Company entered into a non-recourse mortgage loan facility for up to $ 52.2 July 9, 2024 0.3 Autumn Breeze Apartments On March 31, 2020, the Company entered into a 10 29.9 April 1, 2030 3.39 0.1 0.3 Flats as Fishers On June 13, 2019, the Company entered into a 7 28.8 July 1, 2026 3.78 On August 16, 2021, the Company entered into a non-recourse subordinated mortgage loan for $ 9.2 July 1, 2026 43 3.85 0.1 Valley Ranch Apartments On February 14, 2019, the Company entered into the Valley Ranch Mortgage scheduled to mature on March 1, 2026 4.16 Arbor Harbors Town On December 28, 2018, the Company entered into a 7 29.0 4.53 On September 30, 2021, the Company entered into a non-recourse subordinated mortgage loan for $ 5.9 January 1, 2026 26 3.52 0.1 Axis at Westmont On November 27, 2018, the Company assumed an existing non-recourse mortgage loan (the “Axis at Westmont Mortgage”) in the amount of $ 37.6 4.39 0.2 Parkside On June 1, 2018, the Company entered into a seven-year non-recourse mortgage loan (the “Parkside Mortgage”) in the amount of $ 18.0 4.45 River Club Properties 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 The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of December 31, 2021. Schedule of contractual obligations for principal payments 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 1,740 $ 2,191 $ 84,844 $ 18,138 $ 147,729 $ 27,733 $ 282,375 Less: deferred financing costs (4,845 ) Total notes payable, net $ 277,530 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 $ 35.7 July 1, 2030 LIBOR+2.98% 0.4 1.4 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 included the Lakes of Margate Loan, were classified as held for sale in the consolidated balance sheet as of December 31, 2020. In connection with the disposition of the Lakes of Margate on March 17, 2021, the Lakes of Margate Buyer assumed the existing Lakes of Margate Loan with an outstanding principal balance of $ 35.7 Gardens Medical Pavilion On June 28, 2018, the Company and the noncontrolling member entered into a three-year non-recourse mortgage loan (the “Gardens Medical Mortgage”) in the amount of $ 13.0 LIBOR+1.90% Prior to its disposition, the Gardens Medical Pavilion met the criteria to be classified as held for sale and therefore, its associated assets and liabilities, which included the Gardens Medical Mortgage, were classified as held for sale in the consolidated balance sheet as of December 31, 2019. In connection with the disposition of the Gardens Medical Pavilion on January 15, 2020, the Garden Medical Mortgage was repaid in full.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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, 2021
Equity [Abstract]
Stockholders’ Equity	11. Stockholders’ Equity Capitalization As of December 31, 2021, the Company’s authorized capital was 350,000,000 50,000,000 1,000 .0001 As of December 31, 2021, the Company had issued 20.1 2.2 1,000 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 2.25 0.7 The 2020 Tender Offer terminated on July 24, 2020, and a total of 26,637 0.1 2019 Tender Offer The Company commenced a tender offer on December 17, 2019, pursuant to which it offered to acquire up to 2.0 7.75 15.5 The 2019 Tender Offer terminated on February 28, 2020, and a total of 2,183,888 2.0 15.6 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 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. 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 On an annual basis, the Company will not redeem in excess of 0.5 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 SRP, the per share redemption price automatically adjusted to $ 12.91 During the year ended December 31, 2021 the Company redeemed 65,029 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% 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, 2021 and 2020.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Advisor and Property Manager 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. 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 one-year terms and currently extend through June 10, 2022. dependent on the Advisor and its affiliates for certain services that are essential to us, including asset disposition decisions, property management and leasing services, and other general administrative responsibilities. In the event that these companies were unable to provide with their respective services, it would be required to obtain such services from other sources. 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 In addition, the Company pays acquisition and advisory fees of 1.5 The Company pays the Advisor an acquisition expense reimbursement in the amount of (i) 0.25 0.25 0.25 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 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 0.5 Construction Management - The Company pays its property manager a construction management fee in an amount not to exceed 5 Asset Management - The Company pays the Advisor a monthly asset management fee of one-twelfth of 0.7 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 June 11, 2019 through June 10, 2020, the Administrative Services Reimbursement was up to $ 1.31 1.33 1.39 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 25 The following table represents the fees incurred associated with the payments to the Advisor for the periods indicated: Schedule of fees to related parties For the 2021 2020 Acquisition fees and acquisition expense reimbursement (1) $ 2,196 $ 764 Debt financing fees (2) 938 656 Property management fees (property operating expenses) 465 468 Administrative services reimbursement (general and administrative costs) 1,358 1,321 Asset management fees (general and administrative costs) 3,006 2,721 Total $ 7,963 $ 5,930 (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. 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 5.00 15.0 10.0 0.2 0.2 As of December 31, 2021, the Company had a payable to the Advisor and its affiliates of approximately $ 3

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 buildings are generally depreciated over estimated useful lives ranging up to 39 years 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: Schedule of cash, cash equivalents and restricted cash December 31, 2021 2020 Cash and cash equivalents $ 24,360 $ 27,078 Restricted cash 20,879 4,373 Total cash, cash equivalents and restricted cash $ 45,239 $ 31,451
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, 2021 and 2020, 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, 2021 and 2020, the Company did not record any impairment charges.
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 Costs	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 may engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRSs”). As such, the Company may be subject to U.S. federal and state income and franchise taxes from these activities. As of December 31, 2021 and 2020, 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 its 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, 2021 and 2020, 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. Additionally, if the Company acquires a noncontrolling member’s ownership interest, the acquisition is accounted for as an equity transaction with any difference between the contractual purchase price paid and the carrying value of the noncontrolling member’s interest recorded to additional paid in capital.
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 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 continuing COVID-19 pandemic remains highly unpredictable and dynamic and its ultimate 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 ongoing administration and ultimate effectiveness of vaccines, including booster shots, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the ongoing COVID-19 pandemic may have negative effects on the health of the U.S. economy for the foreseeable future. As of December 31, 2021, the Company’s consolidated portfolio of properties consisted of eight multi-family apartment complexes. 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. Additionally, the Company’s note receivable is collateralized by a 10-unit 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of cash, cash equivalents and restricted cash	Schedule of cash, cash equivalents and restricted cash December 31, 2021 2020 Cash and cash equivalents $ 24,360 $ 27,078 Restricted cash 20,879 4,373 Total cash, cash equivalents and restricted cash $ 45,239 $ 31,451

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Marketable Securities And Fair Value Measurements
Schedule of available-for-sale securities reconciliation	Schedule of available-for-sale securities reconciliation As of December 31, 2021 Debt securities: Adjusted Cost Gross Unrealized Gross Unrealized Fair Corporate and Government Bonds $ 3,634 $ 47 $ (36 ) $ 3,645 As of December 31, 2020 Debt securities: Adjusted Gross Unrealized Gross Unrealized Fair 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 Due in 1 year $ 659 Due in 1 year through 5 years 2,849 Due in 5 years through 10 years 137 Due after 10 years - Total $ 3,645

Financial Instruments not Rep_2

Financial Instruments not Reported at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 As of Carrying Estimated Carrying Estimated Notes payable $ 282,375 $ 287,194 $ 216,382 $ 219,625

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	Schedule of information pertaining to consolidated investments Property Name Description Location Date Acquired Ownership Interest Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 100 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 100 % Flats at Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Axis at Westmont 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 % BayVue Apartments Multifamily Tampa, Florida July 7, 2021 100 % Citadel Apartments Multifamily Houston, Texas October 6, 2021 100 %
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

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 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 December 31, Maturity Date Amount Due As of As of River Club Properties (Repaid in full on December 22, 2021) $ - $ 30,359 Arbors Harbor Town 4.53 4.53 January 1, 2026 $ 29,000 29,000 29,000 Arbors Harbor Town Supplemental 3.52 3.52 January 1, 2026 5,379 5,842 - Parkside 4.45 4.45 June 1, 2025 15,782 16,974 17,289 Axis at Westmont 4.39 4.39 February 1, 2026 34,343 37,100 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 28,592 28,800 Flats at Fishers Supplemental 3.85 3.85 July 1, 2026 8,366 9,150 - Autumn Breeze Apartments 3.39 3.39 April 1, 2030 25,518 29,920 29,920 BayVue Apartments LIBOR + 3.10% 3.10 3.10 July 9, 2024 44,383 44,383 - Citadel Apartments Senior LIBOR + 1.50% 1.60 1.60 October 11, 2024 30,400 30,400 - Citadel Apartments Junior LIBOR + 8.75% 8.85 8.85 October 11, 2024 7,600 7,600 - Total notes payable 3.79 $ 270,275 282,375 216,382 Less: Deferred financing costs (4,845 ) (3,393 ) Total notes payable, net $ 277,530 $ 212,989
Schedule of contractual obligations for principal payments	Schedule of contractual obligations for principal payments 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 1,740 $ 2,191 $ 84,844 $ 18,138 $ 147,729 $ 27,733 $ 282,375 Less: deferred financing costs (4,845 ) Total notes payable, net $ 277,530

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of fees to related parties	Schedule of fees to related parties For the 2021 2020 Acquisition fees and acquisition expense reimbursement (1) $ 2,196 $ 764 Debt financing fees (2) 938 656 Property management fees (property operating expenses) 465 468 Administrative services reimbursement (general and administrative costs) 1,358 1,321 Asset management fees (general and administrative costs) 3,006 2,721 Total $ 7,963 $ 5,930 (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 shares in Thousands	12 Months Ended
	Dec. 31, 2021	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)	20,100	20,200
Common stock, shares outstanding (in shares)	20,100	20,200
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 II 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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Restricted Cash) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 24,360	$ 27,078
Restricted cash	20,879	4,373
Total cash, cash equivalents and restricted cash	$ 45,239	$ 31,451	$ 19,950

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details - Available for Sale Securities) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Fair Value	$ 3,645	$ 3,654
Corporate And Government Bonds [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Adjusted Cost	3,634	3,515
Gross Unrealized Gains	47	140
Gross Unrealized Losses	(36)	(1)
Fair Value	$ 3,645	$ 3,654

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details - Marketable Debt Securities) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities And Fair Value Measurements
Due in 1 year	$ 659
Due in 1 year through 5 years	2,849
Due in 5 years through 10 years	137
Due after 10 years	0
Total	$ 3,645	$ 3,654

Financial Instruments not Rep_3

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Notes payable, Carrying Amount	$ 282,375	$ 216,382
Notes payable, Estimated Fair Value	$ 287,194	$ 219,625

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments (Details - Consolidated Properties)	12 Months Ended
	Dec. 31, 2021
Arbors Harbor Town [Member]
Description	Multifamily
Location	Memphis, Tennessee
Date Acquired	Dec. 20, 2011
Ownership Interest	100.00%
Parkside Apartments Parkside [Member]
Description	Multifamily
Location	Sugar Land, Texas
Date Acquired	Aug. 8, 2013
Ownership Interest	100.00%
Flats At Fishers [Member]
Description	Multifamily
Location	Fishers, Indiana
Date Acquired	Nov. 30, 2017
Ownership Interest	100.00%
Axis At Westmont [Member]
Description	Multifamily
Location	Westmont, Illinois
Date Acquired	Nov. 27, 2018
Ownership Interest	100.00%
Valley Ranch Apartments [Member]
Description	Multifamily
Location	Ann Arbor, Michigan
Date Acquired	Feb. 14, 2019
Ownership Interest	100.00%
Autumn Breeze Apartments [Member]
Description	Multifamily
Location	Noblesville, Indiana
Date Acquired	Mar. 17, 2020
Ownership Interest	100.00%
Bay Vue Apartments [Member]
Description	Multifamily
Location	Tampa, Florida
Date Acquired	Jul. 7, 2021
Ownership Interest	100.00%
Citadel Apartments [Member]
Description	Multifamily
Location	Houston, Texas
Date Acquired	Oct. 6, 2021
Ownership Interest	100.00%

Real Estate and Real Estate (De

Real Estate and Real Estate (Details1) - Lakes of Margate [Member] $ in Thousands	Dec. 31, 2020USD ($)
Multiemployer Plan [Line Items]
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

Real Estate Properties (Details

Real Estate Properties (Details Narrative) - USD ($) $ in Thousands	Oct. 06, 2021	Jul. 07, 2021	Jan. 15, 2020	Dec. 30, 2021	Dec. 22, 2021	Mar. 17, 2021	Mar. 17, 2020	Dec. 31, 2021	Dec. 31, 2020
Note receivable								$ 13,919	$ 12,794
Parkside [Member]
Ownership interest				10.00%
Lakes Of Margate Buyer [Member]
Ownership interest						7.50%
River Club Properties [Member]
Ownership interest					15.00%
Citadel Apartments [Member]
Business Combination, Consideration Transferred	$ 66,000
Lakes Of Margate Buyer [Member]
Contractual purchase price						$ 1,100
Carrying value noncontrolling interest						2,100
Sales Contract Price						50,800
Mortgage loan						15,100
Note receivable						35,700
Gain on sale of investment property						$ 27,800
River Club Properties [Member]
Contractual purchase price					$ 10,200
Carrying value noncontrolling interest					11,700
Sales Contract Price					77,300
Gain on sale of investment property					55,000
Mortgage indebtness			$ 12,600		$ 30,400
Gardens Medical Pavilion [Member]
Sales Contract Price			24,300
Gain on sale of investment property			5,500
Bay Vue Apartments [Member]
Proceeds from mortgage		$ 44,300
Escrow amount		15,200
Citadel Apartments [Member]
Proceeds from mortgage	38,000
Escrow amount	28,000
Note receivable								$ 38
Gardens Medical Pavilion [Member]
Proceeds from mortgage			$ 1,800
Autumn Breeze Apartments [Member]
Business Combination, Consideration Transferred		59,500					$ 43,000
Business Combination, Acquisition Related Costs							800
Business Combination, intangibles assets							600
Autumn Breeze Apartments [Member] | Land and Land Improvements [Member]
Business Combination, property, plant and equipment							7,200
Autumn Breeze Apartments [Member] | Building and Building Improvements [Member]
Business Combination, property, plant and equipment							36,000
Bay Vue Apartments [Member]
Business Combination, Acquisition Related Costs							$ 1,000
Business Combination, intangibles assets		$ 3,000
Capitalization Rate		4.22%
Bay Vue Apartments [Member] | Land and Land Improvements [Member]
Business Combination, property, plant and equipment		$ 12,700
Bay Vue Apartments [Member] | Building and Building Improvements [Member]
Business Combination, property, plant and equipment		43,500
Bay Vue Apartments [Member] | Furniture and Fixtures [Member]
Business Combination, property, plant and equipment		$ 1,300
Citadel Apartments [Member]
Business Combination, Acquisition Related Costs	1,200
Business Combination, intangibles assets	$ 3,500
Capitalization Rate	3.63%
Citadel Apartments [Member] | Land and Land Improvements [Member]
Business Combination, property, plant and equipment	$ 13,600
Citadel Apartments [Member] | Building and Building Improvements [Member]
Business Combination, property, plant and equipment	48,300
Citadel Apartments [Member] | Furniture and Fixtures [Member]
Business Combination, property, plant and equipment	$ 2,600
Parkside [Member]
Contractual purchase price				$ 3,600
Carrying value noncontrolling interest				$ 3,700

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, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Payments to Acquire Notes Receivable			$ 0	$ 625
Note receivable			$ 13,919	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	Sep. 1, 2022
Debt Instrument, Description of Variable Rate Basis	LIBOR+11.0%
Debt Instrument, Basis Spread on Variable Rate	13.493%		13.493%
Interest Reserve On Notes Receivable	$ 2,100
Utilization Of Interest Reserve Percentage On Interest Due	8.00%
Interest income			$ 2,100
Amount of additional interest included in the principal balance				1,900
Interest income			1,800	$ 1,700
Note receivable			$ 13,900

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details Narrative) - USD ($) $ in Thousands	May 10, 2021	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Gain on disposition of unconsolidated joint venture		$ 1,457	$ 0
Prospect Park [Member]
Defined Benefit Plan Disclosure [Line Items]
Proceeds from Joint Venture	$ 1,500
Gain on disposition of unconsolidated joint venture	$ 1,500

Notes Payable (Details - Inform

Notes Payable (Details - Information on Notes Payable) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amount Due at Maturity	$ 277,530
Less: deferred financing costs	(4,845)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 282,375	$ 216,382
Weighted Average Interest Rate	3.79%
Amount Due at Maturity	$ 270,275
Less: deferred financing costs	(4,845)	(3,393)
Total notes payable, net	277,530	212,989
River Club And Townhomes At River Club Athens [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable		30,359
Arbors Harbor Town Memphis [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 29,000	29,000
Interest rate (as a percent)	4.53%
Weighted Average Interest Rate	4.53%
Debt Instrument, Maturity Date	Jan. 1, 2026
Amount Due at Maturity	$ 29,000
Arbors Harbor Town Supplemental [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 5,842
Interest rate (as a percent)	3.52%
Weighted Average Interest Rate	3.52%
Debt Instrument, Maturity Date	Jan. 1, 2026
Amount Due at Maturity	$ 5,379
Parkside Apartments Sugarland Texas [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 16,974	17,289
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
Axis At Westmont [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 37,100	37,600
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
Valley Ranch Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 43,414	43,414
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
Flats At Fishers [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 28,592	28,800
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
Flats At Fishers Supplemental [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 9,150
Interest rate (as a percent)	3.85%
Weighted Average Interest Rate	3.85%
Debt Instrument, Maturity Date	Jul. 1, 2026
Amount Due at Maturity	$ 8,366
Autumn Breeze Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 29,920	29,920
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
Bay Vue Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 44,383
Interest rate (as a percent)	3.10%
Weighted Average Interest Rate	3.10%
Debt Instrument, Maturity Date	Jul. 9, 2024
Amount Due at Maturity	$ 44,383
Debt Instrument, Interest Rate	LIBOR + 3.10%
Citadel Apartments Senior [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 30,400
Interest rate (as a percent)	1.60%
Weighted Average Interest Rate	1.60%
Debt Instrument, Maturity Date	Oct. 11, 2024
Amount Due at Maturity	$ 30,400
Debt Instrument, Interest Rate	LIBOR + 1.50%
Citadel Apartments Junior [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Total notes payable	$ 7,600
Interest rate (as a percent)	8.85%
Weighted Average Interest Rate	8.85%
Debt Instrument, Maturity Date	Oct. 11, 2024
Amount Due at Maturity	$ 7,600
Debt Instrument, Interest Rate	LIBOR + 8.75%

Notes Payable (Details - Contra

Notes Payable (Details - Contractual Obligations for Principal Payments) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 1,740
2023	2,191
2024	84,844
2025	18,138
2026	147,729
Thereafter	27,733
Total principal maturities	282,375
Less: deferred financing costs	(4,845)
Total notes payable, net	$ 277,530

Notes Payable (Details Narrativ

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

Oct. 06, 2021

Jun. 13, 2019

Jun. 01, 2018

Sep. 30, 2021

Aug. 31, 2021

Jun. 26, 2020

Mar. 31, 2020

Feb. 14, 2019

Dec. 28, 2018

Nov. 27, 2018

Jun. 28, 2018

Dec. 31, 2021

Dec. 31, 2020

Jan. 31, 2022

Aug. 16, 2021

Mar. 17, 2021

May 01, 2018

Real Estate Properties [Line Items]

Proceeds from notes payable

$ 97,433

$ 65,620

Note receivable

13,919

$ 12,794

Lakes of Margate [Member]

Real Estate Properties [Line Items]

Note receivable

$ 35,700

Lakes of Margate [Member]

Real Estate Properties [Line Items]

Principal amount

$ 35,700

Debt Instrument, Maturity Date

Jul. 1, 2030

Debt Instrument, Description of Variable Rate Basis

LIBOR+2.98%

Repayments of Debt and Capital Lease Obligations

$ 400

Payments to Acquire Additional Interest in Subsidiaries

$ 1,400

Autumn Breeze Apartments Loan [Member]

Real Estate Properties [Line Items]

Debt Instrument, Basis Spread on Variable Rate

3.39%

Citadel Apartments [Member]

Real Estate Properties [Line Items]

Principal amount

$ 39,200

Note receivable

38

Mortgages

$ 11

Citadel Apartments [Member] | Subsequent Event [Member]

Real Estate Properties [Line Items]

Mortgages

$ 11

Citadel Apartment [Member]

Real Estate Properties [Line Items]

Proceeds from notes payable

30,400

Payments for Merger Related Costs

38

Purchase price

28

Debt financing fees

$ 500

Citadel Apartments Mortgage [Member]

Real Estate Properties [Line Items]

Principal amount

9,800

Proceeds from notes payable

$ 7,600

Bay Vue Apartments [Member]

Real Estate Properties [Line Items]

Principal amount

52,200

Debt financing fees

$ 300

Debt Instrument, Maturity Date

Jul. 9, 2024

Autumn Breeze Apartments Loan [Member]

Real Estate Properties [Line Items]

Principal amount

$ 29,900

Debt financing fees

$ 300

Debt Instrument, Maturity Date

Apr. 1, 2030

Debt term

7 years

10 years

Periodic payment, principal

$ 100

Periodic payment, interest

$ 100

Flats At Fishers Loan [Member]

Real Estate Properties [Line Items]

Principal amount

$ 28,800

$ 9,200

Debt financing fees

$ 100

Debt Instrument, Maturity Date

Jul. 1, 2026

Jul. 1, 2026

Debt Instrument, Basis Spread on Variable Rate

3.78%

3.85%

Periodic payment, interest

$ 43

Valley Ranch Apartments [Member]

Real Estate Properties [Line Items]

Debt Instrument, Maturity Date

Mar. 1, 2026

Debt Instrument, Basis Spread on Variable Rate

4.16%

Arbor Harbors Town [Member]

Real Estate Properties [Line Items]

Principal amount

$ 5,900

$ 29,000

Debt financing fees

$ 100

Debt Instrument, Maturity Date

Jan. 1, 2026

Debt term

7 years

Debt Instrument, Basis Spread on Variable Rate

3.52%

4.53%

4.39%

Periodic payment, principal

$ 26

$ 200

Periodic payment, interest

$ 26

Axis At Westmont [Member]

Real Estate Properties [Line Items]

Principal amount

37,600

Periodic payment, interest

$ 200

Parkside [Member]

Real Estate Properties [Line Items]

Principal amount

$ 18,000

Debt Instrument, Basis Spread on Variable Rate

4.45%

River Club Properties [Member]

Real Estate Properties [Line Items]

Principal amount

$ 30,400

Gardens Medical Pavilion [Member]

Real Estate Properties [Line Items]

Principal amount

$ 13,000

Debt Instrument, Description of Variable Rate Basis

LIBOR+1.90%

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Mar. 25, 2021	Apr. 30, 2020	Dec. 17, 2019	Dec. 31, 2021	Nov. 11, 2021	Dec. 31, 2020	Aug. 31, 2020	Jun. 16, 2020
Accumulated Other Comprehensive Income (Loss) [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)				1,000,000		1,000,000
Common stock, par value (in dollars per share)				$ 0.0001		$ 0.0001
Common stock, shares issued (in shares)				20,100,000		20,200,000
Common stock shares				2,200,000
Convertible stock, shares outstanding (in shares)				1,000
Treasury Stock Acquired, Average Cost Per Share	$ 9.42
Share redemption program, annual limitation, percentage of weighted average shares outstanding				0.50%
Redemption price					$ 12.91
Repurchase of common stock				65,029
Repurchase price per shares				$ 9.42
2020 Tender Offer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, par value (in dollars per share)								$ 2.25
Number of shares offered in a tender								300,000
Aggregate value							$ 100	$ 700
Number of shares validly tendered in the offer								26,637
2019 Tender Offer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, par value (in dollars per share)			$ 7.75
Number of shares offered in a tender			2,000,000
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%

Related Party Transactions (Det

Related Party Transactions (Details - Fees to Related Parties) - Related Party [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Acquisition fees and acquisition expense reimbursement (1)	[1]	$ 2,196	$ 764
Debt financing fees (2)	[2]	938	656
Property management fees (property operating expenses)		465	468
Administrative services reimbursement (general and administrative costs)		1,358	1,321
Asset management fees (general and administrative costs)		3,006	2,721
Total		$ 7,963	$ 5,930
[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			12 Months Ended
	Jun. 29, 2020	Mar. 31, 2020	Mar. 16, 2020	Jun. 10, 2022	Dec. 31, 2021	Jun. 10, 2021	Dec. 31, 2020	Jun. 10, 2020
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%
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%
Monthly asset management fee					0.70%
Administrative Services Costs Reimbursement Real Estate Management						$ 1,330		$ 1,310
Proceeds from related party debt			$ 25,000
Interest rate			5.00%
Repayment of related party debt	$ 10,000	$ 15,000
Interest expenses					$ 200		$ 200
Due to related party					$ 3
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				$ 1,390
Funds Advanced For Loan Investment [Member]
Related Party Transaction [Line Items]
Percentage of reimbursement of acquisition expense					0.25%
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%