Blackstone Real Estate Income Trust (BSTT) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	BLACKSTONE REAL ESTATE INCOME TRUST, INC.
Entity Central Index Key	1,662,972
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class S Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		88,132,022
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,584,019
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,117,944
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		635,802

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Investments in real estate, net	$ 1,430,515
Investments in real estate-related securities	291,549
Cash and cash equivalents	31,296	$ 200
Restricted cash	92,861
Intangible assets, net	77,596
Other assets	10,781
Total assets	1,934,598	200
Liabilities and Equity
Mortgage notes, term loan, and revolving credit facility, net	717,072
Repurchase agreements	169,583
Affiliate line of credit	43,708
Subscriptions received in advance	88,657
Due to affiliates	68,492	86
Accounts payable, accrued expenses, and other liabilities	46,636	29
Total liabilities	1,134,148	115
Commitments and contingencies
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of June 30, 2017 and December 31, 2016
Additional paid-in capital	827,914	200
Accumulated deficit and cumulative distributions	(28,353)	(115)
Total equity	800,450	85
Total liabilities and equity	1,934,598	200
Class S Shares [Member]
Equity
Common stock value	714
Class T Shares [Member]
Equity
Common stock value
Class D Shares [Member]
Equity
Common stock value	2
Class I Shares [Member]
Equity
Common stock value	$ 173

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares issued	88,930,421
Common stock, shares outstanding	88,930,000	20,000
Class S Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	71,382,151	0
Common stock, shares outstanding	71,382,151	0
Class T Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	13,460	0
Common stock, shares outstanding	13,460	0
Class D Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	216,570	0
Common stock, shares outstanding	216,570	0
Class I Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	17,318,240	20,000
Common stock, shares outstanding	17,318,240	20,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2017
Revenues
Rental revenue	$ 21,230			$ 22,128
Tenant reimbursement income	2,206			2,273
Hotel revenue	3,748			5,174
Other revenue	1,155			1,208
Total revenues	28,339			30,783
Expenses
Rental property operating	9,389			9,694
Hotel operating	2,109			2,949
General and administrative	1,567			4,253
Performance participation allocation	5,241			5,241
Depreciation and amortization	23,696		$ 0	24,786
Total expenses	42,002			46,923
Other income (expense)
Income from real estate-related securities	2,543			3,409
Interest income	117			382
Interest expense	(5,541)			(5,547)
Other expenses	(28)			(28)
Total other (expense) income	(2,909)			(1,784)
Net loss before income tax	(16,572)			(17,924)
Income tax expense	(129)			(44)
Net loss	$ (16,701)		$ 0	$ (17,968)
Net loss per share of common stock — basic and diluted	$ (0.22)			$ (0.31)
Weighted-average shares of common stock outstanding, basic and diluted	76,595,994	20,000	20,000	57,060,077

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock [Member]Class S Shares [Member]	Common Stock [Member]Class D Shares [Member]	Common Stock [Member]Class I Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit and Cumulative Distributions [Member]
Beginning Balance at Dec. 31, 2016	$ 85				$ 200	$ (115)
Common stock issued	894,650	$ 711	$ 2	$ 172	893,765
Distribution reinvestment	4,270	3		1	4,266
Offering costs	(70,369)				(70,369)
Amortization of restricted stock grant	52				52
Net loss	(17,968)					(17,968)
Distributions declared on common stock	(10,270)					(10,270)
Ending Balance at Jun. 30, 2017	$ 800,450	$ 714	$ 2	$ 173	$ 827,914	$ (28,353)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	4 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)
Cash flows from operating activities:
Net loss	$ 0	$ (17,968)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	0	24,786
Unrealized gain on changes in fair value of real estate-related securities	0	(1,635)
Realized loss on settlement of real estate-related securities	0	177
Straight-line rent adjustment	0	(567)
Amortization of above- and below-market lease intangibles	0	(365)
Amortization of below-market and prepaid ground lease intangible	0	77
Amortization of deferred financing costs	0	269
Amortization of restricted stock grant	0	52
Bad debt expense	0	154
Change in assets and liabilities:
(Increase) / decrease in other assets	0	(6,277)
Increase / (decrease) in due to affiliates	0	7,634
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	0	13,147
Net cash provided by operating activities	0	19,484
Cash flows from investing activities:
Acquisitions of real estate	0	(1,509,640)
Capital improvements to real estate	0	(461)
Pre-acquisition costs	0	(1,123)
Purchase of real estate-related securities	0	(300,040)
Proceeds from settlement of real estate-related securities	0	16,596
Net cash used in investing activities	0	(1,794,668)
Cash flows from financing activities:
Proceeds from issuance of common stock	0	894,650
Offering costs paid	0	(10,102)
Subscriptions received in advance	0	88,657
Borrowings from mortgage notes, term loan, and revolving credit facility	0	723,304
Borrowings under repurchase agreements	0	182,154
Settlement of repurchase agreements	0	(12,571)
Borrowings from affiliate line of credit	0	178,208
Repayments on affiliate line of credit	0	(134,500)
Payment of deferred financing costs	0	(8,742)
Distributions	0	(1,917)
Net cash provided by financing activities	0	1,899,141
Net change in cash and cash equivalents and restricted cash	0	123,957
Cash and cash equivalents and restricted cash, beginning of period	200	200
Cash and cash equivalents and restricted cash, end of period	200	124,157
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheet:
Cash and cash equivalents	200	31,296
Restricted cash	0	92,861
Cash and cash equivalents and restricted cash, end of period	200	124,157
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions of real estate	0	10,459
Accrued capital expenditures and acquisition related costs	0	1,003
Accrued pre-acquisition costs	0	585
Accrued distributions	0	4,083
Accrued stockholder servicing fee due to affiliate	0	53,385
Accrued offering costs due to affiliate	0	6,882
Distribution reinvestment	0	4,270
Payable for real-estate related securities	0	6,647
Accrued deferred financing costs	$ 0	$ 142

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (the “Company”) was formed on November 16, 2015 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ending December 31, 2017. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and to a lesser extent, invest in real estate-related securities. The Company is the sole general partner of BREIT Operating Partnership, L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.L.C. (the “Special Limited Partner”), a wholly-owned subsidiary of The Blackstone Group L.P. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”), an affiliate of Blackstone. The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. As of January 1, 2017, the Company had satisfied the minimum offering requirement and the Company’s board of directors authorized the release of proceeds from escrow. As of June 30, 2017, the Company issued and sold 88,930,421 shares of the Company’s common stock (consisting of 71,382,151 Class S shares, 17,318,240 Class I shares, 216,570 Class D shares, and 13,460 Class T shares). The Company intends to continue selling shares on a monthly basis. As of June 30, 2017, the Company owned ten investments in real estate and had twelve positions in commercial mortgage-backed securities (“CMBS”). The Company currently operates in five reportable segments: Multifamily, Industrial, Hotel, and Retail Properties, and investments in Real Estate-Related Securities. Financial results by segment are reported in Note 14 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All intercompany transactions have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash primarily consists of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company. The amount of $88.7 million as of June 30, 2017 represents proceeds from subscriptions received in advance and is classified as restricted cash. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. The Company has early adopted Accounting Standards Update 2017-01 — Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the consolidated statements of operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the consolidated statements of operations. The amortization of below-market and pre-paid ground leases are recorded as an adjustment to hotel or rental property operating expenses, as applicable, on the consolidated statements of operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building- and land-improvements 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in property and hotel operating expenses on the Company’s consolidated statements of operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value, less cost to sell. During the period presented, no such impairment occurred. Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loan are recorded as an offset to the related liability and amortized over the term of the financing instrument. Deferred financing costs related to the Company’s revolving credit facility and affiliate line of credit are recorded as a component of other assets and amortized over the term of the financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of other assets and amortized over the life of the related lease. Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of income from real estate-related securities on the consolidated statements of operations. Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. As of June 30, 2017, the Company’s $291.5 million of investments in real estate-related securities were classified as Level 2. Valuation The Company’s investments in real estate-related securities are reported at estimated fair value. As of June 30, 2017, the Company’s investments in real estate-related securities consisted of CMBS, which are fixed income securities. The Company generally values its CMBS by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models use observable inputs such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. The fair value of the Company’s mortgage notes, term loan, and revolving credit facility, repurchase agreements, and affiliate line of credit all approximate their carrying value. Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent arising from tenant leases at the Company’s industrial, multifamily, and retail properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of leased space. Tenant reimbursement income — consists primarily of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income. Hotel revenue — consists of income from the Company’s hotel properties. Hotel revenue consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, commencing with its taxable year ending December 31, 2017. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organization and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases its hotel investments to wholly-owned taxable REIT subsidiaries (“TRSs”). The TRSs are subject to taxation at the federal, state and local levels, as applicable. Revenues related to the hotels’ operations such as room revenue, food and beverage revenue and other revenue are recorded in the TRS along with corresponding expenses. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. As of June 30, 2017, the Company recorded a deferred tax asset of $317 thousand due to its hotel investments and recorded such amount as a tax benefit within income tax expense on the consolidated statements of operations. Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of general and administrative on the Company’s consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. The Adviser has agreed to advance certain organization and offering costs on behalf of the Company interest free (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 31, 2017, the day before the first anniversary of the date as of which escrow for the Offering was released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. As of June 30, 2017, the Adviser and its affiliates had incurred organization and offering costs on the Company’s behalf of $8.7 million, consisting of offering costs of $6.9 million and organization costs of $1.8 million. These organization and offering costs were recorded as a component of due to affiliates in the accompanying consolidated balance sheet as of June 30, 2017. Such costs became the Company’s liability on January 1, 2017, the date as of which the proceeds from the Offering were released from escrow. Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class S shares, Class T shares, and Class D shares, respectively. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class: Class S Class T Class D Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — There is no stockholder servicing fee with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class S share, Class T share or Class D share held in a stockholder’s account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class S, Class T, and Class D share is sold during the Offering. As of June 30, 2017, the Company had accrued $53.4 million of stockholder servicing fees related to Class S shares, Class D shares and Class T shares sold and recorded such amount as a component of due to affiliate on the Company’s consolidated balance sheets. Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. The restricted stock grants of Class I shares held by our directors and issued on January 1, 2017 are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share (“EPS”) has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks’ participation rights in undistributed earnings. As of June 30, 2017, the effects of the two-class method on basic and diluted EPS were not material to the consolidated financial statements. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies will be required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The Company is taking inventory of its revenue streams and performing a detailed review of the related contracts to determine the impact of this standard on the Company’s consolidated financial statements. The majority of the Company’s revenue is derived from tenant leases at multifamily, industrial and retail properties. As such the Company does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. However, upon adoption of the new leasing standard, ASU 2014-09 will impact the presentation of certain lease and non-lease components of revenue. See below for a further description of the expected impact the new leasing standard will have on the Company. The Company is currently assessing the expected impact ASU 2014-09 will have on its performance obligations related to the revenue components at the Company’s hotel properties. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on their balance sheet. Additional disclosure regarding a company’s leasing activities will also be expanded under the new guidance. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition. The Company is currently evaluating the potential impact of this pronouncement on its consolidated financial statements from both a lessor and lessee standpoint. Under the new leasing standard lessor accounting remains substantially the same as current GAAP. However, the classification of certain lease and non-lease components, such as tenant reimbursement income for real estate taxes and insurance, will change but will not impact total revenue. The new lease standard will have a significant impact on lessee accounting. As such, the Company will be required to recognize a right of use asset on its consolidated balance sheet along with a lease liability equal to the present value of the remaining minimum lease payments for the Company’s ground leases.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Investments in Real Estate	3. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2017 Building and building improvements $ 1,225,356 Land and land improvements 194,741 Furniture, fixtures and equipment 19,771 Total 1,439,868 Accumulated depreciation (9,353 ) Investments in real estate, net $ 1,430,515 During the six months ended June 30, 2017, the Company acquired wholly-owned interests in 10 real estate investments, which were comprised of 39 industrial, 13 multifamily, two hotel, and one retail property. As of December 31, 2016, the Company had not commenced its principal operations and had not acquired any real estate investment properties. The following table provides further details of the properties acquired during the six months ended June 30, 2017 ($ in thousands): Property Name Number of Properties Location Sector Acquisition Date Purchase Price (1) Hyatt Place UC Davis (2) 1 Davis, CA Hotel Jan. 2017 $ 32,687 Sonora Canyon 1 Mesa, AZ Multifamily Feb. 2017 40,983 Stockton 1 Stockton, CA Industrial Feb. 2017 32,751 Bakers Centre 1 Philadelphia, PA Retail Mar. 2017 54,223 TA Multifamily Portfolio 6 Various (3) Multifamily Apr. 2017 432,593 HS Industrial Portfolio 38 Various (4) Industrial Apr. 2017 405,930 Emory Point (2) 1 Atlanta, GA Multifamily (5) May 2017 201,578 Nevada West 3 Las Vegas, NV Multifamily May 2017 170,965 Hyatt Place San Jose Downtown 1 San Jose, CA Hotel June 2017 65,321 Mountain Gate & Trails 2 Las Vegas, NV Multifamily June 2017 83,572 $ 1,520,603 (1) Purchase price is inclusive of acquisition related costs. (2) The Hyatt Place UC Davis and Emory Point are subject to a ground lease. The Emory Point ground lease was prepaid by the seller and is recorded as an intangible asset on the Company’s consolidated balance sheet. (3) The TA Multifamily Portfolio consists of a 32-floor property in downtown Orlando (“55 West”) and five garden style properties located in the suburbs of Palm Beach Gardens, Orlando, Chicago, Dallas and Kansas City. (4) The HS Industrial Portfolio consists of 38 industrial properties located in six submarkets, with the following concentration based on square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%). (5) Emory Point also includes 124,000 square feet of walkable retail space. The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2017 ($ in thousands): TA Multifamily Portfolio HS Industrial Portfolio Emory Point Nevada West All Other Total Building and building improvements $ 337,889 $ 345,391 $ 171,709 $ 145,305 $ 224,576 $ 1,224,870 Land and land improvements 68,456 45,081 — 17,409 63,746 194,692 Furniture, fixtures and equipment 4,651 — 3,040 2,833 8,823 19,347 In-place lease intangibles 21,880 20,793 11,207 5,418 10,163 69,461 Below-market ground lease intangibles — — — — 4,683 4,683 Above-market lease intangibles 24 2,726 84 — 150 2,984 Below-market lease intangibles (307 ) (8,061 ) (576 ) — (2,604 ) (11,548 ) Prepaid ground lease rent — — 16,114 — — 16,114 Total purchase price $ 432,593 $ 405,930 $ 201,578 $ 170,965 $ 309,537 $ 1,520,603 The weighted-average amortization periods for the acquired in-place lease intangibles, below-market ground lease intangibles, above-market lease intangibles, below-market lease intangibles, and prepaid ground lease rent of the properties acquired during the six months ended June 30, 2017 were 3, 52, 6, 7, and 71 years, respectively.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): June 30, 2017 Intangible assets: In-place lease intangibles $ 69,461 Below-market ground lease intangibles 4,683 Above-market lease intangibles 2,984 Prepaid ground lease rent 16,114 Total intangible assets 93,242 Accumulated amortization: In-place lease amortization (15,432 ) Below-market ground lease amortization (40 ) Above-market lease amortization (137 ) Prepaid ground lease rent amortization (37 ) Total accumulated amortization (15,646 ) Intangible assets, net $ 77,596 Intangible liabilities: Below-market lease intangibles $ 11,548 Accumulated amortization (502 ) Intangible liabilities, net $ 11,046 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2017 is as follows ($ in thousands): In-place Lease Intangibles Below-market Ground Lease Intangibles Above-market Lease Intangibles Pre-paid Ground Lease Intangibles Below-market Lease Intangibles 2017 (remaining) $ 28,356 $ 45 $ 339 $ 112 $ (1,120 ) 2018 7,933 89 647 224 (2,198 ) 2019 5,283 89 433 224 (1,930 ) 2020 4,431 89 410 224 (1,751 ) 2021 3,484 89 378 224 (1,514 ) Thereafter 4,542 4,242 640 15,069 (2,533 ) $ 54,029 $ 4,643 $ 2,847 $ 16,077 $ (11,046 )

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	6 Months Ended
	Jun. 30, 2017
Investments Schedule [Abstract]
Investments in Real Estate-Related Securities	5. Investments in Real Estate-Related Securities The following table details the Company’s investments in CMBS as of June 30, 2017 ($ in thousands): Number of Investments Credit Rating (1) Collateral Weighted Average Coupon (2) Face Amount Cost Basis Fair Value 4 BBB Office, Industrial, Hospitality L+2.15% $ 114,659 $ 114,659 $ 115,307 5 BB Office, Hospitality, Multifamily L+3.29% 150,899 150,942 151,800 3 B Office, Multifamily L+3.79% 24,313 24,313 24,442 12 $ 289,871 $ 289,914 $ 291,549 (1) BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. (2) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, three-month U.S. dollar-denominated LIBOR was equal to 1.3%. As of June 30, 2017, the Company’s investments in real estate-related securities included five CMBS with a total cost basis of $122.3 million collateralized by properties owned by Blackstone-advised investment vehicles and three CMBS with a total cost basis of $63.5 million collateralized by a loan originated by a Blackstone-advised investment vehicle. Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by Blackstone and its affiliates (including the Company) represented no more than a 49% participation in any individual tranche. The Company acquired its minority participation interests from third-party investment banks on market terms negotiated by the majority third-party investors. Blackstone and its affiliates (including the Company) will forgo all non-economic rights (including voting rights) in such CMBS as long as the Blackstone-advised investment vehicles either own the properties collateralizing, or have an interest in a different part of the capital structure related to such CMBS. For both the three and six months ended June 30, 2017, the Company recorded interest income of $1.2 million related to its investments in such CMBS. As described in Note 2, the Company classifies its investments in real estate-related securities as trading and records these investment in real estate related securities at fair value on its consolidated balance sheets. During the three and six months ended June 30, 2017, the Company recorded an unrealized gain of $900 thousand and $1.6 million, respectively, as a component of income from real estate-related securities on its consolidated statements of operations. During the three and six months ended June 30, 2017, one of the Company’s CMBS investments was repaid and the Company recorded a realized loss of $177 thousand as a component of income from real estate-related securities on its consolidated statements of operations. The Company did not sell any securities during the three and six months ended June 30, 2017.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	6. Mortgage Notes, Term Loan, and Revolving Credit Facility The following is a summary of the mortgage notes, term loan, and revolving credit facility secured by the Company’s properties as of June 30, 2017 ($ in thousands): Property Interest Rate (1) Maturity Dates Principal Balance Amortization Period Prepayment Provisions (2) TA Multifamily (excluding 55 West) 3.76% 6/1/2024 $ 211,249 Interest Only Yield Maintenance Industrial Properties - Term Loan L+2.10% 6/1/2022 146,000 Interest Only Spread Maintenance Industrial Properties - Revolving Credit Facility L+2.10% 6/1/2022 146,000 Interest Only None Emory Point 3.66% 5/5/2024 130,000 Interest Only (4) Yield Maintenance 55 West (part of TA Multifamily Portfolio) L+2.18% 5/9/2022 (3) 63,600 Interest Only Spread Maintenance Sonora Canyon 3.76% 6/1/2024 26,455 Interest Only Yield Maintenance Total principal balance 723,304 Deferred financing costs (6,232) Mortgage notes, term loan, and revolving credit facility $ 717,072 (1) The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, one-month U.S. dollar-denominated LIBOR was equal to 1.2%. (2) Yield and spread maintenance provisions require the borrower to pay a premium to the lender in an amount that would allow the lender to attain the yield or spread assuming the borrower had made all payments until maturity. (3) The 55 West mortgage has an initial maturity date of May 9, 2019 and the Company, at its sole discretion, has three one-year extension options. (4) Interest only payments required for the first 60 months of the mortgage and principal and interest payments required for the final 24 months. The following table presents the future principal payment due under the Company’s mortgage notes, term loan, and revolving credit facility as of June 30, 2017 ($ in thousands): Year Amount 2017 (remaining) $ — 2018 — 2019 — 2020 — 2021 — Thereafter 723,304 Total $ 723,304

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2017
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements	7. Repurchase Agreements The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”) and Royal Bank of Canada (the “RBC MRA”), to provide the Company with additional financing capacity secured by its real estate-related securities. The terms of the Citi MRA and the RBC MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time. The following table is a summary of our repurchase agreements as of June 30, 2017 ($ in thousands): Facility Security Interests Interest Rate (1) Maturity Dates (2) Outstanding Balance Prepayment Provisions Citi MRA CMBS L+1.30% - L+1.60% 7/17/17 - 8/30/2017 153,567 None RBC MRA CMBS L+1.25% 7/28/2017 16,016 None $ 169,583 (1) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, three-month U.S. dollar-denominated LIBOR was equal to 1.3% (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in July 2017 into new three-month contracts with a maturity date of October 2017.

Affiliate Line of Credit

Affiliate Line of Credit	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Affiliate Line of Credit	8. Affiliate Line of Credit On January 23, 2017, the Company entered into an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $250 million with Blackstone Holdings Finance Co. L.L.C. (“Lender”), an affiliate of Blackstone. The Line of Credit expires on January 23, 2018, and may be extended for up to twelve months, subject to Lender approval. The interest rate is the then-current rate offered by a third-party lender, or, if no such rate is available, LIBOR plus 2.25%. Interest under the Line of Credit is determined based on a one-month U.S. dollar-denominated London Interbank Offer Rate, which was 1.2% as of June 30, 2017. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s investment adviser, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). To the extent the Company has not repaid all loans and other obligations under the Line of Credit when repayment is required, the Company is obligated to apply the net cash proceeds from the Offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that the Company will be permitted to (x) make payments to fulfill any repurchase requests pursuant to the Company’s share repurchase plan, (y) use funds to close any acquisition of property that the Company committed to prior to receiving a demand notice and (z) make quarterly distributions to the Company’s stockholders at per share levels consistent with the immediately preceding fiscal quarter and as otherwise required for the Company to maintain its REIT status. As of June 30, 2017, the Company had $43.7 million in borrowings outstanding under the Line of Credit.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Other Assets and Other Liabilities	9. Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): June 30, 2017 December 31, 2016 Deferred financing costs 2,383 — Prepaid expenses 2,243 — Pre-acquisition costs 1,709 — Accounts receivable 1,398 — Deferred rent receivable 567 — Other 2,481 — Total $ 10,781 $ — The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): June 30, 2017 December 31, 2016 Intangible liabilities, net $ 11,046 $ — Real estate taxes payable 9,150 — Payable for real estate-related securities 6,648 — Accounts payable and accrued expenses 5,645 — Distribution payable 4,083 — Tenant security deposits 3,506 — Prepaid rental income 3,306 — Accrued interest expense 2,645 — Other 607 29 Total $ 46,636 $ 29

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	10. Equity Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class S shares, Class T shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights. As of June 30, 2017, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Total 2,100,000 Common Stock As of June 30, 2017, the Company had sold 88.9 million shares of its common stock in the Offering for aggregate net proceeds of $890.3 million. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Six Months Ended June 30, 2017 Class T Class S Class D Class I Total Beginning balance — — — 20 20 Common stock issued 13 71,060 216 17,192 88,481 Distribution reinvestment — 322 1 99 422 Directors’ restricted stock grant (1) — — — 7 7 Ending balance 13 71,382 217 17,318 88,930 (1) The directors’ restricted stock grant represents 25% of the annual compensation paid to the independent directors. The grant is amortized over the service period of such grant. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Beginning March 2017, the Company declared a monthly distribution to stockholders of record as of the last day of each applicable month. The following table details the aggregate distributions declared for each applicable class of common stock for the six months ended June 30, 2017 ($ in thousands, except share and per share data): Class S Class I Class D Class T Aggregate distributions declared per share of common stock $ 0.1732 $ 0.1732 $ 0.0958 $ 0.0517 Stockholder servicing fee per share of common stock (0.0377 ) — (0.0042 ) (0.0071 ) Net distributions declared per share of common stock $ 0.1355 $ 0.1732 $ 0.0916 $ 0.0446

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Management Fee and Performance Participation Allocation On August 7, 2017, the Company renewed the advisory agreement among the Company, BREIT OP and the Adviser for an additional one-year period ending August 31, 2018. The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, shares of common stock, or BREIT OP units. The Adviser agreed to waive its management fee through June 30, 2017. Additionally, the Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The annual distribution of the performance participation interest will be paid in cash or Class I units of BREIT OP, at the election of the Special Limited Partner. As of June 30, 2017, the Company had accrued $5.2 million of performance participation allocation on the consolidated statement of operations. Due to Affiliate The following table details the components of due to affiliates ($ in thousands): June 30, 2017 December 31, 2016 Accrued stockholder servicing fee $ 53,385 $ — Advanced organization and offering costs 8,720 — Performance participation allocation 5,241 — Accrued affiliate service provider expenses 990 — Advanced expenses 156 86 Total $ 68,492 $ 86 Accrued stockholder servicing fee As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of June 30, 2017, the Company accrued $53.4 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. Advanced organization and offering costs The Adviser advanced $8.7 million of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through June 30, 2017. Such amounts will be reimbursed to the Adviser on a pro-rata basis over 60 months beginning January 1, 2018. Accrued affiliate service provider expenses The Company has engaged and expects to continue to engage BRE Hotels and Resorts, a portfolio company controlled (but not owned) by a Blackstone-advised fund, to provide day-to-day operational and management services (including revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for the Company’s hotel properties. The Company currently estimates the cost for such services to be approximately $200 per key per annum (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the three and six months ended June 30, 2017, the Company incurred $10 thousand and $15 thousand, respectively, of expenses due to BRE Hotels and Resorts for services incurred in connection with its investments and such amount is included in hotel operating expenses on its consolidated statements of operations. The Company has engaged and expects to continue to engage LivCor, LLC (“LivCor”), a portfolio company owned by a Blackstone-advised fund, to provide day-to-day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for the Company’s multifamily properties. The Company currently estimates the cost for such services to be approximately $300 per unit per annum (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During both the three and six months ended June 30, 2017, the Company incurred $70 thousand of expenses due to LivCor for services incurred in connection with its investments and such amount is included in rental property operating expenses on its consolidated statements of operations. Additionally, the Company capitalized $485 thousand to investments in real estate for transaction support services provided by LivCor. The Company has engaged and expects to continue to engage Equity Office Management, L.L.C. (“EOM”), a portfolio company owned by Blackstone-advised funds, to provide day-to-day operational and management services (including property management services, leasing, construction management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for the Company’s office and industrial properties. The Company currently estimates the cost for such services to be approximately 3% of gross revenue for property management services, 1% of gross rents from new and renewal leases for leasing services and 4% of total project costs for construction management services, plus a per square foot amount for corporate services and actual costs allocated for transaction support services. During the three and six months ended June 30, 2017, the Company incurred $461 thousand and $471 thousand, respectively, of expenses due to EOM for services incurred in connection with its investments, and such amount is included in rental property operating expenses on its consolidated statements of operations. Additionally, the Company capitalized $20 thousand to investments in real estate for transaction support services provided by EOM. The Company has engaged and expects to continue to engage ShopCore Properties TRS Management LLC (“ShopCore”), a portfolio company owned by a Blackstone-advised fund, to provide day-to-day operational and management services (including property management services, leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for the Company’s retail properties. The Company currently estimates the cost of such services to be approximately 3% of gross revenue for property management services, 1% of gross rents from new and renewal leases for leasing services and 4% of total project costs for construction management services, plus a per square foot amount for corporate services and actual costs allocated for transaction support services. During both the three and six months ended June 30, 2017, the Company incurred $70 thousand of expenses due to ShopCore for services incurred in connection with its investments and such amount is included in rental property operating expenses on its consolidated statements of operations. The Company expects to set up a management incentive plan for each transaction for which the Company engages BRE Hotels and Resorts, LivCor, EOM, or ShopCore for certain senior executives of the applicable portfolio company. Neither Blackstone nor the Adviser receives any fees or incentive payments from agreements between the Company and such portfolio companies or their management teams. During the six months ended June 30, 2017, the Company has not paid or accrued any incentive fees to its affiliated service providers under such agreements. Advanced expenses The Adviser had advanced $156 thousand and $86 thousand of expenses on the Company’s behalf for general corporate services provided by unaffiliated third parties as of June 30, 2017 and December 31, 2016, respectively. Other Blackstone partnered with a leading national title agency to create Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies in connection with investments by the Company, Blackstone, and third parties. LNLS will not perform services in non-regulated states for the Company, unless in the context of a portfolio transaction that includes properties in rate-regulated states, as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, when a third party is paying all or a material portion of the premium or in other scenarios where LNLS is not negotiating the premium. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. During the six months ended June 30, 2017, the Company paid LNLS $160 thousand for title services related to two investments. Such costs were capitalized as part of the Company’s cost basis in the investment and are classified as part of investments in real estate, net on its consolidated balance sheet.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies As of June 30, 2017 and December 31, 2016, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. The Hyatt Place UC Davis is subject to a ground lease that expires in 2070. Pursuant to the ground lease, the Company will pay the landlord annual rent equal to the greater of (a) minimum base rent of $130 thousand (subject to certain periodic adjustments) or (b) 5% of room revenue reduced by a utility rebate equal to actual utility charges paid capped at 2% of room revenue. The 55 West parking garage is subject to a ground lease that expires in 2085. Pursuant to the ground lease, the Company will pay the landlord annual rent equal to a fixed payment of $50 thousand and a variable payment which is the product of the prior year variable rate adjusted by the Consumer Price Index during the previous year. At the time the Company acquired the ground lease, the variable rent payment component was equal to $59 thousand. The following table details the Company’s contractual obligations and commitments with payments due subsequent to June 30, 2017 ($ in thousands): Year Future Commitments 2017 (remaining) $ 119 2018 239 2019 239 2020 239 2021 239 Thereafter 13,233 Total $ 14,308

Five Year Minimum Rental Paymen

Five Year Minimum Rental Payments	6 Months Ended
	Jun. 30, 2017
Leases [Abstract]
Five Year Minimum Rental Payments	13. Five Year Minimum Rental Payments The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2017 (remaining) $ 17,041 2018 31,925 2019 26,790 2020 24,131 2021 20,424 Thereafter 55,234 Total $ 175,545

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	14. Segment Reporting The Company operates in five reportable segments: Multifamily properties, Industrial properties, Hotel properties, Retail properties, and Real Estate-Related Securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of June 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Other (Corporate) Total Total assets $ 932,689 $ 456,639 $ 102,225 $ 56,780 $ 292,074 $ 94,191 $ 1,934,598 The following table sets forth the financial results by segment for the three months ended June 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 14,036 $ 6,260 $ — $ 934 $ — $ 21,230 Tenant reimbursement income 482 1,626 — 98 — 2,206 Hotel revenue — — 3,748 — — 3,748 Other revenue 1,149 — — 6 — 1,155 Total revenues 15,667 7,886 3,748 1,038 — 28,339 Expenses: Rental property operating 6,667 2,549 — 173 — 9,389 Hotel operating — — 2,109 — — 2,109 Total expenses 6,667 2,549 2,109 173 — 11,498 Income from real estate-related securities — — — — 2,543 2,543 Segment net operating income $ 9,000 $ 5,337 $ 1,639 $ 865 $ 2,543 $ 19,384 Depreciation and amortization $ 18,240 $ 4,217 $ 763 $ 476 $ — $ 23,696 Other income (expense): General and administrative (1,567 ) Interest income 117 Interest expense (5,541 ) Performance participation allocation (5,241 ) Other expenses (28 ) Income tax expense (129 ) Net loss $ (16,701 ) The following table sets for the financial results by segment for the six months ended June 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 14,556 $ 6,619 $ — $ 953 $ — $ 22,128 Tenant reimbursement income 508 1,667 — 98 — 2,273 Hotel revenue — — 5,174 — — 5,174 Other revenue 1,202 — — 6 — 1,208 Total revenues 16,266 8,286 5,174 1,057 — 30,783 Expenses: Rental property operating 6,885 2,635 — 174 — 9,694 Hotel operating — — 2,949 — — 2,949 Total expenses 6,885 2,635 2,949 174 — 12,643 Income from real estate-related securities — — — — 3,409 3,409 Segment net operating income $ 9,381 $ 5,651 $ 2,225 $ 883 $ 3,409 $ 21,549 Depreciation and amortization $ 18,599 $ 4,444 $ 1,257 $ 486 $ — $ 24,786 Other income (expense): General and administrative (4,253 ) Interest income 382 Interest expense (5,547 ) Performance participation allocation (5,241 ) Other expenses (28 ) Income tax expense (44 ) Net loss $ (17,968 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Acquisitions On July 27, 2017, the Company acquired a fee simple interest in Elysian West, a Class A multifamily property totaling 466 units in Las Vegas, Nevada. The property was acquired from a third party for $106.5 million, exclusive of closing costs. On July 27, 2017, the Company acquired a fee simple interest in four select service hotels totaling 469 keys in Tampa and Orlando, Florida. The properties were acquired from a third party for $58.4 million, exclusive of closing costs. On August 3, 2017, the Company acquired a fee simple interest in the Hyatt House Atlanta Downtown, a select service hotel totaling 150 keys in Atlanta, Georgia. The property was acquired from a third party for $35.0 million, exclusive of closing costs. Subsequent to June 30, 2017, the Company purchased an aggregate of $213.2 million of floating-rate CMBS backed by hospitality-related and grocery-anchored retail collateral. Status of the Offering As of August 11, 2017, the Company had sold an aggregate of 110,469,787 shares of its common stock (consisting of 88,132,022 Class S shares, 20,584,019 Class I shares, 635,802 Class D shares, and 1,117,944 Class T shares) in the Offering resulting in net proceeds of $1.1 billion to the Company as payment for such shares.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All intercompany transactions have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company. The amount of $88.7 million as of June 30, 2017 represents proceeds from subscriptions received in advance and is classified as restricted cash.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. The Company has early adopted Accounting Standards Update 2017-01 — Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the consolidated statements of operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the consolidated statements of operations. The amortization of below-market and pre-paid ground leases are recorded as an adjustment to hotel or rental property operating expenses, as applicable, on the consolidated statements of operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building- and land-improvements 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in property and hotel operating expenses on the Company’s consolidated statements of operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value, less cost to sell. During the period presented, no such impairment occurred.
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loan are recorded as an offset to the related liability and amortized over the term of the financing instrument. Deferred financing costs related to the Company’s revolving credit facility and affiliate line of credit are recorded as a component of other assets and amortized over the term of the financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of other assets and amortized over the life of the related lease.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of income from real estate-related securities on the consolidated statements of operations.
Fair Value Measurement	Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. As of June 30, 2017, the Company’s $291.5 million of investments in real estate-related securities were classified as Level 2. Valuation The Company’s investments in real estate-related securities are reported at estimated fair value. As of June 30, 2017, the Company’s investments in real estate-related securities consisted of CMBS, which are fixed income securities. The Company generally values its CMBS by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models use observable inputs such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. The fair value of the Company’s mortgage notes, term loan, and revolving credit facility, repurchase agreements, and affiliate line of credit all approximate their carrying value.
Revenue Recognition	Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent arising from tenant leases at the Company’s industrial, multifamily, and retail properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of leased space. Tenant reimbursement income — consists primarily of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income. Hotel revenue — consists of income from the Company’s hotel properties. Hotel revenue consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, commencing with its taxable year ending December 31, 2017. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organization and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases its hotel investments to wholly-owned taxable REIT subsidiaries (“TRSs”). The TRSs are subject to taxation at the federal, state and local levels, as applicable. Revenues related to the hotels’ operations such as room revenue, food and beverage revenue and other revenue are recorded in the TRS along with corresponding expenses. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. As of June 30, 2017, the Company recorded a deferred tax asset of $317 thousand due to its hotel investments and recorded such amount as a tax benefit within income tax expense on the consolidated statements of operations.
Organization and Offering Costs	Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of general and administrative on the Company’s consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. The Adviser has agreed to advance certain organization and offering costs on behalf of the Company interest free (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 31, 2017, the day before the first anniversary of the date as of which escrow for the Offering was released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. As of June 30, 2017, the Adviser and its affiliates had incurred organization and offering costs on the Company’s behalf of $8.7 million, consisting of offering costs of $6.9 million and organization costs of $1.8 million. These organization and offering costs were recorded as a component of due to affiliates in the accompanying consolidated balance sheet as of June 30, 2017. Such costs became the Company’s liability on January 1, 2017, the date as of which the proceeds from the Offering were released from escrow. Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class S shares, Class T shares, and Class D shares, respectively. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class: Class S Class T Class D Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — There is no stockholder servicing fee with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class S share, Class T share or Class D share held in a stockholder’s account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class S, Class T, and Class D share is sold during the Offering. As of June 30, 2017, the Company had accrued $53.4 million of stockholder servicing fees related to Class S shares, Class D shares and Class T shares sold and recorded such amount as a component of due to affiliate on the Company’s consolidated balance sheets.
Earnings Per Share	Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. The restricted stock grants of Class I shares held by our directors and issued on January 1, 2017 are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share (“EPS”) has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks’ participation rights in undistributed earnings. As of June 30, 2017, the effects of the two-class method on basic and diluted EPS were not material to the consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies will be required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The Company is taking inventory of its revenue streams and performing a detailed review of the related contracts to determine the impact of this standard on the Company’s consolidated financial statements. The majority of the Company’s revenue is derived from tenant leases at multifamily, industrial and retail properties. As such the Company does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. However, upon adoption of the new leasing standard, ASU 2014-09 will impact the presentation of certain lease and non-lease components of revenue. See below for a further description of the expected impact the new leasing standard will have on the Company. The Company is currently assessing the expected impact ASU 2014-09 will have on its performance obligations related to the revenue components at the Company’s hotel properties. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on their balance sheet. Additional disclosure regarding a company’s leasing activities will also be expanded under the new guidance. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition. The Company is currently evaluating the potential impact of this pronouncement on its consolidated financial statements from both a lessor and lessee standpoint. Under the new leasing standard lessor accounting remains substantially the same as current GAAP. However, the classification of certain lease and non-lease components, such as tenant reimbursement income for real estate taxes and insurance, will change but will not impact total revenue. The new lease standard will have a significant impact on lessee accounting. As such, the Company will be required to recognize a right of use asset on its consolidated balance sheet along with a lease liability equal to the present value of the remaining minimum lease payments for the Company’s ground leases.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Useful Lives of Assets	The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building- and land-improvements 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles Over lease term
Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class: Class S Class T Class D Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% —

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2017 Building and building improvements $ 1,225,356 Land and land improvements 194,741 Furniture, fixtures and equipment 19,771 Total 1,439,868 Accumulated depreciation (9,353 ) Investments in real estate, net $ 1,430,515
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the six months ended June 30, 2017 ($ in thousands): Property Name Number of Properties Location Sector Acquisition Date Purchase Price (1) Hyatt Place UC Davis (2) 1 Davis, CA Hotel Jan. 2017 $ 32,687 Sonora Canyon 1 Mesa, AZ Multifamily Feb. 2017 40,983 Stockton 1 Stockton, CA Industrial Feb. 2017 32,751 Bakers Centre 1 Philadelphia, PA Retail Mar. 2017 54,223 TA Multifamily Portfolio 6 Various (3) Multifamily Apr. 2017 432,593 HS Industrial Portfolio 38 Various (4) Industrial Apr. 2017 405,930 Emory Point (2) 1 Atlanta, GA Multifamily (5) May 2017 201,578 Nevada West 3 Las Vegas, NV Multifamily May 2017 170,965 Hyatt Place San Jose Downtown 1 San Jose, CA Hotel June 2017 65,321 Mountain Gate & Trails 2 Las Vegas, NV Multifamily June 2017 83,572 $ 1,520,603 (1) Purchase price is inclusive of acquisition related costs. (2) The Hyatt Place UC Davis and Emory Point are subject to a ground lease. The Emory Point ground lease was prepaid by the seller and is recorded as an intangible asset on the Company’s consolidated balance sheet. (3) The TA Multifamily Portfolio consists of a 32-floor property in downtown Orlando (“55 West”) and five garden style properties located in the suburbs of Palm Beach Gardens, Orlando, Chicago, Dallas and Kansas City. (4) The HS Industrial Portfolio consists of 38 industrial properties located in six submarkets, with the following concentration based on square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%). (5) Emory Point also includes 124,000 square feet of walkable retail space.
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2017 ($ in thousands): TA Multifamily Portfolio HS Industrial Portfolio Emory Point Nevada West All Other Total Building and building improvements $ 337,889 $ 345,391 $ 171,709 $ 145,305 $ 224,576 $ 1,224,870 Land and land improvements 68,456 45,081 — 17,409 63,746 194,692 Furniture, fixtures and equipment 4,651 — 3,040 2,833 8,823 19,347 In-place lease intangibles 21,880 20,793 11,207 5,418 10,163 69,461 Below-market ground lease intangibles — — — — 4,683 4,683 Above-market lease intangibles 24 2,726 84 — 150 2,984 Below-market lease intangibles (307 ) (8,061 ) (576 ) — (2,604 ) (11,548 ) Prepaid ground lease rent — — 16,114 — — 16,114 Total purchase price $ 432,593 $ 405,930 $ 201,578 $ 170,965 $ 309,537 $ 1,520,603

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): June 30, 2017 Intangible assets: In-place lease intangibles $ 69,461 Below-market ground lease intangibles 4,683 Above-market lease intangibles 2,984 Prepaid ground lease rent 16,114 Total intangible assets 93,242 Accumulated amortization: In-place lease amortization (15,432 ) Below-market ground lease amortization (40 ) Above-market lease amortization (137 ) Prepaid ground lease rent amortization (37 ) Total accumulated amortization (15,646 ) Intangible assets, net $ 77,596 Intangible liabilities: Below-market lease intangibles $ 11,548 Accumulated amortization (502 ) Intangible liabilities, net $ 11,046
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2017 is as follows ($ in thousands): In-place Lease Intangibles Below-market Ground Lease Intangibles Above-market Lease Intangibles Pre-paid Ground Lease Intangibles Below-market Lease Intangibles 2017 (remaining) $ 28,356 $ 45 $ 339 $ 112 $ (1,120 ) 2018 7,933 89 647 224 (2,198 ) 2019 5,283 89 433 224 (1,930 ) 2020 4,431 89 410 224 (1,751 ) 2021 3,484 89 378 224 (1,514 ) Thereafter 4,542 4,242 640 15,069 (2,533 ) $ 54,029 $ 4,643 $ 2,847 $ 16,077 $ (11,046 )

Investments in Real Estate-Re26

Investments in Real Estate-Related Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investments Schedule [Abstract]
Summary of Investments in CMBS	The following table details the Company’s investments in CMBS as of June 30, 2017 ($ in thousands): Number of Investments Credit Rating (1) Collateral Weighted Average Coupon (2) Face Amount Cost Basis Fair Value 4 BBB Office, Industrial, Hospitality L+2.15% $ 114,659 $ 114,659 $ 115,307 5 BB Office, Hospitality, Multifamily L+3.29% 150,899 150,942 151,800 3 B Office, Multifamily L+3.79% 24,313 24,313 24,442 12 $ 289,871 $ 289,914 $ 291,549 (1) BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. (2) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, three-month U.S. dollar-denominated LIBOR was equal to 1.3%.

Mortgage Notes, Term Loan, and

Mortgage Notes, Term Loan, and Revolving Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Notes, Term Loan, and Revolving Credit Facility Secured by Company’s Properties	The following is a summary of the mortgage notes, term loan, and revolving credit facility secured by the Company’s properties as of June 30, 2017 ($ in thousands): Property Interest Rate (1) Maturity Dates Principal Balance Amortization Period Prepayment Provisions (2) TA Multifamily (excluding 55 West) 3.76% 6/1/2024 $ 211,249 Interest Only Yield Maintenance Industrial Properties - Term Loan L+2.10% 6/1/2022 146,000 Interest Only Spread Maintenance Industrial Properties - Revolving Credit Facility L+2.10% 6/1/2022 146,000 Interest Only None Emory Point 3.66% 5/5/2024 130,000 Interest Only (4) Yield Maintenance 55 West (part of TA Multifamily Portfolio) L+2.18% 5/9/2022 (3) 63,600 Interest Only Spread Maintenance Sonora Canyon 3.76% 6/1/2024 26,455 Interest Only Yield Maintenance Total principal balance 723,304 Deferred financing costs (6,232) Mortgage notes, term loan, and revolving credit facility $ 717,072 (1) The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, one-month U.S. dollar-denominated LIBOR was equal to 1.2%. (2) Yield and spread maintenance provisions require the borrower to pay a premium to the lender in an amount that would allow the lender to attain the yield or spread assuming the borrower had made all payments until maturity. (3) The 55 West mortgage has an initial maturity date of May 9, 2019 and the Company, at its sole discretion, has three one-year extension options. (4) Interest only payments required for the first 60 months of the mortgage and principal and interest payments required for the final 24 months.
Summary of Future Principal Payment Due Under Company’s Mortgage Notes, Term Loan, and Revolving Credit Facility	The following table presents the future principal payment due under the Company’s mortgage notes, term loan, and revolving credit facility as of June 30, 2017 ($ in thousands): Year Amount 2017 (remaining) $ — 2018 — 2019 — 2020 — 2021 — Thereafter 723,304 Total $ 723,304

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Repurchase Agreements [Abstract]
Summary of Repurchase Agreements	The following table is a summary of our repurchase agreements as of June 30, 2017 ($ in thousands): Facility Security Interests Interest Rate (1) Maturity Dates (2) Outstanding Balance Prepayment Provisions Citi MRA CMBS L+1.30% - L+1.60% 7/17/17 - 8/30/2017 153,567 None RBC MRA CMBS L+1.25% 7/28/2017 16,016 None $ 169,583 (1) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, three-month U.S. dollar-denominated LIBOR was equal to 1.3% (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in July 2017 into new three-month contracts with a maturity date of October 2017.

Other Assets and Other Liabil29

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): June 30, 2017 December 31, 2016 Deferred financing costs 2,383 — Prepaid expenses 2,243 — Pre-acquisition costs 1,709 — Accounts receivable 1,398 — Deferred rent receivable 567 — Other 2,481 — Total $ 10,781 $ —
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): June 30, 2017 December 31, 2016 Intangible liabilities, net $ 11,046 $ — Real estate taxes payable 9,150 — Payable for real estate-related securities 6,648 — Accounts payable and accrued expenses 5,645 — Distribution payable 4,083 — Tenant security deposits 3,506 — Prepaid rental income 3,306 — Accrued interest expense 2,645 — Other 607 29 Total $ 46,636 $ 29

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 2017, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Total 2,100,000
Schedule of Company's Outstanding Shares of Common Stock	As of June 30, 2017, the Company had sold 88.9 million shares of its common stock in the Offering for aggregate net proceeds of $890.3 million. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Six Months Ended June 30, 2017 Class T Class S Class D Class I Total Beginning balance — — — 20 20 Common stock issued 13 71,060 216 17,192 88,481 Distribution reinvestment — 322 1 99 422 Directors’ restricted stock grant (1) — — — 7 7 Ending balance 13 71,382 217 17,318 88,930 (1) The directors’ restricted stock grant represents 25% of the annual compensation paid to the independent directors. The grant is amortized over the service period of such grant.
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the six months ended June 30, 2017 ($ in thousands, except share and per share data): Class S Class I Class D Class T Aggregate distributions declared per share of common stock $ 0.1732 $ 0.1732 $ 0.0958 $ 0.0517 Stockholder servicing fee per share of common stock (0.0377 ) — (0.0042 ) (0.0071 ) Net distributions declared per share of common stock $ 0.1355 $ 0.1732 $ 0.0916 $ 0.0446

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): June 30, 2017 December 31, 2016 Accrued stockholder servicing fee $ 53,385 $ — Advanced organization and offering costs 8,720 — Performance participation allocation 5,241 — Accrued affiliate service provider expenses 990 — Advanced expenses 156 86 Total $ 68,492 $ 86

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Summary of Contractual Obligations and Commitments with Payments Due	The following table details the Company’s contractual obligations and commitments with payments due subsequent to June 30, 2017 ($ in thousands): Year Future Commitments 2017 (remaining) $ 119 2018 239 2019 239 2020 239 2021 239 Thereafter 13,233 Total $ 14,308

Five Year Minimum Rental Paym33

Five Year Minimum Rental Payments (Tables)	6 Months Ended
	Jun. 30, 2017
Leases [Abstract]
Schedule of Future Minimum Rental Income	The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2017 (remaining) $ 17,041 2018 31,925 2019 26,790 2020 24,131 2021 20,424 Thereafter 55,234 Total $ 175,545

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table sets forth the total assets by segment as of June 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Other (Corporate) Total Total assets $ 932,689 $ 456,639 $ 102,225 $ 56,780 $ 292,074 $ 94,191 $ 1,934,598 The following table sets forth the financial results by segment for the three months ended June 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 14,036 $ 6,260 $ — $ 934 $ — $ 21,230 Tenant reimbursement income 482 1,626 — 98 — 2,206 Hotel revenue — — 3,748 — — 3,748 Other revenue 1,149 — — 6 — 1,155 Total revenues 15,667 7,886 3,748 1,038 — 28,339 Expenses: Rental property operating 6,667 2,549 — 173 — 9,389 Hotel operating — — 2,109 — — 2,109 Total expenses 6,667 2,549 2,109 173 — 11,498 Income from real estate-related securities — — — — 2,543 2,543 Segment net operating income $ 9,000 $ 5,337 $ 1,639 $ 865 $ 2,543 $ 19,384 Depreciation and amortization $ 18,240 $ 4,217 $ 763 $ 476 $ — $ 23,696 Other income (expense): General and administrative (1,567 ) Interest income 117 Interest expense (5,541 ) Performance participation allocation (5,241 ) Other expenses (28 ) Income tax expense (129 ) Net loss $ (16,701 ) The following table sets for the financial results by segment for the six months ended June 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 14,556 $ 6,619 $ — $ 953 $ — $ 22,128 Tenant reimbursement income 508 1,667 — 98 — 2,273 Hotel revenue — — 5,174 — — 5,174 Other revenue 1,202 — — 6 — 1,208 Total revenues 16,266 8,286 5,174 1,057 — 30,783 Expenses: Rental property operating 6,885 2,635 — 174 — 9,694 Hotel operating — — 2,949 — — 2,949 Total expenses 6,885 2,635 2,949 174 — 12,643 Income from real estate-related securities — — — — 3,409 3,409 Segment net operating income $ 9,381 $ 5,651 $ 2,225 $ 883 $ 3,409 $ 21,549 Depreciation and amortization $ 18,599 $ 4,444 $ 1,257 $ 486 $ — $ 24,786 Other income (expense): General and administrative (4,253 ) Interest income 382 Interest expense (5,547 ) Performance participation allocation (5,241 ) Other expenses (28 ) Income tax expense (44 ) Net loss $ (17,968 )

Organization and Business Pur35

Organization and Business Purpose - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)InvestmentPositionSegmentshares	Dec. 31, 2016shares
Organization and business activities.
Date of formation	Nov. 16, 2015
Common stock, shares authorized, amount | $	$ 5,000,000,000
Common stock, shares issued	88,930,421
Number of real estate investments | Investment	10
Number of reportable segments | Segment	5
Commercial Mortgage Backed Securities [Member]
Organization and business activities.
Number of positions | Position	12
Class S Shares [Member]
Organization and business activities.
Common stock, shares issued	71,382,151	0
Class I Shares [Member]
Organization and business activities.
Common stock, shares issued	17,318,240	20,000
Class T Shares [Member]
Organization and business activities.
Common stock, shares issued	13,460	0
Class D Shares [Member]
Organization and business activities.
Common stock, shares issued	216,570	0
IPO [Member]
Organization and business activities.
Common stock, shares authorized, amount | $	$ 4,000,000,000
Distribution Reinvestment Plan [Member]
Organization and business activities.
Common stock, shares authorized, amount | $	$ 1,000,000,000

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)
Significant Of Accounting Policies [Line Items]
Subscriptions received in advance	$ 88,657	$ 88,657
Investments in real estate-related securities	$ 291,549	$ 291,549
Percentage of taxable income distributed to stockholders	90.00%	90.00%
Tax benefit	$ (129)	$ (44)
Class S Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.85%
Class T Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.85%
Class D Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.25%
Class S Shares, Class D Shares and Class T Shares [Member]
Significant Of Accounting Policies [Line Items]
Stockholder servicing fees accrued	53,400	$ 53,400
Adviser [Member]
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses		60 months
Organizational and offering costs	8,700	$ 8,700
Offering cost	6,900	6,900
Organization costs		$ 1,800
Blackstone Advisory Partners L.P. [Member]
Significant Of Accounting Policies [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share		8.75%
Blackstone Advisory Partners L.P. [Member] | Class S Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.85%
Blackstone Advisory Partners L.P. [Member] | Class T Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.85%
Blackstone Advisory Partners L.P. [Member] | Class D Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.25%
Blackstone Advisory Partners L.P. [Member] | Class I Shares [Member]
Significant Of Accounting Policies [Line Items]
Percentage of stockholder servicing fee on NAV per annum		0.00%
UC Davis Hotel [Member]
Significant Of Accounting Policies [Line Items]
Tax benefit		$ 317
Level 2 [Member]
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities	$ 291,500	$ 291,500

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Summary of Useful Lives of Assets (Detail)	6 Months Ended
	Jun. 30, 2017
Real Estate Properties [Line Items]
Lease intangibles	Over lease term
Building [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Estimated useful life of asset	30 years
Building [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Building and Land Improvements [Member]
Real Estate Properties [Line Items]
Estimated useful life of asset	10 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Estimated useful life of asset	1 year
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Estimated useful life of asset	7 years

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees (Detail)	6 Months Ended
	Jun. 30, 2017
Class S Shares [Member]
Related Party Transaction [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class T Shares [Member]
Related Party Transaction [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class D Shares [Member]
Related Party Transaction [Line Items]
Stockholder servicing fee (% of NAV)	0.25%
Maximum [Member] | Class S Shares [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Maximum [Member] | Class T Shares [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Investments Schedule [Abstract]
Building and building improvements	$ 1,225,356
Land and land improvements	194,741
Furniture, fixtures and equipment	19,771
Total	1,439,868
Accumulated depreciation	(9,353)
Investments in real estate, net	$ 1,430,515

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017InvestmentProperty
Real Estate Properties [Line Items]
Number of real estate investments | Investment	10
In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	3 years
Below-market Ground Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	52 years
Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	6 years
Below-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	7 years
Prepaid Ground Lease Rent [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	71 years
Industrial [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired	39
Multifamily [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired	13
Retail [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired	1
Hotel [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired	2

Investments in Real Estate - 41

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Property
Real Estate Properties [Line Items]
Purchase Price | $	$ 1,520,603
Hotel [Member]
Real Estate Properties [Line Items]
Number of Properties	2
Multifamily [Member]
Real Estate Properties [Line Items]
Number of Properties	13
Industrial [Member]
Real Estate Properties [Line Items]
Number of Properties	39
Retail [Member]
Real Estate Properties [Line Items]
Number of Properties	1
CA [Member] | Hotel [Member] | Hyatt Place UC Davis [Member]
Real Estate Properties [Line Items]
Number of Properties	1
Acquisition Date	Jan. 31, 2017
Purchase Price | $	$ 32,687
CA [Member] | Hotel [Member] | Hyatt Place San Jose Downtown [Member]
Real Estate Properties [Line Items]
Number of Properties	1
Acquisition Date	Jun. 30, 2017
Purchase Price | $	$ 65,321
CA [Member] | Industrial [Member] | Stockton [Member]
Real Estate Properties [Line Items]
Number of Properties	1
Acquisition Date	Feb. 28, 2017
Purchase Price | $	$ 32,751
Mesa, AZ [Member] | Multifamily [Member] | Sonora Canyon [Member]
Real Estate Properties [Line Items]
Number of Properties	1
Acquisition Date	Feb. 28, 2017
Purchase Price | $	$ 40,983
Philadelphia, PA [Member] | Retail [Member] | Bakers Centre [Member]
Real Estate Properties [Line Items]
Number of Properties	1
Acquisition Date	Mar. 31, 2017
Purchase Price | $	$ 54,223
Various [Member] | Multifamily [Member] | TA Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Number of Properties	6
Acquisition Date	Apr. 30, 2017
Purchase Price | $	$ 432,593
Various [Member] | Industrial [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Number of Properties	38
Acquisition Date	Apr. 30, 2017
Purchase Price | $	$ 405,930
Atlanta, GA [Member] | Multifamily [Member] | Emory Point [Member]
Real Estate Properties [Line Items]
Number of Properties	1
Acquisition Date	May 31, 2017
Purchase Price | $	$ 201,578
NV [Member] | Multifamily [Member] | Nevada West [Member]
Real Estate Properties [Line Items]
Number of Properties	3
Acquisition Date	May 31, 2017
Purchase Price | $	$ 170,965
NV [Member] | Multifamily [Member] | Mountain Gate & Trails [Member]
Real Estate Properties [Line Items]
Number of Properties	2
Acquisition Date	Jun. 30, 2017
Purchase Price | $	$ 83,572

Investments in Real Estate - 42

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) (Parenthetical)	6 Months Ended
	Jun. 30, 2017ft²IndustrialProperty
HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Number of industrial properties | IndustrialProperty	38
Emory Point [Member]
Real Estate Properties [Line Items]
Area of retail space | ft²	124,000
Atlanta [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property	38.00%
Chicago [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property	23.00%
Houston [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property	17.00%
Harrisburg [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property	10.00%
Dallas [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property	10.00%
Orlando [Member] | HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property	2.00%

Investments in Real Estate - 43

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 1,224,870
Land and land improvements	194,692
Furniture, fixtures and equipment	19,347
Intangible assets	93,242
Below-market lease intangibles	(11,548)
Total purchase price	1,520,603
In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	69,461
Below-market Ground Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	4,683
Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	2,984
Prepaid Ground Lease Rent [Member]
Real Estate Properties [Line Items]
Intangible assets	16,114
TA Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Building and building improvements	337,889
Land and land improvements	68,456
Furniture, fixtures and equipment	4,651
Below-market lease intangibles	(307)
Total purchase price	432,593
TA Multifamily Portfolio [Member] | In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	21,880
TA Multifamily Portfolio [Member] | Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	24
HS Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Building and building improvements	345,391
Land and land improvements	45,081
Below-market lease intangibles	(8,061)
Total purchase price	405,930
HS Industrial Portfolio [Member] | In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	20,793
HS Industrial Portfolio [Member] | Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	2,726
Emory Point [Member]
Real Estate Properties [Line Items]
Building and building improvements	171,709
Furniture, fixtures and equipment	3,040
Below-market lease intangibles	(576)
Total purchase price	201,578
Emory Point [Member] | In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	11,207
Emory Point [Member] | Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	84
Emory Point [Member] | Prepaid Ground Lease Rent [Member]
Real Estate Properties [Line Items]
Intangible assets	16,114
Nevada West [Member]
Real Estate Properties [Line Items]
Building and building improvements	145,305
Land and land improvements	17,409
Furniture, fixtures and equipment	2,833
Total purchase price	170,965
Nevada West [Member] | In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	5,418
All Other [Member]
Real Estate Properties [Line Items]
Building and building improvements	224,576
Land and land improvements	63,746
Furniture, fixtures and equipment	8,823
Below-market lease intangibles	(2,604)
Total purchase price	309,537
All Other [Member] | In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	10,163
All Other [Member] | Below-market Ground Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	4,683
All Other [Member] | Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Intangible assets	$ 150

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Intangible assets:
Total intangible assets	$ 93,242
Accumulated amortization:
Total accumulated amortization	(15,646)
Intangible assets, net	77,596
Intangible liabilities:
Below-market lease intangibles	11,548
Accumulated amortization	(502)
Intangible liabilities, net	11,046
In-place Lease Intangibles [Member]
Intangible assets:
Total intangible assets	69,461
Accumulated amortization:
Total accumulated amortization	(15,432)
Intangible assets, net	54,029
Below-market Ground Lease Intangibles [Member]
Intangible assets:
Total intangible assets	4,683
Accumulated amortization:
Total accumulated amortization	(40)
Intangible assets, net	4,643
Above-market Lease Intangibles [Member]
Intangible assets:
Total intangible assets	2,984
Accumulated amortization:
Total accumulated amortization	(137)
Intangible assets, net	2,847
Prepaid Ground Lease Rent [Member]
Intangible assets:
Total intangible assets	16,114
Accumulated amortization:
Total accumulated amortization	$ (37)

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 77,596
Below-market Lease Intangibles, 2017	(1,120)
Below-market Lease Intangibles, 2018	(2,198)
Below-market Lease Intangibles, 2019	(1,930)
Below-market Lease Intangibles, 2020	(1,751)
Below-market Lease Intangibles, 2021	(1,514)
Below-market Lease Intangibles, Thereafter	(2,533)
Below-market Lease Intangibles, Total	(11,046)
In-place Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2017 (remaining)	28,356
2,018	7,933
2,019	5,283
2,020	4,431
2,021	3,484
Thereafter	4,542
Intangible assets, net	54,029
Below-market Ground Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2017 (remaining)	45
2,018	89
2,019	89
2,020	89
2,021	89
Thereafter	4,242
Intangible assets, net	4,643
Above-market Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2017 (remaining)	339
2,018	647
2,019	433
2,020	410
2,021	378
Thereafter	640
Intangible assets, net	2,847
Prepaid Ground Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2017 (remaining)	112
2,018	224
2,019	224
2,020	224
2,021	224
Thereafter	15,069
Intangible assets, net	$ 16,077

Investments in Real Estate-Re46

Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Detail) $ in Thousands	Jun. 30, 2017USD ($)Investment
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Fair Value	$ 291,549
Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Investments | Investment	12
Face Amount	$ 289,871
Cost Basis	289,914
Fair Value	$ 291,549
Commercial Mortgage Backed Securities [Member] | BBB Credit Rating [Member] | Office, Industrial, Hospitality [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Investments | Investment	4
Face Amount	$ 114,659
Cost Basis	114,659
Fair Value	$ 115,307
Commercial Mortgage Backed Securities [Member] | BBB Credit Rating [Member] | Office, Industrial, Hospitality [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	2.15%
Commercial Mortgage Backed Securities [Member] | BB Credit Rating [Member] | Office, Hospitality, Multifamily [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Investments | Investment	5
Face Amount	$ 150,899
Cost Basis	150,942
Fair Value	$ 151,800
Commercial Mortgage Backed Securities [Member] | BB Credit Rating [Member] | Office, Hospitality, Multifamily [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	3.29%
Commercial Mortgage Backed Securities [Member] | B Credit Rating [Member] | Office, Multifamily [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Investments | Investment	3
Face Amount	$ 24,313
Cost Basis	24,313
Fair Value	$ 24,442
Commercial Mortgage Backed Securities [Member] | B Credit Rating [Member] | Office, Multifamily [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	3.79%

Investments in Real Estate-Re47

Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Parenthetical) (Detail) - Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]	Jun. 30, 2017
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investment interest rate	1.30%
Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investment interest rate	1.30%

Investments in Real Estate-Re48

Investments in Real Estate-Related Securities - Additional Information (Detail)	3 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)Investment	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Investment
Investment [Line Items]
Unrealized gain on investments in real estate related securities	$ 900,000		$ 1,600,000
Realized loss on CMBS investment repaid	177,000	$ 0	177,000
Securities sold	$ 0		$ 0
Commercial Mortgage Backed Securities Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member]
Investment [Line Items]
Number of Investments | Investment	5		5
Investments in securities, cost basis	$ 122,300,000		$ 122,300,000
Commercial Mortgage Backed Securities Collateralized by Loan Originated by Blackstone-advised Investment Vehicle [Member]
Investment [Line Items]
Number of Investments | Investment	3		3
Investments in securities, cost basis	$ 63,500,000		$ 63,500,000
Interest income recorded	$ 1,200,000		$ 1,200,000
Commercial Mortgage Backed Securities [Member]
Investment [Line Items]
Number of Investments | Investment	12		12
Investments in securities, cost basis	$ 289,914,000		$ 289,914,000
Maximum investment percentage in CMBS individual tranche	49.00%		49.00%

Mortgage Notes, Term Loan, an49

Mortgage Notes, Term Loan, and Revolving Credit Facility - Summary of Mortgage Notes, Term Loan, and Revolving Credit Facility Secured by Company's Properties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Total principal balance	$ 723,304
Deferred financing costs	(6,232)
Mortgage notes, term loan, and revolving credit facility	$ 717,072
One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Debt Instrument [Line Items]
Interest Rate	1.20%
TA Multifamily (Excluding 55 West) [Member] | Mortgage Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.76%
Maturity Dates	Jun. 1, 2024
Total principal balance	$ 211,249
Amortization Period	Interest Only
Prepayment Provisions	Yield Maintenance
Industrial Properties [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Maturity Dates	Jun. 1, 2022
Total principal balance	$ 146,000
Amortization Period	Interest Only
Prepayment Provisions	Spread Maintenance
Industrial Properties [Member] | Term Loan [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Debt Instrument [Line Items]
Interest Rate	2.10%
Industrial Properties [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity Dates	Jun. 1, 2022
Total principal balance	$ 146,000
Amortization Period	Interest Only
Prepayment Provisions	None
Industrial Properties [Member] | Revolving Credit Facility [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Debt Instrument [Line Items]
Interest Rate	2.10%
Emory Point [Member] | Mortgage Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.66%
Maturity Dates	May 5, 2024
Total principal balance	$ 130,000
Amortization Period	Interest Only
Prepayment Provisions	Yield Maintenance
55 West [Member] | Mortgage Notes [Member]
Debt Instrument [Line Items]
Maturity Dates	May 9, 2022
Total principal balance	$ 63,600
Amortization Period	Interest Only
Prepayment Provisions	Spread Maintenance
55 West [Member] | Mortgage Notes [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Debt Instrument [Line Items]
Interest Rate	2.18%
Sonora Canyon [Member] | Mortgage Notes [Member]
Debt Instrument [Line Items]
Interest Rate	3.76%
Maturity Dates	Jun. 1, 2024
Total principal balance	$ 26,455
Amortization Period	Interest Only
Prepayment Provisions	Yield Maintenance

Mortgage Notes, Term Loan, an50

Mortgage Notes, Term Loan, and Revolving Credit Facility - Summary of Mortgage Notes, Term Loan, and Revolving Credit Facility Secured by Company's Properties (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2017
Debt Instrument [Line Items]
Debt instrument, Interest only payments term	first 60 months
Debt instrument, Principal and interest payments term	final 24 months
One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Debt Instrument [Line Items]
Debt instrument, Interest rate	1.20%
55 West [Member] | Mortgage Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Initial maturity date	May 9, 2019
Debt instrument, Extension term	three one-year

Mortgage Notes, Term Loan, an51

Mortgage Notes, Term Loan, and Revolving Credit Facility - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loan, and Revolving Credit Facility (Details) $ in Thousands	Jun. 30, 2017USD ($)
Debt Disclosure [Abstract]
Thereafter	$ 723,304
Total	$ 723,304

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Outstanding Balance	$ 169,583
Citi MRA [Member]
Debt Instrument [Line Items]
Security Interests	CMBS
Maturity Dates	7/17/17 - 8/30/2017
Outstanding Balance	$ 153,567
Prepayment Provisions	None
Citi MRA [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate	1.30%
Citi MRA [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate	1.60%
RBC MRA [Member]
Debt Instrument [Line Items]
Security Interests	CMBS
Maturity Dates	7/28/2017
Outstanding Balance	$ 16,016
Prepayment Provisions	None
RBC MRA [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate	1.25%

Repurchase Agreements - Summa53

Repurchase Agreements - Summary of Repurchase Agreements (Parenthetical) (Detail)	Jun. 30, 2017
Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Debt Instrument [Line Items]
Investment interest rate	1.30%

Affiliate Line of Credit - Addi

Affiliate Line of Credit - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jan. 23, 2017
One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, Interest rate	1.20%
Unsecured Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit		$ 250,000,000
Expiration date	Jan. 23, 2018
Borrowings under line of credit	$ 43,700,000
Unsecured Line of Credit [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Line of Credit Facility [Line Items]
Interest rate	2.25%
Debt instrument, Interest rate	1.20%

Other Assets and Other Liabil55

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Other Assets [Abstract]
Deferred financing costs	$ 2,383
Prepaid expenses	2,243
Pre-acquisition costs	1,709
Accounts receivable	1,398
Deferred rent receivable	567
Other	2,481
Total	$ 10,781

Other Assets and Other Liabil56

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Payables And Accruals [Abstract]
Intangible liabilities, net	$ 11,046
Real estate taxes payable	9,150
Payable for real estate-related securities	6,648
Accounts payable and accrued expenses	5,645
Distribution payable	4,083		$ 0
Tenant security deposits	3,506
Prepaid rental income	3,306
Accrued interest expense	2,645
Other	607	$ 29
Total	$ 46,636	$ 29

Equity - Additional Information

Equity - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)Classshares
Class Of Stock Disclosures [Abstract]
Number of classes of common stock | Class	4
Number of Shares, Authorized to issue, Total	2,100,000,000
Common stock, shares issued	88,930,421
Net proceeds from issuance of common stock | $	$ 890.3

Equity - Schedule of Company's

Equity - Schedule of Company's Authorized Capital (Detail) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Preferred Stock, Number of Shares, Authorized to issue	100,000,000	100,000,000
Number of Shares, Authorized to issue, Total	2,100,000,000
Preferred Stock, Par Value	$ 0.01	$ 0.01
Class S Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	500,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Class T Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	500,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Class D Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	500,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Class I Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	500,000,000
Common Stock, Par Value	$ 0.01	$ 0.01

Equity - Schedule of Company'59

Equity - Schedule of Company's Outstanding Shares of Common Stock (Detail)	6 Months Ended
	Jun. 30, 2017shares
Class of Stock [Line Items]
Beginning balance	20,000
Common stock issued	88,481,000
Distribution reinvestment	422,000
Directors’ restricted stock grant	7,000
Ending balance	88,930,000
Class T Shares [Member]
Class of Stock [Line Items]
Beginning balance	0
Common stock issued	13,000
Ending balance	13,460
Class S Shares [Member]
Class of Stock [Line Items]
Beginning balance	0
Common stock issued	71,060,000
Distribution reinvestment	322,000
Ending balance	71,382,151
Class D Shares [Member]
Class of Stock [Line Items]
Beginning balance	0
Common stock issued	216,000
Distribution reinvestment	1,000
Ending balance	216,570
Class I Shares [Member]
Class of Stock [Line Items]
Beginning balance	20,000
Common stock issued	17,192,000
Distribution reinvestment	99,000
Directors’ restricted stock grant	7,000
Ending balance	17,318,240

Equity - Schedule of Company'60

Equity - Schedule of Company's Outstanding Shares of Common Stock (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2017
Class Of Stock Disclosures [Abstract]
Percentage of compensation paid on restricted stock granted	25.00%

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Detail)	6 Months Ended
	Jun. 30, 2017$ / shares
Class S Shares [Member]
Dividends Payable [Line Items]
Aggregate distributions declared per share of common stock	$ 0.1732
Stockholder servicing fee per share of common stock	(0.0377)
Net distributions declared per share of common stock	0.1355
Class I Shares [Member]
Dividends Payable [Line Items]
Aggregate distributions declared per share of common stock	0.1732
Net distributions declared per share of common stock	0.1732
Class D Shares [Member]
Dividends Payable [Line Items]
Aggregate distributions declared per share of common stock	0.0958
Stockholder servicing fee per share of common stock	(0.0042)
Net distributions declared per share of common stock	0.0916
Class T Shares [Member]
Dividends Payable [Line Items]
Aggregate distributions declared per share of common stock	0.0517
Stockholder servicing fee per share of common stock	(0.0071)
Net distributions declared per share of common stock	$ 0.0446

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)$ / Key$ / Unit	Jun. 30, 2017USD ($)$ / Key$ / Unit	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Accrued liabilities for performance participation	$ 5,200,000	$ 5,200,000
Total components due to affiliates	$ 68,492,000	$ 68,492,000	$ 86,000
Operational and management services cost per key per annum | $ / Key	200	200
Operational and management services cost per unit | $ / Unit	300	300
Costs paid to LNLS for title services related to investment		$ 160,000
Adviser [Member]
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum		1.25%
Period for reimbursement of advance expenses		60 months
Blackstone Advisory Partners L.P. [Member]
Related Party Transaction [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share		8.75%
Special Limited Partner [Member]
Related Party Transaction [Line Items]
Percentage of annual hurdle amount		5.00%
Related party allocation percentage of annual total return		12.50%
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return		87.50%
LivCor LLC [Member]
Related Party Transaction [Line Items]
Investments in real estate capitalized	$ 485,000	$ 485,000
Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	0	0
Accrued Liabilities [Member] | LivCor LLC [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	70,000	70,000
Accrued Liabilities [Member] | BRE Hotels and Resorts [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	10,000	15,000
EOM [Member]
Related Party Transaction [Line Items]
Investments in real estate capitalized	$ 20,000	$ 20,000
EOM [Member] | Property Management Services [Member]
Related Party Transaction [Line Items]
Percentage of operational and management services cost	3.00%	3.00%
EOM [Member] | Leasing Services [Member]
Related Party Transaction [Line Items]
Percentage of operational and management services cost	1.00%	1.00%
EOM [Member] | Construction Management Services [Member]
Related Party Transaction [Line Items]
Percentage of operational and management services cost	4.00%	4.00%
EOM [Member] | Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 461,000	$ 471,000
ShopCore Properties TRS Management LLC [Member] | Property Management Services [Member]
Related Party Transaction [Line Items]
Percentage of operational and management services cost	3.00%	3.00%
ShopCore Properties TRS Management LLC [Member] | Leasing Services [Member]
Related Party Transaction [Line Items]
Percentage of operational and management services cost	1.00%	1.00%
ShopCore Properties TRS Management LLC [Member] | Construction Management Services [Member]
Related Party Transaction [Line Items]
Percentage of operational and management services cost	4.00%	4.00%
ShopCore Properties TRS Management LLC [Member] | Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 70,000	$ 70,000
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	53,385,000	53,385,000
Accrued Stockholder Servicing Fee [Member] | Class S Shares, Class D Shares and Class T Shares [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	53,400,000	53,400,000
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	8,720,000	$ 8,720,000
Advanced Organization and Offering Costs [Member] | Adviser [Member]
Related Party Transaction [Line Items]
Period for reimbursement of advance expenses		60 months
Advanced Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 156,000	$ 156,000	$ 86,000

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Total components due to affiliates	$ 68,492	$ 86
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	53,385
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	8,720
Performance Participation Allocation [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	5,241
Advanced Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	156	$ 86
Accrued Affiliate Service Provider Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 990

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
UC Davis Hotel [Member]
Other Commitments [Line Items]
Base rent	$ 130
Room revenue percentage	5.00%
Ground lease expiration date	2,070
UC Davis Hotel [Member] | Minimum [Member]
Other Commitments [Line Items]
Rate of capping from utility charge	2.00%
55 West Parking Garage [Member]
Other Commitments [Line Items]
Base rent	$ 50
Ground lease expiration date	2,085
Variable rent payment	$ 59

Commitments and Contingencies65

Commitments and Contingencies - Summary of Contractual Obligations and Commitments with Payments Due (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
2017 (remaining)	$ 119
2,018	239
2,019	239
2,020	239
2,021	239
Thereafter	13,233
Total	$ 14,308

Five Year Minimum Rental Paym66

Five Year Minimum Rental Payments - Schedule of Future Minimum Rental Income (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Leases [Abstract]
2017 (remaining)	$ 17,041
2,018	31,925
2,019	26,790
2,020	24,131
2,021	20,424
Thereafter	55,234
Total	$ 175,545

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of reportable segments	5

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 1,934,598	$ 200
Multifamily [Member]
Segment Reporting Information [Line Items]
Total assets	932,689
Industrial [Member]
Segment Reporting Information [Line Items]
Total assets	456,639
Hotel [Member]
Segment Reporting Information [Line Items]
Total assets	102,225
Retail [Member]
Segment Reporting Information [Line Items]
Total assets	56,780
Real Estate-Related Securities [Member]
Segment Reporting Information [Line Items]
Total assets	292,074
Other (Corporate) [Member]
Segment Reporting Information [Line Items]
Total assets	$ 94,191

Segment Reporting - Summary o69

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Revenues:
Rental revenue	$ 21,230		$ 22,128
Tenant reimbursement income	2,206		2,273
Hotel revenue	3,748		5,174
Other revenue	1,155		1,208
Total revenues	28,339		30,783
Expenses:
Rental property operating	9,389		9,694
Hotel operating	2,109		2,949
Total expenses	11,498		12,643
Income from real estate-related securities	2,543		3,409
Segment net operating income	19,384		21,549
Depreciation and amortization	23,696	$ 0	24,786
Other income (expense):
General and administrative	(1,567)		(4,253)
Interest income	117		382
Interest expense	(5,541)		(5,547)
Performance participation allocation	(5,241)		(5,241)
Other expenses	(28)		(28)
Income tax expense	(129)		(44)
Net loss	(16,701)	$ 0	(17,968)
Multifamily [Member]
Revenues:
Rental revenue	14,036		14,556
Tenant reimbursement income	482		508
Other revenue	1,149		1,202
Total revenues	15,667		16,266
Expenses:
Rental property operating	6,667		6,885
Total expenses	6,667		6,885
Segment net operating income	9,000		9,381
Depreciation and amortization	18,240		18,599
Industrial [Member]
Revenues:
Rental revenue	6,260		6,619
Tenant reimbursement income	1,626		1,667
Total revenues	7,886		8,286
Expenses:
Rental property operating	2,549		2,635
Total expenses	2,549		2,635
Segment net operating income	5,337		5,651
Depreciation and amortization	4,217		4,444
Hotel [Member]
Revenues:
Hotel revenue	3,748		5,174
Total revenues	3,748		5,174
Expenses:
Hotel operating	2,109		2,949
Total expenses	2,109		2,949
Segment net operating income	1,639		2,225
Depreciation and amortization	763		1,257
Retail [Member]
Revenues:
Rental revenue	934		953
Tenant reimbursement income	98		98
Other revenue	6		6
Total revenues	1,038		1,057
Expenses:
Rental property operating	173		174
Total expenses	173		174
Segment net operating income	865		883
Depreciation and amortization	476		486
Real Estate-Related Securities [Member]
Expenses:
Income from real estate-related securities	2,543		3,409
Segment net operating income	$ 2,543		$ 3,409

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	Aug. 11, 2017USD ($)shares	Aug. 03, 2017USD ($)Key	Jul. 27, 2017USD ($)PropertyUnitKey	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Propertyshares	Dec. 31, 2016shares
Subsequent Event [Line Items]
Payments to acquire real estate, exclusive of closing costs | $				$ 0	$ 1,509,640
Purchase of floating-rate CMBS | $				0	$ 300,040
Common stock, shares issued					88,930,421
Proceeds from issuance of common stock | $				$ 0	$ 894,650
Class S Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued					71,382,151	0
Class I Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued					17,318,240	20,000
Class D Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued					216,570	0
Class T Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued					13,460	0
Multifamily [Member]
Subsequent Event [Line Items]
Number of Properties | Property					13
Hotel [Member]
Subsequent Event [Line Items]
Number of Properties | Property					2
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	110,469,787
Proceeds from issuance of common stock | $	$ 1,100,000
Subsequent Event [Member] | Class S Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	88,132,022
Subsequent Event [Member] | Class I Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	20,584,019
Subsequent Event [Member] | Class D Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	635,802
Subsequent Event [Member] | Class T Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	1,117,944
Subsequent Event [Member] | Commercial Mortgage Backed Securities [Member]
Subsequent Event [Line Items]
Purchase of floating-rate CMBS | $	$ 213,200
Subsequent Event [Member] | NV [Member] | Multifamily [Member]
Subsequent Event [Line Items]
Number of units | Unit			466
Payments to acquire real estate, exclusive of closing costs | $			$ 106,500
Subsequent Event [Member] | Florida [Member] | Hotel [Member]
Subsequent Event [Line Items]
Payments to acquire real estate, exclusive of closing costs | $			$ 58,400
Number of Properties | Property			4
Number of keys in service hotels | Key			469
Subsequent Event [Member] | Georgia [Member] | Hotel [Member] | Hyatt House Atlanta Downtown [Member]
Subsequent Event [Line Items]
Payments to acquire real estate, exclusive of closing costs | $		$ 35,000
Number of keys in service hotels | Key		150