Cottonwood Communities 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 13, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-56165
Entity Registrant Name	Cottonwood Communities, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	61-1805524
Entity Address, Address Line One	1245 E. Brickyard Road
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84106
City Area Code	801
Local Phone Number	278-0700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001692951
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,569,544
Class TX
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,518

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Real estate assets, net	$ 1,464,431	$ 161,092
Investments in unconsolidated real estate entities	159,590	30,000
Investments in real-estate related loans	5,189	8,255
Cash and cash equivalents	37,507	4,362
Restricted cash	19,776	271
Other assets	44,080	825
Total assets	1,730,573	204,805
Liabilities
Mortgage notes and revolving credit facility, net	680,798	70,320
Construction loans, net	80,814	0
Preferred stock, net	201,378	29,825
Unsecured promissory notes, net	48,643	0
Performance participation allocation due to affiliate	6,455	0
Accounts payable, accrued expenses and other liabilities	51,496	2,577
Total liabilities	1,069,584	102,722
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,662,358 shares issued and outstanding at June 30, 2021; 12,232,289 shares issued and outstanding at December 31, 2020	126	122
Additional paid-in capital	126,176	121,677
Accumulated distributions	(10,825)	(7,768)
Accumulated deficit	(20,962)	(11,948)
Total stockholders' equity	94,515	102,083
Noncontrolling interests
Limited partners	348,604	0
Partially owned entities	217,870	0
Total noncontrolling interests	566,474	0
Total equity and noncontrolling interests	660,989	102,083
Total liabilities, equity and noncontrolling interests	$ 1,730,573	$ 204,805

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	12,662,358	12,232,289
Common stock, shares outstanding (in shares)	12,662,358	12,232,289

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Rental and other property revenues	$ 16,843	$ 3,011	$ 20,015	$ 4,551
Property management revenues	2,121	0	2,121	0
Other revenues	277	118	523	189
Total revenues	19,241	3,129	22,659	4,740
Operating expenses
Property operations expense	6,804	1,268	8,152	1,924
Property management expense	2,552	0	2,552	0
Reimbursable operating expenses	74	233	331	469
Asset management fee	1,442	681	2,328	1,130
Performance participation allocation	6,455	0	6,455	0
Depreciation and amortization	14,482	2,490	15,820	3,334
General and administrative expenses	2,190	550	4,438	780
Total operating expenses	33,999	5,222	40,076	7,637
Loss from operations	(14,758)	(2,093)	(17,417)	(2,897)
Equity in earnings (losses) of unconsolidated real estate entities	(652)	325	299	565
Interest income	136	5	137	190
Interest expense	(5,824)	(897)	(7,154)	(1,435)
Other (expense) income	(302)	12	(275)	140
Net loss	(21,400)	(2,648)	(24,410)	(3,437)
Net loss attributable to noncontrolling interests:
Limited partners	12,783	0	12,783	0
Partially owned entities	2,613	0	2,613	0
Net loss attributable to common stockholders	$ (6,004)	$ (2,648)	$ (9,014)	$ (3,437)
Weighted-average shares outstanding - basic (in shares)	12,492,221	10,520,556	12,362,973	10,001,922
Weighted-average shares outstanding - diluted (in shares)	12,492,221	10,520,556	12,362,973	10,001,922
Net loss per common share - basic (in dollars per share)	$ (0.48)	$ (0.25)	$ (0.73)	$ (0.34)
Net loss per common share - diluted (in dollars per share)	$ (0.48)	$ (0.25)	$ (0.73)	$ (0.34)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Distributions	Accumulated Deficit	Noncontrolling interestsLimited Partners	Noncontrolling interestsPartially Owned Entities
Shares outstanding, beginning balance (in shares) at Dec. 31, 2019			8,851,759
Stockholders' equity, beginning balance at Dec. 31, 2019	$ 82,297	$ 82,297	$ 89	$ 87,974	$ (2,370)	$ (3,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,304,712
Issuance of common stock	12,977	12,977	$ 13	12,964
Distributions to investors		(1,183)			(1,183)
Distributions to investors	(1,183)
Net loss	(790)	(790)				(790)
Shares outstanding, ending balance (in shares) at Mar. 31, 2020			10,156,471
Stockholders' equity, ending balance at Mar. 31, 2020	93,301	93,301	$ 102	100,938	(3,553)	(4,186)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2019			8,851,759
Stockholders' equity, beginning balance at Dec. 31, 2019	82,297	82,297	$ 89	87,974	(2,370)	(3,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,437)
Shares outstanding, ending balance (in shares) at Jun. 30, 2020			10,866,312
Stockholders' equity, ending balance at Jun. 30, 2020	96,419	96,419	$ 109	108,007	(4,863)	(6,834)
Shares outstanding, beginning balance (in shares) at Mar. 31, 2020			10,156,471
Stockholders' equity, beginning balance at Mar. 31, 2020	93,301	93,301	$ 102	100,938	(3,553)	(4,186)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			709,841
Issuance of common stock	7,049	7,049	$ 7	7,042
Share-based compensation	27	27		27
Distributions to investors		(1,310)			(1,310)
Distributions to investors	(1,310)
Net loss	(2,648)	(2,648)				(2,648)
Shares outstanding, ending balance (in shares) at Jun. 30, 2020			10,866,312
Stockholders' equity, ending balance at Jun. 30, 2020	$ 96,419	96,419	$ 109	108,007	(4,863)	(6,834)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020	12,232,289		12,232,289
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 102,083	102,083	$ 122	121,677	(7,768)	(11,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	45	45		45
Distributions to investors		(1,511)			(1,511)
Distributions to investors	(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	$ 122	121,722	(9,279)	(14,958)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020	12,232,289		12,232,289
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 102,083	102,083	$ 122	121,677	(7,768)	(11,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (24,410)
Shares outstanding, ending balance (in shares) at Jun. 30, 2021	12,662,358		12,662,359
Stockholders' equity, ending balance at Jun. 30, 2021	$ 660,989	94,515	$ 126	126,176	(10,825)	(20,962)	$ 348,604	$ 217,870
Shares outstanding, beginning balance (in shares) at Mar. 31, 2021			12,232,289
Stockholders' equity, beginning balance at Mar. 31, 2021	97,607	97,607	$ 122	121,722	(9,279)	(14,958)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
CRII Merger (in shares)			430,070
CRII Merger	589,592	4,658	$ 4	4,654			363,278	221,656
Development contributions from noncontrolling interests	83							83
Share-based compensation	421						421
Other	(200)	(200)		(200)
Distributions to investors		(1,546)			(1,546)
Distributions to investors	(5,114)						(2,312)	(1,256)
Net loss	$ (21,400)	(6,004)				(6,004)	(12,783)	(2,613)
Shares outstanding, ending balance (in shares) at Jun. 30, 2021	12,662,358		12,662,359
Stockholders' equity, ending balance at Jun. 30, 2021	$ 660,989	$ 94,515	$ 126	$ 126,176	$ (10,825)	$ (20,962)	$ 348,604	$ 217,870

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (24,410)	$ (3,437)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	15,820	3,334
Share-based compensation	466	27
Other operating	697	257
Equity in earnings of unconsolidated real estate entities	(299)	(565)
Distributions from unconsolidated real estate entities - return on capital	800	0
Changes in operating assets and liabilities:
Other assets	(1,225)	(344)
Performance participation allocation	6,455	0
Accounts payable, accrued expenses and other liabilities	7,503	1,268
Net cash provided by operating activities	5,807	540
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)
Capital expenditures and development activities	(22,322)	(57)
Investments in unconsolidated real estate entities	(11,262)	(5,211)
Contributions to investments in real-estate related loans	(6,319)	(3,286)
Proceeds from settlement of investments in real-estate related loans	9,332	0
Other investing activities	178	0
Net cash provided by (used in) investing activities	21,550	(62,459)
Cash flows from financing activities:
Principal payments on mortgage notes	(78)	0
Proceeds from revolving credit facility	3,500	12,000
Repayments on revolving credit facility	(15,000)	(4,500)
Proceeds from construction loans	16,700	0
Proceeds from issuance of Series 2019 Preferred Stock, net of issuance costs	27,264	11,483
Repurchases of preferred stock	(623)	0
Proceeds from issuance of common stock	0	19,858
Distributions to common stockholders	(3,049)	(1,906)
Distributions to noncontrolling interests - limited partners	(2,156)	0
Distributions to noncontrolling interests - partially owned entities	(1,265)	0
Net cash provided by financing activities	25,293	36,935
Net increase (decrease) in cash and cash equivalents and restricted cash	52,650	(24,984)
Cash and cash equivalents and restricted cash, beginning of period	4,633	47,742
Cash and cash equivalents and restricted cash, end of period	57,283	22,758
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	37,507	22,486
Restricted cash	19,776	272
Total cash and cash equivalents and restricted cash	57,283	22,758
Fair value of assets acquired and liabilities assumed with the CRII Merger:
Real estate assets	1,296,241	0
Investments in unconsolidated real estate entities	118,829	0
Intangibles	32,122	0
Debt	734,852	0
Preferred stock	143,979	0
Other assets acquired	62,166	0
Other liabilities assumed	40,934	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	584,934	0
Credit facility entered into in conjunction with acquisition of real estate	$ 0	$ 49,616

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Cottonwood Communities, Inc. ("CCI") is a Maryland corporation formed to invest in multifamily apartment communities and real estate-related assets located throughout the United States. The Company elected to be taxed as a real estate investment trust or REIT beginning with the taxable year ending December 31, 2019. The Operating Partnership, together with its subsidiaries, holds the Company's real estate interests and conducts the ongoing operations of the Company. 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. The CRII Merger is defined and described in more detail below. CCI is the sole member of the general partner of the Operating Partnership, and owns general partners interests in our Operating Partnership alongside third party limited partners. As used herein, the term “Company”, “we”, “our” or “us” includes CRII, our Operating Partnership and its subsidiaries, unless the context indicates otherwise. CC Advisors III, LLC ("CCA III") manages our business as our external advisor and, as of the CRII Merger described below, is the Special Limited Partner owning a special partner interest in CROP. Following the CRII Merger, we became the property manager for our stabilized multifamily apartment communities. We have registered $750.0 million in shares of common stock in an initial public offering (the "Offering"), consisting of $675.0 million in shares of common stock offered in our primary offering and $75.0 million in shares of common stock through our distribution reinvestment plan (the "DRP Offering”). The Offering commenced in August 2018 and was suspended in December 2020 while CCI pursued the mergers described below. Prior to the suspension, two classes of common stock were available to purchase in the Offering, Class A and Class TX (previously designated Class T). These share classes had different underwriting compensation expenses that were paid on our behalf by our Advisor. We have filed a post-effective amendment to the Registration Statement for the Offering to register and offer three new classes of shares of common stock in the primary offering, Class T, Class D and Class I, and all five classes in the DRP Offering. Underwriting compensation expenses for the Offering of the new classes will effectively be paid by purchasers of the new classes or borne by us. On August 12, 2021, we filed a registration statement to register $1.0 billion in shares of common stock in a follow-on offering, consisting of $900.0 million in shares of common stock offered in a primary offering and $100.0 million in shares of common stock through the DRP Offering. On November 8, 2019, we launched a private placement offering exempt from registration under the Securities Act (the "Private Offering") pursuant to which we are offering a maximum of $100.0 million in shares of Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share. Offering-related expenses in the Private Offering are paid from offering proceeds. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of June 30, 2021, we owned interests in 29 multifamily apartment communities with a total of 8,373 units, which includes 1,079 units in four multifamily apartment communities under construction. In addition, we had preferred equity investments in three multifamily apartment developments totaling 1,073 units, a mezzanine loan in one multifamily apartment development, two parcels of land held for development as well as various smaller real estate investments. We also manage 20 properties for third parties, bringing the total number of multifamily apartment communities which we own interests in, invest, or manage to 55, representing 15,365 units in 13 states. Merger with Cottonwood Residential II, Inc. and Cottonwood Residential O.P., LP On May 7, 2021, we completed our merger with Cottonwood Residential II, Inc. ("CRII") (the "CRII Company Merger"), and the merger of CCOP with and into CROP (the “CROP Merger,” and together with the CRII Company Merger, the "CRII Merger") through a stock-for-stock and unit-for-unit transaction provided for pursuant to the Agreement and Plan of Merger dated January 26, 2021 by and among us, CCOP, Cottonwood Communities GP Subsidiary, LLC ("Merger Sub"), CRII and CROP. At the effective time of the CRII Merger, each issued and outstanding share of CRII’s common stock (the “CRII Common Stock”) converted into 2.015 shares of shares of our Class A common stock, each issued and outstanding share of Series 2016 preferred stock of CRII converted into one share of our newly designated Series 2016 preferred stock, and each issued and outstanding share of Series 2017 preferred stock of CRII converted into one share of our newly designated Series 2017 preferred stock. At the effective time of the CROP Merger, each participating partnership unit of CROP (i.e., all CROP partnership units other than preferred units) issued and outstanding immediately prior to the CROP Merger split into 2.015 participating partnership units of CROP (the “CROP Unit Split”), whereupon (i) each issued and outstanding Series 2019 preferred unit of CCOP ("CCOP Series 2019 Preferred Stock") converted into one Series 2019 preferred unit of CROP, the terms of which mirrored the CCOP Series 2019 Preferred Stock, (ii) each issued and outstanding LTIP Unit of CCOP (the “CCOP LTIP Units”) was converted into the right to receive one LTIP Unit of CROP, the terms and conditions of which mirrored the CCOP LTIP Units, (iii) each issued and outstanding Special LTIP Unit of CCOP (the “CCOP Special LTIP Units”) converted into the right to receive one Special LTIP Unit of CROP, the terms and conditions of which mirrored the CCOP Special LTIP Units, and (iv) except as set forth above, each issued and outstanding general partner unit of CCOP and CCOP Common Unit converted into the right to receive one common limited partner unit of CROP (“CROP Common Unit”). After giving effect to the CROP Unit Split, each CROP Common Unit, general partner unit and LTIP unit issued and outstanding immediately prior to the effective time of the CROP Merger remained outstanding, and each CROP preferred unit issued and outstanding immediately prior to the effective time of the CROP Merger remained outstanding and continues to be held by the general partner, Merger Sub. Upon consummation of the CRII Merger, the separate existence of CRII and CCOP ceased. The CRII Merger was intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. As a result of the CRII Merger, we acquired CRII’s property management business and its employees as well as the personnel who historically performed certain administrative and other services for us on behalf of CCA III, including legal, accounting, property development oversight and certain services relating to construction management, shareholder relations, human resources, renter insurance and information technology. As a result, we manage approximately 13,000 units in stabilized assets, including approximately 7,300 for Cottonwood affiliates (including us), and a 341 unit development project in the lease up stage. We also directly employ the individuals that perform the foregoing administrative services. CCA III continues to manage our operations as our external advisor pursuant to an amended and restated advisory agreement. Much of the historical information regarding our structure and agreements presented throughout these condensed consolidated financial statements changed materially as a result of the CRII Merger on May 7, 2021. Change in Sponsor Immediately prior to the consummation of the CRII Merger, CRII and its affiliates completed certain transactions to restructure the ownership of CCA III such that our sponsor changed from CRII to Cottonwood Communities Advisors, LLC, the sole owner of CCA III. CMRI Merger and CMRII Merger In addition to the CRII Merger that closed on May 7, 2021, on January 26, 2021, we entered into separate merger agreements to acquire each of Cottonwood Multifamily REIT I, Inc. ("CMRI") ("CMRI Merger") and Cottonwood Multifamily REIT II, Inc. ("CMRII") ("CMRII Merger") in stock-for-stock transactions. Each merger is intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. The CMRI Merger and CMRII Merger both closed on July 15, 2021. Each asset held by CMRI and CMRII were 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 CROP increased to 100% on July 15, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. 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 in our Annual Report on Form 10-K for the period ending December 31, 2020 filed with the SEC. 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. 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. 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. 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 interest in the acquiree, are accounted for as goodwill, or conversely, as a gain on bargain purchase. Transaction costs are included within general and administrative expenses on our condensed consolidated statements of operations as incurred. Organization and Offering Costs All organization and offering costs in connection with the distribution of Class A and Class TX shares in the primary portion of the Offering were the obligation of our advisor. We did not incur any liability for or reimburse our advisor for any of these organizational and offering costs, which totaled $14.1 million. Organization and offering costs in connection with the distribution of our Class T, Class D and Class I shares will be paid by purchasers of the shares or borne by us. 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 and 2019 6% Notes and 2017 6.25% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 6 . These instruments are similar in nature, have fixed interest rates and maturity dates, and are denominated in U.S. dollars. 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 are accounted for as equity transactions. Noncontrolling interest – limited partners – These noncontrolling interests represent ownership interest in CROP ("OP Units") not held by CCI, the general partner. Net income or loss is allocated to these limited partners of CROP based on their ownership percentage. Issuance of additional Common Stock or OP Units to limited partners changes the ownership interests of both CCI and the limited partners of CROP. Consistent with the one-for-one relationship between the OP Units issued to CCI, limited partners are attributed a share of net income or loss in CROP based on their weighted-average ownership interest in CROP during the period. Noncontrolling interest – partially owned entities – These noncontrolling interests represent ownership interests that are not held by us in consolidated entities. Net income (loss) is allocated to noncontrolling interests in partially owned entities based on ownership percentage in those entities. Refer to Note 11 for more information on our noncontrolling interests.

Real Estate Assets, Net

Real Estate Assets, Net	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): June 30, 2021 December 31, 2020 Land $ 166,059 $ 23,894 Buildings and improvements 1,088,117 139,110 Furniture, fixtures and equipment 1,581 3,983 Intangible assets 37,027 3,809 Construction in progress (1) 196,733 — 1,489,517 170,796 Less: Accumulated depreciation and amortization (25,086) (9,704) Real estate assets, net $ 1,464,431 $ 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. 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 ("ASC 805"). Based on an evaluation of the relevant factors and the guidance in ASC 805, Cottonwood Communities Inc. was determined to be both the legal and accounting acquirer. 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 shareholders 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 (in thousands, except share and unit data) is as follows: 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. Under ASC 805 we are allowed a measurement period to complete the accounting for the CRII Merger and to make adjustments if necessary. The following table shows the preliminary purchase price allocation of CRII's identifiable asset and liabilities assumed as of May 7, 2021 (in thousands): Assets Real estate assets (1) $ 1,296,241 Investments in unconsolidated real estate entities 118,829 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,345 Total assets acquired $ 1,509,358 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 40,934 Total liabilities assumed 919,765 Consolidated net assets acquired 589,593 Noncontrolling interests (3) (584,934) Net assets acquired $ 4,658 (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. (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 properties 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 June 30, 2021 are as follows (in thousands): Revenue $ 16,252 Net loss $ (9,372) 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pro forma revenue: Historic results $ 19,241 $ 3,129 $ 22,659 $ 4,740 CRII Merger (excluding those in historic results) 11,510 21,377 36,657 43,545 Total $ 30,751 $ 24,506 $ 59,316 $ 48,285 Pro forma net loss: Historic results $ (21,400) $ (2,648) $ (24,410) $ (3,437) CRII Merger (excluding those in historic results) (5,341) (22,412) (13,300) (49,641) Total $ (26,741) $ (25,060) $ (37,710) $ (53,078) 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 three and six months ended June 30, 2020 include the amortization of $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. Asset acquisition During the six months ended June 30, 2021, there were no asset acquisitions of consolidated real estate assets in 2021. On March 19, 2020, we acquired Cottonwood One Upland, a multifamily apartment 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. The following table summarizes the purchase price allocation of Cottonwood One Upland during the six months ended June 30, 2020 (in thousands): Allocated Amounts Property Building Land Land Improvements Personal Property Intangible Total Cottonwood One Upland $ 82,146 $ 14,515 $ 3,009 $ 1,967 $ 2,305 $ 103,942

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments in development projects. Stabilized Properties Our investments in stabilized properties and related activity is as follows (in thousands): Property Location % Owned May 7, 2021 Purchase Date Value Investment Equity in Earnings (Losses) Distributions Balance at Stabilized Assets 3800 Main Houston, TX 50.0% $ 11,239 $ — $ (395) $ — $ 10,844 Cottonwood Bayview St. Petersburg, FL 71.0% 34,401 — (528) (140) 33,733 Cottonwood Ridgeview Plano, TX 90.5% 36,260 — (530) — 35,730 Fox Point Salt Lake City, UT 52.8% 18,668 — (316) (374) 17,978 Toscana at Valley Ridge Lewisville, TX 58.6% 11,017 — (181) (64) 10,772 Melrose Phase II Nashville, TN 24.9% 4,823 498 (64) (222) 5,035 Other 2,421 — (26) — 2,395 Total $ 118,829 $ 498 $ (2,040) $ (800) $ 116,487 Preferred Equity Investments Our preferred equity investments consist of the following ($ in thousands): Development Location Units Commitment Date Preferred Return Total Commitment Amount Funded to Date Lector85 Ybor City, FL 254 08/15/2019 13 % (1) $ 9,900 $ 9,900 Vernon Boulevard Queens, NY 534 07/23/2020 13 % (2) 15,000 15,000 Riverfront West Sacramento, CA 285 11/30/2020 16 % 15,092 13,444 Total $ 39,992 $ 38,344 (1) Will be reduced to 10% annually upon the later to occur of (i) stabilization of the development project or (ii) the one-year anniversary of the receipt of all temporary certificates of occupancy subject to certain financial conditions being satisfied. (2) In addition to the preferred return, we receive a profit participation upon a liquidity event, pari passu alongside the preferred equity contribution from the Preferred Co-Investor. The preferred equity investments 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. Activity for the six months ended June 30, 2021 is as follows (in thousands): Development Balance at Contributions Equity in Earnings Balance at Lector85 $ 11,396 — $ 805 $ 12,201 Vernon Boulevard 15,886 — 1,052 16,938 Riverfront 2,718 10,764 482 13,964 Total $ 30,000 $ 10,764 $ 2,339 $ 43,103 Activity during the six months ended June 30, 2020 is as follows (in thousands): Development Balance at Contributions Equity in Earnings Balance at Lector85 $ 4,962 $ 5,211 $ 565 $ 10,738 Dolce B Note During the three and six months ended June 30, 2021, we issued approximately $310,000 and $1.1 million, respectively, of our $10.0 million B Note with the developer of Dolce Twin Creeks, Phase II, a 366-unit multifamily project in Allen Texas, bringing the total amount funded to approximately $9.3 million. Net interest income from the Dolce B Note was approximately $80,000 and $326,000 for the three and six months ended June 30, 2021, respectively. Net interest income from the Dolce B Note was approximately $117,000 and $189,000 for the three and six months ended June 30, 2020, respectively. No allowance was recorded on the Dolce B Note during the periods ended June 30, 2021 or 2020. 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. Integra Peaks Mezzanine Loan On June 30, 2021, we entered into a co-lender agreement to participate in a $19.5 million mezzanine loan originated for the purpose of developing a 300-unit multifamily apartment community located in Reno, Nevada. The project will consist of five 4-story elevator serviced garden-style apartments situated on a 12.1 acre site. The borrower, an unaffiliated third party, will use the mezzanine loan proceeds, along with $14.1 million in common equity and $42.5 million in construction loan proceeds to complete the project. Pursuant to the terms of the co-lender agreement, we've committed to fund a total of $13.0 million of the mezzanine loan, with the remaining $6.5 million funded by our co-lender (an unaffiliated third party). Generally, we and our co-lender participate on parity with respect to draw requests, interest and priority in repayment at maturity. The mezzanine loan bears interest at a rate of 12.0% per annum, compounded monthly, and, subject to certain limitations and fees, may be prepaid in whole or in part. As of June 30, 2021, the borrower had funded its entire common equity commitment and we had funded approximately $5.2 million of our commitment under the co-lender agreement. The undrawn mezzanine loan proceeds are expected to be fully drawn by the end of 2021, at which point the borrower will commence draws on the construction loan. The mezzanine loan has an original maturity date of March 30, 2024 with two one-year extension options.

Investments in Real-Estate Rela

Investments in Real-Estate Related Loans	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Investments in Real-Estate Related Loans	Investments in Unconsolidated Real Estate Entities Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments in development projects. Stabilized Properties Our investments in stabilized properties and related activity is as follows (in thousands): Property Location % Owned May 7, 2021 Purchase Date Value Investment Equity in Earnings (Losses) Distributions Balance at Stabilized Assets 3800 Main Houston, TX 50.0% $ 11,239 $ — $ (395) $ — $ 10,844 Cottonwood Bayview St. Petersburg, FL 71.0% 34,401 — (528) (140) 33,733 Cottonwood Ridgeview Plano, TX 90.5% 36,260 — (530) — 35,730 Fox Point Salt Lake City, UT 52.8% 18,668 — (316) (374) 17,978 Toscana at Valley Ridge Lewisville, TX 58.6% 11,017 — (181) (64) 10,772 Melrose Phase II Nashville, TN 24.9% 4,823 498 (64) (222) 5,035 Other 2,421 — (26) — 2,395 Total $ 118,829 $ 498 $ (2,040) $ (800) $ 116,487 Preferred Equity Investments Our preferred equity investments consist of the following ($ in thousands): Development Location Units Commitment Date Preferred Return Total Commitment Amount Funded to Date Lector85 Ybor City, FL 254 08/15/2019 13 % (1) $ 9,900 $ 9,900 Vernon Boulevard Queens, NY 534 07/23/2020 13 % (2) 15,000 15,000 Riverfront West Sacramento, CA 285 11/30/2020 16 % 15,092 13,444 Total $ 39,992 $ 38,344 (1) Will be reduced to 10% annually upon the later to occur of (i) stabilization of the development project or (ii) the one-year anniversary of the receipt of all temporary certificates of occupancy subject to certain financial conditions being satisfied. (2) In addition to the preferred return, we receive a profit participation upon a liquidity event, pari passu alongside the preferred equity contribution from the Preferred Co-Investor. The preferred equity investments 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. Activity for the six months ended June 30, 2021 is as follows (in thousands): Development Balance at Contributions Equity in Earnings Balance at Lector85 $ 11,396 — $ 805 $ 12,201 Vernon Boulevard 15,886 — 1,052 16,938 Riverfront 2,718 10,764 482 13,964 Total $ 30,000 $ 10,764 $ 2,339 $ 43,103 Activity during the six months ended June 30, 2020 is as follows (in thousands): Development Balance at Contributions Equity in Earnings Balance at Lector85 $ 4,962 $ 5,211 $ 565 $ 10,738 Dolce B Note During the three and six months ended June 30, 2021, we issued approximately $310,000 and $1.1 million, respectively, of our $10.0 million B Note with the developer of Dolce Twin Creeks, Phase II, a 366-unit multifamily project in Allen Texas, bringing the total amount funded to approximately $9.3 million. Net interest income from the Dolce B Note was approximately $80,000 and $326,000 for the three and six months ended June 30, 2021, respectively. Net interest income from the Dolce B Note was approximately $117,000 and $189,000 for the three and six months ended June 30, 2020, respectively. No allowance was recorded on the Dolce B Note during the periods ended June 30, 2021 or 2020. 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. Integra Peaks Mezzanine Loan On June 30, 2021, we entered into a co-lender agreement to participate in a $19.5 million mezzanine loan originated for the purpose of developing a 300-unit multifamily apartment community located in Reno, Nevada. The project will consist of five 4-story elevator serviced garden-style apartments situated on a 12.1 acre site. The borrower, an unaffiliated third party, will use the mezzanine loan proceeds, along with $14.1 million in common equity and $42.5 million in construction loan proceeds to complete the project. Pursuant to the terms of the co-lender agreement, we've committed to fund a total of $13.0 million of the mezzanine loan, with the remaining $6.5 million funded by our co-lender (an unaffiliated third party). Generally, we and our co-lender participate on parity with respect to draw requests, interest and priority in repayment at maturity. The mezzanine loan bears interest at a rate of 12.0% per annum, compounded monthly, and, subject to certain limitations and fees, may be prepaid in whole or in part. As of June 30, 2021, the borrower had funded its entire common equity commitment and we had funded approximately $5.2 million of our commitment under the co-lender agreement. The undrawn mezzanine loan proceeds are expected to be fully drawn by the end of 2021, at which point the borrower will commence draws on the construction loan. The mezzanine loan has an original maturity date of March 30, 2024 with two one-year extension options.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	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 June 30, 2021 and December 31, 2020 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) June 30, 2021 December 31, 2020 Fixed rate loans Fixed rate mortgages 4.03% 4.2 Years $ 213,517 $ 35,995 Total fixed rate loans 213,517 35,995 Variable rate loans (2) Floating rate mortgages (3) 2.81% 7.0 Years 440,813 — Variable rate revolving credit facility (4) 1.63% 3.7 Years 24,000 35,500 Total variable rate loans 464,813 35,500 Total secured loans 678,330 71,495 Unamortized debt issuance costs (1,215) (1,175) Premium on assumed debt, net 3,683 — Mortgage notes and revolving credit facility, net $ 680,798 $ 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 LIBOR, which was 0.10% on June 30, 2021. (3) Our floating rate mortgages are accompanied by interest rate cap hedging instruments as required by the lenders. (4) We may obtain advances secured against Cottonwood One Upland up to $67.6 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 ratios and other requirements are maintained. The aggregate maturities, including amortizing principal payments on mortgage notes for years subsequent to June 30, 2021 are as follows (in thousands): Year Total 2021 $ 697 2022 2,349 2023 107,456 2024 140,373 2025 4,140 Thereafter 423,315 $ 678,330 We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of June 30, 2021. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at June 30, 2021 Sugarmont Daily Libor + 3.0% September 30, 2022 $ 63,250 $ 49,344 Park Ave Daily Libor + 1.75% November 30, 2023 37,000 20,420 Cottonwood on Broadway Daily Libor + 1.9% May 15, 2024 44,625 11,050 Cottonwood on Highland Daily Libor + 2.75% (1) December 1, 2024 37,000 — $ 181,875 $ 80,814 (1) The Daily 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 extension options during which the interest rate will increase 0.25% each additional period. Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date June 30, 2021 2017 6.25% Notes $ 5,000 6.25% December 31, 2021 $ 5,000 2017 6% Notes 35,000 6.00% December 31, 2022 20,918 2019 6% Notes 25,000 6.00% December 31, 2023 22,725 $ 65,000 $ 48,643

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 June 30, 2021 and December 31, 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 markets (e.g., few transactions, limited information, non-current prices, high variability over time); • 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): June 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real-estate related loans $ 9,026 $ 9,026 $ 8,206 $ 8,206 Financial Liability: Fixed rate mortgages $ 213,517 $ 217,001 $ 35,995 $ 38,658 Floating rate mortgages $ 440,813 $ 442,805 $ — $ — Variable rate revolving credit facility $ 24,000 $ 24,000 $ 35,500 $ 35,500 Construction loans $ 80,814 $ 80,814 $ — $ — Series 2016 Preferred Stock $ 140,833 $ 140,833 $ — $ — Series 2017 Preferred Stock $ 2,586 $ 2,586 $ — $ — Series 2019 Preferred Stock $ 63,757 $ 63,757 $ 32,933 $ 32,933 Unsecured promissory notes, net $ 48,643 $ 48,643 $ — $ — 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	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Preferred Stock	Preferred Stock We have three classes of preferred stock outstanding, 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. The Series 2019 Preferred Stock is currently being offered for sale in the Private Offering. 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 condensed consolidated balance sheet. Dividends to preferred stockholders are classified as interest expense on the condensed consolidated statement of operations. We can also redeem our preferred stock early for cash plus all accrued and unpaid dividends. Information on our preferred stock is as follows: Shares Outstanding at Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date June 30, 2021 December 31, 2020 Series 2016 Preferred Stock 6.5% 7.0% January 31, 2022 January 31, 2023 14,083,310 — 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 6,375,713 3,308,326 During the six months ended June 30, 2021 and 2020 we raised approximately $30.6 million and $12.8 million of Series 2019 Preferred Stock. During the six months ended June 30, 2021 and 2020, we incurred approximately $1.2 million and $214,000 in dividends on our Series 2019 Preferred Stock, respectively. During the period from the CRII Merger closing on May 7, 2021 to June 30, 2021, we incurred approximately $1.5 million and $29,000 in dividends on our Series 2016 Preferred Stock and Series 2017 Preferred Stock, respectively. During the six months ended June 30, 2021, we repurchased 10,000 shares of Series 2019 Preferred Stock for $90,000 and during the period from the CRII Merger closing on May 7, 2021 to June 30, 2021 we repurchased 55,990 shares of Series 2016 Preferred Stock for approximately $533,000. No shares of Series 2019 Preferred Stock were repurchased during the six months ended June 30, 2020. 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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityOther than the 430,070 of common shares issued in association with the CRII Merger, no shares of common stock were issued during the three or six months ended June 30, 2021 as our offering was suspended. During the three and six months ended June 30, 2020, we raised approximately $7.0 million and $20.0 million of common stock, respectively. As of June 30, 2021, we had 12,662,358 of common stock outstanding, of which 12,644,840 was Class A common stock and 17,518 was Class TX (formerly Class T) common stock.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	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 June 30, 2021 and 2020 were approximately $1.4 million and $681,000, respectively. Asset management fees to our advisor for the six months ended June 30, 2021 and 2020 were approximately $2.3 million and $1.1 million, respectively. 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 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. We recognized $6.5 million of performance participation expense with the approval of the June 30, 2021 NAV, as the performance hurdle was achieved. CROP's operating partnership agreement was amended with the CRII Merger to provide for the performance participation allocation. Therefore, there was no performance participation allocation prior to the CRII Merger. Other Reimbursable company operating expenses to our advisor or its affiliates for the three months ended June 30, 2021 and 2020 were approximately $74,000 and $233,000, respectively. Reimbursable company operating expenses to our advisor or its affiliates for the six months ended June 30, 2021 and 2020 were approximately $331,000 and $469,000, respectively. As a result of the merger, employees who had previously provided services to us and were reimbursed to our Advisor are now our employees.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	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 - Common Limited OP Units share in the profits, losses and cash distributions of CROP as defined in the partnership agreement, subject to certain special allocations and receive distributions equivalent to distributions declared to the holders of CCI common stock. LTIP Units - Certain executives and key employees receive LTIP Units in CROP as equity incentive compensation. LTIP Units are a separate series of limited partnership units, which are convertible into Common Limited OP Units upon achieving certain time vesting and performance requirements. Unless otherwise provided, the time vesting LTIP Units (whether vested or unvested) entitle the holder to receive current distributions from CROP, and the performance LTIP Units (whether vested or unvested) entitle the holder to receive 10% of the current distributions from CROP during the applicable performance period. When the LTIP Units have vested and sufficient income has been allocated to the holder of the vested LTIP Units, the LTIP Units will automatically convert to Common Limited OP Units in CROP on a one-for-one basis. LTIP Units constitute profits interests and have no voting rights in CROP. In conjunction with the CRII Merger, 528,451 time vesting LTIP units were awarded to executives as retention grants. As of June 30, 2021, there were 661,391 unvested time LTIP awards and 430,851 unvested performance LTIP awards outstanding. Share-based compensation was $466,000 for the six months ended June 30, 2021. Share-based compensation was not significant during the same period in 2020. Total unrecognized compensation expense for LTIP Units at June 20, 2020 is $7.5 million and is expected to be recognized on a straight-line basis through June 2025. Noncontrolling Interests - Partially Owned Entities As of June 30, 2021, noncontrolling interests in entities not wholly owned by us ranged from 1% to 91%, with the average being 52%.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Riverfront As of June 30, 2021, we had a remaining commitment of up to approximately $1.6 million on the Riverfront preferred equity investment. Integra Peaks Mezzanine Loan As of June 30, 2021, we had a remaining commitment of up to approximately $7.8 million on the Integra Peaks Mezzanine Loan. Litigation We are subject to a variety of legal actions for personal injury, property damage, or other matters arising in the ordinary course of its business, most of which are covered by liability insurance. Various claims of employment and resident discrimination are also periodically brought, most of which also are covered by insurance. While the resolution of these matters cannot be predicted with certainty, as of June 30, 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. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby stockholders may elect to have us apply their dividends and other distributions to the purchase of additional shares of common stock. The distribution reinvestment plan was temporarily suspended in December 2020 along with the Offering. On August 10, 2021, our board of directors adopted an amended and restated distribution reinvestment plan in connection with the registration of new classes of shares in the Offering. See N o te 13 - Subsequent Events below. 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 Price 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 of more (Series 2016 and Series 2017) $10.00 Repurchase information on our Preferred Stock is disclosed in Note 8 above. Common Stock In December 2020, in conjunction with the pursuit of the mergers described in Note 1 , we suspended our share repurchase program that permits holders of common stock to request, on a periodic basis, that we repurchase all or any portion of their shares. Our board of directors approved the resumption of the share repurchase program effective for repurchases for the month ended June 30, 2021. Our share repurchase program provides that we may make repurchases 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 at 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 (formerly Class T) 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 for at least five years and less than six years will be repurchased at 95.0% of the transaction price, (ii) 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 (iii) 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 and is generally the prior month’s NAV per share for such class.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	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. Completion of the CMRI Merger and CMRII Merger On July 15, 2021, we completed the CMRI Merger and the CMRII Merger, each through a stock-for-stock transaction as described in Note 1 . At the effective time of the CMRI Merger, each issued and outstanding share of CMRI’s common stock converted into 1.175 shares of our Class A common stock. At the effective time of the CMRII Merger, each issued and outstanding share of CMRII’s common stock converted into 1.072 shares of our Class A common stock. We issued 10,995,210 shares of our Class A common stock upon the closing of the mergers. 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 CROP increased to 100%. Pro forma revenues and earnings have not been presented as the initial accounting for the transaction is incomplete as of the date the consolidated financial statements are issued. We are in the process of assessing the fair value of the acquired tangible assets, liabilities assumed and any applicable intangible assets and liabilities for this business combination. Distribution Reinvestment Plan On August 10, 2021, our board of directors adopted an amended and restated distribution reinvestment plan. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price for such shares in effect on the distribution date. Shares will generally be sold at the prior month’s NAV per share of the class of share being purchased (which will be our most recently disclosed NAV per share at such time). We may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month’s NAV per share (including by updating a previously disclosed transaction price) where we believe there has been a material change (positive or negative) to our NAV per share since the end of the prior month. However, our board of directors may determine, in its sole discretion, to designate certain distributions as ineligible for reinvestment through the distribution reinvestment plan, without notice to participants, without suspending the plan and without affecting the future operation of the plan with respect to participants. We will resume offering shares of our common stock pursuant to our distribution reinvestment plan upon effectiveness of the post-effective no. 6 to the registration statement for the Offering. Sixth Amended and Restated CROP Partnership Agreement At the effective time of the CMRI Merger and the CMRII Merger, we, through our wholly owned subsidiary, the sole general partner of CROP, entered the Sixth Amended and Restated Limited Partnership Agreement of CROP (the “Sixth OP Agreement”) by and among Merger Sub, CC Advisors III, LLC, the special limited partner and the Limited Partners set forth on Exhibit A thereto. The Sixth OP Agreement amends the previous operating partnership agreement to reflect the mergers of the operating partnerships of CMRI and CMRII into CROP at the effective time of the mergers. Dividends Declared - Series 2016 Preferred Stock On August 10, 2021, our board of directors declared cash distributions at a daily distribution rate of $0.00191781 to holders of record of our Series 2016 Preferred Stock for each day in the months of September, October and November 2021. The daily distribution rate is equal to 7.0% annually on the $10.00 purchase price. Dividends Declared - Series 2017 Preferred Stock On August 10, 2021, our board of directors declared cash distributions at a daily distribution rate of $0.00205479 to holders of record of our Series 2017 Preferred Stock for each day in the months of September, October and November 2021. The daily distribution rate is equal to 7.5% annually on the $10.00 purchase price. Dividends Declared - Series 2019 Preferred Stock On August 10, 2021, our board of directors declared cash distributions at a daily distribution rate of $0.00150685, or 5.5% annually on the $10.00 purchase price, to holders of record of our Series 2019 Preferred Stock for each day in the months of September, October and November 2021. Distributions Declared - Common Stock On August 10, 2010, our board of directors declared a gross distribution for the month of September of $0.04333333, or $0.52 annually, for each class of our common stock to holders of record on September 25, 2021, to be paid in October. 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. Folllow-On Offering On August 12, 2021, we filed a registration statement to register $1.0 billion in shares of common stock in a follow-on offering, consisting of $900.0 million in shares of common stock offered in a primary offering and $100.0 million in shares of common stock through the DRP Offering.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. 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 in our Annual Report on Form 10-K for the period ending December 31, 2020 filed with the SEC.
Business combinations	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 interest in the acquiree, are accounted for as goodwill, or conversely, as a gain on bargain purchase. Transaction costs are included within general and administrative expenses on our condensed consolidated statements of operations as incurred.
Organization and Offering Costs	Organization and Offering Costs All organization and offering costs in connection with the distribution of Class A and Class TX shares in the primary portion of the Offering were the obligation of our advisor. We did not incur any liability for or reimburse our advisor for any of these organizational and offering costs, which totaled $14.1 million. Organization and offering costs in connection with the distribution of our Class T, Class D and Class I shares will be paid by purchasers of the shares or borne by us.
Other Assets	Other AssetsOther 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.
Debt	Unsecured Promissory Notes The 2017 and 2019 6% Notes and 2017 6.25% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 6 . These instruments are similar in nature, have fixed interest rates and maturity dates, and are denominated in U.S. dollars.
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 are accounted for as equity transactions. Noncontrolling interest – limited partners – These noncontrolling interests represent ownership interest in CROP ("OP Units") not held by CCI, the general partner. Net income or loss is allocated to these limited partners of CROP based on their ownership percentage. Issuance of additional Common Stock or OP Units to limited partners changes the ownership interests of both CCI and the limited partners of CROP. Consistent with the one-for-one relationship between the OP Units issued to CCI, limited partners are attributed a share of net income or loss in CROP based on their weighted-average ownership interest in CROP during the period. Noncontrolling interest – partially owned entities – These noncontrolling interests represent ownership interests that are not held by us in consolidated entities. Net income (loss) is allocated to noncontrolling interests in partially owned entities based on ownership percentage in those entities. Refer to Note 11 for more information on our noncontrolling interests.

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2021 December 31, 2020 Land $ 166,059 $ 23,894 Buildings and improvements 1,088,117 139,110 Furniture, fixtures and equipment 1,581 3,983 Intangible assets 37,027 3,809 Construction in progress (1) 196,733 — 1,489,517 170,796 Less: Accumulated depreciation and amortization (25,086) (9,704) Real estate assets, net $ 1,464,431 $ 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.
Schedule of Consideration in Merger Agreement	The consideration given in exchange for CRII (in thousands, except share and unit data) is as follows: 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 preliminary purchase price allocation of CRII's identifiable asset and liabilities assumed as of May 7, 2021 (in thousands): Assets Real estate assets (1) $ 1,296,241 Investments in unconsolidated real estate entities 118,829 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,345 Total assets acquired $ 1,509,358 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 40,934 Total liabilities assumed 919,765 Consolidated net assets acquired 589,593 Noncontrolling interests (3) (584,934) Net assets acquired $ 4,658 (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. (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.
Schedule of Revenue and Net Loss Since Acquisition	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 June 30, 2021 are as follows (in thousands): Revenue $ 16,252 Net loss $ (9,372)
Schedule of Pro Forma Information	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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pro forma revenue: Historic results $ 19,241 $ 3,129 $ 22,659 $ 4,740 CRII Merger (excluding those in historic results) 11,510 21,377 36,657 43,545 Total $ 30,751 $ 24,506 $ 59,316 $ 48,285 Pro forma net loss: Historic results $ (21,400) $ (2,648) $ (24,410) $ (3,437) CRII Merger (excluding those in historic results) (5,341) (22,412) (13,300) (49,641) Total $ (26,741) $ (25,060) $ (37,710) $ (53,078)
Schedule of Purchase Price Allocation of Real Estate Assets Acquired	The following table summarizes the purchase price allocation of Cottonwood One Upland during the six months ended June 30, 2020 (in thousands): Allocated Amounts Property Building Land Land Improvements Personal Property 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)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Equity Method Investments	Our investments in stabilized properties and related activity is as follows (in thousands): Property Location % Owned May 7, 2021 Purchase Date Value Investment Equity in Earnings (Losses) Distributions Balance at Stabilized Assets 3800 Main Houston, TX 50.0% $ 11,239 $ — $ (395) $ — $ 10,844 Cottonwood Bayview St. Petersburg, FL 71.0% 34,401 — (528) (140) 33,733 Cottonwood Ridgeview Plano, TX 90.5% 36,260 — (530) — 35,730 Fox Point Salt Lake City, UT 52.8% 18,668 — (316) (374) 17,978 Toscana at Valley Ridge Lewisville, TX 58.6% 11,017 — (181) (64) 10,772 Melrose Phase II Nashville, TN 24.9% 4,823 498 (64) (222) 5,035 Other 2,421 — (26) — 2,395 Total $ 118,829 $ 498 $ (2,040) $ (800) $ 116,487
Schedule of Preferred Equity Investment In Unconsolidated Real Estate	Our preferred equity investments consist of the following ($ in thousands): Development Location Units Commitment Date Preferred Return Total Commitment Amount Funded to Date Lector85 Ybor City, FL 254 08/15/2019 13 % (1) $ 9,900 $ 9,900 Vernon Boulevard Queens, NY 534 07/23/2020 13 % (2) 15,000 15,000 Riverfront West Sacramento, CA 285 11/30/2020 16 % 15,092 13,444 Total $ 39,992 $ 38,344 (1) Will be reduced to 10% annually upon the later to occur of (i) stabilization of the development project or (ii) the one-year anniversary of the receipt of all temporary certificates of occupancy subject to certain financial conditions being satisfied. (2) In addition to the preferred return, we receive a profit participation upon a liquidity event, pari passu alongside the preferred equity contribution from the Preferred Co-Investor. Development Balance at Contributions Equity in Earnings Balance at Lector85 $ 11,396 — $ 805 $ 12,201 Vernon Boulevard 15,886 — 1,052 16,938 Riverfront 2,718 10,764 482 13,964 Total $ 30,000 $ 10,764 $ 2,339 $ 43,103 Activity during the six months ended June 30, 2020 is as follows (in thousands): Development Balance at Contributions Equity in Earnings Balance at Lector85 $ 4,962 $ 5,211 $ 565 $ 10,738

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) June 30, 2021 December 31, 2020 Fixed rate loans Fixed rate mortgages 4.03% 4.2 Years $ 213,517 $ 35,995 Total fixed rate loans 213,517 35,995 Variable rate loans (2) Floating rate mortgages (3) 2.81% 7.0 Years 440,813 — Variable rate revolving credit facility (4) 1.63% 3.7 Years 24,000 35,500 Total variable rate loans 464,813 35,500 Total secured loans 678,330 71,495 Unamortized debt issuance costs (1,215) (1,175) Premium on assumed debt, net 3,683 — Mortgage notes and revolving credit facility, net $ 680,798 $ 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 LIBOR, which was 0.10% on June 30, 2021. (3) Our floating rate mortgages are accompanied by interest rate cap hedging instruments as required by the lenders. (4) We may obtain advances secured against Cottonwood One Upland up to $67.6 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 ratios and other requirements are maintained.
Schedule of Mortgage Notes, Repayments of Principal	The aggregate maturities, including amortizing principal payments on mortgage notes for years subsequent to June 30, 2021 are as follows (in thousands): Year Total 2021 $ 697 2022 2,349 2023 107,456 2024 140,373 2025 4,140 Thereafter 423,315 $ 678,330
Schedule of Construction Loans	Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at June 30, 2021 Sugarmont Daily Libor + 3.0% September 30, 2022 $ 63,250 $ 49,344 Park Ave Daily Libor + 1.75% November 30, 2023 37,000 20,420 Cottonwood on Broadway Daily Libor + 1.9% May 15, 2024 44,625 11,050 Cottonwood on Highland Daily Libor + 2.75% (1) December 1, 2024 37,000 — $ 181,875 $ 80,814 (1) The Daily 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 June 30, 2021 2017 6.25% Notes $ 5,000 6.25% December 31, 2021 $ 5,000 2017 6% Notes 35,000 6.00% December 31, 2022 20,918 2019 6% Notes 25,000 6.00% December 31, 2023 22,725 $ 65,000 $ 48,643

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real-estate related loans $ 9,026 $ 9,026 $ 8,206 $ 8,206 Financial Liability: Fixed rate mortgages $ 213,517 $ 217,001 $ 35,995 $ 38,658 Floating rate mortgages $ 440,813 $ 442,805 $ — $ — Variable rate revolving credit facility $ 24,000 $ 24,000 $ 35,500 $ 35,500 Construction loans $ 80,814 $ 80,814 $ — $ — Series 2016 Preferred Stock $ 140,833 $ 140,833 $ — $ — Series 2017 Preferred Stock $ 2,586 $ 2,586 $ — $ — Series 2019 Preferred Stock $ 63,757 $ 63,757 $ 32,933 $ 32,933 Unsecured promissory notes, net $ 48,643 $ 48,643 $ — $ —

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Preferred Stock	Information on our preferred stock is as follows: Shares Outstanding at Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date June 30, 2021 December 31, 2020 Series 2016 Preferred Stock 6.5% 7.0% January 31, 2022 January 31, 2023 14,083,310 — 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 6,375,713 3,308,326

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Repurchase Program Discounts	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 Price 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 of more (Series 2016 and Series 2017) $10.00

Organization and Business (Deta

Organization and Business (Details)	Aug. 12, 2021USD ($)	May 07, 2021	Nov. 08, 2019USD ($)$ / shares	Jun. 30, 2021USD ($)developmentProjectrealEstateUnitstateclassesOfStockapartmentCommunityparcelproperty	Jul. 15, 2021
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $				$ 750,000,000
Number of classes of stock | classesOfStock				2
Number of multifamily apartment communities | apartmentCommunity				17
Number of real estate units | realEstateUnit				13,000
Number of units leasing up | realEstateUnit				341
Subsequent event
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $	$ 1,000,000,000
Cottonwood Affiliates
Subsidiary, Sale of Stock [Line Items]
Number of real estate units | realEstateUnit				7,300
CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio		2.015
CROP | Subsequent event
Subsidiary, Sale of Stock [Line Items]
Ownership interest (in percentage)					100.00%
Class A | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio		2.015
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
Series 2019 Preferred Stock | CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio		1
LTIP Unit | CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio		1
CCOP Special LTIP Units | CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio		1
CROP Common Unit | CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio		1
Wholly Owned Properties
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity				29
Number of real estate units | realEstateUnit				8,373
Number of multifamily apartment development | developmentProject				3
Number of preferred equity investment development projects | realEstateUnit				1,073
Number of multifamily apartment development In investment | developmentProject				1
Number of parcels of land held for development and investments | parcel				2
Wholly Owned Properties | Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity				4
Number of real estate units | realEstateUnit				1,079
Partially Owned Properties
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity				55
Number of real estate units | realEstateUnit				15,365
Number of real estate properties | property				20
Number of states in real estate property | state				13
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $				$ 675,000,000
Primary Offering | Subsequent event
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $	900,000,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $				$ 75,000,000
Distribution Reinvestment Plan | Subsequent event
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $	$ 100,000,000
Private Placement | 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Value of shares in offering | $			$ 100,000,000
Share price (in dollars per share) | $ / shares			$ 10

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
OP Units
Debt Instrument [Line Items]
Share conversion ratio	1
2019 notes
Debt Instrument [Line Items]
Interest Rate	6.00%
2017 notes | Unsecured debt
Debt Instrument [Line Items]
Interest Rate	6.25%
IPO | Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred	$ 14.1

Real Estate Assets, Net - Carry

Real Estate Assets, Net - Carrying Amounts of Real Estate Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]
Land	$ 166,059	$ 23,894
Buildings and improvements	1,088,117	139,110
Furniture, fixtures and equipment	1,581	3,983
Intangible assets	37,027	3,809
Construction in progress	196,733	0
Real estate investment property, at cost	1,489,517	170,796
Less: Accumulated depreciation and amortization	(25,086)	(9,704)
Real estate assets, net	$ 1,464,431	$ 161,092

Real Estate Assets, Net - Consi

Real Estate Assets, Net - Considerations in Merger Agreement (Details) - Common Stock $ / shares in Units, $ in Thousands	May 07, 2021USD ($)$ / sharesshares
CRII Merger
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
CRII Common stock issued and outstanding (in shares)	213,434
Exchange ratio	2.015
CCI common stock issued as consideration (in shares)	213,434
CCI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
CRII Common stock issued and outstanding (in shares)	430,070
CCI 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	May 07, 2021	Jun. 30, 2020	Jun. 30, 2020
Liabilities
Intangible assets from merger	$ 33,200
Weighted-average amortization period (in years)	6 months	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
Promote | Other Assets
Liabilities
Intangible assets from merger	$ 8,000
CRII Merger
Assets
Real estate assets	1,296,241
Investments in unconsolidated real estate entities	118,829
Cash and cash equivalents	31,799
Restricted cash	20,144
Other assets	42,345
Total assets acquired	1,509,358
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	40,934
Total liabilities assumed	919,765
Consolidated net assets acquired	589,593
Noncontrolling interests	(584,934)
Net assets acquired	4,658
CRII Merger | Other Assets
Liabilities
Intangible assets from merger	$ 32,100

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) $ in Millions	May 07, 2021	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021apartmentCommunitydevelopmentProperty
Business Combination and Asset Acquisition [Abstract]
Number of multifamily apartment communities				17
Number of Development Properties | developmentProperty				4
Number of multifamily apartment communities under equity method accounting				6
Amortization of intangible lease assets | $		$ 33.2	$ 33.2
Weighted-average amortization period (in years)	6 months	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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Net loss	$ (21,400)	$ (3,010)	$ (2,648)	$ (790)	$ (24,410)	$ (3,437)
CRII Merger
Business Acquisition [Line Items]
Revenue	16,252
Net loss	$ (9,372)

Real Estate Assets, Net - Pro F

Real Estate Assets, Net - Pro Forma Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Historic results
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	$ 19,241	$ 3,129	$ 22,659	$ 4,740
Business acquisition, pro forma net income (loss)	(21,400)	(2,648)	(24,410)	(3,437)
CRII Merger (excluding those in historic results)
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	11,510	21,377	36,657	43,545
Business acquisition, pro forma net income (loss)	(5,341)	(22,412)	(13,300)	(49,641)
CRII Merger
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	30,751	24,506	59,316	48,285
Business acquisition, pro forma net income (loss)	$ (26,741)	$ (25,060)	$ (37,710)	$ (53,078)

Real Estate Assets, Net - Asset

Real Estate Assets, Net - Asset Acquisitions (Details) - USD ($)	May 07, 2021	Mar. 19, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Credit facility entered into in conjunction with acquisition of real estate				$ 3,500,000	$ 12,000,000
Weighted-average amortization period (in years)	6 months		6 months		6 months
JP Morgan [Member] | Carrying Value
Business Acquisition [Line Items]
Lines of credit, fair value disclosure		$ 50,000,000
Credit facility entered into in conjunction with acquisition of real estate				$ 67,600,000
One Upland
Business Acquisition [Line Items]
Payment for asset acquisition		$ 103,600,000
Building			$ 82,146,000		$ 82,146,000
Land			14,515,000		14,515,000
Land Improvements			3,009,000		3,009,000
Personal Property			1,967,000		1,967,000
Intangible			2,305,000		2,305,000
Total			$ 103,942,000		$ 103,942,000
Weighted-average amortization period (in years)		6 months

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 07, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities		$ (652)	$ 325	$ 299	$ 565
Distributions				800	$ 0
Unconsolidated Properties | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
May 7, 2021 Purchase Date Value						$ 118,829
Investment	$ 498
Equity in earnings (losses) of unconsolidated real estate entities	(2,040)
Distributions	(800)
Equity method investments	$ 116,487	$ 116,487		$ 116,487
3800 Main | Unconsolidated Properties | Houston, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	50.00%	50.00%		50.00%
May 7, 2021 Purchase Date Value						11,239
Investment	$ 0
Equity in earnings (losses) of unconsolidated real estate entities	(395)
Distributions	0
Equity method investments	$ 10,844	$ 10,844		$ 10,844
Cottonwood Bayview | Unconsolidated Properties | St. Petersburg, FL | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	71.00%	71.00%		71.00%
May 7, 2021 Purchase Date Value						34,401
Investment	$ 0
Equity in earnings (losses) of unconsolidated real estate entities	(528)
Distributions	(140)
Equity method investments	$ 33,733	$ 33,733		$ 33,733
Cottonwood Ridgeview | Unconsolidated Properties | Plano, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	90.50%	90.50%		90.50%
May 7, 2021 Purchase Date Value						36,260
Investment	$ 0
Equity in earnings (losses) of unconsolidated real estate entities	(530)
Distributions	0
Equity method investments	$ 35,730	$ 35,730		$ 35,730
Fox Point | Unconsolidated Properties | Salt Lake City, UT | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	52.80%	52.80%		52.80%
May 7, 2021 Purchase Date Value						18,668
Investment	$ 0
Equity in earnings (losses) of unconsolidated real estate entities	(316)
Distributions	(374)
Equity method investments	$ 17,978	$ 17,978		$ 17,978
Toscana at Valley Ridge | Unconsolidated Properties | Lewisville, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	58.60%	58.60%		58.60%
May 7, 2021 Purchase Date Value						11,017
Investment	$ 0
Equity in earnings (losses) of unconsolidated real estate entities	(181)
Distributions	(64)
Equity method investments	$ 10,772	$ 10,772		$ 10,772
Melrose Phase II | Unconsolidated Properties | Nashville, TN | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned	24.90%	24.90%		24.90%
May 7, 2021 Purchase Date Value						4,823
Investment	$ 498
Equity in earnings (losses) of unconsolidated real estate entities	(64)
Distributions	(222)
Equity method investments	5,035	$ 5,035		$ 5,035
Other | Unconsolidated Properties | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
May 7, 2021 Purchase Date Value						$ 2,421
Investment	0
Equity in earnings (losses) of unconsolidated real estate entities	(26)
Distributions	0
Equity method investments	$ 2,395	$ 2,395		$ 2,395

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Schedule of Preferred Equity Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)realEstateUnit
Real Estate [Line Items]
Units | realEstateUnit	13,000
Preferred Equity Investment | Corporate Joint Venture | Unconsolidated Properties
Real Estate [Line Items]
Total Commitment	$ 39,992
Amount Funded to Date	$ 38,344
Lector85 | Preferred Equity Investment | Corporate Joint Venture
Real Estate [Line Items]
Investment, preferred return upon meeting certain criteria	10.00%
Lector85 | Preferred Equity Investment | Corporate Joint Venture | Unconsolidated Properties
Real Estate [Line Items]
Units | realEstateUnit	254
Preferred Return	13.00%
Total Commitment	$ 9,900
Amount Funded to Date	$ 9,900
Vernon Boulevard | Preferred Equity Investment | Corporate Joint Venture | Unconsolidated Properties
Real Estate [Line Items]
Units | realEstateUnit	534
Preferred Return	13.00%
Total Commitment	$ 15,000
Amount Funded to Date	$ 15,000
Riverfront | Preferred Equity Investment | Corporate Joint Venture | Unconsolidated Properties
Real Estate [Line Items]
Units | realEstateUnit	285
Preferred Return	16.00%
Total Commitment	$ 15,092
Amount Funded to Date	$ 13,444

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities - Schedule Of Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments in Unconsolidated Subsidiaries [Roll Forward]
Balance at beginning of period			$ 30,000
Equity in Earnings	$ (652)	$ 325	299	$ 565
Balance at end of period	159,590		159,590
Corporate Joint Venture | Unconsolidated Properties | Preferred Equity Investment
Investments in Unconsolidated Subsidiaries [Roll Forward]
Balance at beginning of period			30,000
Contributions			10,764
Equity in Earnings			2,339
Balance at end of period	43,103		43,103
Lector85 | Corporate Joint Venture | Unconsolidated Properties | Preferred Equity Investment
Investments in Unconsolidated Subsidiaries [Roll Forward]
Balance at beginning of period			11,396	4,962
Contributions			0	5,211
Equity in Earnings			805	565
Balance at end of period	12,201	$ 10,738	12,201	$ 10,738
Vernon Boulevard | Corporate Joint Venture | Unconsolidated Properties | Preferred Equity Investment
Investments in Unconsolidated Subsidiaries [Roll Forward]
Balance at beginning of period			15,886
Contributions			0
Equity in Earnings			1,052
Balance at end of period	16,938		16,938
Riverfront | Corporate Joint Venture | Unconsolidated Properties | Preferred Equity Investment
Investments in Unconsolidated Subsidiaries [Roll Forward]
Balance at beginning of period			2,718
Contributions			10,764
Equity in Earnings			482
Balance at end of period	$ 13,964		$ 13,964

Investments in Real-Estate Re_2

Investments in Real-Estate Related Loans (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)arealEstateUnit	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)arealEstateUnitextension	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Units | realEstateUnit	13,000		13,000
Note balance	$ 5,189,000		$ 5,189,000		$ 8,255,000
Net interest income	(136,000)	$ (5,000)	(137,000)	$ (190,000)
Common Equity Investment | Promissory B Note
Real Estate [Line Items]
Investments equity	14,100,000		14,100,000
Dolce B Note
Real Estate [Line Items]
Net interest income	(80,000)	(117,000)	(326,000)	(189,000)
Dolce B Note | Commercial Mortgage Backed Securities
Real Estate [Line Items]
Notes issued	310,000		1,100,000
Face value of note	$ 10,000,000		$ 10,000,000
Units | realEstateUnit	366		366
Note balance	$ 9,300,000		$ 9,300,000
Dolce B Note | Commercial Mortgage Backed Securities | Dolce Twin Creeks Phase 2, LLC
Real Estate [Line Items]
Allowance on real estate investment	0	$ 0	0	$ 0
Integra Peaks Mezzanine Loan
Real Estate [Line Items]
Fund by co-lender	$ 5,200,000		$ 5,200,000
Number of extensions | extension			2
Term of extension (in years)			1 year
Integra Peaks Mezzanine Loan | Promissory B Note
Real Estate [Line Items]
Units | realEstateUnit	300		300
Investment owned, balance	$ 19,500,000		$ 19,500,000
Area of property | a	12.1		12.1
Construction loan	$ 42,500,000		$ 42,500,000
Investment in loan	13,000,000		13,000,000
Fund by co-lender	$ 6,500,000		$ 6,500,000
Interest on loan	12.00%		12.00%

Debt - Mortgage Notes And Revol

Debt - Mortgage Notes And Revolving Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total secured loans	$ 678,330	$ 71,495
Unamortized debt issuance costs	(1,215)	(1,175)
Premium on assumed debt, net	3,683	0
Mortgage notes and revolving credit facility, net	$ 680,798	70,320
LIBOR
Debt Instrument [Line Items]
Weighted average variable rate	0.50%
Variable rate revolving credit facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 67,600
Future Acquisition Financing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 125,000
Fixed rate loans
Debt Instrument [Line Items]
Weighted average fixed interest rate	403.00%
Weighted average remaining term	4 years 2 months 12 days
Total secured loans	$ 213,517	35,995
Variable rate loans
Debt Instrument [Line Items]
Total secured loans	$ 464,813	35,500
Variable rate loans | Floating rate mortgages
Debt Instrument [Line Items]
Weighted average variable rate	281.00%
Weighted average remaining term	7 years
Total secured loans	$ 440,813	0
Variable rate loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average variable rate	163.00%
Weighted average remaining term	3 years 8 months 12 days
Total secured loans	$ 24,000	$ 35,500
Secured debt | Variable rate loans | LIBOR | Mortgage notes and revolving credit facility
Debt Instrument [Line Items]
Weighted average variable rate	0.10%

Debt - Mortgage Notes Repayment

Debt - Mortgage Notes Repayment of Principal (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021	$ 697
2022	2,349
2023	107,456
2024	140,373
2025	4,140
Thereafter	423,315
Principal payment on mortgage loans	$ 678,330

Debt - Construction loans (Deta

Debt - Construction loans (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amount Drawn at June 30, 2021	$ 80,814,000	$ 0
Construction loan payable
Debt Instrument [Line Items]
Loan Amount	181,875,000
Amount Drawn at June 30, 2021	$ 80,814,000
LIBOR
Debt Instrument [Line Items]
Interest rate on note issued	0.50%
LIBOR Floor
Debt Instrument [Line Items]
Interest rate on note issued	3.25%
Sugarmont | Construction loan payable
Debt Instrument [Line Items]
Loan Amount	$ 63,250,000
Amount Drawn at June 30, 2021	$ 49,344,000
Sugarmont | LIBOR | Construction loan payable
Debt Instrument [Line Items]
Interest rate on note issued	3.00%
Park Ave | Construction loan payable
Debt Instrument [Line Items]
Loan Amount	$ 37,000,000
Amount Drawn at June 30, 2021	$ 20,420,000
Park Ave | LIBOR | Construction loan payable
Debt Instrument [Line Items]
Interest rate on note issued	1.75%
Cottonwood on Broadway | Construction loan payable
Debt Instrument [Line Items]
Loan Amount	$ 44,625,000
Amount Drawn at June 30, 2021	$ 11,050,000
Cottonwood on Broadway | LIBOR | Construction loan payable
Debt Instrument [Line Items]
Interest rate on note issued	1.90%
Cottonwood on Highland | Construction loan payable
Debt Instrument [Line Items]
Loan Amount	$ 37,000,000
Amount Drawn at June 30, 2021	$ 0
Cottonwood on Highland | LIBOR | Construction loan payable
Debt Instrument [Line Items]
Interest rate on note issued	2.75%

Debt - Unsecured Promissory Not

Debt - Unsecured Promissory Notes - Additional Information (Details) - Unsecured debt	6 Months Ended
	Jun. 30, 2021extension
Debt Instrument [Line Items]
Number of extensions	2
Term of extension (in years)	1 year
Increase in interest rate	0.25%

Debt - Unsecured Promissory N_2

Debt - Unsecured Promissory Notes (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unsecured promissory notes, net	$ 48,643,000	$ 0
Unsecured debt
Debt Instrument [Line Items]
Offering Size	65,000
Unsecured promissory notes, net	48,643,000
Unsecured debt | 2017 6.25% Notes
Debt Instrument [Line Items]
Offering Size	$ 5,000
Interest Rate	6.25%
Unsecured promissory notes, net	$ 5,000,000
Unsecured debt | 2017 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 35,000
Interest Rate	6.00%
Unsecured promissory notes, net	$ 20,918,000
Unsecured debt | 2019 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 25,000
Interest Rate	6.00%
Unsecured promissory notes, net	$ 22,725,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real-estate related loans	$ 9,026	$ 8,206
Unsecured promissory notes, net	48,643	0
Carrying Value | Series 2016 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	140,833	0
Carrying Value | Series 2017 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	2,586	0
Carrying Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	63,757	32,933
Carrying Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages		35,995
Carrying Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages		0
Carrying Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages		0
Carrying Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate revolving credit facility		35,500
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real-estate related loans	9,026	8,206
Unsecured promissory notes, net	48,643	0
Fair Value | Series 2016 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	140,833	0
Fair Value | Series 2017 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	2,586	0
Fair Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	63,757	32,933
Fair Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	217,001	38,658
Fair Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	442,805	0
Fair Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	80,814	0
Fair Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate revolving credit facility	$ 24,000	$ 35,500

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Series 2019 Preferred Stock, net of issuance costs		$ 27,264	$ 11,483
Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share)	10	10
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Series 2019 Preferred Stock, net of issuance costs		$ 30,600	12,800
Preferred dividend value incurred		$ 1,200	$ 214
Preferred Stock | Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred	$ 1,500
Number of shares redeemed (in shares)	55,990
Stock redeemed during period, value	$ 533
Preferred Stock | Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred	$ 29
Preferred Stock | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)		10,000	0
Stock redeemed during period, value		$ 90

Preferred Stock - Equity (Detai

Preferred Stock - Equity (Details) - shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	6.50%
Extension Dividend Rate	7.00%
Preferred stock outstanding (in shares)	14,083,310	0
Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	7.50%
Extension Dividend Rate	8.00%
Preferred stock outstanding (in shares)	258,550	0
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	5.50%
Extension Dividend Rate	6.00%
Preferred stock outstanding (in shares)	6,375,713	3,308,326

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	May 07, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Stock issued during merger (in shares)	430,070
Proceeds from issuance of common stock, accrual basis			$ (7)		$ (20)
Common stock, shares outstanding (in shares)		12,662,358		12,662,358		12,232,289
Common Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock (in shares)		0		0
Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, shares outstanding (in shares)		12,644,840		12,644,840
Class TX
Subsidiary, Sale of Stock [Line Items]
Common stock, shares outstanding (in shares)		17,518		17,518

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	May 07, 2021	Jun. 30, 2021	Jun. 30, 2020	May 07, 2021	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Performance participation allocation		$ 6,455,000	$ 0		$ 6,455,000	$ 0
Reimbursable operating expense		74,000	233,000		331,000	469,000
Affiliated Entity
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		$ 1,400,000	$ 681,000		$ 2,300,000	$ 1,100,000
Percentage of total return	5.00%			5.00%
Percentage of annual total return	12.50%			12.50%
Affiliated Entity | Limited Partners
Related Party Transaction [Line Items]
Percentage of total return	12.50%			12.50%
Performance participation allocation	$ 6,500,000
Affiliated Entity | Other Ownership Interest
Related Party Transaction [Line Items]
Percentage of total return	87.50%			87.50%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands	May 07, 2021shares	Jun. 30, 2021USD ($)shares	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)voteshares
Noncontrolling Interest [Line Items]
Voting rights | vote					0
Share-based compensation | $		$ 421	$ 45	$ 27
Not Wholly Owned | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		1.00%			1.00%
Not Wholly Owned | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		91.00%			91.00%
Not Wholly Owned | Weighted Average
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		52.00%			52.00%
LTIP Units
Noncontrolling Interest [Line Items]
Units annual vesting percentage					10.00%
Share conversion ratio					1
Vested awards (in shares) | shares	528,451
Number of unvested awards outstanding (in shares) | shares		661,391			661,391
Share-based compensation | $					$ 466
Total unrecognized compensation expense | $		$ 7,500			$ 7,500
Performance LTIP
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares) | shares		430,851			430,851

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 07, 2021
Subsidiary, Sale of Stock [Line Items]
Monthly redemptions, percent of net asset value, maximum					2.00%
Quarterly redemptions, percent of net asset value, maximum					5.00%
Percent of most recently disclosed net asset value					95.00%
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			95.00%
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			90.00%
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			85.00%
Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)	0	0	0	0
Common Limited OP Units
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	95.00%		95.00%
Common Limited OP Units | One Year After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	80.00%		80.00%
Common Limited OP Units | Four Years After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	85.00%		85.00%
Common Limited OP Units | Six Years After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	90.00%		90.00%
Riverfront | Corporate Joint Venture | Preferred Equity Investment
Subsidiary, Sale of Stock [Line Items]
Investment remaining amount	$ 1.6		$ 1.6
Integra Peaks B Note | Corporate Joint Venture | Preferred Equity Investment
Subsidiary, Sale of Stock [Line Items]
Investment remaining amount	$ 7.8		$ 7.8

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Share Repurchase Program (Details)	Jun. 30, 2021$ / shares
Less than 1 year
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	$ 8.80
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)	9.20
3 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.40
4 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
5 years
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.80
A stockholder’s death or complete disability, 2 years or more (Series 2019), 6 years of more (Series 2016 and Series 2017)
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	$ 10

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 12, 2021USD ($)	Aug. 10, 2021$ / shares	Jul. 15, 2021shares	May 07, 2021shares	Jun. 30, 2021USD ($)
Subsequent Event [Line Items]
Stock issued upon the closing of merger (in shares) | shares				430,070
Value of shares in offering | $					$ 750,000,000
Primary Offering
Subsequent Event [Line Items]
Value of shares in offering | $					675,000,000
Distribution Reinvestment Plan
Subsequent Event [Line Items]
Value of shares in offering | $					$ 75,000,000
Series 2016 Preferred Stock
Subsequent Event [Line Items]
Dividend Rate					6.50%
Series 2017 Preferred Stock
Subsequent Event [Line Items]
Dividend Rate					7.50%
Series 2019 Preferred Stock
Subsequent Event [Line Items]
Dividend Rate					5.50%
Subsequent event
Subsequent Event [Line Items]
Value of shares in offering | $	$ 1,000,000,000
Subsequent event | Primary Offering
Subsequent Event [Line Items]
Value of shares in offering | $	900,000,000
Subsequent event | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Value of shares in offering | $	$ 100,000,000
Subsequent event | CROP
Subsequent Event [Line Items]
Ownership interest (in percentage)			100.00%
Subsequent event | Series 2016 Preferred Stock | 2019 Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (in dollars per share)		$ 0.00191781
Dividend Rate		7.00%
Share price (in dollars per share)		$ 10
Subsequent event | Series 2017 Preferred Stock | 2019 Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (in dollars per share)		$ 0.00205479
Dividend Rate		7.50%
Share price (in dollars per share)		$ 10
Subsequent event | Series 2019 Preferred Stock | 2019 Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate (in dollars per share)		$ 0.00150685
Dividend Rate		5.50%
Share price (in dollars per share)		$ 10
Subsequent event | Common Stock
Subsequent Event [Line Items]
Common stock, dividend rate (in dollars per share)		0.04333333
Common stock, distribution rate (in dollars per share)		$ 0.52
Subsequent event | Common Class A
Subsequent Event [Line Items]
Stock issued upon the closing of merger (in shares) | shares			10,995,210
Subsequent event | Common Class A | CRI Merger
Subsequent Event [Line Items]
Share conversion ratio			1.175
Subsequent event | Common Class A | CRII Merger
Subsequent Event [Line Items]
Share conversion ratio			1.072