Cottonwood Communities 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 10, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,946,993
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,638
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,790,005
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,967,811
Common Class TX
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,533

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Real estate assets, net	$ 1,518,810	$ 1,408,483
Investments in unconsolidated real estate entities	128,806	190,733
Investments in real-estate related loans	13,027	13,035
Cash and cash equivalents	72,640	27,169
Restricted cash	68,069	18,221
Other assets	33,078	29,249
Total assets	1,834,430	1,686,890
Liabilities
Mortgage notes and revolving credit facility, net	910,421	642,107
Construction loans, net	79,911	116,656
Preferred stock, net	119,063	245,268
Unsecured promissory notes, net	43,443	43,543
Performance participation allocation due to affiliate	30,078	51,761
Accounts payable, accrued expenses and other liabilities	66,318	46,886
Total liabilities	1,249,234	1,146,221
Commitments and contingencies (Note 11)
Stockholders' equity
Additional paid-in capital	323,723	252,035
Accumulated distributions	(26,352)	(17,273)
Accumulated deficit	(64,712)	(55,864)
Total stockholders' equity	232,936	179,134
Noncontrolling interests
Limited partners	270,525	291,258
Partially owned entities	81,735	70,277
Total noncontrolling interests	352,260	361,535
Total equity and noncontrolling interests	585,196	540,669
Total liabilities, equity and noncontrolling interests	1,834,430	1,686,890
Class T
Stockholders' equity
Common stock, value, issued	29	0
Class D
Stockholders' equity
Common stock, value, issued	0	0
Class I
Stockholders' equity
Common stock, value, issued	18	2
Class A
Stockholders' equity
Common stock, value, issued	230	234
Class TX
Stockholders' equity
Common stock, value, issued	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common stock, shares outstanding (in shares)	27,731,301	23,613,980
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	275,000,000	275,000,000
Common stock, shares issued (in shares)	2,944,885	0
Common stock, shares outstanding (in shares)	2,944,885	0
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	275,000,000	275,000,000
Common stock, shares issued (in shares)	1,019	0
Common stock, shares outstanding (in shares)	1,019	0
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	275,000,000	275,000,000
Common stock, shares issued (in shares)	1,755,746	151,286
Common stock, shares outstanding (in shares)	1,755,746	151,286
Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	23,012,120	23,445,174
Common stock, shares outstanding (in shares)	23,012,120	23,445,174
Class TX
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	17,530	17,520
Common stock, shares outstanding (in shares)	17,530	17,520

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Rental and other property revenues	$ 28,603	$ 16,843	$ 55,423	$ 20,015
Property management revenues	2,703	2,121	5,826	2,121
Other revenues	634	277	1,249	523
Total revenues	31,940	19,241	62,498	22,659
Operating expenses
Property operations expense	10,589	6,804	20,262	8,152
Property management expense	4,587	2,552	9,540	2,552
Asset management fee	4,348	1,442	8,139	2,328
Performance participation allocation	10,144	6,455	30,078	6,455
Depreciation and amortization	11,992	14,482	23,259	15,820
General and administrative expenses	3,352	2,264	6,575	4,769
Total operating expenses	45,012	33,999	97,853	40,076
Loss from operations	(13,072)	(14,758)	(35,355)	(17,417)
Equity in earnings (losses) of unconsolidated real estate entities	4,052	(652)	6,723	299
Interest income	8	136	23	137
Interest expense	(11,687)	(5,824)	(22,804)	(7,154)
Gain on sale of unconsolidated real estate entities	7,634	0	7,634	0
Promote from incentive allocation agreement	0	0	30,309	0
Gain (loss) on debt extinguishment, net	70	0	(481)	0
Other income (expense)	290	(9)	1,819	18
Income (loss) before income taxes	(12,705)	(21,107)	(12,132)	(24,117)
Income tax expense	(288)	(293)	(7,750)	(293)
Net loss	(12,993)	(21,400)	(19,882)	(24,410)
Net loss attributable to noncontrolling interests:
Limited partners	6,752	12,783	10,580	12,783
Partially owned entities	398	2,613	453	2,613
Net loss attributable to common stockholders	$ (5,843)	$ (6,004)	$ (8,849)	$ (9,014)
Weighted-average common shares outstanding - basic (in shares)	27,156,490	12,492,221	25,912,200	12,362,973
Weighted-average common shares outstanding - diluted (in shares)	27,156,490	12,492,221	25,912,200
Net loss per common share - basic (in dollars per share)	$ (0.22)	$ (0.48)	$ (0.34)	$ (0.73)
Net loss per common share - diluted (in dollars per share)	$ (0.22)	$ (0.48)	$ (0.34)	$ (0.73)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	CRII Merger	Total Stockholders' Equity	Total Stockholders' Equity CRII Merger	Common Stock Common Stock Class T	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Common Stock Common Stock Class A	Common Stock Common Stock Class A CRII Merger	Common Stock Common Stock Class TX	Additional Paid-In Capital	Additional Paid-In Capital CRII Merger	Accumulated Distributions	Accumulated Deficit	Noncontrolling interests Limited Partners	Noncontrolling interests Limited Partners CRII Merger	Noncontrolling interests Partially Owned Entities	Noncontrolling interests Partially Owned Entities CRII Merger	Noncontrolling interests OP Units Limited Partners
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 102,083		$ 102,083		$ 0	$ 0	$ 0	$ 122		$ 0	$ 121,677		$ (7,768)	$ (11,948)	$ 0		$ 0
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)
Stockholders' equity, ending balance at Mar. 31, 2021	97,607		97,607		0	0	0	122		0	121,722		(9,279)	(14,958)	0		0
Stockholders' equity, beginning balance at Dec. 31, 2020	102,083		102,083		0	0	0	122		0	121,677		(7,768)	(11,948)	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24,410)
Stockholders' equity, ending balance at Jun. 30, 2021	660,989		94,515		0	0	0	126		0	126,176		(10,825)	(20,962)	348,604		217,870
Stockholders' equity, beginning balance at Mar. 31, 2021	97,607		97,607		0	0	0	122		0	121,722		(9,279)	(14,958)	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
CRII Merger		$ 589,592		$ 4,658					$ 4			$ 4,654				$ 363,278		$ 221,656
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)
Stockholders' equity, ending balance at Jun. 30, 2021	660,989		94,515		0	0	0	126		0	126,176		(10,825)	(20,962)	348,604		217,870
Stockholders' equity, beginning balance at Dec. 31, 2021	540,669		179,134		0	0	2	234		0	252,035		(17,273)	(55,864)	291,258		70,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	32,930		32,930		14		4				32,912
Offering costs	(2,958)		(2,958)								(2,958)
Distribution reinvestment	464		464								464
Common stock/OP Units repurchased	(3,394)		(3,108)					(2)			(3,106)								$ (286)
Contributions from noncontrolling interests	662																662
Share-based compensation	865														865
Distributions to investors			(4,314)										(4,314)
Distributions to investors	(13,847)														(5,460)		(4,073)
Net loss	(6,888)		(3,005)											(3,005)	(3,828)		(55)
Stockholders' equity, ending balance at Mar. 31, 2022	548,503		199,143		14	0	6	232		0	279,347		(21,587)	(58,869)	282,549		66,811
Stockholders' equity, beginning balance at Dec. 31, 2021	540,669		179,134		0	0	2	234		0	252,035		(17,273)	(55,864)	291,258		70,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,882)	$ 29,295
Stockholders' equity, ending balance at Jun. 30, 2022	585,196		232,936		29	0	18	230		0	323,723		(26,352)	(64,712)	270,525		81,735
Stockholders' equity, beginning balance at Mar. 31, 2022	548,503		199,143		14	0	6	232		0	279,347		(21,587)	(58,869)	282,549		66,811
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	53,549		53,549		15		12				53,522
Offering costs	(4,211)		(4,211)								(4,211)
Distribution reinvestment	657		657					1			656
Common stock/OP Units repurchased	(6,039)		(5,594)					(3)			(5,591)								$ (445)
Contributions from noncontrolling interests	15,444																15,444
Share-based compensation	731														731
Distributions to investors			(4,765)										(4,765)
Distributions to investors	(10,445)														(5,558)		(122)
Net loss	(12,993)		(5,843)											(5,843)	(6,752)		(398)
Stockholders' equity, ending balance at Jun. 30, 2022	$ 585,196		$ 232,936		$ 29	$ 0	$ 18	$ 230		$ 0	$ 323,723		$ (26,352)	$ (64,712)	$ 270,525		$ 81,735

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (19,882)	$ (24,410)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	23,259	15,820
Gain on sale of unconsolidated real estate entities	(7,634)	0
Share-based compensation	1,596	466
Other operating	3,014	697
Loss on debt extinguishment	481	0
Equity in earnings of unconsolidated real estate entities	(6,723)	(299)
Distributions from unconsolidated real estate entities - return on capital	6,423	800
Changes in operating assets and liabilities:
Other assets	(3,498)	(1,225)
Performance participation allocation	30,078	6,455
Performance participation allocation payment	(51,761)	0
Accounts payable, accrued expenses and other liabilities	17,439	7,503
Net cash provided by (used in) operating activities	(7,208)	5,807
Cash flows from investing activities:
Acquisitions of real estate, net of cash acquired	(93,985)	0
Cash, cash equivalents and restricted cash acquired in connection with the CRII Merger	0	51,943
Capital expenditures and development activities	(31,341)	(22,322)
Investments in unconsolidated real estate entities	(197)	(11,262)
Proceeds from sale of investments in unconsolidated real estate entities	28,734	0
Distributions from unconsolidated real estate entities - return on capital	38,769	0
Contributions to investments in real-estate related loans	0	(6,319)
Proceeds from settlement of investments in real-estate related loans	0	9,332
Other investing activities	0	178
Net cash provided by (used in) investing activities	(58,020)	21,550
Cash flows from financing activities:
Principal payments on mortgage notes	(793)	(78)
Borrowings from revolving credit facility	138,000	3,500
Repayments on revolving credit facility	(98,000)	(15,000)
Borrowings under mortgage notes and term loans	464,372	0
Repayments of mortgage notes and term loans	(231,177)	0
Deferred financing costs on mortgage notes and term loans	(4,931)	0
Borrowings from construction loans	22,915	16,700
Repayments of construction loans	(59,660)	0
Proceeds from issuance of Series 2019 Preferred Stock	15,472	30,486
Redemption of preferred stock	(142,616)	(623)
Offering costs paid on issuance of preferred stock	(1,708)	(3,222)
Repurchase of unsecured promissory notes	(96)	0
Proceeds from issuance of common stock	87,600	0
Repurchase of common stock/OP Units	(9,432)	0
Offering costs paid on issuance of common stock	(7,170)	0
Contributions from noncontrolling interests	11,758	0
Distributions to common stockholders	(8,774)	(3,049)
Distributions to noncontrolling interests - limited partners	(11,018)	(2,156)
Distributions to noncontrolling interests - partially owned entities	(4,195)	(1,265)
Net cash provided by financing activities	160,547	25,293
Net increase in cash and cash equivalents and restricted cash	95,319	52,650
Cash and cash equivalents and restricted cash, beginning of period	45,390	4,633
Cash and cash equivalents and restricted cash, end of period	140,709	57,283
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	72,640	37,507
Restricted cash	68,069	19,776
Total cash and cash equivalents and restricted cash	140,709	57,283
Fair value of assets acquired and liabilities assumed with the CRII Merger:
Real estate assets	0	1,291,030
Investments in unconsolidated real estate entities	0	120,775
Intangibles	0	32,122
Debt	0	734,852
Preferred stock	0	143,979
Other assets acquired	0	62,147
Other liabilities assumed	0	40,926
Fair value of equity issued to CRII Shareholders in the CRII Merger	0	4,658
Fair value of noncontrolling interests from the CRII Merger	$ 0	$ 581,659

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Cottonwood Communities, Inc. (the “Company,” “CCI,” “we,” “us,” or “our”) invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC (“CC Advisors III”), a wholly-owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC (“CCA”). We were incorporated in Maryland in 2016. We hold all of our assets through our operating partnership, Cottonwood Residential O.P., LP (“CROP”). CROP, together with its subsidiaries, holds the Company's real estate interests and conducts the ongoing operations of the Company. We are the sole member of the sole general partner of CROP and own general partner interests in CROP alongside third party limited partners. We are a non-traded perpetual-life, net asset value (“NAV”) real estate investment trust (“REIT”). We qualified as a REIT for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2019. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. From August 13, 2018 to December 22, 2020 we conducted an initial public offering of our common stock (the “Initial Offering”), for which we raised gross proceeds of $122.0 million. The Initial Offering ended in December 2020 as we pursued the 2021 Mergers described below. On November 4, 2021, after the 2021 Mergers (defined below) were completed, we registered with the SEC an offering of up to $1.0 billion of shares of common stock (the “Follow-on Offering”), consisting of up to $900.0 million in shares of common stock offered in a primary offering (the “Primary Offering”) and $100.0 million in shares under our distribution reinvestment plan (the “DRP Offering”). As of June 30, 2022, we have raised gross proceeds of $90.3 million from the Follow-on Offering, including proceeds from the DRP Offering. On November 8, 2019, we commenced a private placement offering exempt from registration under the Securities Act pursuant to which we offered a maximum of $128.0 million in shares of Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share (the “Private Offering”). The Private Offering was fully subscribed in March 2022, having received gross proceeds of $127.0 million. 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, 2022, our portfolio consists of ownership interests or structured investment interests in 33 multifamily apartment communities with a total of 9,670 units, including 1,373 units in four multifamily apartment communities in which we have a structured investment interest and another 1,079 units in four multifamily apartment communities under construction or recently completed and in lease-up. In addition, we have an ownership interest in three parcels of land planned for development. The 2021 Mergers On January 26, 2021, we entered into stock-for-stock and unit-for unit merger agreements with three affiliated REITs. The merger with Cottonwood Residential II, Inc. (“CRII,” the “CRII Merger”) closed on May 7, 2021. The merger with Cottonwood Multifamily REIT I, Inc. (“CMRI,” the “CMRI Merger”) closed on July 7, 2021. The merger with Cottonwood Multifamily REIT II, Inc. (“CMRII,” the “CMRII Merger”) also closed on July 7, 2021. We refer to the CRII Merger, the CMRI Merger and the CMRII Merger as the “2021 Mergers.” CRII stockholders received (i) 2.015 shares of our Class A common stock in exchange for their shares of common stock, (ii) one share of our Series 2016 preferred stock in exchange for their CRII Series 2016 preferred stock, and (iii) one share of our Series 2017 preferred stock in exchange for their CRII Series 2017 preferred stock. CROP, the operating partnership of CRII, replaced Cottonwood Communities O.P., LP (“CCOP”) as our operating partnership. The participating partnership units of CROP, which excluded preferred units, were split by a ratio of 2.015 (“CROP Unit Split”). Issued and outstanding partnership units of CCOP, which included Series 2019 Preferred units, LTIP units, Special LTIP units, general partner units and common limited partnership units converted into corresponding units at CROP, the terms of which were identical to the converted CCOP partnership unit. After giving effect to the CROP Unit Split, each preferred unit, general partner unit, common limited partnership unit, and LTIP unit of CROP remained issued and outstanding. CMRI stockholders received 1.175 shares of our Class A common stock in exchange for their CMRI common stock. CMRII’s stockholders received 1.072 shares of our Class A common stock in exchange for their CMRII common stock. In connection with the mergers of the operating partnerships of each of CMRI and CMRII with and into CROP, the partnership units outstanding, which were split to equal the amount of the common stock outstanding, were converted into CROP common units at the same ratio as the common stock. Each asset held by CMRI and CMRII was owned through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger, our ownership interest in the properties held through joint ventures with CMRI and CMRII increased to 100% on July 15, 2021. Through the 2021 Mergers we acquired interests in 22 stabilized multifamily apartment communities, four multifamily development projects, one structured investment, and land held for development. We also acquired CRII’s property management business and its employees, an advisory contract with Cottonwood Multifamily Opportunity Fund, Inc. (“CMOF”), and personnel who performed certain administrative and other services for us on behalf of CC Advisors III. CC Advisors III continues to manage our business as our external advisor pursuant to an amended and restated advisory agreement. With the exception of our Chief Legal Officer, Chief Operating Officer, Chief Accounting Officer and Chief Development Officer, we do not employ our executive officers.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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, 2021 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, 2021 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. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs in the Follow-on Offering are paid by purchasers of the shares through an adjustment to the purchase price of the share or their distribution (depending on the class of share purchased) or by us. They are recorded as an offset to equity. As of June 30, 2022, $8.9 million in organization and offering costs had been incurred in connection with the Follow-on Offering. Organization and offering costs in the Private Offering for our Series 2019 Preferred Stock were paid by us. They are deferred and amortized up to the redemption date through interest expense. We incurred $13.2 million of organization and offering costs related to the Private Offering, which was fully subscribed and terminated in March 2022. Income Taxes As a REIT, we are not subject to federal income tax with respect to the portion of our income that meets certain criteria and is distributed annually to stockholders. Taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our condensed consolidated statements of operations. In 2018, we entered into an incentive allocation agreement with a real estate firm who bought a portfolio of twelve assets from us. The agreement allowed us to participate in distributions from the portfolio should returns on the portfolio exceed certain amounts. In March 2022, the firm sold the portfolio and our TRS realized a promote distribution of $30.3 million. Income tax expense accrued for this discrete item was $7.3 million. In June 2022, the taxable gain from the promote was contributed to a Qualified Opportunity Zone fund, which provides tax benefits for development programs located in designated areas as established by Congress in the Tax Cuts and Jobs act of 2017. As a result, the $7.3 million income tax payable was reclassified to a deferred tax liability. We expect that this deferred tax liability will be realized in 2026.

Real Estate Assets, Net

Real Estate Assets, Net	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Land $ 219,488 $ 202,531 Buildings and improvements 1,211,802 1,074,126 Furniture, fixtures and equipment 50,767 37,463 Intangible assets 37,176 34,905 Construction in progress (1) 89,180 127,493 1,608,413 1,476,518 Less: Accumulated depreciation and amortization (2) (89,603) (68,035) Real estate assets, net $ 1,518,810 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place lease assets acquired with the CRII Merger over a period of six months in 2021. Asset acquisitions Cottonwood Lighthouse Point On June 22, 2022, we acquired Cottonwood Lighthouse Point, a multifamily apartment community in Pompano Beach, Florida, for $95.5 million. We funded the purchase with debt of $48.0 million and available cash. Acquired assets and liabilities were recorded at relative fair value as an asset acquisition. The following table summarizes the purchase price allocation of the real estate assets acquired in the Cottonwood Lighthouse Point acquisition (in thousands): Allocated Amounts Property Building Land Land Improvements Personal Property Lease Intangibles Total Cottonwood Lighthouse Point $76,322 $13,647 $1,843 $2,011 $1,783 $95,606 The weighted-average amortization period for the intangible lease assets acquired in connection with the Cottonwood Lighthouse Point acquisition was 0.5 years. Block C On June 28, 2022, Block C, an early-stage development joint venture with CMOF, was recapitalized. Entities affiliated with us and our advisor contributed capital to the joint venture and were admitted as members. We contributed additional funds to obtain a controlling interest and consolidated the joint venture, which had previously been recorded as an equity method investment. The joint venture consists of cash, land held for development, and payables. Refer to Not e 9 for further information on the Block C recapitalization. CRII Merger On May 7, 2021, we completed the CRII Merger, which was accounted for as a business combination in accordance with ASC 805, Business Combinations ("ASC 805"). Based on an evaluation of the relevant factors and the guidance in ASC 805, CCI was determined to be both the legal and accounting acquirer. In order to make this consideration, various factors were analyzed including which entity issued its equity interests, relative voting rights, existence of noncontrolling interests, control of the board of directors, management composition, relative size, transaction initiation, operational structure, relative composition of employees, and other factors. The most significant factor identified was the relative voting rights, as CCI stockholders hold the majority of the controlling financial (voting) interests. CCI also initiated the transaction and was the entity issuing common equity interests in the merger. The consideration given in exchange for CRII was as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI's estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 The allocation of the purchase price below required significant judgment and represented management's best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII's identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI Merger and CMR II Merger on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII's property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. As a result of the CRII Merger we consolidated 17 multifamily apartment communities and four development properties as well as added six multifamily apartment communities accounted for under the equity method of accounting. The results of operations for the CRII Merger are included in the Company's statements of operations beginning on the May 7, 2021 merger closing date onward. For the six months ended June 30, 2022, the accompanying statements of operations include the following revenue and net income generated from the assets acquired and liabilities assumed with the CRII Merger (unaudited, in thousands): Revenue $ 58,799 Net income $ 29,295 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 (unaudited, in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Pro forma revenue: Historic results $ 31,940 $ 19,241 $ 62,498 $ 22,659 CRII Merger (excluding those in historic results) — 11,510 — 36,657 Total $ 31,940 $ 30,751 $ 62,498 $ 59,316 Pro forma net loss: Historic results $ (12,993) $ (21,400) $ (19,882) $ (24,410) CRII Merger (excluding those in historic results) — (5,341) — (13,300) Total $ (12,993) $ (26,741) $ (19,882) $ (37,710) The pro forma information is not necessarily indicative of the results which actually would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. CMRI Merger and CMRII Merger With the closing of the CRII Merger in May 2021, we consolidated the properties that CMRI and CMRII invested in through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger in July 2021, our ownership interest in these properties increased to 100%. The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. Accordingly, CMRI's and CMRII's noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in capital. Information regarding these equity transactions is as follows (in thousands, except share and per share data): 2021 Consideration CMRI Merger CMRII Merger Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 2021 Change in equity CMRI Merger CMRII Merger Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302) Total change in equity $ 70,094 $ 57,376

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 2022
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 as follows as of June 30, 2022 and December 31, 2021 (in thousands): Balance at Property / Development Location % Owned June 30, 2022 December 31, 2021 Stabilized Assets 3800 Main (1) Houston, TX 0% (1) $ — $ 10,347 Alpha Mill (2) (3) Charlotte, NC 28.3% 10,595 22,034 Cottonwood Bayview (2) St. Petersburg, FL 71.0% 31,430 31,399 Cottonwood Ridgeview (2) Plano, TX 90.5% 2,548 34,352 Fox Point (2) Salt Lake City, UT 52.8% 15,367 16,056 Toscana at Valley Ridge (2) Lewisville, TX 58.6% 9,439 9,370 Melrose Phase II (2) Nashville, TN 79.8% 6,637 15,523 Preferred Equity Investments Lector85 Ybor City, FL 13,858 13,010 Vernon Boulevard Queens, NY 19,269 18,079 Riverfront West Sacramento, CA 18,289 16,884 Other 1,374 3,679 Total $ 128,806 $ 190,733 (1) On June 23, 2022, 3800 Main was sold. We received $16.8 million in cash for the sale and recorded a gain on sale of $6.8 million. (2) We account for our tenant-in-common interests in these properties as equity method investments. (3) On April 7, 2022, we sold 28.9% of our ownership interest in Alpha Mill for $11.9 million to certain unaffiliated third parties and we recorded a gain on sale of $0.8 million related to the transaction, which reduced our remaining ownership in Alpha Mill to 28.3%. Our investments in unconsolidated real estate entities for the stabilized assets above were acquired on May 7, 2021 as part of the CRII Merger. Equity in earnings (losses) for our stabilized assets for the three months ended June 30, 2022 and 2021 were $2.3 million and $(2.0) million, respectively. Equity in earnings for our stabilized assets for the six months ended June 30, 2022 was $3.3 million. Equity in losses for our stabilized and other assets during the period from the CRII Merger closing on May 7, 2021 to June 30, 2021 was $2.0 million. During March 2022, we received $30.4 million and $8.3 million in distributions as a return of capital from debt refinances at Cottonwood Ridgeview and Melrose Phase II, respectively. Our preferred equity investments, which are in development projects, have liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Equity in earnings for our preferred equity investments for the three months ended June 30, 2022 and 2021 were $1.8 million and $1.4 million, respectively. Equity in earnings for our preferred equity investments for the six months ended June 30, 2022 and 2021 were $3.4 million and $2.3 million, respectively. By the end of 2021, we had fully funded our commitments on all of our preferred equity investments.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) June 30, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.66% 4.4 Years $ 428,396 $ 213,009 Total fixed rate loans 428,396 213,009 Variable rate loans (2) Floating rate mortgages 3.24% 7.2 Years 426,130 407,022 Variable rate revolving credit facility (3) 2.98% 2.7 Years 60,000 20,000 Total variable rate loans 486,130 427,022 Total secured loans 914,526 640,031 Unamortized debt issuance costs (5,679) (940) Premium on assumed debt, net 1,574 3,016 Mortgage notes and revolving credit facility, net $ 910,421 $ 642,107 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month LIBOR or one-month SOFR. (3) We may obtain advances secured against Cottonwood One Upland and Parc Westborough up to $125.0 million on our variable rate revolving credit facility, as long as certain loan-to-value ratios and other requirements are maintained. We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of June 30, 2022. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at June 30, 2022 Amount Drawn at December 31, 2021 Sugarmont (1) (1) (1) (1) $ — $ 59,660 Park Avenue One-Month USD Libor + 1.75% November 30, 2023 $ 37,000 34,727 29,520 Cottonwood on Broadway One-Month USD Libor + 1.9% May 15, 2024 44,625 34,612 27,476 Cottonwood on Highland One-Month USD SOFR + 2.55% May 1, 2029 44,250 10,572 — $ 125,875 $ 79,911 $ 116,656 (1) The Sugarmont construction loan was refinanced in January 2022 with a $105.0 million floating rate mortgage. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP's debt. Each note has two one-year extension options during which the interest rate will increase 0.25% each additional period. Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date June 30, 2022 December 31, 2021 2017 6% Notes $ 35,000 6.00% December 31, 2022 $ 20,818 $ 20,918 2019 6% Notes 25,000 6.00% December 31, 2023 22,625 22,625 $ 60,000 $ 43,443 $ 43,543 The aggregate maturities, including amortizing principal payments on our debt for years subsequent to June 30, 2022 are as follows (in thousands): Year Total 2022 (1) $ 56,344 2023 (2) 173,293 2024 541 2025 2,910 2026 143,217 Thereafter 661,575 $ 1,037,880 (1) $20.8 million of the amount maturing in 2022 relates to the amount outstanding at June 30, 2022 on our 2017 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one (2) $22.6 million of the amount maturing in 2023 relates to the amount outstanding at June 30, 2022 on our 2019 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one one

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2 - Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active 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, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real-estate related loans $ 13,027 $ 13,027 $ 13,035 $ 13,035 Financial Liability: Fixed rate mortgages $ 428,396 $ 417,869 $ 213,009 $ 216,566 Floating rate mortgages $ 426,130 $ 422,906 $ 407,022 $ 409,377 Variable rate revolving credit facility $ 60,000 $ 60,000 $ 20,000 $ 20,000 Construction loans $ 79,911 $ 79,911 $ 116,656 $ 116,656 Series 2016 Preferred Stock $ — $ — $ 139,996 $ 139,996 Series 2017 Preferred Stock $ — $ — $ 2,586 $ 2,586 Series 2019 Preferred Stock $ 127,295 $ 127,295 $ 111,863 $ 111,863 Unsecured promissory notes $ 43,443 $ 43,443 $ 43,543 $ 43,543 Our investments in real-estate related loans, fixed and floating rate mortgages, variable rate revolving credit facility, construction loans, preferred stock and unsecured promissory notes are categorized as Level 3 in the fair value hierarchy.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Preferred Stock	Preferred Stock Information on our preferred stock as of June 30, 2022 and December 31, 2021 is as follows: Shares Outstanding at Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date June 30, 2022 December 31, 2021 Series 2016 Preferred Stock (1) 6.5% 7.0% January 31, 2022 January 31, 2023 — 13,999,560 Series 2017 Preferred Stock (2) 7.5% 8.0% January 31, 2022 January 31, 2024 — 258,550 Series 2019 Preferred Stock 5.5% 6.0% December 31, 2023 December 31, 2025 12,729,485 11,186,301 (1) We fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for $139.8 million. (2) We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for $2.6 million. The Private Offering for our Series 2019 Preferred Stock was fully subscribed and terminated in March 2022. We issued $15.4 million of our Series 2019 Preferred Stock in the first quarter of 2022 prior to the termination of the Private Offering. During the six months ended June 30, 2021 we issued $30.6 million of Series 2019 Preferred Stock. During the six months ended June 30, 2022 and 2021, we incurred $3.4 million and $1.2 million in dividends on our Series 2019 Preferred Stock, respectively. During the six months ended June 30, 2022, we incurred $2.9 million in dividends on our Series 2016 Preferred Stock prior to their full redemption on April 18, 2022, and we incurred an insignificant amount in dividends on our Series 2017 Preferred Stock prior to their full redemption immediately after the January 31, 2022 redemption date. During the period from the CRII Merger closing on May 7, 2021 to June 30, 2021, we incurred $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, 2022, we repurchased 4,000 shares of Series 2019 Preferred Stock for $40,000. Additionally, we fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for $2.6 million and we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for $139.8 million. During the six months ended June 30, 2021, we repurchased 10,000 shares of Series 2019 Preferred Stock for $0.1 million and during the period from the CRII Merger closing on May 7, 2021 to June 30, 2021 we repurchased 55,990 shares of Series 2016 Preferred Stock for $0.5 million .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock The following table details the movement in the Company's outstanding shares for each class of common stock: Six Months Ended June 30, 2022 Class T Class D Class I Class A Class TX Total December 31, 2021 — — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 2,943,405 1,019 1,602,969 — — 4,547,393 Distribution reinvestment 1,481 — 1,491 49,811 10 52,793 Repurchases of common stock — — — (482,865) — (482,865) June 30, 2022 2,944,885 1,019 1,755,746 23,012,120 17,530 27,731,301 Common Stock Distributions Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our distribution reinvestment plan. For the six months ended June 30, 2022, we paid aggregate distributions of $9.8 million, including $8.8 million distributions paid in cash and $1.0 million of distributions reinvested through our distribution reinvestment plan. We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 April 30, 2022 $ 0.05916667 $ 0.71 May 31, 2022 $ 0.06000000 $ 0.72 June 30, 2022 $ 0.06083333 $ 0.73 Repurchases During the six months ended June 30, 2022, we repurchased 482,865 shares of common stock pursuant to our share repurchase program for $8.7 million, at an average repurchase price of $18.02. We had no unfulfilled repurchase requests during the six months ended June 30, 2022.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Asset Management Fee Under the amended and restated advisory agreement entered May 7, 2021 and renewed for an additional one-year term as of May 7, 2022, 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, 2022 and 2021 were $4.3 million and $1.4 million, respectively. Asset management fees to our advisor for the six months ended June 30, 2022 and 2021 were $8.1 million and $2.3 million, respectively. Performance Participation Allocation CC Advisors - SLP, LLC, an affiliate of our advisor and the Special Limited Partner at CROP, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP's total return to its capital account as long as the advisory agreement has not been terminated. Total return is defined as all distributions accrued or paid (without duplication) on the Participating Partnership units (all units in our Operating Partnership with the exception of preferred units) plus the change in the aggregate net asset value of such Participating Partnership units. Under the Operating Partnership agreement, the annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately determined at the end of each calendar year, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year. On January 31, 2022, the performance participation allocation incurred during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 of $51.8 million was paid in cash. During the three and six months ended June 30, 2022, we recognized $10.1 million and $30.1 million, respectively, of performance participation expense as a result of the increase in the value of our net assets and dividends paid to stockholders. CROP's Operating Partnership agreement was amended with the CRII Merger in May 2021 to provide for the performance participation allocation. Therefore, no performance participation allocation was recognized prior to the CRII Merger. Block C and Jasper Investments On June 28, 2022, we, through our indirect subsidiaries, admitted entities affiliated with us and our advisor, Brickyard QOF, LLC (“Brickyard QOF”) and HV Millcreek, LLC (“Millcreek,” and together with Brickyard QOF, the “Affiliated Members”) as members in CW Block C, LLC, a development joint venture with CMOF, and CW Jasper, LLC, a development project owned 100% by CROP (“Jasper”). The Affiliated Members are owned directly or indirectly by our officers or directors , as well as certain employees of CROP and our advisor or its affiliates. In connection with their admission as members, the Affiliated Members made an aggregate capital contribution of $8.5 million and $2.4 million to Block C and Jasper, respectively. The Affiliated Members will participate in the economics of Block C and Jasper on the same terms and conditions as us. The operating agreements of Block C and Jasper were amended in August 2022 to reflect additional terms related to the admission of the Affiliated Members. Block C and Jasper are located in an Opportunity Zone, which provides tax benefits for development programs located in designated areas as established by Congress in the Tax Cuts and Jobs act of 2017.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests - Limited Partners Common Limited OP Units and LTIP Units are CROP units not owned by us and collectively referred to as “Noncontrolling Interests – Limited Partners.” Common Limited OP Units - During the six months ended June 30, 2022, we paid aggregate distributions to noncontrolling OP Unit holders of $11.0 million. During the period from the CRII Merger closing on May 7, 2021 to June 30, 2021, we paid aggregate distributions to noncontrolling OP Unit holders of $2.2 million. LTIP Units - As of June 30, 2022, there were 673,780 unvested time LTIP awards and 548,138 unvested performance LTIP awards outstanding. Share-based compensation was $1.6 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively. Total unrecognized compensation expense for LTIP Units at June 30, 2022 is $10.0 million and is expected to be recognized on a straight-line basis through December 2025. Noncontrolling Interests - Partially Owned Entities As of June 30, 2022, noncontrolling interests in consolidated entities not wholly owned by us ranged from 1% to 81%, with the average being 22%.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of June 30, 2022, we believe the final outcome of such legal proceedings and claims will not have a material adverse effect on our liquidity, financial position or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
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. Merger with Cottonwood Multifamily Opportunity Fund, Inc. On July 8, 2022, we, CMOF, Cottonwood Multifamily Opportunity Fund O.P., LP (“CMOF OP”), CROP, and Cottonwood Communities GP Subsidiary, LLC, our wholly owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “CMOF Merger Agreement”). Subject to the terms and conditions of the CMOF Merger Agreement, (i) CMOF will merge with and into Merger Sub, with Merger Sub surviving as our direct, wholly owned subsidiary (the “Company Merger”) and (ii) CMOF OP will merge with and into CROP, with CROP surviving (the “Partnership Merger” and, together with the Company Merger, the “CMOF Merger”). At such time, the separate existence of CMOF and CMOF OP will cease. The CMOF Merger Agreement was entered into after a thorough due diligence and negotiation process conducted by a special committee of CMOF’s board of directors, with the assistance of its advisors, and our conflicts committee, with the assistance of its advisors. At the effective time of the Company Merger, each issued and outstanding share of CMOF’s common stock, $0.01 par value per share (the “CMOF Common Stock”) will be converted into the right to receive 0.8669 shares of our Class A common stock, $0.01 par value per share. As of June 30, 2022, 5,001,000 shares of CMOF Common Stock were issued and outstanding. Shares of CMOF Common Stock held as of immediately prior to the effective time of the Company Merger by us, any wholly owned subsidiary of ours, or any wholly owned subsidiary of CMOF will be automatically canceled in connection with the Company Merger without receiving payment. At the effective time of the Partnership Merger, each outstanding common unit of partnership interests in CMOF OP (“CMOF OP Partnership Unit”) will be converted into the right to receive 0.8669 common units of CROP (“CROP Common Units”). CMOF OP Partnership Units held as of immediately prior to the effective time of the Partnership Merger by us, any wholly owned subsidiary of ours, CMOF, or any wholly owned subsidiary of CMOF will be canceled in connection with the Partnership Merger without receiving payment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021 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, 2021 filed with the SEC.
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs in the Follow-on Offering are paid by purchasers of the shares through an adjustment to the purchase price of the share or their distribution (depending on the class of share purchased) or by us. They are recorded as an offset to equity. As of June 30, 2022, $8.9 million in organization and offering costs had been incurred in connection with the Follow-on Offering. Organization and offering costs in the Private Offering for our Series 2019 Preferred Stock were paid by us. They are deferred and amortized up to the redemption date through interest expense. We incurred $13.2 million of organization and offering costs related to the Private Offering, which was fully subscribed and terminated in March 2022.
Income Taxes	Income TaxesAs a REIT, we are not subject to federal income tax with respect to the portion of our income that meets certain criteria and is distributed annually to stockholders. Taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our condensed consolidated statements of operations. In 2018, we entered into an incentive allocation agreement with a real estate firm who bought a portfolio of twelve assets from us. The agreement allowed us to participate in distributions from the portfolio should returns on the portfolio exceed certain amounts.
Fair Value of Financial Instruments	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2 - Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active 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.

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Land $ 219,488 $ 202,531 Buildings and improvements 1,211,802 1,074,126 Furniture, fixtures and equipment 50,767 37,463 Intangible assets 37,176 34,905 Construction in progress (1) 89,180 127,493 1,608,413 1,476,518 Less: Accumulated depreciation and amortization (2) (89,603) (68,035) Real estate assets, net $ 1,518,810 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place lease assets acquired with the CRII Merger over a period of six months in 2021.
Summary of Purchase Price Allocation	The following table summarizes the purchase price allocation of the real estate assets acquired in the Cottonwood Lighthouse Point acquisition (in thousands): Allocated Amounts Property Building Land Land Improvements Personal Property Lease Intangibles Total Cottonwood Lighthouse Point $76,322 $13,647 $1,843 $2,011 $1,783 $95,606
Schedule of Consideration in Merger Agreement	The consideration given in exchange for CRII was as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI's estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658
Schedule of Purchase Price Allocation of identifiable Asset and Liabilities Assumed	The following table shows the purchase price allocation of CRII's identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI Merger and CMR II Merger on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII's property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income.
Schedule of Revenue and Net Income Since Acquisition	The results of operations for the CRII Merger are included in the Company's statements of operations beginning on the May 7, 2021 merger closing date onward. For the six months ended June 30, 2022, the accompanying statements of operations include the following revenue and net income generated from the assets acquired and liabilities assumed with the CRII Merger (unaudited, in thousands): Revenue $ 58,799 Net income $ 29,295
Schedule of Pro Forma Information	The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (unaudited, in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Pro forma revenue: Historic results $ 31,940 $ 19,241 $ 62,498 $ 22,659 CRII Merger (excluding those in historic results) — 11,510 — 36,657 Total $ 31,940 $ 30,751 $ 62,498 $ 59,316 Pro forma net loss: Historic results $ (12,993) $ (21,400) $ (19,882) $ (24,410) CRII Merger (excluding those in historic results) — (5,341) — (13,300) Total $ (12,993) $ (26,741) $ (19,882) $ (37,710)
Schedule of Equity Transaction Adjustments	Information regarding these equity transactions is as follows (in thousands, except share and per share data): 2021 Consideration CMRI Merger CMRII Merger Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 2021 Change in equity CMRI Merger CMRII Merger Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302) Total change in equity $ 70,094 $ 57,376

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Equity Method Investments	Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of June 30, 2022 and December 31, 2021 (in thousands): Balance at Property / Development Location % Owned June 30, 2022 December 31, 2021 Stabilized Assets 3800 Main (1) Houston, TX 0% (1) $ — $ 10,347 Alpha Mill (2) (3) Charlotte, NC 28.3% 10,595 22,034 Cottonwood Bayview (2) St. Petersburg, FL 71.0% 31,430 31,399 Cottonwood Ridgeview (2) Plano, TX 90.5% 2,548 34,352 Fox Point (2) Salt Lake City, UT 52.8% 15,367 16,056 Toscana at Valley Ridge (2) Lewisville, TX 58.6% 9,439 9,370 Melrose Phase II (2) Nashville, TN 79.8% 6,637 15,523 Preferred Equity Investments Lector85 Ybor City, FL 13,858 13,010 Vernon Boulevard Queens, NY 19,269 18,079 Riverfront West Sacramento, CA 18,289 16,884 Other 1,374 3,679 Total $ 128,806 $ 190,733 (1) On June 23, 2022, 3800 Main was sold. We received $16.8 million in cash for the sale and recorded a gain on sale of $6.8 million. (2) We account for our tenant-in-common interests in these properties as equity method investments. (3) On April 7, 2022, we sold 28.9% of our ownership interest in Alpha Mill for $11.9 million to certain unaffiliated third parties and we recorded a gain on sale of $0.8 million related to the transaction, which reduced our remaining ownership in Alpha Mill to 28.3%.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) June 30, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.66% 4.4 Years $ 428,396 $ 213,009 Total fixed rate loans 428,396 213,009 Variable rate loans (2) Floating rate mortgages 3.24% 7.2 Years 426,130 407,022 Variable rate revolving credit facility (3) 2.98% 2.7 Years 60,000 20,000 Total variable rate loans 486,130 427,022 Total secured loans 914,526 640,031 Unamortized debt issuance costs (5,679) (940) Premium on assumed debt, net 1,574 3,016 Mortgage notes and revolving credit facility, net $ 910,421 $ 642,107 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month LIBOR or one-month SOFR. (3) We may obtain advances secured against Cottonwood One Upland and Parc Westborough up to $125.0 million on our variable rate revolving credit facility, as long as certain loan-to-value ratios and other requirements are maintained.
Schedule of Construction Loans	Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at June 30, 2022 Amount Drawn at December 31, 2021 Sugarmont (1) (1) (1) (1) $ — $ 59,660 Park Avenue One-Month USD Libor + 1.75% November 30, 2023 $ 37,000 34,727 29,520 Cottonwood on Broadway One-Month USD Libor + 1.9% May 15, 2024 44,625 34,612 27,476 Cottonwood on Highland One-Month USD SOFR + 2.55% May 1, 2029 44,250 10,572 — $ 125,875 $ 79,911 $ 116,656 (1) The Sugarmont construction loan was refinanced in January 2022 with a $105.0 million floating rate mortgage.
Schedule of Unsecured Promissory Notes	Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date June 30, 2022 December 31, 2021 2017 6% Notes $ 35,000 6.00% December 31, 2022 $ 20,818 $ 20,918 2019 6% Notes 25,000 6.00% December 31, 2023 22,625 22,625 $ 60,000 $ 43,443 $ 43,543
Schedule of Mortgage Notes, Repayments of Principal	The aggregate maturities, including amortizing principal payments on our debt for years subsequent to June 30, 2022 are as follows (in thousands): Year Total 2022 (1) $ 56,344 2023 (2) 173,293 2024 541 2025 2,910 2026 143,217 Thereafter 661,575 $ 1,037,880 (1) $20.8 million of the amount maturing in 2022 relates to the amount outstanding at June 30, 2022 on our 2017 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one (2) $22.6 million of the amount maturing in 2023 relates to the amount outstanding at June 30, 2022 on our 2019 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one one

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real-estate related loans $ 13,027 $ 13,027 $ 13,035 $ 13,035 Financial Liability: Fixed rate mortgages $ 428,396 $ 417,869 $ 213,009 $ 216,566 Floating rate mortgages $ 426,130 $ 422,906 $ 407,022 $ 409,377 Variable rate revolving credit facility $ 60,000 $ 60,000 $ 20,000 $ 20,000 Construction loans $ 79,911 $ 79,911 $ 116,656 $ 116,656 Series 2016 Preferred Stock $ — $ — $ 139,996 $ 139,996 Series 2017 Preferred Stock $ — $ — $ 2,586 $ 2,586 Series 2019 Preferred Stock $ 127,295 $ 127,295 $ 111,863 $ 111,863 Unsecured promissory notes $ 43,443 $ 43,443 $ 43,543 $ 43,543

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Preferred Stock	Information on our preferred stock as of June 30, 2022 and December 31, 2021 is as follows: Shares Outstanding at Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date June 30, 2022 December 31, 2021 Series 2016 Preferred Stock (1) 6.5% 7.0% January 31, 2022 January 31, 2023 — 13,999,560 Series 2017 Preferred Stock (2) 7.5% 8.0% January 31, 2022 January 31, 2024 — 258,550 Series 2019 Preferred Stock 5.5% 6.0% December 31, 2023 December 31, 2025 12,729,485 11,186,301 (1) We fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for $139.8 million. (2) We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for $2.6 million.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table details the movement in the Company's outstanding shares for each class of common stock: Six Months Ended June 30, 2022 Class T Class D Class I Class A Class TX Total December 31, 2021 — — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 2,943,405 1,019 1,602,969 — — 4,547,393 Distribution reinvestment 1,481 — 1,491 49,811 10 52,793 Repurchases of common stock — — — (482,865) — (482,865) June 30, 2022 2,944,885 1,019 1,755,746 23,012,120 17,530 27,731,301
Schedule of Distributions	We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 April 30, 2022 $ 0.05916667 $ 0.71 May 31, 2022 $ 0.06000000 $ 0.72 June 30, 2022 $ 0.06083333 $ 0.73

Organization and Business (Deta

Organization and Business (Details)		8 Months Ended	29 Months Ended
	Jan. 26, 2021 numberOfAffiliatedREIT	Jun. 30, 2022 USD ($) apartmentCommunity realEstateUnit parcel	Mar. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 apartmentCommunity developmentProject	Nov. 04, 2021 USD ($)	Jul. 15, 2021	Nov. 08, 2019 USD ($) $ / shares
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		17
Number of affiliated REITs | numberOfAffiliatedREIT	3
Number of stabilized multifamily apartment communities | apartmentCommunity					22
Number of multifamily development projects | developmentProject					4
Number of structured investment, and land held for development | developmentProject					1
CROP
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	2.015
Ownership interest							100%
Preferred Equity Investments
Subsidiary, Sale of Stock [Line Items]
Number of real estate properties | parcel		3
Class A | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	2.015
Class A | Cottonwood Multifamily REIT I, Inc.
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1.175
Class A | Cottonwood Multifamily REIT II, Inc.
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1.072
Series 2016 Preferred Stock | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1
Series 2017 Preferred Stock | CRII Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1
Owned Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		33
Number of real estate units | realEstateUnit		9,670
Owned Interest | Under Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		4
Number of real estate units | realEstateUnit		1,079
Structured Investment Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		4
Number of real estate units | realEstateUnit		1,373
IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from public offering				$ 122,000,000
Primary Offering | Class T, Class D and Class I Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						$ 900,000,000
Distribution Reinvestment Plan | Class A, Class TX, Class T, Class D and Class I Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						100,000,000
Follow on Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						$ 1,000,000,000
Proceeds from issuance of follow-on offering		$ 90,300,000
Private Placement | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Stock offered, value								$ 128,000,000
Share price (in dollars per share) | $ / shares								$ 10
Proceeds from private offering			$ 127,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
TRS received impacts from sale of portfolio of assets	$ 30.3
Income tax expense	$ 7.3
Deferred tax liability		$ 7.3
Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred		8.9
IPO | Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred		14.1
Private Placement | Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred		$ 13.2

Real Estate Assets, Net - Carry

Real Estate Assets, Net - Carrying Amounts of Real Estate Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Land	$ 219,488	$ 202,531
Buildings and improvements	1,211,802	1,074,126
Furniture, fixtures and equipment	50,767	37,463
Intangible assets	37,176	34,905
Construction in progress	89,180	127,493
Real estate investment property, at cost	1,608,413	1,476,518
Less: Accumulated depreciation and amortization	(89,603)	(68,035)
Real estate assets, net	$ 1,518,810	$ 1,408,483
CRII Merger
Business Acquisition [Line Items]
Acquired-in-place leases			$ 33,200

Real Estate Assets, Net - Summa

Real Estate Assets, Net - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 22, 2022	Jun. 30, 2022	Jun. 30, 2021
Asset Acquisition [Line Items]
Total		$ 31,341	$ 22,322
Cottonwood Lighthouse Point
Asset Acquisition [Line Items]
Consideration transferred	$ 95,500
Proceeds from issuance of debt	48,000
Building	76,322
Land	13,647
Land Improvements	1,843
Personal Property	2,011
Lease Intangibles	1,783
Total	$ 95,606
Weighted-average amortization period (in years)	6 months

Real Estate Assets, Net - Consi

Real Estate Assets, Net - Considerations in Merger Agreement (Details) $ / shares in Units, $ in Thousands	May 07, 2021 USD ($) $ / shares shares	Jun. 30, 2022 shares	Dec. 31, 2021 shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares)		27,731,301	23,613,980
CRII Merger | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares issued (in shares)	213,434
Common stock, shares outstanding (in shares)	213,434
Exchange ratio	2.015
CCI | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock issued as consideration (in shares)	430,070
CCI's estimated value per share (in dollars per share) | $ / shares	$ 10.83
Value of CCI common stock issued as consideration | $	$ 4,658

Real Estate Assets, Net - Purch

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

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details)	Jun. 30, 2022 apartmentCommunity developmentProperty
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

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, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Net income	$ (12,993)	$ (6,888)	$ (21,400)	$ (3,010)	$ (19,882)	$ (24,410)
CRII Merger
Business Acquisition [Line Items]
Revenue					58,799
Net income					$ 29,295

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Historic results
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	$ 31,940	$ 19,241	$ 62,498	$ 22,659
Business acquisition, pro forma net income (loss)	(12,993)	(21,400)	(19,882)	(24,410)
CRII Merger (excluding those in historic results)
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	0	11,510	0	36,657
Business acquisition, pro forma net income (loss)	0	(5,341)	0	(13,300)
CMRI & CMRII Merger
Business Acquisition [Line Items]
Business acquisition, pro forma revenue	31,940	30,751	62,498	59,316
Business acquisition, pro forma net income (loss)	$ (12,993)	$ (26,741)	$ (19,882)	$ (37,710)

Real Estate Assets, Net - Equit

Real Estate Assets, Net - Equity Transaction Adjustments (Details) $ / shares in Units, $ in Thousands	Jul. 15, 2021 USD ($) $ / shares shares	Jun. 30, 2022 shares	Dec. 31, 2021 USD ($) shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares) | shares		27,731,301	23,613,980
Cottonwood Multifamily REIT I, Inc.
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value of CCI Common Stock issued	$ 67,917
Settlement of promote			$ 5,585
Settlement of CMRI and CMRII promissory notes and interest with CROP			1,545
Net liabilities assumed			2,223
Total consideration	77,270
Carrying amount of noncontrolling interest	79,447
Additional paid in capital adjustment	2,177
Total change in equity	$ 70,094
Cottonwood Multifamily REIT I, Inc. | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares issued (in shares) | shares	4,904,045
Common stock, shares outstanding (in shares) | shares	4,904,045
Exchange ratio	1.175
Cottonwood Multifamily REIT I, Inc. | Common Stock | CCI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
CCI common stock issued as consideration (in shares) | shares	5,762,253
Per share value of CCI common stock (in dollars per share) | $ / shares	$ 11.7865
Fair value of CCI Common Stock issued	$ 67,917
Cottonwood Multifamily REIT II, Inc.
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value of CCI Common Stock issued	61,678
Settlement of promote			2,424
Settlement of CMRI and CMRII promissory notes and interest with CROP			2,475
Net liabilities assumed			$ 1,477
Total consideration	68,054
Carrying amount of noncontrolling interest	63,752
Additional paid in capital adjustment	(4,302)
Total change in equity	$ 57,376
Cottonwood Multifamily REIT II, Inc. | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares issued (in shares) | shares	4,881,490
Common stock, shares outstanding (in shares) | shares	4,881,490
Exchange ratio	1.072
Cottonwood Multifamily REIT II, Inc. | Common Stock | CCI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
CCI common stock issued as consideration (in shares) | shares	5,232,957
Per share value of CCI common stock (in dollars per share) | $ / shares	$ 11.7865
Fair value of CCI Common Stock issued	$ 61,678
CROP
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Ownership interest	100%

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands			6 Months Ended
	Jun. 23, 2022	Apr. 07, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Proceeds from sale			$ 28,734	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Alpha Mill Apartments
Schedule of Equity Method Investments [Line Items]
Proceeds from sale		$ 11,900
Gain on sale		$ 800
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 3800 Main
Schedule of Equity Method Investments [Line Items]
Proceeds from sale	$ 16,800
Gain on sale	$ 6,800
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 128,806		$ 190,733
3800 Main | Unconsolidated Properties | Houston, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			0%
Equity method investments			$ 0		10,347
Alpha Mill | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Alpha Mill Apartments
Schedule of Equity Method Investments [Line Items]
% Owned		28.30%
Sale of ownership percentage		28.90%
Alpha Mill | Unconsolidated Properties | Charlotte, NC | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			28.30%
Equity method investments			$ 10,595		22,034
Cottonwood Bayview | Unconsolidated Properties | St. Petersburg, FL | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			71%
Equity method investments			$ 31,430		31,399
Cottonwood Ridgeview | Unconsolidated Properties | Plano, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			90.50%
Equity method investments			$ 2,548		34,352
Fox Point | Unconsolidated Properties | Salt Lake City, UT | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			52.80%
Equity method investments			$ 15,367		16,056
Toscana At Valley Ridge | Unconsolidated Properties | Lewisville, TX | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			58.60%
Equity method investments			$ 9,439		9,370
Melrose Phase II | Unconsolidated Properties | Nashville, TN | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
% Owned			79.80%
Equity method investments			$ 6,637		15,523
Lector85 | Unconsolidated Properties | Ybor City, FL | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			13,858		13,010
Vernon Boulevard | Unconsolidated Properties | Queens, NY | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			19,269		18,079
Riverfront | Unconsolidated Properties | West Sacramento, CA | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			18,289		16,884
Other | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 1,374		$ 3,679

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Additional Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities		$ 4,052		$ (652)		$ 6,723	$ 299
Stabilized Properties | Melrose Phase II | Nashville, TN | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Payment for additional interest			$ 30,400		$ 8,300
Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities		1,800		1,400		3,400	$ 2,300
CRII Merger | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	$ (2,000)	$ 2,300		$ (2,000)		$ 3,300

Debt - Mortgage Notes And Revol

Debt - Mortgage Notes And Revolving Credit Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total secured loans	$ 914,526,000	$ 640,031,000
Unamortized debt issuance costs	(5,679,000)	(940,000)
Premium on assumed debt, net	1,574,000	3,016,000
Mortgage notes and revolving credit facility, net	910,421,000	642,107,000
Future acquisition financing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 125,000,000
Fixed rate loans
Debt Instrument [Line Items]
Weighted average fixed interest rate	3.66%
Weighted average remaining term	4 years 4 months 24 days
Total secured loans	$ 428,396,000	213,009,000
Variable rate loans
Debt Instrument [Line Items]
Total secured loans	$ 486,130,000	427,022,000
Variable rate loans | Floating rate mortgages
Debt Instrument [Line Items]
Weighted average variable rate	3.24%
Weighted average remaining term	7 years 2 months 12 days
Total secured loans	$ 426,130,000	407,022,000
Variable rate loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average variable rate	2.98%
Weighted average remaining term	2 years 8 months 12 days
Total secured loans	$ 60,000,000	$ 20,000,000

Debt - Construction Loans (Deta

Debt - Construction Loans (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jan. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount Drawn at June 30, 2022	$ 79,911		$ 116,656
Floating rate mortgages
Debt Instrument [Line Items]
Loan Amount		$ 105,000
Construction loan payable
Debt Instrument [Line Items]
Loan Amount	125,875
Amount Drawn at June 30, 2022	79,911		116,656
Construction loan payable | Sugarmont
Debt Instrument [Line Items]
Amount Drawn at June 30, 2022	0		59,660
Construction loan payable | Park Avenue
Debt Instrument [Line Items]
Loan Amount	37,000
Amount Drawn at June 30, 2022	$ 34,727		29,520
Construction loan payable | Park Avenue | LIBOR
Debt Instrument [Line Items]
Interest rate on note issued	1.75%
Construction loan payable | Cottonwood on Broadway
Debt Instrument [Line Items]
Loan Amount	$ 44,625
Amount Drawn at June 30, 2022	$ 34,612		27,476
Construction loan payable | Cottonwood on Broadway | LIBOR
Debt Instrument [Line Items]
Interest rate on note issued	1.90%
Construction loan payable | Cottonwood on Highland
Debt Instrument [Line Items]
Loan Amount	$ 44,250
Amount Drawn at June 30, 2022	$ 10,572		$ 0
Construction loan payable | Cottonwood on Highland | SOFR
Debt Instrument [Line Items]
Interest rate on note issued	2.55%

Debt - Unsecured Promissory Not

Debt - Unsecured Promissory Notes - Additional Information (Details) - Unsecured debt	6 Months Ended
	Jun. 30, 2022 extension
Debt Instrument [Line Items]
Number of extensions	2
Term of extension	1 year
Increase in interest rate	0.25%

Debt - Unsecured Promissory N_2

Debt - Unsecured Promissory Notes (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unsecured promissory notes, net	$ 43,443,000	$ 43,543,000
Unsecured debt
Debt Instrument [Line Items]
Offering Size	60,000
Unsecured promissory notes, net	43,443,000	43,543,000
Unsecured debt | 2017 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 35,000
Interest Rate	6%
Unsecured promissory notes, net	$ 20,818,000	20,918,000
Unsecured debt | 2019 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 25,000
Interest Rate	6%
Unsecured promissory notes, net	$ 22,625,000	$ 22,625,000

Debt - Mortgage Notes Repayment

Debt - Mortgage Notes Repayment of Principal (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2022	$ 56,344
2023	173,293
2024	541
2025	2,910
2026	143,217
Thereafter	661,575
Principal payment on mortgage loans	1,037,880
Mortgage notes and revolving credit facility, net	$ 910,421	$ 642,107
Unsecured debt
Debt Instrument [Line Items]
Number of extensions | extension	2
Term of extension	1 year
Unsecured debt | 2017 6% Notes
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 20,800
Interest rate	6%
Number of extensions | extension	2
Term of extension	1 year
Unsecured debt | 2019 6% Notes
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 22,600
Interest rate	6%
Number of extensions | extension	2
Term of extension	1 year
Variable rate loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 60,000
Number of extensions | extension	2
Term of extension	1 year

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real-estate related loans	$ 13,027	$ 13,035
Unsecured promissory notes	43,443	43,543
Carrying Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	60,000	20,000
Carrying Value | Series 2016 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	0	139,996
Carrying Value | Series 2017 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	0	2,586
Carrying Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	127,295	111,863
Carrying Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	428,396	213,009
Carrying Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	426,130	407,022
Carrying Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	79,911	116,656
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real-estate related loans	13,027	13,035
Unsecured promissory notes	43,443	43,543
Fair Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	60,000	20,000
Fair Value | Series 2016 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	0	139,996
Fair Value | Series 2017 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	0	2,586
Fair Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	127,295	111,863
Fair Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	417,869	216,566
Fair Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	422,906	409,377
Fair Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	$ 79,911	$ 116,656

Preferred Stock - Equity (Detai

Preferred Stock - Equity (Details) - USD ($) $ in Thousands			2 Months Ended	3 Months Ended		6 Months Ended
	Apr. 18, 2022	Feb. 01, 2022	Jun. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value				$ 6,039	$ 3,394
Proceeds from issuance of Preferred Stock, net of issuance costs						$ 15,472	$ 30,486
Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate						6.50%
Extension Dividend Rate						7%
Preferred stock outstanding (in shares)				0		0		13,999,560
Series 2016 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value	$ 139,800		$ 500
Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate						7.50%
Extension Dividend Rate						8%
Preferred stock outstanding (in shares)				0		0		258,550
Series 2017 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs		$ 2,600
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate						5.50%
Extension Dividend Rate						6%
Preferred stock outstanding (in shares)				12,729,485		12,729,485		11,186,301
Series 2019 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value						$ 40	100
Proceeds from issuance of Preferred Stock, net of issuance costs				$ 15,400			$ 30,600

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands			2 Months Ended	3 Months Ended		6 Months Ended
	Apr. 18, 2022	Feb. 01, 2022	Jun. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs						$ 15,472	$ 30,486
Number of shares redeemed (in shares)						482,865
Stock repurchased during period, value				$ 6,039	$ 3,394
Preferred Stock | Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred			$ 1,500			$ 2,900
Number of shares redeemed (in shares)			55,990
Stock repurchased during period, value	$ 139,800		$ 500
Preferred Stock | Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs		$ 2,600
Preferred dividend value incurred			$ 29
Preferred Stock | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of Preferred Stock, net of issuance costs				$ 15,400			30,600
Preferred dividend value incurred						$ 3,400	$ 1,200
Number of shares redeemed (in shares)						4,000	10,000
Stock repurchased during period, value						$ 40	$ 100

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details)	6 Months Ended
	Jun. 30, 2022 shares
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	23,613,980
Issuance of common stock (in shares)	4,547,393
Distribution reinvestment (in shares)	52,793
Repurchases of common stock (in shares)	(482,865)
Shares outstanding, ending balance (in shares)	27,731,301
Class T
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	0
Issuance of common stock (in shares)	2,943,405
Distribution reinvestment (in shares)	1,481
Repurchases of common stock (in shares)	0
Shares outstanding, ending balance (in shares)	2,944,885
Class D
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	0
Issuance of common stock (in shares)	1,019
Distribution reinvestment (in shares)	0
Repurchases of common stock (in shares)	0
Shares outstanding, ending balance (in shares)	1,019
Class I
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	151,286
Issuance of common stock (in shares)	1,602,969
Distribution reinvestment (in shares)	1,491
Repurchases of common stock (in shares)	0
Shares outstanding, ending balance (in shares)	1,755,746
Class A
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	23,445,174
Issuance of common stock (in shares)	0
Distribution reinvestment (in shares)	49,811
Repurchases of common stock (in shares)	(482,865)
Shares outstanding, ending balance (in shares)	23,012,120
Class TX
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	17,520
Issuance of common stock (in shares)	0
Distribution reinvestment (in shares)	10
Repurchases of common stock (in shares)	0
Shares outstanding, ending balance (in shares)	17,530

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Aggregate distributions paid	$ 9,800
Distributions paid in cash	8,774	$ 3,049
Dividend reinvestment plan, cash paid	$ 1,000
Number of shares redeemed (in shares)	482,865
Repurchase of common stock/OP Units	$ 9,432	$ 0
Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)	482,865
Class A | Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)	482,865
Repurchase of common stock/OP Units	$ 8,700
Average repurchase price (in USD per share)	$ 18.02

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions of Common Stock (Details) - $ / shares	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
Equity [Abstract]
Monthly rate (usd per share)	$ 0.06083333	$ 0.06000000	$ 0.05916667	$ 0.05916667	$ 0.05916667	$ 0.05833333
Annually (usd per share)	$ 0.73	$ 0.72	$ 0.71	$ 0.71	$ 0.71	$ 0.70

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended
	May 07, 2021	Jun. 30, 2022	Jun. 30, 2021	May 07, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 28, 2022
Related Party Transaction [Line Items]
Asset management fee		$ 4,348	$ 1,442		$ 8,139	$ 2,328
Performance participation allocation		10,144	6,455		30,078	6,455
CROP (''Jasper'')
Related Party Transaction [Line Items]
Percent of development project owned								100%
Affiliated Entity
Related Party Transaction [Line Items]
Percentage of annual total return	12.50%			12.50%
CW Block C, LLC | Affiliated Members
Related Party Transaction [Line Items]
Capital contribution								$ 8,500
CW Jasper, LLC | Affiliated Members
Related Party Transaction [Line Items]
Capital contribution								$ 2,400
Independent Director Compensation | Affiliated Entity
Related Party Transaction [Line Items]
Renewal period	1 year
Gross asset value of CROP percentage	0.0625%			1.25%
Net asset value of CROP percentage	0.125%
Asset management fee		4,300	$ 1,400		8,100	$ 2,300
Percentage of total return	5%			5%
Independent Director Compensation | Affiliated Entity | Limited Partners
Related Party Transaction [Line Items]
Percentage of total return	12.50%			12.50%
Performance participation allocation		$ 10,100			$ 30,100		$ 51,800
Independent Director Compensation | Affiliated Entity | Other Ownership Interest
Related Party Transaction [Line Items]
Percentage of total return	87.50%			87.50%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Distributions to investors		$ 10,445	$ 13,847	$ 5,114	$ 1,511
Share-based compensation		$ 731	$ 865	$ 421	45
Not Wholly Owned | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			1%
Not Wholly Owned | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			81%
Not Wholly Owned | Weighted Average
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			22%
OP Units
Noncontrolling Interest [Line Items]
Distributions to investors	$ 2,200					$ 11,000
LTIP Units
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares)			673,780
Share-based compensation			$ 1,600		$ 500
Total unrecognized compensation expense			$ 10,000
Performance LTIP
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares)			548,138

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 08, 2022 $ / shares	Jun. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)		27,731,301	23,613,980
Class A
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock, shares issued (in shares)		23,012,120	23,445,174
Common stock, shares outstanding (in shares)		23,012,120	23,445,174
Cottonwood Multifamily Opportunity Fund O.P. LP
Subsequent Event [Line Items]
Common stock, shares issued (in shares)		5,001,000
Common stock, shares outstanding (in shares)		5,001,000
Subsequent Event | Cottonwood Multifamily Opportunity Fund O.P. LP
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Share conversion ratio	0.8669
Subsequent Event | Cottonwood Multifamily Opportunity Fund O.P. LP | Class A
Subsequent Event [Line Items]
Share conversion ratio	0.8669