Cottonwood Communities S-4 22 Jul 22 Registration of securities issued in business combination transactions Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2022
Document Information [Line Items]
Document Type	S-4
Entity Registrant Name	Cottonwood Communities, Inc.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001692951
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Real estate assets, net	$ 1,416,553	$ 1,408,483	$ 161,092
Investments in unconsolidated real estate entities	152,596	190,733	30,000
Investments in real-estate related loans	13,031	13,035	8,255
Cash and cash equivalents	121,890	27,169	4,362
Restricted cash	28,295	18,221	271
Other assets	30,655	29,249	825
Total assets	1,763,020	1,686,890	204,805
Liabilities
Mortgage notes and revolving credit facility, net	769,061	642,107	70,320
Construction loans, net	66,174	116,656	0
Preferred stock, net	257,585	245,268	29,825
Unsecured promissory notes, net	43,443	43,543	0
Performance participation allocation due to affiliate	19,934	51,761	0
Accounts payable, accrued expenses and other liabilities	58,320	46,886	2,577
Total liabilities	1,214,517	1,146,221	102,722
Commitments and contingencies (Note 11)
Stockholders' equity
Additional paid-in capital	279,347	252,035	121,677
Accumulated distributions	(21,587)	(17,273)	(7,768)
Accumulated deficit	(58,869)	(55,864)	(11,948)
Total stockholders' equity	199,143	179,134	102,083
Noncontrolling interests
Limited partners	282,549	291,258	0
Partially owned entities	66,811	70,277	0
Total noncontrolling interests	349,360	361,535	0
Total equity and noncontrolling interests	548,503	540,669	102,083
Total liabilities, equity and noncontrolling interests	1,763,020	1,686,890	204,805
Class I
Stockholders' equity
Common stock	6	2	0
Class A
Stockholders' equity
Common stock	232	234	122
Common Class TX
Stockholders' equity
Common stock	0	0	$ 0
Class T
Stockholders' equity
Common stock	$ 14	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock, shares outstanding (in shares)	25,297,131	23,613,980	12,232,289
Common Stock Class I
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	275,000,000	275,000,000	275,000,000
Common stock, shares issued (in shares)	608,019	151,286
Common stock, shares outstanding (in shares)	608,019	151,286	0
Common Stock Class A
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000	125,000,000
Common stock, shares issued (in shares)	23,288,245	23,445,174	12,214,771
Common stock, shares outstanding (in shares)	23,288,245	23,445,174	12,214,771
Common Class TX
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Common stock, shares issued (in shares)	17,525	17,520	17,518
Common stock, shares outstanding (in shares)	17,525	17,520	17,518
Common Class T [Member]
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	275,000,000	275,000,000
Common stock, shares issued (in shares)	1,383,342	0
Common stock, shares outstanding (in shares)	1,383,342	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental and other property revenues	$ 26,820	$ 3,172	$ 73,129	$ 10,749
Property management revenues	3,124	0	8,597	0
Other revenues	615	245	1,455	576
Total revenues	30,559	3,417	83,181	11,325
Operating expenses
Property operations expense	9,672	1,348	27,759	4,570
Property management expense	4,952	0	11,302	0
Reimbursable operating expenses			331	1,030
Asset management fee	3,792	886	8,052	2,799
Performance participation allocation	19,934	0	51,761	0
Depreciation and amortization	11,268	1,338	63,397	6,966
General and administrative expenses	3,223	2,503	9,880	3,354
Total operating expenses	52,841	6,075	172,482	18,719
Loss from operations	(22,282)	(2,658)	(89,301)	(7,394)
Equity in earnings (losses) of unconsolidated real estate entities	2,670	951	(533)	2,113
Interest income	16	0	207	198
Interest expense	(11,117)	(1,330)	(26,954)	(3,665)
Promote from incentive allocation agreement	30,309	0
Loss on Extinguishment of Debt	(551)	0
Gain on sale of real estate assets			10,912	0
Other income	1,530	27	2	197
Income (loss) before income taxes	575	(3,010)	(105,667)	(8,551)
Income tax expense	(7,463)	0	(1,238)	0
Net loss	(6,888)	(3,010)	(106,905)	(8,551)
Net loss attributable to noncontrolling interests:
Limited partners	3,828	0	58,923	0
Partially owned entities	55	0	4,066	0
Net loss attributable to common stockholders	$ (3,005)	$ (3,010)	$ (43,916)	$ (8,551)
Weighted-average common shares outstanding - basic (in shares)	24,654,085	12,232,289	17,603,981	10,781,487
Net loss per common share - diluted (in dollars per share)	$ (0.12)	$ (0.25)	$ (2.49)	$ (0.79)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	CRII Merger	CMRI Merger	CMRII Merger	Common Stock Class I	Common Stock Class I CRII Merger	Common Stock Class I CMRI Merger	Common Stock Class I CMRII Merger	Common Stock Class A	Common Stock Class A CRII Merger	Common Stock Class A CMRI Merger	Common Stock Class A CMRII Merger	Common Class T	Common Class TX	Common Class TX CRII Merger	Common Class TX CMRI Merger	Common Class TX CMRII Merger	Total Stockholders' Equity	Total Stockholders' Equity CRII Merger	Total Stockholders' Equity CMRI Merger	Total Stockholders' Equity CMRII Merger	Common Stock	Common Stock CRII Merger	Common Stock CMRI Merger	Common Stock CMRII Merger	Common Stock Common Stock Class I	Common Stock Common Stock Class A	Common Stock Common Stock Class A CRII Merger	Common Stock Common Stock Class A CMRI Merger	Common Stock Common Stock Class A CMRII Merger	Common Stock Common Class T	Common Stock Common Class TX	Additional Paid-In Capital	Additional Paid-In Capital CRII Merger	Additional Paid-In Capital CMRI Merger	Additional Paid-In Capital CMRII Merger	Accumulated Distributions	Accumulated Deficit	Noncontrolling interests Limited Partners	Noncontrolling interests Limited Partners CRII Merger	Noncontrolling interests Partially Owned Entities	Noncontrolling interests Partially Owned Entities CRII Merger	Noncontrolling interests Partially Owned Entities CMRI Merger	Noncontrolling interests Partially Owned Entities CMRII Merger	Noncontrolling interests OP Units Limited Partners
Shares outstanding, beginning balance (in shares) at Dec. 31, 2019	8,851,759				0				8,851,759					0								8,851,759
Stockholders' equity, beginning balance at Dec. 31, 2019	$ 82,296																	$ 82,296									$ 89						$ 87,974				$ (2,370)	$ (3,397)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	3,301,213				0				3,283,713					17,500								3,301,213
Issuance of common stock	$ 32,828																	32,828									33						32,795
Distribution reinvestment (in shares)	110,624				0				110,606					18								110,624
Distribution reinvestment	$ 1,106																	1,106									$ 1						1,105
Common stock/OP Units repurchased (in shares)	(31,307)				0				(31,307)					0								(31,307)					31,307					0
Common stock/OP Units repurchased	$ (269)																	(269)									$ (1)						(268)
Share-based compensation	71																	71															71
Distributions to investors																		(5,398)																			(5,398)
Distributions to investors	(5,398)
Net loss	$ (8,551)																	(8,551)																				(8,551)
Shares outstanding, ending balance (in shares) at Dec. 31, 2020	12,232,289				0				12,214,771					17,518								12,232,289
Stockholders' equity, ending balance at Dec. 31, 2020	$ 102,083																	102,083								$ 0	122				$ 0	$ 0	121,677				(7,768)	(11,948)	$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock/OP Units repurchased (in shares)																						0
Share-based compensation	45																	45															45
Distributions to investors	(1,511)																	(1,511)																			(1,511)
Net loss	(3,010)																	(3,010)																				(3,010)
Shares outstanding, ending balance (in shares) at Mar. 31, 2021																						12,232,289
Stockholders' equity, ending balance at Mar. 31, 2021	$ 97,607																	97,607								0	122				0	0	121,722				(9,279)	(14,958)	0		0
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020	12,232,289				0				12,214,771					17,518								12,232,289
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 102,083																	102,083								0	$ 122				0	$ 0	121,677				(7,768)	(11,948)	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	151,286				151,286				0					0								151,286
Issuance of common stock	$ 2,534																	2,534								$ 2							2,532
Offering costs	$ (1,705)																	(1,705)															(1,705)
Distribution reinvestment (in shares)	8,662				0				8,660					2								8,662
Distribution reinvestment	$ 141																	141															141
Common stock/OP Units repurchased (in shares)	(203,537)				0				(203,537)					0								(203,537)				0	203,537					0
Common stock/OP Units repurchased	$ (5,012)																	(2,626)									$ (2)						(2,624)												$ (2,386)
Contributions from noncontrolling interests	869																																								869
Acquisition of noncontrolling interests	(1,551)																																						(1,271)		(280)
CRII, CMRI and CMRII Merger (in shares)		430,070	5,762,253	5,232,957		0	0	0		430,070	5,762,253	5,232,957			0	0	0						430,070	5,762,253	5,232,957
CRII, CMRI and CMRII Merger		$ 586,316																	$ 4,658	$ 70,094	$ 57,376							$ 4	$ 58	$ 52				$ 4,654	$ 70,036	$ 57,324				$ 363,278		$ 218,380
Noncontrolling interest, decrease from deconsolidation			$ (9,353)	$ (6,376)																																							$ (79,447)	$ (63,752)
Share-based compensation	1,570																																						1,570
Distributions to investors																		(9,505)																			(9,505)
Distributions to investors	(21,942)																																						(11,010)		(1,427)
Net loss	$ (106,905)																	(43,916)																				(43,916)	(58,923)		(4,066)
Shares outstanding, ending balance (in shares) at Dec. 31, 2021	23,613,980				151,286				23,445,174				0	17,520								23,613,980
Stockholders' equity, ending balance at Dec. 31, 2021	$ 540,669																	179,134								$ 2	234				0	$ 0	252,035				(17,273)	(55,864)	291,258		70,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(36,830)
Shares outstanding, ending balance (in shares) at Dec. 31, 2021	23,613,980				151,286				23,445,174				0	17,520								23,613,980
Stockholders' equity, ending balance at Dec. 31, 2021	$ 540,669																	179,134								2	$ 234				0	0	252,035				(17,273)	(55,864)	291,258		70,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	1,839,600				456,277				0				1,383,323	0								1,839,600
Issuance of common stock	$ 32,787																	32,787								4					14		32,769
Offering costs	$ (2,958)																	(2,958)															(2,958)
Distribution reinvestment (in shares)	26,600				456				26,120				19	5								26,600
Distribution reinvestment	$ 607																	607															607
Common stock/OP Units repurchased (in shares)	(183,049)				0				(183,049)				0	0								(183,049)					(183,049)
Common stock/OP Units repurchased	$ (3,394)																	(3,108)									$ (2)						(3,106)						(286)
Contributions from noncontrolling interests	662																																								662
Share-based compensation	865																																						865
Distributions to investors	(13,847)																	(4,314)																			(4,314)		(5,460)		(4,073)
Net loss	$ (6,888)	$ 20,114																(3,005)																				(3,005)	(3,828)		(55)
Shares outstanding, ending balance (in shares) at Mar. 31, 2022	25,297,131				608,019				23,288,245				1,383,342	17,525								25,297,131
Stockholders' equity, ending balance at Mar. 31, 2022	$ 548,503																	$ 199,143								$ 6	$ 232				$ 14	$ 0	$ 279,347				$ (21,587)	$ (58,869)	$ 282,549		$ 66,811

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (6,888)	$ (3,010)	$ (106,905)	$ (8,551)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,268	1,338	63,397	6,966
Gain on sale of real estate assets			(10,912)	0
Share-based compensation	865	45	1,570	71
Other operating	1,312	350	1,932	729
Loss in debt extinguishment	551	0
Equity in losses (earnings) of unconsolidated real estate entities	(2,670)	(951)	533	(2,113)
Distributions from unconsolidated real estate entities - return on capital	2,235	0	5,429	0
Changes in operating assets and liabilities:
Other assets	(1,170)	401	(862)	(646)
Performance participation allocation	19,934	0	51,761	0
Performance participation allocation payment	(51,761)	0
Accounts payable, accrued expenses and other liabilities	11,518	1,625	(519)	728
Net cash used in operating activities	(14,806)	(202)	5,424	(2,816)
Cash flows from investing activities:
Cash, cash equivalents and restricted cash acquired in connection with the CRII Merger			51,943	0
Acquisition of real estate			0	(53,905)
Acquisition of noncontrolling interest			(1,500)	0
Capital expenditures and development activities	(18,488)	(36)	(84,692)	(210)
Investments in unconsolidated real estate entities	(197)	(2,512)	(23,545)	(22,925)
Proceeds from sale of real estate assets			16,812	0
Distributions from unconsolidated real estate entities—return on capital	38,769	0
Contributions to investments in real-estate related loans	0	(824)	(14,173)	(6,244)
Proceeds from settlement of investments in real-estate related loans			9,332	0
Other investing activities			1,526	0
Net cash provided by (used in) investing activities	20,084	(3,372)	(44,297)	(83,284)
Cash flows from financing activities:
Principal payments on mortgage notes	(404)	0	(642)	0
Proceeds from refinances, net			4,925	0
Borrowings from revolving credit facility	52,800	3,500	8,500	12,000
Repayments on revolving credit facility	(72,800)	(5,000)	(24,000)	(26,500)
Borrowings under mortgage notes and term loans	369,500	0
Repayments of mortgage notes and term loans	(218,693)	0
Deferred financing costs on mortgage notes and term loans	(4,036)	0
Borrowings from construction loans	9,178	0	52,542	0
Repayments of construction loans	(59,660)	0
Proceeds from issuance of Series 2019 Preferred Stock, net of issuance costs	14,162	10,427	70,528	28,548
Redemption of preferred stock	(2,738)	0	(1,421)	0
Offering costs paid on issuance of preferred stock	(1,693)	(1,064)
Repurchase of unsecured promissory notes	(96)	0	(5,092)	0
Proceeds from issuance of common stock, net	33,395	0	829	33,357
Repurchase of common stock/OP Units	(3,394)	0	(5,012)	(269)
Offering costs paid on issuance of common stock	(2,959)	0
Contributions from noncontrolling interests	662	0
Distributions to common stockholders	(4,174)	(1,503)	(9,482)	(4,145)
Distributions to noncontrolling interests—limited partners	(5,460)	0	(10,591)	0
Distributions to noncontrolling interests—partially owned entities	(4,073)	0	(1,454)	0
Net cash provided by financing activities	99,517	6,360	79,630	42,991
Net increase (decrease) in cash and cash equivalents and restricted cash	104,795	2,786	40,757	(43,109)
Cash and cash equivalents and restricted cash, beginning of period	45,390	4,633	4,633	47,742
Cash and cash equivalents and restricted cash, end of period	150,185	7,419	45,390	4,633
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	121,890	7,134	27,169	4,362
Restricted cash	28,295	285	18,221	271
Total cash and cash equivalents and restricted cash	$ 150,185	$ 7,419	45,390	4,633
Supplemental disclosure of cash flow information:
Cash paid for interest			24,659	2,779
Income taxes paid			1,068	0
Fair value of assets acquired and liabilities assumed with the CRII Merger:
Real estate assets			1,291,030	0
Investments in unconsolidated real estate entities			120,775	0
Intangibles			32,122	0
Debt			734,852	0
Preferred stock			143,979	0
Other assets acquired			62,147	0
Other liabilities assumed			40,926	0
Fair value of equity issued to CRII Shareholders in the CRII Merger			4,658	0
Fair value of noncontrolling interests from the CRII Merger			581,659	0
Credit facility entered into in conjunction with acquisition of real estate			0	49,616
CMRI Merger
Fair value of assets acquired and liabilities assumed with the CRII Merger:
Settlement of promote upon closing of the CMRI Merger			5,585	0
Settlement of CMRI promissory notes and interest with CROP			1,545	0
Net liabilities assumed			2,223	0
CMRII Merger
Fair value of assets acquired and liabilities assumed with the CRII Merger:
Settlement of promote upon closing of the CMRI Merger			2,424	0
Settlement of CMRI promissory notes and interest with CROP			2,475	0
Net liabilities assumed			$ 1,477	$ 0

Organization and Business

Organization and Business	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business Cottonwood Communities, Inc. (the “Company,” “CCI,” “we,” “us,” or “our”) invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC (“CC Advisors III”), a wholly-owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC (“CCA”). We were incorporated in Maryland in 2016. We hold all of our assets through our Operating Partnership. Our Operating Partnership was Cottonwood Communities O.P., LP (“CCOP”) prior to the CRII Merger (as defined below) and is Cottonwood Residential O.P., LP (“CROP”) after the CRII Merger, as described below. The Operating Partnership, together with its subsidiaries, holds the Company’s real estate interests and conducts the ongoing operations of the Company. We are the sole member of the sole general partner of the Operating Partnership and own general partner interests in the Operating Partnership alongside third party limited partners. We are a non-traded From August 13, 2018 to December 22, 2020 we conducted an initial public offering of our common stock (the “Initial Offering”), for which received gross proceeds of $122.0 million. The Initial Offering ended in December 2020 as we pursued the 2021 Mergers described below. On November 4, 2021, after the 2021 Mergers were completed, we registered with the SEC an offering of up to $1.0 billion of shares of common stock (the “Follow-on On November 8, 2019, we commenced a private placement offering exempt from registration under the Securities Act pursuant to which we offered a maximum of $128.0 million in shares of Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share (the “Private Offering”). As of March 31, 2022, we had received gross proceeds of $127.3 million from the Private Offering. The offering was fully subscribed in March 2022. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of March 31, 2022, our portfolio consists of ownership interests or structured investment interests in 33 multifamily apartment communities with a total of 9,746 units, including 1,373 units in four multifamily apartment communities in which we have a structured investment interest and another 1,079 units in four multifamily apartment communities under construction. In addition, we have an ownership interest in three parcels of land planned for development. The 2021 Mergers On January 26, 2021, we entered into stock-for-stock unit-for CRII stockholders received (i) 2.015 shares of our Class A common stock in exchange for their shares of common stock, (ii) one share of our Series 2016 preferred stock in exchange for their CRII Series 2016 preferred stock, and (iii) one share of our Series 2017 preferred stock in exchange for their CRII Series 2017 preferred stock. CROP, the Operating Partnership of CRII, replaced CCOP as our Operating Partnership. The participating partnership units of CROP, which excluded preferred units, were split by a ratio of 2.015 (“CROP Unit Split”). Issued and outstanding partnership units of CCOP, which included Series 2019 Preferred units, LTIP units, Special LTIP units, general partner units and common limited partnership units converted into corresponding units at CROP, the terms of which were identical to the converted CCOP partnership unit. After giving effect to the CROP Unit Split, each preferred unit, general partner unit, common limited partnership unit, and LTIP unit of CROP remained issued and outstanding CMRI stockholders received 1.175 shares of our Class A common stock in exchange for their CMRI common stock. CMRII’s stockholders received 1.072 shares of our Class A common stock in exchange for their CMRII common stock. In connection with the mergers of the operating partnerships of each of CMRI and CMRII with and into CROP, the partnership units outstanding, which were split to equal the amount of the common stock outstanding, were converted into CROP common units at the same ratio as the common stock. Each asset held by CMRI and CMRII was owned through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger, our ownership interest in the properties held through joint ventures with CMRI and CMRII increased to 100% on July 15, 2021. Through the 2021 Mergers we acquired interests in 22 stabilized multifamily apartment communities, four multifamily development projects, one structured investment, and land held for development. We also acquired CRII’s property management business and its employees, an advisory contract with Cottonwood Multifamily Opportunity Fund, Inc. (“CMOF”), and personnel who performed certain administrative and other services for us on behalf of CC Advisors III. CC Advisors III continues to manage our business as our external advisor pursuant to an amended and restated advisory agreement. With the exception of our Chief Legal Officer, Chief Operating Officer, Chief Accounting Officer and Chief Development Officer, we do not employ our executive officers. Much of our structure and agreements have changed materially as a result of the 2021 Mergers. Accordingly, information presented in these condensed consolidated financial statements may not be directly comparable to prior periods.	1. Organization and Business Cottonwood Communities, Inc. (the “Company,” “CCI,” “we,” “us,” or “our”) invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC (“CC Advisors III”), a wholly owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC (“CCA”). We were incorporated in Maryland in 2016. We hold all of our assets through our Operating Partnership. Our Operating Partnership was Cottonwood Communities O.P., LP (“CCOP”) prior to the CRII Merger and is Cottonwood Residential O.P., LP (“CROP”) after the CRII Merger, as described below. We are the sole member of the sole general partner of the Operating Partnership and own general partner interests in the Operating Partnership alongside third party limited partners. Cottonwood Communities, Inc. is a non-traded From August 13, 2018 to December 22, 2020 we conducted an initial public offering of our Class A and Class TX (formerly Class T) common stock (the “Initial Offering”), for which received gross proceeds of $122.0 million. The Initial Offering ended December 2020 as we pursued the Mergers described below. On November 4, 2021, after the Mergers were completed, we registered with the SEC an offering of up to $1.0 billion of shares of common stock (the “Follow-on Shares in the Initial Offering had different underwriting compensation structures, which compensation was paid by our advisor on our behalf. Underwriting compensation for Class T, Class D, and Class I shares offered in the Follow-on On November 8, 2019, we commenced a private placement offering exempt from registration under the Securities Act pursuant to which we offered a maximum of $128.0 million in shares of Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share (the “Private Offering”). Offering-related expenses in the Private Offering were paid by us. As December 31, 2021, we had received gross proceeds of $111.9 million from the Private Offering. The offering was fully subscribed by March 2022. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of December 31, 2021, our portfolio consists of ownership interests or structured investment interests in 33 multifamily apartment communities in 13 states with 9,746 units, including 1,373 units in four multifamily apartment communities in which we have a structured investment interest and another 1,079 units in four multifamily apartment communities under construction. In addition, we have an ownership interest in three parcels of land planned for development. The Mergers On January 26, 2021, we entered into stock-for-stock unit-for 2021. The merger with Cottonwood Multifamily REIT II, Inc. (“CMRII,” the “CMRII Merger”) also closed on July 7, 2021. We refer to the CRII Merger, the CMRI Merger and the CMRII Merger as the “Mergers.” CRII stockholders received (i) 2.015 shares of our Class A common stock in exchange for their shares of common stock, (ii) one share of our Series 2016 preferred stock in exchange for their CRII Series 2016 preferred stock, and (iii) one share of our Series 2017 preferred stock in exchange for their CRII Series 2017 preferred stock. Cottonwood Residential O.P., LP (“CROP”), the Operating Partnership of CRII, replaced Cottonwood Communities O.P., LP (“CCOP”) as our Operating Partnership. The participating partnership units of CROP, which excluded preferred units, were split by a ratio of 2.015 (“CROP Unit Split”). Issued and outstanding partnership units of CCOP, which included Series 2019 Preferred Units, LTIP units, Special LTIP units, general partner units and common limited partnership units converted into corresponding units at CROP, the terms of which were identical to the converted CCOP partnership unit. After giving effect of the CROP Unit Split, each preferred unit, general partner unit, common limited partnership unit, and LTIP unit of CROP remained issued and outstanding CMRI stockholders received 1.175 shares of our Class A common stock in exchange for their CMRI common stock. CMRII’s stockholders received 1.072 shares of our Class A common stock in exchange for their CMRII common stock. Each partnership unit in the Operating Partnership of the respective REIT, the equivalent number of respective common stock in CMRI and CMRII, converted into common limited partner units in CROP at the same exchange ratio. Each asset held by CMRI and CMRII was owned through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger, our ownership interest in the properties held through joint ventures with CMRI and CMRII increased to 100% on July 15, 2021. Through the Mergers we acquired interests in 22 stabilized multifamily apartment communities, four multifamily development projects, one structured investment, and land held for development. We also acquired CRII’s property management business and its employees, an advisory contract with Cottonwood Multifamily Opportunity Fund, Inc. (“CMOF”), and personnel who performed certain administrative and other services for us on behalf of CCA III. CCA III continues to manage our business as our external advisor pursuant to an amended and restated advisory agreement. With the exception of our Chief Legal Officer, Chief Operating Officer, Chief Accounting Officer and Executive Vice President, we do not employ our executive officers. Much of our structure and agreements have changed materially as a result of the Mergers. Accordingly, information presented in these consolidated financial statements may not be directly comparable to prior periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and the instructions to Rule 10-01 S-X. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included herein. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs with the Follow-on Follow-on Organization and offering costs in the Private Offering for our Series 2019 Preferred Stock were paid by us. They are deferred and amortized up to the redemption date through interest expense. We incurred approximately $13.2 million of organization and offering costs related to the Private Offering, which was fully subscribed and terminated in March 2022. Income Taxes As a REIT, we are not subject to federal income tax with respect to the portion of our income that meets certain criteria and is distributed annually to stockholders. Taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our condensed consolidated statements of operations. In 2018, we entered into an incentive allocation agreement with a real estate firm who bought a portfolio of twelve assets from us. The agreement allowed us to participate in distributions from the portfolio should returns on the portfolio exceed certain amounts. In March 2022, the firm sold the portfolio and our TRS realized a promote distribution of $30.3 million. Income tax expense accrued for this discrete item was $7.3 million.	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries under its control. The Operating Partnership and its subsidiaries are consolidated as they are controlled by CCI. All intercompany balances and transactions have been eliminated in consolidation. Some of our partially owned and unconsolidated properties are owned through a tenant in common (“TIC interest”) structure. TIC interests constitute separate and undivided interests in real property. TIC interests in properties for which we exercise significant influence are accounted for using the equity method of accounting until we have acquired a 100% interest in the property. Number of units and certain other measures used to describe real estate assets included in the notes to the consolidated financial statements are presented on an unaudited basis. Certain amounts in the prior year consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Variable Interest Entities We invest in entities that qualify as variable interest entities (“VIEs”). All VIEs for which we are the primary beneficiary are consolidated. VIEs for which we are not the primary beneficiary are accounted for under the equity method. A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity’s activities without additional subordinated financial support or, as a group, the equity investors at risk lack the power to direct the entity’s activities and the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property. CROP is a VIE as the limited partners lack substantive kick-out In cases where we become the primarily beneficiary of a VIE, we recognized a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE. Investments in Real Estate In accordance with Accounting Standards Codification Topic 805, Business Combinations We account for business combinations by recognizing assets acquired and liabilities assumed at their fair values as of the acquisition date and expensing transaction costs. Differences between the transaction price and the fair value of identifiable assets acquired, the liabilities assumed, and any non-controlling We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. The fair value of debt assumed is determined using a discounted cash flow analysis based on remaining loan terms and principal. Discount rates are based on management’s estimates of current market interest rates for instruments with similar characteristics, and consider remaining loan term and loan-to-value Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. We also capitalize salary costs directly attributable to significant renovation work. We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years):​​​​​​​​​​​​​​ Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term We expense ordinary maintenance and repairs to operations as incurred. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five Impairment of Long-Lived Assets Long-lived assets include real estate assets, acquired intangible assets, and investments in real-estate related loans. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment equal to the amount by which the carrying amount exceeds the fair value of the asset. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our long-lived assets. Investments in Unconsolidated Real Estate Entities Real estate investments where we have significant noncontrolling influence and VIEs where we are not the primary beneficiary are accounted for under the equity method. Equity method investments in unconsolidated real estate entities are recorded at cost, adjusted for our share of net earnings or losses each period, and reduced by distributions. Equity in earnings or losses is generally recognized based on our ownership interest in the earnings or losses of the unconsolidated real estate entities. We follow the “look through” approach for classification of distributions from unconsolidated real estate entities in the consolidated statements of cash flows. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the entity’s sale of assets), in which case it is reported as an investing activity. We assess potential impairment of investments in unconsolidated real estate entities whenever events or changes in circumstances indicate that the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is not considered temporary, the impairment is measured as the excess of the carrying amount of the investment over the fair value of the investment. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our investments in unconsolidated real estate entities. Evaluation of Acquisition, Construction and Development Investments We evaluate our investments in real-estate related loans at the time of origination to determine whether these arrangements represent, in economic substance, an investment in real estate or a loan using the guidance for acquisition, development, and construction (“ADC”) arrangements. This includes evaluating the risks and rewards of each arrangement and the characteristics of an owner of real estate versus those of a lender. Investments in Real-Estate Related Loans We carry our investment in real-estate related loans at amortized cost with an assessment made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of our investments in real-estate related loans or its collateral is lower than the carrying amount of the loan, an allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. The amortized cost of our investments in real-estate related loans on the consolidated balance sheets consists of drawn amounts on the loans, net of unamortized costs and fees directly associated with the origination of the loan. Costs we incur associated with originating investments in real-estate related loans are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term of the corresponding investment in real-estate related loan as an adjustment to interest income and are reflected on our consolidated statements of operations as other revenues. Interest income on our investments in real-estate related loans is recognized on an accrual basis over the life of the loan. Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash in demand deposit accounts at several major commercial banks where balances in individual accounts at times exceeds FDIC insured amounts. We have not experienced any losses in such accounts. Restricted Cash Restricted cash includes a construction bond, residents’ security deposits, cash in escrow for self-insurance retention, cash in escrow for acquisitions, escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves, and utility deposits. Other Assets Other assets consist primarily of intangible assets acquired in connection with the CRII Merger, as well as receivables, deferred tax assets, prepaid expenses, equipment, related party notes, related party receivables and other assets. Unsecured Promissory Notes The 2017 6% Notes and the 2019 6% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 6 Preferred Stock Series 2016 Preferred Stock, Series 2017 Preferred Stock and Series 2019 Preferred Stock are described in Note 8. These instruments are similar in nature and are classified as liabilities on the consolidated balance sheet due to the mandatory redemption of these instruments on a fixed date for a fixed amount. Preferred stock distributions are recorded as interest expense. Debt Financing Costs Debt financing costs are presented as a direct deduction from the carrying amount of the associated debt liability, which includes mortgage notes, unsecured promissory notes, our revolving credit facility and preferred stock. Debt financing costs are amortized over the life of the related liability through interest expense. Revenue Recognition We lease our multifamily residential units with rents generally due on a monthly basis. Terms are one year or less, renewable upon consent of both parties on an annual or monthly basis. Rental and other property revenues is recognized in accordance with Accounting Standards Codification (“ASC”) No. 842, Leases Our non-lease Non-lease No. 2014-09, Revenue from Contracts with Customers 2014-09”), Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the year ending December 31, 2019. CCI, as a REIT, is not subject to federal income tax with respect to that portion of its income that meets certain criteria and is distributed annually to stockholders. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s taxable income, excluding net capital gains, to stockholders. We have adhered to, and intend to continue to adhere to, these requirements to maintain REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. As a qualified REIT, we are still subject to certain state and local taxes and may be subject to federal income and excise taxes on undistributed taxable income. In addition, taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our consolidated statements of operations. CROP is generally not subject to federal and state income taxes. OP Unit holders, including CCI, are subject to tax on their respective allocable shares of CROP’s taxable income. However, there are certain states that require an entity level tax on CROP. We determine deferred tax assets and liabilities applicable to the TRS based on differences between financial reporting and tax bases of existing assets and liabilities. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is more likely than not that future taxable profits will be available against which they can be utilized. We recognize interest and penalties relating to uncertain tax positions in income tax expense when incurred. Our deferred tax assets in 2020 were fully allowed for. For the year ended December 31, 2021, we had an income tax provision of $1.2 million of which $1.1 million was current and $0.1 million was deferred. As of December 31, 2021, our net deferred tax liability was $2.1 million. Noncontrolling Interests The portion of ownership interests in consolidated entities not held by CCI are reported as noncontrolling interests. Equity and net income (loss) attributable to CCI and to noncontrolling interests are presented separately on the consolidated financial statements. Changes in noncontrolling ownership interests, as in the case of the CMRI Merger and CMRII Merger, are accounted for as equity transactions. Noncontrolling interest—limited partners Consistent with the one-for-one Noncontrolling interest—partially owned entities Refer to Note 11 Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs with the Follow-on Follow-on Organization and offering costs in the Private Offering are paid by us. They are deferred and amortized up to the redemption date through interest expense. As of December 31, 2021, we had incurred $11.6 million of organization and offering costs with the Private Offering. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Required date of Effect on the Financial Statements ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables and other long term financings including available for sale and held-to-maturity 2018-19, 2016-13 January 1, 2023 ASU 2016-13 2016-13 2016-13

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Real Estate Assets, Net	3. Real Estate Assets, Net The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): March 31, 2022 December 31, 2021 Land $ 202,531 $ 202,531 Buildings and improvements 1,076,901 1,074,126 Furniture, fixtures and equipment 43,629 37,463 Intangible assets 34,905 34,905 Construction in progress (1) 137,040 127,493 1,495,006 1,476,518 Less: Accumulated depreciation and amortization (2) (78,453 ) (68,035 ) Real estate assets, net $ 1,416,553 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place We did not have real estate asset acquisitions or business combinations during the three months ended March 31, 2022. Below is a description of the mergers that occurred in 2021. CRII Merger On May 7, 2021, we completed the CRII Merger, which was accounted for as a business combination in accordance with ASC 805, Business Combinations The consideration given in exchange for CRII was as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 The allocation of the purchase price below required significant judgment and represented management’s best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands):​​​​​​​ Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI Merger and CMR II Merger on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. As a result of the CRII Merger we consolidated 17 multifamily apartment communities and four development properties as well as added six multifamily apartment communities accounted for under the equity method of accounting. The results of operations for the CRII Merger are included in the Company’s statements of operations beginning on the May 7, 2021 merger closing date onward. For the three months ended March 31, 2022, the accompanying statements of operations include the following revenue and net income generated from the assets acquired and liabilities assumed with the CRII Merger (unaudited, in thousands): Revenue $ 26,396 Net income $ 20,114 Pro Forma Financial Information (unaudited) The following condensed pro forma operating information is presented as if the CRII Merger occurred in 2020 and had been included in operations as of January 1, 2020. The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands):​​​​​​​ Three Months Ended 2022 2021 Pro forma revenue: Historic results $ 30,559 $ 3,417 CRII Merger (excluding those in historic results) — 25,147 Total $ 30,559 $ 28,564 Pro forma net loss: Historic results $ (6,888 ) $ (3,010 ) CRII Merger (excluding those in historic results) — (7,959 ) Total $ (6,888 ) $ (10,969 ) The pro forma information is not necessarily indicative of the results which actually would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. CMRI Merger and CMRII Merger With the closing of the CRII Merger in May 2021, we consolidated the properties that CMRI and CMRII invested in through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger in July 2021, our ownership interest in these properties increased to 100%. The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in 2021 Consideration CMRI Merger CMRII Merger Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 2021 Change in equity CMRI Merger CMRII Merger Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376	3. Real Estate Assets, Net The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, December 31, Land $ 202,531 $ 23,894 Building and improvements 1,074,126 139,110 Furniture, fixtures and equipment 37,463 3,983 Intangible assets 34,905 3,809 Construction in progress (1) 127,493 — 1,476,518 170,796 Less: Accumulated depreciation and amortization (68,035 ) (2) (9,704 ) Real estate assets, net $ 1,408,483 $ 161,092 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place CRII Merger On May 7, 2021, we completed the CRII Merger. The CRII Merger was accounted for as a business combination in accordance with ASC 805, Business Combinations In order to make this consideration, various factors have been analyzed including which entity issued its equity interests, relative voting rights, existence of noncontrolling interests, control of the board of directors, management composition, relative size, transaction initiation, operational structure, relative composition of employees, and other factors. The most significant factor identified was the relative voting rights, as CCI stockholders hold the majority of the controlling financial (voting) interests. CCI also initiated the transaction and was the entity issuing common equity interests in the merger. The consideration given in exchange for CRII is as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 The allocation of the purchase price below requires significant judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI and CMR II Mergers on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. As a result of the CRII Merger we consolidated 17 multifamily apartment communities and four development projects as well as added six multifamily apartment communities accounted for under the equity method of accounting. The revenue and net loss generated from the assets acquired and liabilities assumed with the CRII Merger since the May 7, 2021 acquisition date to December 31, 2021 are as follows (unaudited, in thousands): Revenue $ 70,211 Net loss $ (36,830 ) Pro Forma Financial Information (unaudited) The following condensed pro forma operating information is presented as if the CRII Merger occurred in 2020 and had been included in operations as of January 1, 2020. The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Year Ended December 31, 2021 2020 Pro forma revenue: Historic results $ 83,181 $ 11,325 CRII Merger (excluding those in historic results) 34,140 88,535 Total $ 117,321 $ 99,860 Pro forma net loss: Historic results $ (106,904 ) $ (8,551 ) CRII Merger (excluding those in historic results) (13,298 ) (70,902 ) Total $ (120,202 ) $ (79,453 ) The pro forma information is not necessarily indicative of the results which actually would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. Pro forma net losses for the year ended December 31, 2020 include the amortization of $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. CMRI Merger and CMRII Merger We consolidated the properties that CMRI and CMRII invested in through joint ventures with CROP with the closing of the CRII Merger in May 2021. As a result of the CMRI Merger and the CMRII Merger in July 2021, our ownership interest in these properties increased to 100%. The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional​​​​​​​ paid-in Consideration CMRI CMRII Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 Change in equity CMRI CMRII Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376 Asset acquisitions During 2020, we acquired Cottonwood One Upland, a multifamily community in the Greater Boston area for $103.6 million, excluding closing costs. We funded the purchase with an initial draw of $50.0 million from our $67.6 million credit facility with JP Morgan and proceeds from our offerings. Acquired assets and liabilities were recorded at relative fair value as an asset acquisition (Note 2). The following table summarizes the purchase price allocation Cottonwood One Upland during the year ended December 31, 2020 (in thousands): Allocated Amounts Property Building Land Land Personal Intangible Total Cottonwood One Upland $ 82,146 $ 14,515 $ 3,009 $ 1,967 $ 2,305 $ 103,942 The weighted-average amortization period for the intangible lease assets acquired in connection with the Cottonwood One Upland acquisition was 0.5 years after the March 19, 2020 acquisition date. As such, the intangible lease assets acquired from the Cottonwood One Upland acquisition have been fully amortized by December 31, 2020. Alpha Mill Transaction On November 2, 2021, we sold TIC interests in Alpha Mill totaling 43% to certain unaffiliated third parties through a private offering for $34.8 million. Under the terms of the private offering, we have the option to re-acquire As

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Investments in Unconsolidated Real Estate Entities	4. Investments in Unconsolidated Real Estate Entities Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of March 31, 2022 and December 31, 2021 (in thousands): Balance at Property / Development Location % Owned March 31, 2022 December 31, 2021 Stabilized Assets 3800 Main Houston, TX 50.0% $ 10,227 $ 10,347 Alpha Mill (1) Charlotte, NC 57.2% 21,876 22,034 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 31,450 31,399 Cottonwood Ridgeview (1) Plano, TX 90.5% 3,881 34,352 Fox Point (1) Salt Lake City, UT 52.8% 15,742 16,056 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 9,625 9,370 Melrose Phase II (1) Nashville, TN 79.8% 6,945 15,523 Preferred Equity Investments Lector85 Ybor City, FL 13,425 13,010 Vernon Boulevard Queens, NY 18,658 18,079 Riverfront West Sacramento, CA 17,569 16,884 Other 3,198 3,679 Total $ 152,596 $ 190,733 (1) We account for our tenant-in-common Our investments in unconsolidated real estate entities for the stabilized assets above were acquired on May 7, 2021 as part of the CRII Merger. Equity in earnings for our stabilized assets for the three months ended March 31, 2022 was $0.8 million. During the three months ended March 31, 2022, we received $30.4 million and $8.3 million in distributions as a return of capital from debt refinances at Cottonwood Ridgeview and Melrose Phase II, respectively. Our preferred equity investments, which are in development projects, have liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Equity in earnings for our preferred equity investments for the three months ended March 31, 2022 and 2021 were approximately $1.7 million and $1.0 million, respectively. By the end of 2021, we had fully funded our commitments on all of our preferred equity investments.	4. Investments in Unconsolidated Real Estate Entities Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of December 31, 2021 and 2020 (in thousands): Balance at December 31, Property / Development Location % Owned 2021 2020 Stabilized Properties 3800 Main Houston, TX 50.0 % $ 10,347 $ — Alpha Mill (1) Charlotte, NC 57.2 % 22,034 — Cottonwood Bayview (1) St. Petersburg, FL 71.0 % 31,399 — Cottonwood Ridgeview (1) Plano, TX 90.5 % 34,352 — Fox Point (1) Salt Lake City, UT 52.8 % 16,056 — Toscana at Valley Ridge (1) Lewisville, TX 58.6 % 9,370 — Melrose Phase II (1) Nashville, TN 79.8 % 15,523 — Preferred Equity Investments Lector85 Ybor City, FL 13,010 11,396 Vernon Boulevard Queens, NY 18,079 15,886 Riverfront West Sacramento, CA 16,884 2,718 Other 3,679 — Total $ 190,733 $ 30,000 (1) We account for our tenant in common interests in these properties as equity method investments. Refer to Note 2 Our investments in unconsolidated real estate entities for the stabilized assets above were acquired on May 7, 2021 as part of the CRII Merger. Equity in losses for our stabilized assets during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 was $6.1 million. During 2021, we bought an additional 54.9% interest in Melrose Phase II for $10.6 million, increasing our ownership to 79.8%. We acquired equity method investments in stabilized properties with the CRII Merger in May 2021 and recorded an equity method investment in Alpha Mill with the November 2021 transaction mentioned in Note 3 For the Operating data: Total revenues $ 23,514 Total operating expenses 9,941 Total other expenses (24,672 ) Net loss (11,099 ) December 31, Balance sheet data: Real estate assets $ 440,853 Cash and cash equivalents 6,361 Total assets 452,972 Mortgage notes, net 250,224 Total liabilities 255,768 Our preferred equity investments, which are in development projects, have liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Income or loss is recorded based on changes in what would be received should the entity liquidate all of its assets (as valued in accordance with GAAP) and distribute the resulting proceeds based on the terms of the respective agreements. The HLBV method is a balance sheet focused approach commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. Equity in earnings for our preferred equity investments for the years ended December 31, 2021 and 2020 were $5.6 million and $2.1 million, respectively. During the year ended December 31, 2021, we funded the remaining $12.4 million commitment on our Riverfront preferred equity investment. As of December 31, 2021, we had fully funded our commitments on all of our preferred equity investments.

Investments in Real-Estate Rela

Investments in Real-Estate Related Loans	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Investments in Real-Estate Related Loans	5. Investments in Real-Estate Related Loans Dolce B Note On May 7, 2021, the borrower of the Dolce B Note prepaid in full the outstanding principal balance plus accrued interest as a result of refinancing the project upon completion. During the period from January 1, 2021 to May 7, 2021, we issued $1.1 million, bringing the total amount funded on the $10.0 million B Note to $9.3 million prior to repayment by the borrower in full on May 7, 2021. During the period from January 1, 2021 to the May 7, 2021 repayment date, net interest income from the Dolce B Note was $0.3 million. Net interest income from the Dolce B Note was $0.6 million for the year ended December 31, 2020, and is classified within other revenues on our consolidated statements of operations. No allowance was recorded on the Dolce B Note during the years ended December 31, 2021 and 2020. Integra Peaks Mezzanine Loan On June 30, 2021, we entered into a co-lender 300-unit 4-story We committed to fund a total of $13.0 million of the mezzanine loan, with the remaining $6.5 million funded by an unaffiliated co-lender. co-lender As of December 31, 2021, we had funded all $13.0 million of our commitment under the co-lender one-year Net interest income from the Integra Peaks Mezzanine Loan was $0.6 million for the year ended December 31, 2021 and is classified within other revenues on our consolidated statements of operations. No allowance was recorded on the Integra Peaks Mezzanine Loan during the year ended December 31, 2021.​​​​​​​

Debt

Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	5. Debt Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of March 31, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Weighted-Average (1) March 31, December 31, Fixed rate loans Fixed rate mortgages 3.68 % 4.5 $ 450,431 $ 213,009 Total fixed rate loans 450,431 213,009 Variable rate loans (2) Floating rate mortgages 2.44 % 6.5 Years 321,592 407,022 Variable rate revolving credit facility (3) 1.85 % 3.0 Years — 20,000 Total variable rate loans 321,592 427,022 Total secured loans 772,023 640,031 Unamortized debt issuance costs (4,712 ) (940 ) Premium on assumed debt, net 1,750 3,016 Mortgage notes and revolving credit facility, net $ 769,061 $ 642,107 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month one-month (3) We may obtain advances secured against Cottonwood One Upland and Parc Westborough up to $125.0 million on our variable rate revolving credit facility, as long as certain loan-to-value We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of March 31, 2022. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount March 31, Park Avenue One-Month USD Libor + 1.75% November 30, 2023 $ 37,000 $ 33,512 Cottonwood on Broadway One-Month USD Libor + 1.9% May 15, 2024 44,625 30,859 Cottonwood on Highland One-Month USD Libor + 2.75% (1) December 1, 2024 37,000 1,803 $ 118,625 $ 66,174 (1) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP’s debt. Each note has two one-year Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date March 31, 2022 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,818 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $60,000 $43,443 The aggregate maturities, including amortizing principal payments on our debt for years subsequent to March 31, 2022 are as follows (in thousands): Year Total 2022 (1) $ 55,518 2023 (2) 111,344 2024 22,186 2025 2,877 2026 143,221 Thereafter 546,494 $881,640 (1) $20.8 million of the amount maturing in 2022 relates to the amount outstanding at March 31, 2022 on our 2017 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year (2) $22.6 million of the amount maturing in 2023 relates to the amount outstanding at March 31, 2022 on our 2019 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year	6. Debt Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of December 31, 2021 and 2020 ($ in thousands): Principal Balance Indebtedness Weighted-Average Weighted-Average (1) December 31, December 31, Fixed rate loans Fixed rate mortgages 4.03 % 3.7 Years $ 213,009 $ 35,995 Total fixed rate loans 213,009 35,995 Variable rate loans (2) Floating rate mortgages 2.86 % 6.2 Years 407,022 — Variable rate revolving credit facility (3) 1.63 % 3.2 Years 20,000 35,500 Total variable rate loans 427,022 35,500 Total secured loans 640,031 71,495 Unamortized debt issuance costs (940 ) (1,175 ) Premium on assumed debt, net 3,016 — Mortgage notes and revolving credit facility, net $ 642,107 $ 70,320 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month (3) We may obtain advances secured against Cottonwood One Upland up to $74.9 million on our variable rate revolving credit facility, as well as finance other future acquisitions up to $125.0 million in total revolving debt capacity, as long as certain loan-to-value The aggregate maturities, including amortizing principal payments on mortgage notes for years subsequent to December 31, 2021 are as follows (in thousands): Year Total 2022 $ 1,592 2023 (1) 102,731 2024 139,686 2025 3,374 2026 39,087 Thereafter 353,561 $ 640,031 (1) $20.0 million of the amount maturing in 2023 relates to the amount outstanding at December 31, 2021 on our variable rate revolving credit facility. The maturity date on the variable rate revolving credit facility can be extended for two one-year We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of December 31, 2021. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount December 31, Sugarmont (1) One-Month September 30, 2022 $ 63,250 $ 59,660 Park Avenue One-Month November 30, 2023 37,000 29,520 Cottonwood on Broadway One-Month May 15, 2024 44,625 27,476 Cottonwood on Highland One-Month (2) December 1, 2024 37,000 — $ 181,875 $ 116,656 (1) The Sugarmont construction loan was refinanced in January 2022. Refer to Note 13 (2) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP’s debt. Each note has two one-year Information on our unsecured promissory notes are as follows ($ in thousands): Offering Interest Rate Maturity Date December 31, 2021 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,918 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $ 60,000 $ 43,543 Our previously issued 2017 6.25% Notes were fully redeemed in December 2021 for $5.0 million prior to their December 31, 2021 maturity date.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate. As of March 31, 2022 and December 31, 2021, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial Asset: Investments in real-estate related loans $ 13,031 $ 13,031 $ 13,035 $ 13,035 Financial Liability: Fixed rate mortgages $ 450,431 $ 448,954 $ 213,009 $ 216,566 Floating rate mortgages $ 321,592 $ 320,466 $ 407,022 $ 409,377 Variable rate revolving credit facility $ — $ — $ 20,000 $ 20,000 Construction loans $ 66,174 $ 66,174 $ 116,656 $ 116,656 Series 2016 Preferred Stock $ 139,838 $ 139,838 $ 139,996 $ 139,996 Series 2017 Preferred Stock $ — $ — $ 2,586 $ 2,586 Series 2019 Preferred Stock $ 127,335 $ 127,335 $ 111,863 $ 111,863 Unsecured promissory notes $ 43,443 $ 43,443 $ 43,543 $ 43,543 Our investments in real-estate related loans, fixed and floating rate mortgages, variable rate revolving credit facility, construction loans, preferred stock and unsecured promissory notes are categorized as Level 3 in the fair value hierarchy.	7. Fair Value of Financial Instruments We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate. As of December 31, 2021 and 2020, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value​​​​​​​ hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): As of December 31, 2021 As of December 31, Carrying Fair Value Carrying Fair Financial Asset: Investments in real-estate related loans $ 13,035 $ 13,035 $ 8,206 $ 8,206 Financial Liability: Fixed rate mortgages $ 213,009 $ 216,566 $ 35,995 $ 38,658 Floating rate mortgages $ 407,022 $ 409,377 $ — $ — Variable rate revolving credit facility $ 20,000 $ 20,000 $ 35,500 $ 35,500 Construction loans $ 116,656 $ 116,656 $ — $ — Series 2016 Preferred Stock $ 139,996 $ 139,996 $ — $ — Series 2017 Preferred Stock $ 2,586 $ 2,586 $ — $ — Series 2019 Preferred Stock $ 111,863 $ 111,863 $ 32,933 $ 32,933 Unsecured promissory notes, net $ 43,543 $ 43,543 $ — $ — Our investments in real-estate related loans, fixed and floating rate mortgages, variable rate revolving credit facility, construction loans, preferred stock and unsecured promissory notes are categorized as Level 3 in the fair value hierarchy.

Preferred Stock

Preferred Stock	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Preferred Stock	7. Preferred Stock Information on our preferred stock as of March 31, 2022 and December 31, 2021 is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension Date March 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,983,810 13,999,560 Series 2017 Preferred Stock (2) 7.5 % 8.0 % January 31, 2022 January 31, 2024 — 258,550 Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 12,733,485 11,186,301 (1) As of March 31, 2022, we were in the second extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. Subsequent to March 31, 2022, we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for approximately $139.8 million. (2) We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for approximately $2.6 million. During the three months ended March 31, 2022 and 2021 we issued approximately $15.4 million and $10.8 million of Series 2019 Preferred Stock, respectively. The Private Offering for our Series 2019 Preferred Stock was fully subscribed and terminated in March 2022. During the three months ended March 31, 2022 and 2021, we incurred approximately $1.7 million and $0.5 million in dividends on our Series 2019 Preferred Stock, respectively. During the three months ended March 31, 2022, we incurred approximately $2.4 million in dividends on our Series 2016 Preferred Stock, and we incurred an insignificant amount in dividends on our Series 2017 Preferred Stock prior to their full redemption immediately after the January 31, 2022 redemption date. No shares of Series 2019 Preferred Stock were repurchased during the three months ended March 31, 2022. We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for approximately $2.6 million. During the three months ended March 31, 2022, we repurchased 15,750 shares of Series 2016 Preferred Stock for approximately $152,000. Subsequent to March 31, 2022, we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for approximately $139.8 million.	8. Preferred Stock We have three classes of preferred stock, Series 2016, Series 2017 and Series 2019, each of which were offered at a price of $10.00 per share. Our Series 2016 Preferred Stock and the Series 2017 Preferred Stock were issued in connection with the CRII Merger in exchange for the corresponding series of preferred stock held at CRII. Each class of preferred stock receives a fixed preferred dividend based on a cumulative, but not compounded, annual return. Each class has a fixed redemption date with extension options at our discretion, subject to an increase in the preferred dividend rate, and is classified as a liability on the consolidated balance sheets. We can also redeem our preferred stock early for cash plus all accrued and unpaid dividends. Our preferred stock ranks senior to our common stock and on parity with each other with respect to distribution rights and rights upon liquidation, dissolution or winding up. Information on our preferred stock is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension December 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,999,560 — Series 2017 Preferred Stock 7.5 % 8.0 % January 31, 2022 January 31, 2024 258,550 — Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 11,186,301 3,308,326 (1) As of December 31, 2021, we are currently in the first extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. Subsequent to year end, our Series 2017 Preferred Stock was fully redeemed for approximately $2.6 million immediately after the January 31, 2022 redemption date. During the years ended December 31, 2021 and 2020 we issued $78.9 million and $31.7 million of Series 2019 Preferred Stock, respectively. During the years ended December 31, 2021 and 2020, we incurred $3.6 million and $0.8 million in dividends on our Series 2019 Preferred Stock, respectively. During the period from the CRII Merger closing on May 7, 2021 to December 31, 2021, we incurred $6.4 million and $0.1 million in dividends on our Series 2016 Preferred Stock and Series 2017 Preferred Stock, respectively. During the year ended December 31, 2021, we repurchased 10,000 shares of Series 2019 Preferred Stock for $0.1 million and during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 we repurchased 139,740 shares of Series 2016 Preferred Stock for $1.3 million. No shares of Series 2019 Preferred Stock were repurchased during the year ended December 31, 2020.

Stockholders' Equity

Stockholders' Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock The following table details the movement in the Company’s outstanding shares for each class of common stock: Three Months Ended March 31, 2022 Class T Class I Class A Class TX Total December 31, 2021 — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 1,383,323 456,277 — — 1,839,600 Distribution reinvestment 19 456 26,120 5 26,600 Repurchases of common stock — — (183,049 ) — (183,049 ) March 31, 2022 1,383,342 608,019 23,288,245 17,525 25,297,131 Common Stock Distributions Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our distribution reinvestment plan. For the three months ended March 31, 2022, we paid aggregate distributions of approximately $4.6 million, including $4.2 million distributions paid in cash and approximately $0.4 million of distributions reinvested through our distribution reinvestment plan. For the three months ended March 31, 2021, we paid aggregate distributions of approximately $1.5 million, all paid in cash due to our distribution reinvestment plan being suspended. We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 For the three months ended March 31, 2021, distributions were at a daily rate of $0.00013699, or $0.50 annually, per common share. Repurchases During the three months ended March 31, 2022, we repurchased 183,049 shares of common stock pursuant to our share repurchase program for approximately $3.1 million, at an average repurchase price of $16.98. No shares of common stock were repurchased during the three months ended March 31, 2021.	9. Stockholders’ Equity Common Stock The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below: Class I A TX Total Balance at December 31, 2019 — 8,851,759 — 8,851,759 Issuance of common stock — 3,283,713 17,500 3,301,213 Distribution reinvestment — 110,606 18 110,624 Repurchases of common stock — (31,307 ) — (31,307 ) Balance at December 31, 2020 — 12,214,771 17,518 12,232,289 Issuance of common stock 151,286 — — 151,286 Distribution reinvestment — 8,660 2 8,662 Repurchases of common stock — (203,537 ) — (203,537 ) CRII Merger — 430,070 — 430,070 CMRI Merger — 5,762,253 — 5,762,253 CMRII Merger — 5,232,957 — 5,232,957 Balance at December 31, 2021 151,286 23,445,174 17,520 23,613,980 Common Stock Distributions Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our distribution reinvestment plan. For the year ended December 31, 2021, we paid aggregate distributions of approximately $9.6 million, including $9.5 million distributions paid in cash and $0.1 million of distributions reinvested through our distribution reinvestment plan. For the year ended December 31, 2020, we paid aggregate distributions of approximately $5.2 million, including $4.1 million distributions paid in cash and $1.1 million of distributions reinvested through our distribution reinvestment plan. Distributions were at a daily rate of $0.00013699, or $0.50 annually, per common share during the year ended December 31, 2020 and for the period of January 1, 2021 through August 30, 2021. In September 2021, we began declaring monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually September 25, 2021 $ 0.04333333 $ 0.52 October 29, 2021 0.04333333 0.52 November 30, 2021 0.05416667 0.65 December 31, 2021 0.05666667 0.68 For the year ended December 31, 2021, 100% (unaudited) of distributions to stockholders were reported as a return of capital or, to the extent they exceed a stockholder’s adjusted tax basis, as gains from the sale or exchange of property. Repurchases During the year ended December 31, 2021, we repurchased 203,537 shares of Class A common stock pursuant to our share repurchase program for $2.6 million, at an average repurchase price of $12.90. During the year ended December 31, 2020, we repurchased 31,307 shares of Class A common stock pursuant to our share repurchase program for $0.3 million, at an average repurchase price of $8.58. No shares of Class TX common stock were repurchased during the years ended December 31, 2021 and 2020. No shares of Class I common stock were repurchased during the year ended December 31, 2021.

Related-Party Transactions

Related-Party Transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	9. Related-Party Transactions Asset Management Fee Under the amended and restated advisory agreement entered May 7, 2021, CROP pays our advisor a monthly management fee equal to 0.0625% of GAV (gross asset value of CROP, calculated pursuant to our valuation guidelines and reflective of the ownership interest held by CROP in such gross assets), subject to a cap of 0.125% of net asset value of CROP. Prior to May 7, 2021, we paid our advisor an annual asset management fee in an amount equal to 1.25% per annum (paid monthly) of the gross book value of our assets as of the last day of the prior month. Asset management fees to our advisor for the three months ended March 31, 2022 and 2021 were approximately $3.8 million and $0.9 million, respectively. Performance Participation Allocation CC Advisors—SLP, LLC, an affiliate of our advisor and the Special Limited Partner at CROP, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP’s total return to its capital account as long as the advisory agreement has not been terminated. Total return is defined as all distributions accrued or paid (without duplication) on the Participating Partnership units (all units in our Operating Partnership with the exception of preferred units) plus the change in the aggregate net asset value of such Participating Partnership units. Under the Operating Partnership agreement, the annual total return will be allocated solely to the Special Limited Partner only 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 allocation of the performance participation interest is ultimately determined at the end of each calendar year, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year. On January 31, 2022, the performance participation allocation incurred during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 of $51.8 million was paid in cash. During the three months ended March 31, 2022, we recognized $19.9 million of performance participation expense as a result of the increase in the value of our net assets and dividends paid to stockholders. CROP’s Operating Partnership agreement was amended with the CRII Merger in May 2021 to provide for the performance participation allocation. Therefore, no performance participation allocation was recognized prior to the CRII Merger.	10. Related-Party Transactions Advisory Agreement CCA III manages our business as our external advisor and, as of the CRII Merger described above, was initially the Special Limited Partner owning a special partner interest in CROP. Effective November 12, 2021, CCA III assigned its special limited partner interest to its affiliate, CC Advisors — SLP, LLC. Following the CRII Merger, we became the property manager for our stabilized multifamily apartment communities and employ certain personnel who manage our operations directly. These activities are all subject to oversight by our board of directors. Per the terms of our advisory agreement, our advisor is entitled to receive the fees for the services which are mentioned below. Asset Management Fee Under the amended and restated advisory agreement entered May 7, 2021, CROP pays our advisor a monthly management fee equal to 0.0625% of GAV (gross asset value of CROP, calculated pursuant to our valuation guidelines and reflective of the ownership interest held by CROP in such gross assets), subject to a cap of 0.125% of net asset value of CROP. Prior to May 7, 2021, we paid our advisor an annual asset management fee in an amount equal to 1.25% per annum (paid monthly) of the gross book value of our assets as of the last day of the prior month. Asset management fees to our advisor for the years ended December 31, 2021 and 2020 were $8.1 million and $2.8 million, respectively. Acquisition Expense Reimbursement We will reimburse our advisor for out-of-pocket Performance Participation Allocation The Special Limited Partner, so long as the advisory agreement has not been terminated, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP’s total return to its capital account. Total return is defined as all distributions accrued or paid (without duplication) on Participating Partnership units (all units in CROP with the exception of preferred units) plus the change in the aggregate net asset value of such Participating Partnership units. The annual total return will be allocated solely to the Special Limited Partner only 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 allocation of the performance participation interest is ultimately determined at the end of each calendar year, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year. During the period from the CRII Merger closing on May 7, 2021 to December 31, 2021, we recognized $51.8 million of performance participation expense as a result of the increase in the value of our net assets and dividends paid to stockholders. The full amount was paid in cash subsequent to year end. No performance participation allocation was recognized prior to the CRII Merger as it was not a part of our operating partnership agreement. Reimbursable Operating Expenses Our advisor must reimburse us the amount by which our aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of our average invested assets or 25% of our net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Our Other As a result of the CRII Merger, employees who had previously provided services to us and for which we reimbursed related expenses to our advisor are now our employees. As such, we had no reimbursable company operating expenses from the May 7, 2021 CRII Merger date onward. Reimbursable company operating expenses to our advisor or its affiliates for the years ended December 31, 2021 and 2020 were $0.3 million and $1.0 million, respectively. Independent Director Compensation Annually, each independent director is paid a cash retainer of $50,000 for their service (prorated in 2021) and a grant of time-based LTIP Units with a value of $85,000 at the time of grant. The LTIP Units have a one-year

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests Noncontrolling Interests—Limited Partners Common Limited OP Units and LTIP Units are CROP units not owned by CCI and collectively referred to as “Noncontrolling Interests – Limited Partners.” Common Limited OP Units LTIP Units Noncontrolling Interests—Partially Owned Entities	11. Noncontrolling Interests Noncontrolling Interests—Limited Partners Common Limited OP Units and LTIP Units are CROP units not owned by CCI and collectively referred to as “Noncontrolling Interests—Limited Partners.” Common Limited OP Units During the period from the CRII Merger closing on May 7, 2021 to December 31, 2021, we paid aggregate distributions to noncontrolling OP Unit holders of $10.6 million. LTIP Units one-for-one In conjunction with the CRII Merger, 528,451 time vesting LTIP units were awarded to executives as retention grants. As of December 31, 2021, there were 719,137 unvested time LTIP awards and 380,637 unvested performance LTIP awards outstanding. Share-based compensation was $1.6 million and $0.1 million for the years ended December 31, 2021 and 2020, respectively. Total unrecognized compensation expense for LTIP Units at December 31, 2021 is $6.5 million and is expected to be recognized on a straight-line basis through June 2025. Noncontrolling Interests—Partially Owned Entities As of December 31, 2021, noncontrolling interests in entities not wholly owned by us ranged from 1% to 81%, with the average being 24%.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of March 31, 2022, we believe the final outcome of such legal proceedings and claims will not have a material adverse effect on our liquidity, financial position or results of operations.	12. Commitments and Contingencies Economic Dependency We are dependent on our advisor and its affiliates and the dealer manager for certain services that are essential to us, including the sale of our shares in our public and private offering; the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of our investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, we will be required to obtain such services from other sources. Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of December 31, 2021, we believe the final outcome of such legal proceedings and claims will not have a material adverse effect on our liquidity, financial position or results of operations. Environmental As an owner of real estate, we are subject to various federal, state and local environmental laws. Compliance with existing laws has not had a material adverse effect on us. However, we cannot predict the impact of new or changed laws or regulations on our properties or on properties that we may acquire in the future. COVID-19 One of the most significant risks and uncertainties facing the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus (COVID-19) COVID-19 COVID-19 Distribution Reinvestment Plan Our distribution reinvestment plan allows common stockholders to apply their dividends and other distributions towards the purchase of additional shares of common stock. The purchase price for shares purchased pursuant to our distribution reinvestment plan is the transaction price for such shares in effect on the distribution date, which is generally the most recently disclosed NAV per share. We suspended our distribution reinvestment plan in December 2020 and resumed our distribution reinvestment plan on November 4, 2021 when the SEC declared the Follow-on Share Repurchase Programs Preferred Stock Our board of directors has adopted a share repurchase program with respect to our preferred stock whereby, upon the request of a holder of our Series 2016, Series 2017 or Series 2019 preferred stock, we may, at the sole​​​​​​​ discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long such preferred stockholder has held each share:​​​​​​​ Share Purchase Anniversary Repurchase Less than 1 year $ 8.80 1 year $ 9.00 2 years $ 9.20 3 years $ 9.40 4 years $ 9.60 5 years $ 9.80 A stockholder’s death or complete disability, 2 years or more (Series 2019), 6 years or more (Series 2016 and Series 2017) $ 10.00 Repurchase information on our Preferred Stock is disclosed in Note 8 above. Common Stock We suspended our share repurchase program in December 2020. Our board of directors approved the resumption of the share repurchase program effective for repurchases for the month ended June 30, 2021 onward. Our share repurchase program provides that we may make repurchases, at our discretion, with an aggregate value of up to 2% of our aggregate net asset value or “NAV” each month and up to 5% of our NAV each quarter. We have no restrictions on the source of funds used to repurchase shares pursuant to our share repurchase program. For our Class T, Class D and Class I shares, the repurchase price will be equal to the transaction price at the date of repurchase, or 95% of the transaction price on the repurchase date if the shares have been held for less than a year. For our Class A and Class TX shares, the repurchase price will be equal to the transaction price at the date of repurchase, subject to the following: (i) shares that have been outstanding six years or more will be repurchased at 100% of the transaction price, (ii) shares that have been outstanding for at least five years and less than six years will be repurchased at 95.0% of the transaction price, (iii) shares that have been outstanding for at least three years and less than five years will be repurchased at 90.0% of the transaction price and (iv) shares that have been outstanding for at least one year and less than three years will be repurchased at 85.0% of the transaction price. The transaction price is the then-current offering price per share, which is generally the most recently disclosed NAV per share. Common Limited OP Units Beginning one year after acquiring any Common Limited OP Units, common limited partners have the right to request CROP repurchase their Common Limited OP Units as described below. We may, in our sole discretion, honor the repurchase request at the following prices: 1. Beginning one year after acquisition of a Common Limited OP Unit and continuing for the three-year period thereafter, the purchase price for the repurchased Common Limited OP Unit shall be equal to 80% of the NAV of the Common Limited OP Units. 2. Beginning four years after acquisition of a Common Limited OP Unit and continuing for the two-year 3. Beginning six years after acquisition of a Common Limited OP Unit and continuing thereafter, the purchase price for the repurchased Common Limited OP Unit shall be equal to 90% of the NAV of the Common Limited OP Units. Subject to our sole discretion, in the case of the death or complete disability of a limited partner, the repurchase of the Common Limited OP Units may occur at any time after acquisition of a Common Limited OP Unit and, if accepted by us, the purchase price for the repurchased Common Limited OP Units will be equal to 95% of the NAV of the Common Limited OP Units.​​​​​​​

Subsequent Events

Subsequent Events	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events We evaluate subsequent events up until the date the condensed consolidated financial statements are issued and have determined there are none to be reported or disclosed in the condensed consolidated financial statements other than those mentioned below. Series 2016 Preferred Stock Payoff Our Series 2016 Preferred Stock was fully redeemed on April 18, 2022 for approximately $139.8 million, utilizing available cash on hand, cash from asset-level refinances, funds raised in the Follow-on Distributions Declared—Common Stock On May 10, 2022, our board of directors declared a gross distribution for the month of May of $0.06000000, or $0.72 annually, for each class of our common stock to holders of record on May 31, 2022, to be paid in June. Each class of our common stock will receive the same aggregate gross distribution per share. The net distribution varies for each class based on applicable distribution fees, which are deducted from the monthly distribution per share and paid directly to the applicable distributor. Distributions Declared—CROP Units As the sole member of the sole general partner of CROP, we declared distributions on Common Limited OP Units an Preferred OP Units to correspond to the distributions declared on our common stock and preferred stock. Alpha Mill Transaction On April 7, 2022, we sold to certain unaffiliated third parties approximately 28.9% of our 57.2% ownership interest in Alpha Mill apartments. We will retain at least a 20% ownership interest in Alpha Mill apartments under the terms of the offering and financing documents, and will also continue to provide property and asset management services. Among other material terms, the offering provides that each purchaser of an interest in Alpha Mill apartments will enter into an option agreement which provides us the right (but not the obligation) to re-acquire Financing Activities On May 5, 2022, we completed a borrow-up	13. Subsequent Events We have evaluated subsequent events from December 31, 2021 up until the date the consolidated financial statements are issued for recognition or disclosure and have determined there are none to be reported or disclosed in the consolidated financial statements other than those mentioned below. Series 2016 Preferred Stock Extension In January 2022, we extended our Series 2016 Preferred Stock redemption date to the maximum extension date of January 31, 2023. On March 22, 2022, our board of directors approved the full redemption of our Series 2016 Preferred Stock which we expect to occur before the end of April 2022. We will continue to pay the extension dividend rate of 7.0% until the earlier of January 31, 2023 or the full redemption of the Series 2016 Preferred Stock. We intend to use funds from our Follow-on Series 2017 Preferred Stock Payoff Our Series 2017 Preferred Stock was fully redeemed on February 1, 2022 for approximately $2.6 million. Financing Activities On January 28, 2022, we refinanced Parc Westborough and placed it on our revolving credit facility, drawing an additional $1.7 million on that line. We also refinanced Sugarmont’s construction loan to a permanent $105.0 million mortgage, receiving net proceeds of $43.8 million. In March 2022, we refinanced seven properties through individual, uncrossed loans with one lender for $362.2 million, receiving net proceeds of $111.7 million. All of the loans are on a 5 year term and carry a 3.4% fixed interest rate. Two of the properties are unconsolidated. Performance Participation Allocation Payment On January 31, 2021, the accrued $51.8 million performance participation allocation was paid in cash. Status of the Private Offering We sold 1,547,184 shares of Series 2019 Preferred Stock for aggregate gross offering proceeds of $15.4 million. In connection with the sale of these shares in the Private Offering, the Company paid aggregate selling commissions of $1.0 million and placement fees of $0.3 million. The offering was fully subscribed and terminated in March 2022. Status of the Follow-on We sold the following through our Follow-on Class T I A TX Total Shares issued through Primary Offering 1,394,087 442,888 — — 1,836,975 Shares issued through DRP Offering 19 456 26,120 — 26,595 Gross Proceeds $ 25,000 $ 7,888 $ 458 $ — $ 33,346 Distributions Declared—Common Stock We declared the following monthly distributions after December 31, 2021: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 Grant of LTIP Unit Awards and RSU Awards On January 7, 2022, grants of 105,826 time-based LTIP Units and 170,731 performance-based LTIP units were issued to executives, directors and employees. Equity Incentive Plan On March 22, 2022, our board of directors approved the Cottonwood Communities, Inc. 2022 Equity Incentive Plan (the “Plan”) to attract, retain and reward certain employees, consultants and/or directors for services they perform on behalf of the Company. The plan allows for the issuance of a maximum of 300,000 shares of common stock issued through restricted stock units or restricted stock awards. Awards may (but need not) be subject to service or performance vesting conditions. Upon adoption of the Plan, the compensation committee of the board of directors approved an aggregate grant of 20,038 restricted stock units with a four-year vesting schedule. The Company does not intend to issue awards to executive officers or directors pursuant to the Plan.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Cost to Company Gross Amount Carried as of December 31, 2021 Description Location Ownership Number Encumbrances Land Buildings, Cost Land Buildings, Total (1) Accumulated (2) Year(s) Built Date Stabilized Multifamily Apartment Communities: Cason Estates Murfreesboro, TN 100.0 % 262 $ (33,594 ) $ 4,806 $ 46,666 $ 139 $ 4,806 $ 46,805 $ 51,611 $ (2,869 ) 2005 5/7/2021 Cottonwood Salt Lake City, UT 100.0 % 264 (21,645 ) 6,556 40,745 776 6,556 41,521 48,077 (2,178 ) 1986 5/7/2021 Cottonwood One Upland Boston, MA 100.0 % 262 (20,000 ) 14,515 89,428 335 14,515 89,763 104,278 (8,137 ) 2016 3/19/2020 Cottonwood Reserve Charlotte, NC 91.1 % 352 (38,314 ) 12,634 64,986 269 12,634 65,255 77,889 (3,967 ) 2004 5/7/2021 Cottonwood West Palm West Palm Beach, FL 100.0 % 245 (35,995 ) 9,380 57,073 366 9,380 57,439 66,819 (6,934 ) 2018 5/30/2019 Cottonwood Westside Atlanta, GA 100.0 % 197 (25,506 ) 8,641 39,324 106 8,641 39,430 48,071 (2,358 ) 2014 5/7/2021 Enclave on Golden Triangle Keller, TX 98.9 % 273 (34,000 ) 4,888 46,712 168 4,888 46,880 51,768 (2,410 ) 2006 5/7/2021 Heights at Meridian Durham, NC 100.0 % 339 (33,750 ) 5,971 74,022 172 5,971 74,194 80,165 (4,158 ) 2015 5/7/2021 Melrose Nashville, TN 100.0 % 220 (47,100 ) 8,822 58,676 96 8,822 58,772 67,594 (4,057 ) 2015 5/7/2021 Parc Westborough Boston, MA 100.0 % 249 (38,010 ) 12,759 61,302 65 12,759 61,367 74,126 (4,088 ) 2016 5/7/2021 Pavilions Albuquerque, NM 96.4 % 240 (37,350 ) 5,924 55,177 241 5,924 55,418 61,342 (2,688 ) 1992 5/7/2021 Raveneaux Houston, TX 97.0 % 382 (26,675 ) 6,249 51,251 147 6,249 51,398 57,647 (2,983 ) 2000 5/7/2021 Regatta Houston, TX 100.0 % 490 (35,367 ) 8,449 39,651 601 8,449 40,252 48,701 (2,677 ) 1968-1976 5/7/2021 Retreat at Peachtree City Peachtree City, GA 100.0 % 312 (48,719 ) 5,669 66,888 282 5,669 67,170 72,839 (4,090 ) 1999 5/7/2021 Scott Mountain Portland, OR 95.8 % 262 (48,373 ) 6,952 63,758 151 6,952 63,909 70,861 (2,995 ) 1997, 2000 5/7/2021 Stonebriar of Frisco Frisco, TX 84.2 % 306 (36,400 ) 5,737 53,463 290 5,737 53,753 59,490 (2,715 ) 1999 5/7/2021 Summer Park Buford, GA 98.7 % 358 (44,620 ) 9,474 66,200 252 9,474 66,452 75,926 (4,029 ) 2001 5/7/2021 The Marq Highland Park Tampa, FL 100.0 % 239 (34,613 ) 6,280 59,424 149 6,280 59,573 65,853 (3,763 ) 2015 5/7/2021 Development Projects: Cottonwood on Broadway Salt Lake City, UT 18.8 % 254 (27,476 ) 11,042 30,958 20,026 11,042 50,984 62,026 — N/A 5/7/2021 Park Avenue Salt Lake City, UT 23.6 % 234 (29,520 ) 11,369 30,931 19,019 11,369 49,950 61,319 — N/A 5/7/2021 Sugarmont (3) Salt Lake City, UT 99.0 % 341 (59,660 ) 17,838 94,662 21,193 17,838 115,855 133,693 (939 ) N/A 5/7/2021 Cottonwood on Highland Millcreek, UT 36.9 % 250 — 7,405 1,695 15,797 7,405 17,492 24,897 — N/A 5/7/2021 Other Developments Various Various N/A — 11,171 — 355 11,171 355 11,526 — N/A Various Total 6,331 $ (756,687 ) $ 202,531 $ 1,192,992 $ 80,995 $ 202,531 $ 1,273,987 $ 1,476,518 $ (68,035 ) (1) The aggregate cost of real estate for federal income tax purposes was $1.0 billion (unaudited) as of December 31, 2021. (2) Depreciation is recognized on a straight-line basis over the estimated useful asset lives of the related assets, which is 30 years for buildings and ranges from five (3) Lease-up The following table summarized the changes in our consolidated real estate assets and accumulated depreciation for the years ended December 31, 2021 and 2020 (in thousands): 2021 2020 Real estate assets: Balance at beginning of the year $ 170,796 $ 66,644 Additions during the year: Acquisitions 1,295,086 (1) 103,942 Improvements and development costs 80,775 210 Dispositions and deconsolidations during the year: Dispositions and deconsolidations (70,139 ) — Balance at end of the year $ 1,476,518 $ 170,796 Accumulated depreciation and amortization: Balance at beginning of the year $ (9,704 ) $ (2,738 ) Depreciation and amortization (61,243 ) (6,966 ) Dispositions and deconsolidations 2,912 — Balance at end of the year $ (68,035 ) $ (9,704 ) (1) Aside from a portion of the other development real estate assets listed on our “Schedule III—Real Estate and Accumulated Depreciation,” all of our 2021 acquisitions of real estate were from the merger with CRII, which was an affiliated entity. The CRII Merger was accounted for as a business combination in accordance with ASC 805. See Note 3 for additional information regarding the CRII Merger including the amount of real estate assets acquired as part of the merger.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and the instructions to Rule 10-01 S-X. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included herein. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities.	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs with the Follow-on Follow-on Organization and offering costs in the Private Offering for our Series 2019 Preferred Stock were paid by us. They are deferred and amortized up to the redemption date through interest expense. We incurred approximately $13.2 million of organization and offering costs related to the Private Offering, which was fully subscribed and terminated in March 2022.
Principles of Consolidation		Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries under its control. The Operating Partnership and its subsidiaries are consolidated as they are controlled by CCI. All intercompany balances and transactions have been eliminated in consolidation. Some of our partially owned and unconsolidated properties are owned through a tenant in common (“TIC interest”) structure. TIC interests constitute separate and undivided interests in real property. TIC interests in properties for which we exercise significant influence are accounted for using the equity method of accounting until we have acquired a 100% interest in the property. Number of units and certain other measures used to describe real estate assets included in the notes to the consolidated financial statements are presented on an unaudited basis. Certain amounts in the prior year consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities.
Use of Estimates		Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Variable Interest Entities		Variable Interest Entities We invest in entities that qualify as variable interest entities (“VIEs”). All VIEs for which we are the primary beneficiary are consolidated. VIEs for which we are not the primary beneficiary are accounted for under the equity method. A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity’s activities without additional subordinated financial support or, as a group, the equity investors at risk lack the power to direct the entity’s activities and the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property. CROP is a VIE as the limited partners lack substantive kick-out In cases where we become the primarily beneficiary of a VIE, we recognized a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE.
Investments in Real Estate		Investments in Real Estate In accordance with Accounting Standards Codification Topic 805, Business Combinations We account for business combinations by recognizing assets acquired and liabilities assumed at their fair values as of the acquisition date and expensing transaction costs. Differences between the transaction price and the fair value of identifiable assets acquired, the liabilities assumed, and any non-controlling We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. The fair value of debt assumed is determined using a discounted cash flow analysis based on remaining loan terms and principal. Discount rates are based on management’s estimates of current market interest rates for instruments with similar characteristics, and consider remaining loan term and loan-to-value
Real Estate Assets, Net		Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. We also capitalize salary costs directly attributable to significant renovation work. We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years):​​​​​​​​​​​​​​ Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term We expense ordinary maintenance and repairs to operations as incurred. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five
Impairment of Long-Lived Assets		Impairment of Long-Lived Assets Long-lived assets include real estate assets, acquired intangible assets, and investments in real-estate related loans. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment equal to the amount by which the carrying amount exceeds the fair value of the asset. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our long-lived assets.
Investments in Unconsolidated Real Estate Entities		Investments in Unconsolidated Real Estate Entities Real estate investments where we have significant noncontrolling influence and VIEs where we are not the primary beneficiary are accounted for under the equity method. Equity method investments in unconsolidated real estate entities are recorded at cost, adjusted for our share of net earnings or losses each period, and reduced by distributions. Equity in earnings or losses is generally recognized based on our ownership interest in the earnings or losses of the unconsolidated real estate entities. We follow the “look through” approach for classification of distributions from unconsolidated real estate entities in the consolidated statements of cash flows. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the entity’s sale of assets), in which case it is reported as an investing activity. We assess potential impairment of investments in unconsolidated real estate entities whenever events or changes in circumstances indicate that the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is not considered temporary, the impairment is measured as the excess of the carrying amount of the investment over the fair value of the investment. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our investments in unconsolidated real estate entities. Evaluation of Acquisition, Construction and Development Investments We evaluate our investments in real-estate related loans at the time of origination to determine whether these arrangements represent, in economic substance, an investment in real estate or a loan using the guidance for acquisition, development, and construction (“ADC”) arrangements. This includes evaluating the risks and rewards of each arrangement and the characteristics of an owner of real estate versus those of a lender. Investments in Real-Estate Related Loans We carry our investment in real-estate related loans at amortized cost with an assessment made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of our investments in real-estate related loans or its collateral is lower than the carrying amount of the loan, an allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. The amortized cost of our investments in real-estate related loans on the consolidated balance sheets consists of drawn amounts on the loans, net of unamortized costs and fees directly associated with the origination of the loan. Costs we incur associated with originating investments in real-estate related loans are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term of the corresponding investment in real-estate related loan as an adjustment to interest income and are reflected on our consolidated statements of operations as other revenues. Interest income on our investments in real-estate related loans is recognized on an accrual basis over the life of the loan.
Cash and Cash Equivalents		Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash in demand deposit accounts at several major commercial banks where balances in individual accounts at times exceeds FDIC insured amounts. We have not experienced any losses in such accounts.
Restricted Cash		Restricted Cash Restricted cash includes a construction bond, residents’ security deposits, cash in escrow for self-insurance retention, cash in escrow for acquisitions, escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves, and utility deposits.
Other Assets		Other Assets Other assets consist primarily of intangible assets acquired in connection with the CRII Merger, as well as receivables, deferred tax assets, prepaid expenses, equipment, related party notes, related party receivables and other assets.
Unsecured Promissory Notes And Debt Financing Costs		Unsecured Promissory Notes The 2017 6% Notes and the 2019 6% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 6 Debt Financing Costs Debt financing costs are presented as a direct deduction from the carrying amount of the associated debt liability, which includes mortgage notes, unsecured promissory notes, our revolving credit facility and preferred stock. Debt financing costs are amortized over the life of the related liability through interest expense.
Preferred Stock		Preferred Stock Series 2016 Preferred Stock, Series 2017 Preferred Stock and Series 2019 Preferred Stock are described in Note 8. These instruments are similar in nature and are classified as liabilities on the consolidated balance sheet due to the mandatory redemption of these instruments on a fixed date for a fixed amount. Preferred stock distributions are recorded as interest expense.
Revenue Recognition		Revenue Recognition We lease our multifamily residential units with rents generally due on a monthly basis. Terms are one year or less, renewable upon consent of both parties on an annual or monthly basis. Rental and other property revenues is recognized in accordance with Accounting Standards Codification (“ASC”) No. 842, Leases Our non-lease Non-lease No. 2014-09, Revenue from Contracts with Customers 2014-09”),
Income Taxes	Income Taxes As a REIT, we are not subject to federal income tax with respect to the portion of our income that meets certain criteria and is distributed annually to stockholders. Taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our condensed consolidated statements of operations. In 2018, we entered into an incentive allocation agreement with a real estate firm who bought a portfolio of twelve assets from us. The agreement allowed us to participate in distributions from the portfolio should returns on the portfolio exceed certain amounts. In March 2022, the firm sold the portfolio and our TRS realized a promote distribution of $30.3 million. Income tax expense accrued for this discrete item was $7.3 million.	Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the year ending December 31, 2019. CCI, as a REIT, is not subject to federal income tax with respect to that portion of its income that meets certain criteria and is distributed annually to stockholders. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s taxable income, excluding net capital gains, to stockholders. We have adhered to, and intend to continue to adhere to, these requirements to maintain REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. As a qualified REIT, we are still subject to certain state and local taxes and may be subject to federal income and excise taxes on undistributed taxable income. In addition, taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our consolidated statements of operations. CROP is generally not subject to federal and state income taxes. OP Unit holders, including CCI, are subject to tax on their respective allocable shares of CROP’s taxable income. However, there are certain states that require an entity level tax on CROP. We determine deferred tax assets and liabilities applicable to the TRS based on differences between financial reporting and tax bases of existing assets and liabilities. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is more likely than not that future taxable profits will be available against which they can be utilized. We recognize interest and penalties relating to uncertain tax positions in income tax expense when incurred. Our deferred tax assets in 2020 were fully allowed for. For the year ended December 31, 2021, we had an income tax provision of $1.2 million of which $1.1 million was current and $0.1 million was deferred. As of December 31, 2021, our net deferred tax liability was $2.1 million.
Noncontrolling Interests		Noncontrolling Interests The portion of ownership interests in consolidated entities not held by CCI are reported as noncontrolling interests. Equity and net income (loss) attributable to CCI and to noncontrolling interests are presented separately on the consolidated financial statements. Changes in noncontrolling ownership interests, as in the case of the CMRI Merger and CMRII Merger, are accounted for as equity transactions. Noncontrolling interest—limited partners Consistent with the one-for-one Noncontrolling interest—partially owned entities
Fair Value of Financial Instruments	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment Useful Lives	The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): March 31, 2022 December 31, 2021 Land $ 202,531 $ 202,531 Buildings and improvements 1,076,901 1,074,126 Furniture, fixtures and equipment 43,629 37,463 Intangible assets 34,905 34,905 Construction in progress (1) 137,040 127,493 1,495,006 1,476,518 Less: Accumulated depreciation and amortization (2) (78,453 ) (68,035 ) Real estate assets, net $ 1,416,553 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place	We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years):​​​​​​​​​​​​​​ Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, December 31, Land $ 202,531 $ 23,894 Building and improvements 1,074,126 139,110 Furniture, fixtures and equipment 37,463 3,983 Intangible assets 34,905 3,809 Construction in progress (1) 127,493 — 1,476,518 170,796 Less: Accumulated depreciation and amortization (68,035 ) (2) (9,704 ) Real estate assets, net $ 1,408,483 $ 161,092 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place
Schedule of Accounting Standards Update and Change in Accounting Principle		The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Required date of Effect on the Financial Statements ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables and other long term financings including available for sale and held-to-maturity 2018-19, 2016-13 January 1, 2023 ASU 2016-13 2016-13 2016-13

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Carrying Amounts of Consolidated Real Estate Assets	The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): March 31, 2022 December 31, 2021 Land $ 202,531 $ 202,531 Buildings and improvements 1,076,901 1,074,126 Furniture, fixtures and equipment 43,629 37,463 Intangible assets 34,905 34,905 Construction in progress (1) 137,040 127,493 1,495,006 1,476,518 Less: Accumulated depreciation and amortization (2) (78,453 ) (68,035 ) Real estate assets, net $ 1,416,553 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place	We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years):​​​​​​​​​​​​​​ Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, December 31, Land $ 202,531 $ 23,894 Building and improvements 1,074,126 139,110 Furniture, fixtures and equipment 37,463 3,983 Intangible assets 34,905 3,809 Construction in progress (1) 127,493 — 1,476,518 170,796 Less: Accumulated depreciation and amortization (68,035 ) (2) (9,704 ) Real estate assets, net $ 1,408,483 $ 161,092 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place
Schedule of Consideration in Merger Agreement	The consideration given in exchange for CRII was as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658	The consideration given in exchange for CRII is as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658
Schedule of Purchase Price Allocation of identifiable Asset and Liabilities Assumed	The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI Merger and CMR II Merger on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income.	The allocation of the purchase price below requires significant judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI and CMR II Mergers on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years).
Schedule of Revenue and Net Income Since Acquisition	The results of operations for the CRII Merger are included in the Company’s statements of operations beginning on the May 7, 2021 merger closing date onward. For the three months ended March 31, 2022, the accompanying statements of operations include the following revenue and net income generated from the assets acquired and liabilities assumed with the CRII Merger (unaudited, in thousands): Revenue $ 26,396 Net income $ 20,114	The revenue and net loss generated from the assets acquired and liabilities assumed with the CRII Merger since the May 7, 2021 acquisition date to December 31, 2021 are as follows (unaudited, in thousands): Revenue $ 70,211 Net loss $ (36,830 )
Schedule of Pro Forma Information	The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Three Months Ended 2022 2021 Pro forma revenue: Historic results $ 30,559 $ 3,417 CRII Merger (excluding those in historic results) — 25,147 Total $ 30,559 $ 28,564 Pro forma net loss: Historic results $ (6,888 ) $ (3,010 ) CRII Merger (excluding those in historic results) — (7,959 ) Total $ (6,888 ) $ (10,969 )	The following condensed pro forma operating information is presented as if the CRII Merger occurred in 2020 and had been included in operations as of January 1, 2020. The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Year Ended December 31, 2021 2020 Pro forma revenue: Historic results $ 83,181 $ 11,325 CRII Merger (excluding those in historic results) 34,140 88,535 Total $ 117,321 $ 99,860 Pro forma net loss: Historic results $ (106,904 ) $ (8,551 ) CRII Merger (excluding those in historic results) (13,298 ) (70,902 ) Total $ (120,202 ) $ (79,453 )
Schedule of Equity Transaction Adjustments	Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in 2021 Consideration CMRI Merger CMRII Merger Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 2021 Change in equity CMRI Merger CMRII Merger Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376	Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in Consideration CMRI CMRII Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 Change in equity CMRI CMRII Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376
Schedule of Purchase Price Allocation of Real Estate Assets Acquired		Allocated Amounts Property Building Land Land Personal Intangible Total Cottonwood One Upland $ 82,146 $ 14,515 $ 3,009 $ 1,967 $ 2,305 $ 103,942

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Equity Method Investments	Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of March 31, 2022 and December 31, 2021 (in thousands): Balance at Property / Development Location % Owned March 31, 2022 December 31, 2021 Stabilized Assets 3800 Main Houston, TX 50.0% $ 10,227 $ 10,347 Alpha Mill (1) Charlotte, NC 57.2% 21,876 22,034 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 31,450 31,399 Cottonwood Ridgeview (1) Plano, TX 90.5% 3,881 34,352 Fox Point (1) Salt Lake City, UT 52.8% 15,742 16,056 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 9,625 9,370 Melrose Phase II (1) Nashville, TN 79.8% 6,945 15,523 Preferred Equity Investments Lector85 Ybor City, FL 13,425 13,010 Vernon Boulevard Queens, NY 18,658 18,079 Riverfront West Sacramento, CA 17,569 16,884 Other 3,198 3,679 Total $ 152,596 $ 190,733 (1) We account for our tenant-in-common	Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of December 31, 2021 and 2020 (in thousands): Balance at December 31, Property / Development Location % Owned 2021 2020 Stabilized Properties 3800 Main Houston, TX 50.0 % $ 10,347 $ — Alpha Mill (1) Charlotte, NC 57.2 % 22,034 — Cottonwood Bayview (1) St. Petersburg, FL 71.0 % 31,399 — Cottonwood Ridgeview (1) Plano, TX 90.5 % 34,352 — Fox Point (1) Salt Lake City, UT 52.8 % 16,056 — Toscana at Valley Ridge (1) Lewisville, TX 58.6 % 9,370 — Melrose Phase II (1) Nashville, TN 79.8 % 15,523 — Preferred Equity Investments Lector85 Ybor City, FL 13,010 11,396 Vernon Boulevard Queens, NY 18,079 15,886 Riverfront West Sacramento, CA 16,884 2,718 Other 3,679 — Total $ 190,733 $ 30,000 (1) We account for our tenant in common interests in these properties as equity method investments. Refer to Note 2 For the Operating data: Total revenues $ 23,514 Total operating expenses 9,941 Total other expenses (24,672 ) Net loss (11,099 ) December 31, Balance sheet data: Real estate assets $ 440,853 Cash and cash equivalents 6,361 Total assets 452,972 Mortgage notes, net 250,224 Total liabilities 255,768

Debt (Tables)

Debt (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Mortgage Notes And Revolving Credit Facility	The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of March 31, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Weighted-Average (1) March 31, December 31, Fixed rate loans Fixed rate mortgages 3.68 % 4.5 $ 450,431 $ 213,009 Total fixed rate loans 450,431 213,009 Variable rate loans (2) Floating rate mortgages 2.44 % 6.5 Years 321,592 407,022 Variable rate revolving credit facility (3) 1.85 % 3.0 Years — 20,000 Total variable rate loans 321,592 427,022 Total secured loans 772,023 640,031 Unamortized debt issuance costs (4,712 ) (940 ) Premium on assumed debt, net 1,750 3,016 Mortgage notes and revolving credit facility, net $ 769,061 $ 642,107 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month one-month (3) We may obtain advances secured against Cottonwood One Upland and Parc Westborough up to $125.0 million on our variable rate revolving credit facility, as long as certain loan-to-value	The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of December 31, 2021 and 2020 ($ in thousands): Principal Balance Indebtedness Weighted-Average Weighted-Average (1) December 31, December 31, Fixed rate loans Fixed rate mortgages 4.03 % 3.7 Years $ 213,009 $ 35,995 Total fixed rate loans 213,009 35,995 Variable rate loans (2) Floating rate mortgages 2.86 % 6.2 Years 407,022 — Variable rate revolving credit facility (3) 1.63 % 3.2 Years 20,000 35,500 Total variable rate loans 427,022 35,500 Total secured loans 640,031 71,495 Unamortized debt issuance costs (940 ) (1,175 ) Premium on assumed debt, net 3,016 — Mortgage notes and revolving credit facility, net $ 642,107 $ 70,320 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month (3) We may obtain advances secured against Cottonwood One Upland up to $74.9 million on our variable rate revolving credit facility, as well as finance other future acquisitions up to $125.0 million in total revolving debt capacity, as long as certain loan-to-value
Schedule of Construction Loans	Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount March 31, Park Avenue One-Month USD Libor + 1.75% November 30, 2023 $ 37,000 $ 33,512 Cottonwood on Broadway One-Month USD Libor + 1.9% May 15, 2024 44,625 30,859 Cottonwood on Highland One-Month USD Libor + 2.75% (1) December 1, 2024 37,000 1,803 $ 118,625 $ 66,174 (1) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%.	Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount December 31, Sugarmont (1) One-Month September 30, 2022 $ 63,250 $ 59,660 Park Avenue One-Month November 30, 2023 37,000 29,520 Cottonwood on Broadway One-Month May 15, 2024 44,625 27,476 Cottonwood on Highland One-Month (2) December 1, 2024 37,000 — $ 181,875 $ 116,656 (1) The Sugarmont construction loan was refinanced in January 2022. Refer to Note 13 (2) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%.
Schedule of Unsecured Promissory Notes	Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date March 31, 2022 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,818 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $60,000 $43,443	Information on our unsecured promissory notes are as follows ($ in thousands): Offering Interest Rate Maturity Date December 31, 2021 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,918 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $ 60,000 $ 43,543
Schedule of Mortgage Notes, Repayments of Principal	The aggregate maturities, including amortizing principal payments on our debt for years subsequent to March 31, 2022 are as follows (in thousands): Year Total 2022 (1) $ 55,518 2023 (2) 111,344 2024 22,186 2025 2,877 2026 143,221 Thereafter 546,494 $881,640 (1) $20.8 million of the amount maturing in 2022 relates to the amount outstanding at March 31, 2022 on our 2017 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year (2) $22.6 million of the amount maturing in 2023 relates to the amount outstanding at March 31, 2022 on our 2019 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year	The aggregate maturities, including amortizing principal payments on mortgage notes for years subsequent to December 31, 2021 are as follows (in thousands): Year Total 2022 $ 1,592 2023 (1) 102,731 2024 139,686 2025 3,374 2026 39,087 Thereafter 353,561 $ 640,031 (1) $20.0 million of the amount maturing in 2023 relates to the amount outstanding at December 31, 2021 on our variable rate revolving credit facility. The maturity date on the variable rate revolving credit facility can be extended for two one-year

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial Asset: Investments in real-estate related loans $ 13,031 $ 13,031 $ 13,035 $ 13,035 Financial Liability: Fixed rate mortgages $ 450,431 $ 448,954 $ 213,009 $ 216,566 Floating rate mortgages $ 321,592 $ 320,466 $ 407,022 $ 409,377 Variable rate revolving credit facility $ — $ — $ 20,000 $ 20,000 Construction loans $ 66,174 $ 66,174 $ 116,656 $ 116,656 Series 2016 Preferred Stock $ 139,838 $ 139,838 $ 139,996 $ 139,996 Series 2017 Preferred Stock $ — $ — $ 2,586 $ 2,586 Series 2019 Preferred Stock $ 127,335 $ 127,335 $ 111,863 $ 111,863 Unsecured promissory notes $ 43,443 $ 43,443 $ 43,543 $ 43,543	The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): As of December 31, 2021 As of December 31, Carrying Fair Value Carrying Fair Financial Asset: Investments in real-estate related loans $ 13,035 $ 13,035 $ 8,206 $ 8,206 Financial Liability: Fixed rate mortgages $ 213,009 $ 216,566 $ 35,995 $ 38,658 Floating rate mortgages $ 407,022 $ 409,377 $ — $ — Variable rate revolving credit facility $ 20,000 $ 20,000 $ 35,500 $ 35,500 Construction loans $ 116,656 $ 116,656 $ — $ — Series 2016 Preferred Stock $ 139,996 $ 139,996 $ — $ — Series 2017 Preferred Stock $ 2,586 $ 2,586 $ — $ — Series 2019 Preferred Stock $ 111,863 $ 111,863 $ 32,933 $ 32,933 Unsecured promissory notes, net $ 43,543 $ 43,543 $ — $ —

Preferred Stock (Tables)

Preferred Stock (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Schedule of Preferred Stock	Information on our preferred stock as of March 31, 2022 and December 31, 2021 is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension Date March 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,983,810 13,999,560 Series 2017 Preferred Stock (2) 7.5 % 8.0 % January 31, 2022 January 31, 2024 — 258,550 Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 12,733,485 11,186,301 (1) As of March 31, 2022, we were in the second extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. Subsequent to March 31, 2022, we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for approximately $139.8 million. (2) We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for approximately $2.6 million.	Information on our preferred stock is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension December 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,999,560 — Series 2017 Preferred Stock 7.5 % 8.0 % January 31, 2022 January 31, 2024 258,550 — Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 11,186,301 3,308,326 (1) As of December 31, 2021, we are currently in the first extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table details the movement in the Company’s outstanding shares for each class of common stock: Three Months Ended March 31, 2022 Class T Class I Class A Class TX Total December 31, 2021 — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 1,383,323 456,277 — — 1,839,600 Distribution reinvestment 19 456 26,120 5 26,600 Repurchases of common stock — — (183,049 ) — (183,049 ) March 31, 2022 1,383,342 608,019 23,288,245 17,525 25,297,131	The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below: Class I A TX Total Balance at December 31, 2019 — 8,851,759 — 8,851,759 Issuance of common stock — 3,283,713 17,500 3,301,213 Distribution reinvestment — 110,606 18 110,624 Repurchases of common stock — (31,307 ) — (31,307 ) Balance at December 31, 2020 — 12,214,771 17,518 12,232,289 Issuance of common stock 151,286 — — 151,286 Distribution reinvestment — 8,660 2 8,662 Repurchases of common stock — (203,537 ) — (203,537 ) CRII Merger — 430,070 — 430,070 CMRI Merger — 5,762,253 — 5,762,253 CMRII Merger — 5,232,957 — 5,232,957 Balance at December 31, 2021 151,286 23,445,174 17,520 23,613,980
Schedule of Distributions	We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71	In September 2021, we began declaring monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually September 25, 2021 $ 0.04333333 $ 0.52 October 29, 2021 0.04333333 0.52 November 30, 2021 0.05416667 0.65 December 31, 2021 0.05666667 0.68

Commitments and Contingencies

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Repurchase Program	Our board of directors has adopted a share repurchase program with respect to our preferred stock whereby, upon the request of a holder of our Series 2016, Series 2017 or Series 2019 preferred stock, we may, at the sole discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long such preferred stockholder has held each share:​​​​​​​ Share Purchase Anniversary Repurchase Less than 1 year $ 8.80 1 year $ 9.00 2 years $ 9.20 3 years $ 9.40 4 years $ 9.60 5 years $ 9.80 A stockholder’s death or complete disability, 2 years or more (Series 2019), 6 years or more (Series 2016 and Series 2017) $ 10.00

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Schedule of Sale of Stock	We sold the following through our Follow-on Class T I A TX Total Shares issued through Primary Offering 1,394,087 442,888 — — 1,836,975 Shares issued through DRP Offering 19 456 26,120 — 26,595 Gross Proceeds $ 25,000 $ 7,888 $ 458 $ — $ 33,346
Schedule of Distributions	We declared the following monthly distributions after December 31, 2021: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71

Organization and Business (Deta

Organization and Business (Details)		3 Months Ended	12 Months Ended	28 Months Ended
	Jan. 26, 2021 numberOfAffiliatedREIT	Mar. 31, 2022 USD ($) parcel apartmentCommunity realEstateUnit APARTMENTCOMMUNITY $ / shares	Dec. 31, 2021 USD ($) apartmentCommunity realEstateUnit developmentProject state land_parcel	Dec. 22, 2020 USD ($)	Nov. 04, 2021 USD ($)	Aug. 12, 2021 USD ($)	Jul. 15, 2021	Nov. 08, 2019 USD ($) $ / shares
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities		17	17
Number of affiliated REITs | numberOfAffiliatedREIT	3
Number of stabilized multifamily apartment communities | apartmentCommunity			22
Number of multifamily development projects | developmentProject			4
Number of structured investment, and land held for development | developmentProject			1
Preferred Equity Investments
Subsidiary, Sale of Stock [Line Items]
Number of real estate properties | parcel		3
CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	2.015
Ownership interest							100%
Ownership Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity			33
Number of states in real estate property | state			13
Number of real estate units | realEstateUnit			9,746
Number of real estate properties | land_parcel			3
Structured Investment Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		4	4
Number of real estate units | realEstateUnit		1,373	1,373
Structured Investment Interest | Under Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity			4
Number of real estate units | realEstateUnit			1,079
Owned Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		33
Number of real estate units | realEstateUnit		9,746
Owned Interest | Under Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		4
Number of real estate units | realEstateUnit		1,079
Common Stock Class A | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	2.015
Common Stock Class A | Cottonwood Multifamily REIT II, Inc.
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1.175
Common Stock Class A | Cottonwood Multifamily REIT I, Inc.
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1.072
Series 2016 Preferred Stock | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1
Series 2017 Preferred Stock | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1
IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from offering including dividend reinvestment plan offering				$ (122,000,000)
IPO | Class A and Class TX
Subsidiary, Sale of Stock [Line Items]
Proceeds from offering including dividend reinvestment plan offering				$ (122,000,000)
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value					$ 900,000,000
Primary Offering | Class T Class D And Class I Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						$ 900,000,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Stock offered, value					100,000,000
Distribution Reinvestment Plan | Class A Class T X Class T Class D And Class I Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						100,000,000
Follow on Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value					$ 1,000,000,000	$ 1,000,000,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Proceeds from private offering		$ 127,300,000	$ 111,900,000
Private Placement | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Stock offered, value								$ 128,000,000
Share price (in USD per share) | $ / shares		$ 10						$ 10

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Useful life of real estate assets (in years)				5 years
Impairment losses for long-lived assets recognized				$ 0	$ 0
Impairment losses in unconsolidated real estate entities				$ 0	0
Rental and other property revenues				88%
Income tax provision		$ 7,463,000	$ 0	$ 1,238,000	$ 0
Current income tax				1,100,000
Deferred tax				100,000
Net deferred tax liability				$ 2,100,000
TRS received impacts from sale of portfolio of assets	$ 30,300,000
Income tax expense	7,300,000
Maximum | Renovations and Improvements
Subsidiary, Sale of Stock [Line Items]
Useful life of real estate assets (in years)				15 years
2017 Notes
Subsidiary, Sale of Stock [Line Items]
Interest rate				6%
2019 Notes | Unsecured Debt
Subsidiary, Sale of Stock [Line Items]
Interest rate				6%
OP Units
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio				1
Cottonwood Communities Management, LLC
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	4,700,000	4,700,000
Cottonwood Communities Management, LLC | IPO
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	14,100,000	14,100,000		$ 14,100,000
Cottonwood Communities Management, LLC | Follow on Offering
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred				1,700,000
Cottonwood Communities Management, LLC | Private Placement
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	$ 13,200,000	$ 13,200,000		$ 11,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Buildings
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	30 years
Minimum | Land improvements
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Minimum | Building improvements
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Maximum | Land improvements
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	15 years
Maximum | Building improvements
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	15 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	15 years

Real Estate Assets, Net - Carry

Real Estate Assets, Net - Carrying Amount of Real Estate Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Land	$ 202,531	$ 202,531		$ 23,894
Buildings and improvements	1,076,901	1,074,126		139,110
Furniture, fixtures and equipment	43,629	37,463		3,983
Intangible assets	34,905	34,905		3,809
Construction in progress	137,040	127,493		0
Real estate investment property, at cost	1,495,006	1,476,518		170,796
Less: Accumulated depreciation and amortization	(78,453)	(68,035)		(9,704)
Real estate assets, net	$ 1,416,553	$ 1,408,483		$ 161,092
CRII Merger
Business Acquisition [Line Items]
Acquired-in-place leases			$ 33,200

Real Estate Assets, Net - Consi

Real Estate Assets, Net - Considerations in Merger Agreement (Details) $ / shares in Units, $ in Thousands	May 07, 2021 USD ($) $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)		25,297,131	23,613,980	12,232,289	8,851,759
CRII Merger | Common Stock
Business Acquisition [Line Items]
Common stock, shares issued (in shares)	213,434
Common stock, shares outstanding (in shares)	213,434
Exchange ratio	2.015
CCI | Common Stock
Business Acquisition [Line Items]
Common stock issued as consideration (in shares)	430,070
CCI's estimated value per share (in dollars per share) | $ / shares	$ 10.83
Value of CCI common stock issued as consideration | $	$ 4,658

Real Estate Assets, Net - Purch

Real Estate Assets, Net - Purchase Price Allocation (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 15, 2021	May 07, 2021	Dec. 31, 2020
Liabilities
Intangible assets from merger		$ 33,200
Weighted-average amortization period (in years)		6 months	6 months
Other Assets
Liabilities
Intangible assets from merger		$ 24,100
Weighted-average amortization period (in years)		9 years 2 months 12 days
Intangible assets from merger, weighted average useful life (in years)		8 years 9 months 18 days
Acquisition of intangible assets		$ 22,200
Disposition fees		$ 1,900
Disposition fees, weighted average useful life (in years)		3 years 9 months 18 days
CRII Merger
Assets
Real estate assets		$ 1,291,030
Investments in unconsolidated real estate entities		120,775
Cash and cash equivalents		31,799
Restricted cash		20,144
Other assets		42,325
Total assets acquired		1,506,073
Liabilities
Mortgage notes, net		622,095
Construction loans		64,114
Preferred stock		143,979
Unsecured promissory notes		48,643
Accounts payable, accrued expenses and other liabilities		40,926
Total liabilities assumed		919,757
Consolidated net assets acquired		586,316
Noncontrolling interests		(581,659)
Net assets acquired		4,657
CRII Merger | Other Assets
Liabilities
Intangible assets from merger	$ 8,000	$ 32,100

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) $ in Millions		12 Months Ended
	May 07, 2021	Dec. 31, 2020 USD ($)	Mar. 31, 2022 DEVELOPMENTPROJECT APARTMENTCOMMUNITY	Dec. 31, 2021 apartmentCommunity developmentProject
Business Combination and Asset Acquisition [Abstract]
Number of multifamily apartment communities			17	17
Number of development properties			4	4
Number of multifamily apartment communities under equity method accounting			6	6
Amortization of intangible lease assets		$ 33.2
Weighted-average amortization period (in years)	6 months	6 months

Real Estate Assets, Net - Reven

Real Estate Assets, Net - Revenue and Net Loss Since Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Net loss	$ (6,888)	$ (3,010)		$ (106,905)	$ (8,551)
CRII Merger
Business Acquisition [Line Items]
Revenue	26,396		$ 70,211
Net loss	$ 20,114		$ (36,830)

Real Estate Assets, Net - Pro F

Real Estate Assets, Net - Pro Forma Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Historic results
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	$ 30,559	$ 3,417	$ 83,181	$ 11,325
Business acquisition, pro forma net income (loss)	(6,888)	(3,010)	(106,904)	(8,551)
CRII Merger (excluding those in historic results)
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	0	25,147	34,140	88,535
Business acquisition, pro forma net income (loss)	0	(7,959)	(13,298)	(70,902)
CMRI & CMRII Merger
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	30,559	28,564	117,321	99,860
Business acquisition, pro forma net income (loss)	$ (6,888)	$ (10,969)	$ (120,202)	$ (79,453)

Real Estate Assets, Net - Equit

Real Estate Assets, Net - Equity Transaction Adjustments (Details) $ / shares in Units, $ in Thousands	Jul. 15, 2021 USD ($) $ / shares shares	Jul. 07, 2021 USD ($) $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 shares
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares) | shares			25,297,131	23,613,980	12,232,289	8,851,759
CROP
Business Acquisition [Line Items]
Ownership interest	100%
CMRI Merger
Business Acquisition [Line Items]
Fair value of CCI Common Stock issued	$ 67,917
Settlement of promote	5,585	$ 5,585		$ 5,585	$ 0
Settlement of CMRI promissory notes and interest with CROP	1,545	1,545		1,545	0
Net liabilities assumed	2,223	2,223		2,223	0
Total consideration	77,270	77,270
Carrying amount of noncontrolling interest	79,447	79,447
Additional paid in capital adjustment	2,177	2,177
Total change in equity	$ 70,094	$ 70,094
CMRI Merger | Common Stock
Business Acquisition [Line Items]
Common stock, shares issued (in shares) | shares	4,904,045	4,904,045
Common stock, shares outstanding (in shares) | shares	4,904,045	4,904,045
Exchange ratio	1.175	1.175
CMRI Merger | Common Stock | CCI
Business Acquisition [Line Items]
CCI common stock issued as consideration (in shares) | shares	5,762,253	5,762,253
Per share value of CCI common stock (in dollars per share) | $ / shares	$ 11.7865	$ 11.7865
Fair value of CCI Common Stock issued	$ 67,917	$ 67,917
CMRII Merger
Business Acquisition [Line Items]
Fair value of CCI Common Stock issued	61,678
Settlement of promote	2,424	2,424		2,424	0
Settlement of CMRI promissory notes and interest with CROP	2,475	2,475		2,475	0
Net liabilities assumed	1,477	1,477		$ 1,477	$ 0
Total consideration	68,054	68,054
Carrying amount of noncontrolling interest	63,752	63,752
Additional paid in capital adjustment	(4,302)	(4,302)
Total change in equity	$ 57,376	$ 57,376
CMRII Merger | Common Stock
Business Acquisition [Line Items]
Common stock, shares issued (in shares) | shares	4,881,490	4,881,490
Common stock, shares outstanding (in shares) | shares	4,881,490	4,881,490
Exchange ratio	1.072	1.072
CMRII Merger | Common Stock | CCI
Business Acquisition [Line Items]
CCI common stock issued as consideration (in shares) | shares	5,232,957	5,232,957
Per share value of CCI common stock (in dollars per share) | $ / shares	$ 11.7865	$ 11.7865
Fair value of CCI Common Stock issued	$ 61,678	$ 61,678

Real Estate Assets, Net - Asset

Real Estate Assets, Net - Asset Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	May 07, 2021	Mar. 19, 2020	Dec. 31, 2020	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Outstanding amount			$ 70,320	$ 769,061	$ 642,107
Weighted-average amortization period (in years)	6 months		6 months
Line of Credit | JP Morgan
Business Acquisition [Line Items]
Outstanding amount			$ 50,000
Line of credit maximum borrowing capacity			67,600
One Upland
Business Acquisition [Line Items]
Payments for asset acquisitions			$ 103,600
Weighted-average amortization period (in years)		6 months

Real Estate Assets, Net - Ass_2

Real Estate Assets, Net - Asset Acquisitions (Details) - One Upland $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Building	$ 82,146
Land	14,515
Land Improvements	3,009
Personal Property	1,967
Intangible	2,305
Total	$ 103,942

Real Estate Assets, Net - Alpha

Real Estate Assets, Net - Alpha Mill Transaction (Details) - Alpha Mill $ in Millions	Nov. 02, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership in equity transaction	43%
Value of shares in offering	$ 34.8
Gain on sale	$ 10.8

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments (Details) - Unconsolidated Properties - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 152,596	$ 190,733	$ 30,000
3800 Main | Houston, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	50%	50%
Equity method investments	$ 10,227	$ 10,347
Alpha Mill | Charlotte, NC | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	57.20%	57.20%
Equity method investments	$ 21,876	$ 22,034
Cottonwood Bayview | St. Petersburg, FL | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	71%	71%
Equity method investments	$ 31,450	$ 31,399
Cottonwood Ridgeview | Plano, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	90.50%	90.50%
Equity method investments	$ 3,881	$ 34,352
Fox Point | Salt Lake City, UT | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	52.80%	52.80%
Equity method investments	$ 15,742	$ 16,056
Toscana At Valley Ridge | Lewisville, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	58.60%	58.60%
Equity method investments	$ 9,625	$ 9,370
Melrose Phase II | Nashville, TN | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	79.80%	79.80%
Equity method investments	$ 6,945	$ 15,523
Lector85 | Ybor City, FL | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	13,425	13,010	11,396
Vernon Boulevard | Queens, NY | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	18,658	18,079	15,886
Riverfront | West Sacramento, CA | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	17,569	16,884	$ 2,718
Other
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 3,198	$ 3,679

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	$ 2,670	$ 951		$ (533)	$ 2,113
Stabilized Properties | Melrose Phase II | Unconsolidated Properties | Nashville, TN
Schedule of Equity Method Investments [Line Items]
Additional interest			54.90%	54.90%
Payment for the additional interest	$ 30,400	8,300		$ 10,600
Ownership percentage	79.80%		79.80%	79.80%
Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	$ 1,700	$ 1,000		$ 5,600	$ 2,100
Preferred Equity Investments | Riverfront
Schedule of Equity Method Investments [Line Items]
Commitment on investment			$ 12,400	$ 12,400
CRII Merger | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	$ 800		$ 6,100

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities - Balance Sheet and Operating Data (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Operating data:
Total revenues	$ 30,559	$ 3,417	$ 83,181	$ 11,325
Total operating expenses	52,841	6,075	172,482	18,719
Total other expenses	1,530	27	2	197
Net loss	(6,888)	(3,010)	(106,905)	(8,551)
Balance sheet data:
Real estate assets, net	1,416,553		1,408,483	161,092
Cash and cash equivalents	121,890	$ 7,134	27,169	4,362
Total assets	1,763,020		1,686,890	204,805
Mortgage notes, net	769,061		642,107	70,320
Total liabilities	$ 1,214,517		1,146,221	$ 102,722
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Underlying Stabilized Assets
Operating data:
Total revenues			23,514
Total operating expenses			9,941
Total other expenses			(24,672)
Net loss			(11,099)
Balance sheet data:
Real estate assets, net			440,853
Cash and cash equivalents			6,361
Total assets			452,972
Mortgage notes, net			250,224
Total liabilities			$ 255,768

Investments in Real-Estate Re_2

Investments in Real-Estate Related Loans (Details)	3 Months Ended		4 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	May 07, 2021 USD ($)	Dec. 31, 2021 USD ($) extension	Dec. 31, 2020 USD ($)	Jun. 30, 2021 USD ($) a apartmentCommunity realEstateUnit story
Real Estate [Line Items]
Note balance	$ 13,031,000			$ 13,035,000	$ 8,255,000
Net interest income	$ 16,000	$ 0		207,000	198,000
Integra Peaks
Real Estate [Line Items]
Investment allowance					0
Common Equity Investment | Integra Peaks
Real Estate [Line Items]
Investments equity						$ 14,100,000
Dolce B Note
Real Estate [Line Items]
Net interest income			$ 300,000		600,000
Investment allowance				0	$ 0
Dolce B Note | Commercial Mortgage Backed Securities
Real Estate [Line Items]
Notes issued			1,100,000
Face value of note			10,000,000
Note balance			$ 9,300,000
Integra Peaks Mezzanine Loan | Integra Peaks
Real Estate [Line Items]
Net interest income				600,000
Investment owned, balance						$ 19,500,000
Number of real estate units | realEstateUnit						300
Number of elevator serviced apartments | apartmentCommunity						5
Number of stories in elevators | story						4
Area of property | a						12.1
Investment in loan				13,000,000
Fund by co-lender				$ 13,000,000
Interest Rate				12%
Number of extensions | extension				2
Term of extension (in years)				1 year
Integra Peaks Mezzanine Loan | Co-Lender | Integra Peaks
Real Estate [Line Items]
Fund by co-lender				$ 6,500,000
Construction Loan | Integra Peaks
Real Estate [Line Items]
Construction loan						$ 42,500,000

Debt - Mortgage Notes And Revol

Debt - Mortgage Notes And Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total secured loans	$ 772,023	$ 640,031	$ 71,495
Unamortized debt issuance costs	(4,712)	(940)	(1,175)
Premium on assumed debt, net	1,750	3,016	0
Mortgage notes and revolving credit facility, net	769,061	642,107	70,320
Variable rate revolving credit facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		74,900
Future Acquisition Financing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 125,000	$ 125,000
Fixed rate loans
Debt Instrument [Line Items]
Weighted average fixed interest rate	3.68%	4.03%
Weighted average remaining term	4 years 6 months	3 years 8 months 12 days
Total secured loans	$ 450,431	$ 213,009	35,995
Variable Rate Loans
Debt Instrument [Line Items]
Total secured loans	$ 321,592	$ 427,022	35,500
Variable Rate Loans | Floating rate mortgages
Debt Instrument [Line Items]
Weighted average interest rate	2.44%	2.86%
Weighted average remaining term	6 years 6 months	6 years 2 months 12 days
Total secured loans	$ 321,592	$ 407,022	0
Variable Rate Loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	1.85%	1.63%
Weighted average remaining term	3 years	3 years 2 months 12 days
Total secured loans	$ 0	$ 20,000	$ 35,500

Debt - Construction loans (Deta

Debt - Construction loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amount Drawn	$ 66,174	$ 116,656	$ 0
LIBOR
Debt Instrument [Line Items]
Interest Rate	0.50%	0.50%
LIBOR Floor
Debt Instrument [Line Items]
Interest Rate	3.25%	3.25%
Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	$ 118,625	$ 181,875
Amount Drawn	66,174	116,656
Sugarmont (1) | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount		63,250
Amount Drawn		$ 59,660
Sugarmont (1) | Construction Loan Payable | LIBOR
Debt Instrument [Line Items]
Interest Rate		3%
Park Avenue | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	37,000	$ 37,000
Amount Drawn	$ 33,512	$ 29,520
Park Avenue | Construction Loan Payable | LIBOR
Debt Instrument [Line Items]
Interest Rate	1.75%	1.75%
Cottonwood on Broadway | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	$ 44,625	$ 44,625
Amount Drawn	$ 30,859	$ 27,476
Cottonwood on Broadway | Construction Loan Payable | LIBOR
Debt Instrument [Line Items]
Interest Rate	1.90%	1.90%
Cottonwood on Highland | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	$ 37,000	$ 37,000
Amount Drawn	$ 1,803	$ 0
Cottonwood on Highland | Construction Loan Payable | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.75%	2.75%

Debt - Unsecured Promissory Not

Debt - Unsecured Promissory Notes - Additional Information (Details) - Unsecured Debt $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2022 extension	Dec. 31, 2021 extension
Debt Instrument [Line Items]
Number of extensions | extension		2	2
Term of extension (in years)		1 year	1 year
Increase in interest rate		0.25%	0.25%
2017 6.25% Notes
Debt Instrument [Line Items]
Interest rate	6.25%		6.25%
Extinguishment of debt | $	$ 5

Debt - Unsecured Promissory N_2

Debt - Unsecured Promissory Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unsecured promissory notes, net	$ 43,443	$ 43,543	$ 0
Unsecured Debt
Debt Instrument [Line Items]
Offering Size	60,000	60,000
Unsecured promissory notes, net	43,443	43,543
2017 6% Notes | Unsecured Debt
Debt Instrument [Line Items]
Offering Size	$ 35,000	$ 35,000
Interest Rate	6%	6%
Unsecured promissory notes, net	$ 20,818	$ 20,918
2019 6% Notes | Unsecured Debt
Debt Instrument [Line Items]
Offering Size	$ 25,000	$ 25,000
Interest Rate	6%	6%
Unsecured promissory notes, net	$ 22,625	$ 22,625

Debt - Mortgage Notes Repayment

Debt - Mortgage Notes Repayment of Principal (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) extension	Dec. 31, 2021 USD ($) extension	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2022	$ 55,518	$ 1,592
2023	111,344	102,731
2024	22,186	139,686
2025	2,877	3,374
2026	143,221	39,087
Thereafter	546,494	353,561
Principal payment on mortgage loans	881,640	640,031
Outstanding amount	$ 769,061	$ 642,107	$ 70,320
Unsecured Debt [Member]
Debt Instrument [Line Items]
Number of extensions | extension	2	2
Term of extension (in years)	1 year	1 year
Unsecured Debt [Member] | 2017 6% Notes
Debt Instrument [Line Items]
Outstanding amount	$ 20,800
Number of extensions | extension	2
Term of extension (in years)	1 year
Interest Rate	6%	6%
Unsecured Debt [Member] | 2019 6% Notes
Debt Instrument [Line Items]
Outstanding amount	$ 22,600
Number of extensions | extension	2
Term of extension (in years)	1 year
Interest Rate	6%	6%
Line of Credit | Secured Credit Facility | Variable rate revolving credit facility
Debt Instrument [Line Items]
Outstanding amount		$ 20,000
Number of extensions | extension		2
Term of extension (in years)		1 year

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments in real-estate related loans	$ 13,031	$ 13,035	$ 8,206
Unsecured promissory notes	43,443	43,543	0
Carrying Value | Series 2016 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	139,838	139,996	0
Carrying Value | Series 2017 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	0	2,586	0
Carrying Value | Series 2019 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	127,335	111,863	32,933
Carrying Value | Variable rate revolving credit facility
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Lines of credit, fair value disclosure	0	20,000	35,500
Carrying Value | Fixed rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	450,431	213,009	35,995
Carrying Value | Floating rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	321,592	407,022	0
Carrying Value | Construction loans
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	66,174	116,656	0
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments in real-estate related loans	13,031	13,035	8,206
Unsecured promissory notes	43,443	43,543	0
Fair Value | Series 2016 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	139,838	139,996	0
Fair Value | Series 2017 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	0	2,586	0
Fair Value | Series 2019 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	127,335	111,863	32,933
Fair Value | Variable rate revolving credit facility
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Lines of credit, fair value disclosure	0	20,000	35,500
Fair Value | Fixed rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	448,954	216,566	38,658
Fair Value | Floating rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	320,466	409,377	0
Fair Value | Construction loans
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	$ 66,174	$ 116,656	$ 0

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		8 Months Ended	12 Months Ended
	Apr. 18, 2022 USD ($)	Jan. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Stockclass $ / shares shares	Dec. 31, 2021 USD ($) Stockclass $ / shares shares	Dec. 31, 2020 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Number of preferred stock classes outstanding | Stockclass					3	3
Proceeds from issuance of Preferred Stock, net of issuance costs			$ 14,162	$ 10,427		$ 70,528	$ 28,548
Number of shares redeemed (in shares) | shares			183,049			203,537	31,307
Stock repurchased during period, value			$ 3,394			$ 5,012	$ 269
Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares					$ 10	$ 10
Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares					10	10
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares					$ 10	$ 10
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs						$ 78,900	31,700
Preferred dividend value incurred						$ 3,600	$ 800
Preferred Stock | Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred			$ 2,400		$ 6,400
Number of shares redeemed (in shares) | shares			15,750		139,740
Stock repurchased during period, value			$ 152,000		$ 1,300
Preferred Stock | Series 2016 Preferred Stock | Subsequent event
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value	$ 139,800
Preferred Stock | Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs			2,600
Preferred dividend value incurred					$ 100
Preferred Stock | Series 2017 Preferred Stock | Subsequent event
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs		$ 2,600
Preferred Stock | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs			15,400	10,800
Preferred dividend value incurred			$ 1,700	$ 500
Number of shares redeemed (in shares) | shares			0			10,000	0
Stock repurchased during period, value						$ 100

Preferred Stock - Equity (Detai

Preferred Stock - Equity (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		8 Months Ended	12 Months Ended
	Apr. 18, 2022	Jan. 31, 2022	Jan. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value				$ 3,394			$ 5,012	$ 269
Proceeds from issuance of Preferred Stock, net of issuance costs				$ 14,162	$ 10,427		70,528	28,548
Preferred Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs							$ 78,900	$ 31,700
Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate				6.50%			6.50%
Extension Dividend Rate				7%			7%
Preferred stock outstanding (in shares)				13,983,810		13,999,560	13,999,560	0
Series 2016 Preferred Stock | Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Dividend Rate		7%
Series 2016 Preferred Stock | Preferred Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value				$ 152,000		$ 1,300
Series 2016 Preferred Stock | Preferred Stock [Member] | Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value	$ 139,800
Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate				7.50%			7.50%
Extension Dividend Rate				8%			8%
Preferred stock outstanding (in shares)				0		258,550	258,550	0
Series 2017 Preferred Stock | Preferred Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs				$ 2,600
Series 2017 Preferred Stock | Preferred Stock [Member] | Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs			$ 2,600
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate				5.50%			5.50%
Extension Dividend Rate				6%			6%
Preferred stock outstanding (in shares)				12,733,485		11,186,301	11,186,301	3,308,326
Series 2019 Preferred Stock | Preferred Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value							$ 100
Proceeds from issuance of Preferred Stock, net of issuance costs				$ 15,400	$ 10,800

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	23,613,980	12,232,289	8,851,759
Issuance of common stock (in shares)	1,839,600	151,286	3,301,213
Distribution reinvestment (in shares)	26,600	8,662	110,624
Common stock/OP Units repurchased (in shares)	(183,049)	(203,537)	(31,307)
Shares outstanding, ending balance (in shares)	25,297,131	23,613,980	12,232,289
Class T
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	0
Issuance of common stock (in shares)	1,383,323
Distribution reinvestment (in shares)	19
Common stock/OP Units repurchased (in shares)	0
Shares outstanding, ending balance (in shares)	1,383,342	0
Class I
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	151,286	0	0
Issuance of common stock (in shares)	456,277	151,286	0
Distribution reinvestment (in shares)	456	0	0
Common stock/OP Units repurchased (in shares)	0	0	0
Shares outstanding, ending balance (in shares)	608,019	151,286	0
Class A
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	23,445,174	12,214,771	8,851,759
Issuance of common stock (in shares)	0	0	3,283,713
Distribution reinvestment (in shares)	26,120	8,660	110,606
Common stock/OP Units repurchased (in shares)	(183,049)	(203,537)	(31,307)
Shares outstanding, ending balance (in shares)	23,288,245	23,445,174	12,214,771
Class TX
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	17,520	17,518	0
Issuance of common stock (in shares)	0	0	17,500
Distribution reinvestment (in shares)	5	2	18
Common stock/OP Units repurchased (in shares)	0	0	0
Shares outstanding, ending balance (in shares)	17,525	17,520	17,518
CRII Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		430,070
CRII Merger | Class I
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		0
CRII Merger | Class A
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		430,070
CRII Merger | Class TX
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		0
CMRI Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		5,762,253
CMRI Merger | Class I
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		0
CMRI Merger | Class A
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		5,762,253
CMRI Merger | Class TX
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		0
CMRII Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		5,232,957
CMRII Merger | Class I
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		0
CMRII Merger | Class A
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		5,232,957
CMRII Merger | Class TX
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI and CMRII Merger (in shares)		0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended		8 Months Ended	12 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Oct. 29, 2021	Sep. 25, 2021	Mar. 31, 2022	Mar. 31, 2021	Aug. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Aggregate distributions paid								$ 4,600	$ 1,500		$ 9,600	$ 5,200
Distributions paid in cash								4,174	$ 1,503		9,482	4,145
Distribution reinvestment								$ 607			$ 141	$ 1,106
Common stock, dividend rate (in USD per share)									$ 0.00013699	$ 0.00013699		$ 0.00013699
Dividend declared (usd per share)	$ 0.71	$ 0.71	$ 0.7	$ 0.68	$ 0.65	$ 0.52	$ 0.52		$ 0.5	$ 0.5		$ 0.5
Distributions to stockholders return of capital				100%							100%
Number of shares redeemed (in shares)								183,049			203,537	31,307
Repurchase of common stock/OP Units								$ (3,394)	$ 0		$ (5,012)	$ (269)
Dividend reinvestment plan, cash paid								$ 400
Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)								183,049	0		203,537	31,307
Common Stock Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)								183,049			203,537	31,307
Common Stock Class A | Common Stock
Subsidiary, Sale of Stock [Line Items]
Distribution reinvestment												$ 1
Number of shares redeemed (in shares)								183,049			(203,537)	(31,307)
Repurchase of common stock/OP Units								$ (3,100)			$ (2,600)	$ (300)
Average repurchase price (in USD per share)								$ 16.98			$ 12.9	$ 8.58
Common Class TX
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)								0			0	0
Common Class TX | Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)											0	0
Common Stock Class I
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)								0			0	0
Common Stock Class I | Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)											0

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions of Common Stock (Details) - $ / shares								3 Months Ended	8 Months Ended	12 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Oct. 29, 2021	Sep. 25, 2021	Mar. 31, 2021	Aug. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Monthly rate (usd per share)	$ 0.05916667	$ 0.05916667	$ 0.05833333	$ 0.05666667	$ 0.05416667	$ 0.04333333	$ 0.04333333
Annually (usd per share)	$ 0.71	$ 0.71	$ 0.7	$ 0.68	$ 0.65	$ 0.52	$ 0.52	$ 0.5	$ 0.5	$ 0.5

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)		3 Months Ended		4 Months Ended	8 Months Ended	12 Months Ended
	May 07, 2021	Mar. 31, 2022	Mar. 31, 2021	May 07, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Performance participation allocation		$ 19,934,000	$ 0			$ 51,761,000	$ 0
Reimbursable operating expenses						331,000	1,030,000
Asset management fee		3,792,000	886,000			$ 8,052,000	2,799,000
Independent Director Compensation
Related Party Transaction [Line Items]
Percentage threshold operating expenses must exceed average invested assets to be reimbursable					2%	2%
Percentage threshold operating expenses must exceed net income to be reimbursable					25%	25%
Required reimbursement					$ 0	$ 0
Independent Director Compensation | LTIP Units
Related Party Transaction [Line Items]
Grant value						$ 85,000,000
LTIP unit vesting period (in years)						1 year
Affiliated Entity
Related Party Transaction [Line Items]
Percentage of annual total return	12.50%			12.50%
Affiliated Entity | Independent Director Compensation
Related Party Transaction [Line Items]
Gross asset value of CROP percentage	0.0625%			1.25%
Net asset value of CROP percentage	0.125%
Asset management fees						$ 8,100,000	2,800,000
Percentage of total return	5%			5%
Percentage of annual total return	12.50%			12.50%
Reimbursable operating expenses	$ 0					300,000	$ 1,000,000
Asset management fee		3,800,000	$ 900,000
Affiliated Entity | Independent Director Compensation | Limited Partners
Related Party Transaction [Line Items]
Percentage of total return	12.50%			12.50%
Performance participation allocation		$ 19,900,000			$ 51,800,000
Affiliated Entity | Independent Director Compensation | Other Ownership Interest
Related Party Transaction [Line Items]
Percentage of total return	87.50%			87.50%
Independent Directors | Independent Director Compensation
Related Party Transaction [Line Items]
Expenses from transactions with related parties						50,000,000
Independent Directors | Independent Director Compensation | Chair of Audit Committee
Related Party Transaction [Line Items]
Expenses from transactions with related parties						15,000,000
Independent Directors | Independent Director Compensation | Char of Compensation Committee
Related Party Transaction [Line Items]
Expenses from transactions with related parties						10,000,000
Independent Directors | Independent Director Compensation | Chair of Conflicts Committee
Related Party Transaction [Line Items]
Expenses from transactions with related parties						$ 10,000,000

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)		3 Months Ended		8 Months Ended	12 Months Ended
	May 07, 2021 shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) Vote shares	Dec. 31, 2020 USD ($)
Noncontrolling Interest [Line Items]
Distributions to investors					$ (21,942,000)	$ (5,398,000)
Voting rights | Vote					0
Share-based compensation		$ 865,000	$ 45,000		$ 1,570,000	71,000
Not Wholly Owned | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		1%		1%	1%
Not Wholly Owned | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		81%		81%	81%
Not Wholly Owned | Weighted Average
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		24%		24%	24%
OP Units
Noncontrolling Interest [Line Items]
Distributions to investors		$ (5,500,000)		$ (10,600,000)
LTIP Units
Noncontrolling Interest [Line Items]
Units annual vesting percentage					10%
Share conversion ratio					1
Vested awards (in shares) | shares	528,451
Number of unvested awards outstanding (in shares) | shares		806,482		719,137	719,137
Share-based compensation					$ 1,600,000	$ 100,000
Total unrecognized compensation expense		$ 10,900,000		$ 6,500,000	$ 6,500,000
Share-based compensation		$ 900,000	$ 45,000
Performance LTIP
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares) | shares		551,368		380,637	380,637

Commitments and Contingencies -

Commitments and Contingencies - Share Repurchase Program (Details)	Dec. 31, 2021 $ / shares
Less than 1 year
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	$ 8.8
1 year
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9
2 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.2
3 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.4
4 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.6
5 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.8
A stockholder's death or complete disability, 2 years or more (Series 2019), 6 years or more (Series 2016 and Series 2017)
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	$ 10

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021	May 07, 2021
Subsidiary, Sale of Stock [Line Items]
Monthly redemptions, percent of net asset value, maximum		2%
Quarterly redemptions, percent of net asset value, maximum		5%
Percent of most recently disclosed net asset value		95%
Class A and Class TX Common Stock
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	95%
Class A and Class TX Common Stock | Four Years After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	85%
Class A and Class TX Common Stock | Six Years After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	90%
Class A and Class TX Common Stock | Six Years Or More
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage	100%
Class A and Class TX Common Stock | Five Years And Less Than Six Years
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage	95%
Class A and Class TX Common Stock | Three Years And Less Than Five Years
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage	90%
Class A and Class TX Common Stock | One Year And Less Than Three Years
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage	85%
Common Limited OP Units | One Year After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	80%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

8 Months Ended

12 Months Ended

May 10, 2022 $ / shares

May 05, 2022 USD ($)

Apr. 18, 2022 USD ($)

Apr. 07, 2022

Mar. 31, 2022 USD ($) $ / shares

Mar. 22, 2022 shares

Feb. 28, 2022 $ / shares

Jan. 31, 2022 USD ($) $ / shares

Jan. 28, 2022 USD ($)

Jan. 07, 2022 shares

Dec. 31, 2021 USD ($) $ / shares

Nov. 30, 2021 $ / shares

Nov. 02, 2021 USD ($)

Oct. 29, 2021 $ / shares

Sep. 25, 2021 $ / shares

Jan. 31, 2021 USD ($)

Mar. 25, 2022 USD ($) PROPERTY LENDER

Jan. 31, 2022 USD ($)

Mar. 31, 2022 USD ($)

Mar. 25, 2022 USD ($) PROPERTY shares

Mar. 31, 2021 USD ($) $ / shares

Dec. 31, 2021 USD ($)

Aug. 30, 2021 $ / shares

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($) $ / shares

Subsequent Event [Line Items]

Stock repurchased during period, value

$ 3,394

$ 5,012

$ 269

Proceeds from revolving credit facility

52,800

$ 3,500

8,500

12,000

Loan amount

$ 772,023

$ 640,031

772,023

$ 640,031

$ 640,031

$ 71,495

Accrued performance participation allocation

$ 51,800

Stock issuance costs

$ 2,959

$ 0

Annually (usd per share) | $ / shares

$ 0.71

$ 0.71

$ 0.7

$ 0.68

$ 0.65

$ 0.52

$ 0.52

$ 0.5

$ 0.5

$ 0.5

Alpha Mill Apartments

Subsequent Event [Line Items]

Value of shares in offering

$ 34,800

Ownership in equity transaction

43%

Series 2016 Preferred Stock

Subsequent Event [Line Items]

Dividend rate

6.50%

6.50%

Series 2016 Preferred Stock | Preferred Stock

Subsequent Event [Line Items]

Stock repurchased during period, value

$ 152,000

$ 1,300

Series 2017 Preferred Stock

Subsequent Event [Line Items]

Dividend rate

7.50%

7.50%

Series 2019 Preferred Stock

Subsequent Event [Line Items]

Dividend rate

5.50%

5.50%

Series 2019 Preferred Stock | Preferred Stock

Subsequent Event [Line Items]

Stock repurchased during period, value

$ 100

Subsequent event

Subsequent Event [Line Items]

Value of shares in offering

$ 33,346

Subsequent event | Alpha Mill Apartments | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Subsequent Event [Line Items]

Ownership in equity transaction

28.90%

Ownership equity before transaction

57.20%

Ownership equity after all transactions

20%

Option to reacquire right period in force

2 years

Subsequent event | Mortgages

Subsequent Event [Line Items]

Loan amount

$ 105,000

Proceeds from from debt

43,800

Subsequent event | Refinanced Properties

Subsequent Event [Line Items]

Loan amount

$ 362,200

$ 362,200

Proceeds from from debt

$ 111,700

Number of properties refinanced | PROPERTY

7

Number of lenders | LENDER

1

Debt term

5 years

5 years

Interest rate

3.40%

3.40%

Subsequent event | Refinanced Properties | Unconsolidated Properties

Subsequent Event [Line Items]

Number of real estate properties | PROPERTY

2

2

Subsequent event | Revolving Credit Facility

Subsequent Event [Line Items]

Proceeds from revolving credit facility

$ 1,700

Subsequent event | Line of Credit | A2018 Fannie Facility [Member]

Subsequent Event [Line Items]

Proceeds from revolving credit facility

$ 9,200

Subsequent event | J P Morgan Revolving Credit Facility

Subsequent Event [Line Items]

Proceeds from revolving credit facility

$ 70,000

Subsequent event | 2022 Equity Incentive Plan

Subsequent Event [Line Items]

Award shares authorized (in shares) | shares

300,000

Subsequent event | Time Based Shares | LTIP

Subsequent Event [Line Items]

Number of shares granted to executive officers (in shares) | shares

105,826

Subsequent event | Performance Shares | LTIP

Subsequent Event [Line Items]

Number of shares granted to executive officers (in shares) | shares

170,731

Subsequent event | Restricted Stock Units (RSUs) | 2022 Equity Incentive Plan

Subsequent Event [Line Items]

Award shares authorized (in shares) | shares

20,038

Award vesting period

4 years

Subsequent event | Series 2016 Preferred Stock

Subsequent Event [Line Items]

Dividend rate

7%

Subsequent event | Series 2016 Preferred Stock | Preferred Stock

Subsequent Event [Line Items]

Stock repurchased during period, value

$ 139,800

Subsequent event | Series 2017 Preferred Stock

Subsequent Event [Line Items]

Redemption amount

$ 2,600

$ 2,600

Subsequent event | Common Stock [Member]

Subsequent Event [Line Items]

Common stock, dividend rate (in dollars per share) | $ / shares

$ 0.06

Annually (usd per share) | $ / shares

$ 0.72

$ 0.71

$ 0.71

$ 0.7

Subsequent event | Private Placement | Series 2019 Preferred Stock

Subsequent Event [Line Items]

Number of shares issued and sold (in shares) | shares

1,547,184

Value of shares in offering

$ 15,400

Stock issuance costs

1,000

Placement fees

$ 300

Subsequent Events - Status of t

Subsequent Events - Status of the Follow-on Offering (Details) - Subsequent event $ in Thousands	3 Months Ended
	Mar. 25, 2022 USD ($) shares
Subsequent Event [Line Items]
Gross Proceeds | $	$ 33,346
Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	1,836,975
Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	26,595
Common Class T
Subsequent Event [Line Items]
Gross Proceeds | $	$ 25,000
Common Class T | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	1,394,087
Common Class T | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	19
Common Stock Class I
Subsequent Event [Line Items]
Gross Proceeds | $	$ 7,888
Common Stock Class I | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	442,888
Common Stock Class I | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	456
Common Stock Class A
Subsequent Event [Line Items]
Gross Proceeds | $	$ 458
Common Stock Class A | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	0
Common Stock Class A | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	26,120
Common Class TX
Subsequent Event [Line Items]
Gross Proceeds | $	$ 0
Common Class TX | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	0
Common Class TX | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	0

Subsequent Events - Distributio

Subsequent Events - Distributions Declared (Details) - $ / shares									3 Months Ended	8 Months Ended	12 Months Ended
	May 10, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Oct. 29, 2021	Sep. 25, 2021	Mar. 31, 2021	Aug. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Monthly rate (usd per share)		$ 0.05916667	$ 0.05916667	$ 0.05833333	$ 0.05666667	$ 0.05416667	$ 0.04333333	$ 0.04333333
Annually (usd per share)		0.71	0.71	0.7	$ 0.68	$ 0.65	$ 0.52	$ 0.52	$ 0.5	$ 0.5	$ 0.5
Common Stock | Subsequent event
Subsequent Event [Line Items]
Monthly rate (usd per share)		0.05916667	0.05916667	0.05833333
Annually (usd per share)	$ 0.72	$ 0.71	$ 0.71	$ 0.7

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) realEstateUnit	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units | realEstateUnit	6,331
Encumbrances	$ (756,687)
Initial cost to company, land	202,531
Initial cost to company, building and improvements	1,192,992
Cost Capitalized Subsequent to Acquisition	80,995
Gross amount carried, land	202,531
Gross amount carried, buildings and improvements	1,273,987
Gross amount carried, total	1,476,518	$ 170,796	$ 66,644
Accumulated depreciation and amortization	(68,035)	$ (9,704)	$ (2,738)
Aggregate cost of real estate for federal income tax purposes	$ 1,000,000
Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation (in years)	30 years
Land improvements | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation (in years)	5 years
Land improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation (in years)	15 years
Cason Estates
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	262
Encumbrances	$ (33,594)
Initial cost to company, land	4,806
Initial cost to company, building and improvements	46,666
Cost Capitalized Subsequent to Acquisition	139
Gross amount carried, land	4,806
Gross amount carried, buildings and improvements	46,805
Gross amount carried, total	51,611
Accumulated depreciation and amortization	$ (2,869)
Cottonwood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	264
Encumbrances	$ (21,645)
Initial cost to company, land	6,556
Initial cost to company, building and improvements	40,745
Cost Capitalized Subsequent to Acquisition	776
Gross amount carried, land	6,556
Gross amount carried, buildings and improvements	41,521
Gross amount carried, total	48,077
Accumulated depreciation and amortization	$ (2,178)
Cottonwood One Upland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	262
Encumbrances	$ (20,000)
Initial cost to company, land	14,515
Initial cost to company, building and improvements	89,428
Cost Capitalized Subsequent to Acquisition	335
Gross amount carried, land	14,515
Gross amount carried, buildings and improvements	89,763
Gross amount carried, total	104,278
Accumulated depreciation and amortization	$ (8,137)
Cottonwood Reserve
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	91.10%
Number of Units | realEstateUnit	352
Encumbrances	$ (38,314)
Initial cost to company, land	12,634
Initial cost to company, building and improvements	64,986
Cost Capitalized Subsequent to Acquisition	269
Gross amount carried, land	12,634
Gross amount carried, buildings and improvements	65,255
Gross amount carried, total	77,889
Accumulated depreciation and amortization	$ (3,967)
Cottonwood West Palm
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	245
Encumbrances	$ (35,995)
Initial cost to company, land	9,380
Initial cost to company, building and improvements	57,073
Cost Capitalized Subsequent to Acquisition	366
Gross amount carried, land	9,380
Gross amount carried, buildings and improvements	57,439
Gross amount carried, total	66,819
Accumulated depreciation and amortization	$ (6,934)
Cottonwood Westside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	197
Encumbrances	$ (25,506)
Initial cost to company, land	8,641
Initial cost to company, building and improvements	39,324
Cost Capitalized Subsequent to Acquisition	106
Gross amount carried, land	8,641
Gross amount carried, buildings and improvements	39,430
Gross amount carried, total	48,071
Accumulated depreciation and amortization	$ (2,358)
Enclave on Golden Triangle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	98.90%
Number of Units | realEstateUnit	273
Encumbrances	$ (34,000)
Initial cost to company, land	4,888
Initial cost to company, building and improvements	46,712
Cost Capitalized Subsequent to Acquisition	168
Gross amount carried, land	4,888
Gross amount carried, buildings and improvements	46,880
Gross amount carried, total	51,768
Accumulated depreciation and amortization	$ (2,410)
Heights at Meridian
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	339
Encumbrances	$ (33,750)
Initial cost to company, land	5,971
Initial cost to company, building and improvements	74,022
Cost Capitalized Subsequent to Acquisition	172
Gross amount carried, land	5,971
Gross amount carried, buildings and improvements	74,194
Gross amount carried, total	80,165
Accumulated depreciation and amortization	$ (4,158)
Melrose
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	220
Encumbrances	$ (47,100)
Initial cost to company, land	8,822
Initial cost to company, building and improvements	58,676
Cost Capitalized Subsequent to Acquisition	96
Gross amount carried, land	8,822
Gross amount carried, buildings and improvements	58,772
Gross amount carried, total	67,594
Accumulated depreciation and amortization	$ (4,057)
Parc Westborough
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	249
Encumbrances	$ (38,010)
Initial cost to company, land	12,759
Initial cost to company, building and improvements	61,302
Cost Capitalized Subsequent to Acquisition	65
Gross amount carried, land	12,759
Gross amount carried, buildings and improvements	61,367
Gross amount carried, total	74,126
Accumulated depreciation and amortization	$ (4,088)
Pavilions
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	96.40%
Number of Units | realEstateUnit	240
Encumbrances	$ (37,350)
Initial cost to company, land	5,924
Initial cost to company, building and improvements	55,177
Cost Capitalized Subsequent to Acquisition	241
Gross amount carried, land	5,924
Gross amount carried, buildings and improvements	55,418
Gross amount carried, total	61,342
Accumulated depreciation and amortization	$ (2,688)
Raveneaux
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	97%
Number of Units | realEstateUnit	382
Encumbrances	$ (26,675)
Initial cost to company, land	6,249
Initial cost to company, building and improvements	51,251
Cost Capitalized Subsequent to Acquisition	147
Gross amount carried, land	6,249
Gross amount carried, buildings and improvements	51,398
Gross amount carried, total	57,647
Accumulated depreciation and amortization	$ (2,983)
Regatta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	490
Encumbrances	$ (35,367)
Initial cost to company, land	8,449
Initial cost to company, building and improvements	39,651
Cost Capitalized Subsequent to Acquisition	601
Gross amount carried, land	8,449
Gross amount carried, buildings and improvements	40,252
Gross amount carried, total	48,701
Accumulated depreciation and amortization	$ (2,677)
Retreat at Peachtree City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	312
Encumbrances	$ (48,719)
Initial cost to company, land	5,669
Initial cost to company, building and improvements	66,888
Cost Capitalized Subsequent to Acquisition	282
Gross amount carried, land	5,669
Gross amount carried, buildings and improvements	67,170
Gross amount carried, total	72,839
Accumulated depreciation and amortization	$ (4,090)
Scott Mountain
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	95.80%
Number of Units | realEstateUnit	262
Encumbrances	$ (48,373)
Initial cost to company, land	6,952
Initial cost to company, building and improvements	63,758
Cost Capitalized Subsequent to Acquisition	151
Gross amount carried, land	6,952
Gross amount carried, buildings and improvements	63,909
Gross amount carried, total	70,861
Accumulated depreciation and amortization	$ (2,995)
Stonebriar of Frisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	84.20%
Number of Units | realEstateUnit	306
Encumbrances	$ (36,400)
Initial cost to company, land	5,737
Initial cost to company, building and improvements	53,463
Cost Capitalized Subsequent to Acquisition	290
Gross amount carried, land	5,737
Gross amount carried, buildings and improvements	53,753
Gross amount carried, total	59,490
Accumulated depreciation and amortization	$ (2,715)
Summer Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	98.70%
Number of Units | realEstateUnit	358
Encumbrances	$ (44,620)
Initial cost to company, land	9,474
Initial cost to company, building and improvements	66,200
Cost Capitalized Subsequent to Acquisition	252
Gross amount carried, land	9,474
Gross amount carried, buildings and improvements	66,452
Gross amount carried, total	75,926
Accumulated depreciation and amortization	$ (4,029)
The Marq Highland Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	239
Encumbrances	$ (34,613)
Initial cost to company, land	6,280
Initial cost to company, building and improvements	59,424
Cost Capitalized Subsequent to Acquisition	149
Gross amount carried, land	6,280
Gross amount carried, buildings and improvements	59,573
Gross amount carried, total	65,853
Accumulated depreciation and amortization	$ (3,763)
Cottonwood on Broadway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	18.80%
Number of Units | realEstateUnit	254
Encumbrances	$ (27,476)
Initial cost to company, land	11,042
Initial cost to company, building and improvements	30,958
Cost Capitalized Subsequent to Acquisition	20,026
Gross amount carried, land	11,042
Gross amount carried, buildings and improvements	50,984
Gross amount carried, total	62,026
Accumulated depreciation and amortization	$ 0
Park Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	23.60%
Number of Units | realEstateUnit	234
Encumbrances	$ (29,520)
Initial cost to company, land	11,369
Initial cost to company, building and improvements	30,931
Cost Capitalized Subsequent to Acquisition	19,019
Gross amount carried, land	11,369
Gross amount carried, buildings and improvements	49,950
Gross amount carried, total	61,319
Accumulated depreciation and amortization	$ 0
Sugarmont (1)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	99%
Number of Units | realEstateUnit	341
Encumbrances	$ (59,660)
Initial cost to company, land	17,838
Initial cost to company, building and improvements	94,662
Cost Capitalized Subsequent to Acquisition	21,193
Gross amount carried, land	17,838
Gross amount carried, buildings and improvements	115,855
Gross amount carried, total	133,693
Accumulated depreciation and amortization	$ (939)
Limited rights ownership percentage	1%
Sugarmont (1) | Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units | realEstateUnit	293
Cottonwood on Highland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	36.90%
Number of Units | realEstateUnit	250
Encumbrances	$ 0
Initial cost to company, land	7,405
Initial cost to company, building and improvements	1,695
Cost Capitalized Subsequent to Acquisition	15,797
Gross amount carried, land	7,405
Gross amount carried, buildings and improvements	17,492
Gross amount carried, total	24,897
Accumulated depreciation and amortization	0
Other Developments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	11,171
Initial cost to company, building and improvements	0
Cost Capitalized Subsequent to Acquisition	355
Gross amount carried, land	11,171
Gross amount carried, buildings and improvements	355
Gross amount carried, total	11,526
Accumulated depreciation and amortization	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Investment and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real estate assets:
Beginning balance	$ 170,796	$ 66,644
Acquisitions	1,295,086	103,942
Improvements and development costs	80,775	210
Dispositions and deconsolidations	(70,139)	0
Ending balance	1,476,518	170,796
Accumulated depreciation and amortization:
Beginning balance	(9,704)	(2,738)
Depreciation and amortization	(61,243)	(6,966)
Dispositions and deconsolidations	2,912	0
Ending balance	$ (68,035)	$ (9,704)