Cottonwood Communities 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,903,684
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		209,429
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,462,772
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,545,028

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Real estate assets, net	$ 1,599,376	$ 1,697,607
Investments in unconsolidated real estate entities	185,905	133,207
Investment in real-estate related loan, net	1,982	0
Cash and cash equivalents	81,459	63,173
Restricted cash	22,665	32,351
Other assets	34,749	29,299
Total assets	1,926,136	1,955,637
Liabilities
Mortgage notes and revolving credit facility, net	1,010,942	1,000,137
Construction loans, net	71,790	95,327
Preferred stock, net	178,699	121,390
Unsecured promissory notes, net	42,433	42,953
Performance participation allocation due to affiliate	0	20,320
Accounts payable, accrued expenses and other liabilities	68,638	65,611
Total liabilities	1,372,502	1,345,738
Commitments and contingencies (Note 12)
Stockholders' equity
Additional paid-in capital	406,900	414,140
Accumulated distributions	(50,393)	(38,049)
Accumulated deficit	(87,750)	(71,513)
Total stockholders' equity	269,095	304,932
Noncontrolling interests
Limited partners	252,226	272,536
Partially owned entities	32,313	32,431
Total noncontrolling interests	284,539	304,967
Total equity and noncontrolling interests	553,634	609,899
Total liabilities, equity and noncontrolling interests	$ 1,926,136	$ 1,955,637
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated Entity	Affiliated Entity
Class T
Stockholders' equity
Common stock	$ 52	$ 48
Class D
Stockholders' equity
Common stock	2	1
Class I
Stockholders' equity
Common stock	43	39
Class A
Stockholders' equity
Common stock	$ 241	$ 266

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common stock, shares outstanding (in shares)	34,456,316	35,345,708
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)	5,160,350	4,815,122
Common stock, shares outstanding (in shares)	5,160,350	4,815,122
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)	194,788	64,673
Common stock, shares outstanding (in shares)	194,788	64,673
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)	4,323,063	3,861,049
Common stock, shares outstanding (in shares)	4,323,063	3,861,049
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)	24,778,115	26,604,864
Common stock, shares outstanding (in shares)	24,778,115	26,604,864

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental and other property revenues	$ 34,888	$ 28,603	$ 70,469	$ 55,423
Property management revenues	2,505	2,703	5,611	5,826
Other revenues	419	634	422	1,249
Total revenues	37,812	31,940	76,502	62,498
Operating expenses
Property operations expense	12,884	10,589	25,993	20,262
Property management expense	4,264	4,587	8,522	9,540
Asset management fee	4,580	4,348	9,366	8,139
Performance participation allocation	0	10,144	0	30,078
Depreciation and amortization	13,578	11,992	28,990	23,259
General and administrative expenses	2,348	3,352	5,647	6,575
Total operating expenses	37,654	45,012	78,518	97,853
Income (loss) from operations	158	(13,072)	(2,016)	(35,355)
Equity in earnings of unconsolidated real estate entities	1,983	4,052	3,630	6,723
Interest income	491	8	894	23
Interest expense	(17,123)	(11,617)	(34,707)	(23,285)
Gain on sale of real estate assets	0	0	1,031	0
Gain on sale of unconsolidated real estate entities	0	7,634	0	7,634
Promote from incentive allocation agreement	119	0	119	30,309
Other (expense) income	1,294	290	(123)	1,819
Loss before income taxes	(13,078)	(12,705)	(31,172)	(12,132)
Income tax benefit (expense)	73	(288)	307	(7,750)
Net loss	(13,005)	(12,993)	(30,865)	(19,882)
Net loss attributable to noncontrolling interests:
Limited partners	6,314	6,752	14,711	10,580
Partially owned entities	(127)	398	(83)	453
Net loss attributable to common stockholders, basic	(6,818)	(5,843)	(16,237)	(8,849)
Net loss attributable to common stockholders, diluted	$ (6,818)	$ (5,843)	$ (16,237)	$ (8,849)
Weighted-average common shares outstanding - basic (in shares)	35,002,140	27,156,490	35,300,655	25,912,200
Weighted-average common shares outstanding - diluted (in shares)	35,002,140	27,156,490	35,300,655	25,912,200
Net loss per common share - basic (in dollars per share)	$ (0.19)	$ (0.22)	$ (0.46)	$ (0.34)
Net loss per common share - diluted (in dollars per share)	$ (0.19)	$ (0.22)	$ (0.46)	$ (0.34)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	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 TX	Additional Paid-In Capital	Accumulated Distributions	Accumulated Deficit	Noncontrolling interests Limited Partners	Noncontrolling interests Partially Owned Entities	Noncontrolling interests OP Units Limited Partners
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 540,669	$ 202,920	$ 0	$ 0	$ 2	$ 234	$ 0	$ 275,821	$ (17,273)	$ (55,864)	$ 267,472	$ 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	0									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)
Reallocation of stockholders' equity and noncontrolling interests	0	(8,008)						(8,008)			8,008
Stockholders' equity, ending balance at Mar. 31, 2022	548,503	214,921	14	0	6	232	0	295,125	(21,587)	(58,869)	266,771	66,811
Stockholders' equity, beginning balance at Dec. 31, 2021	540,669	202,920	0	0	2	234	0	275,821	(17,273)	(55,864)	267,472	70,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,882)
Stockholders' equity, ending balance at Jun. 30, 2022	585,196	236,228	29	0	18	230	0	327,015	(26,352)	(64,712)	267,233	81,735
Stockholders' equity, beginning balance at Mar. 31, 2022	548,503	214,921	14	0	6	232	0	295,125	(21,587)	(58,869)	266,771	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	15,234										(210)	15,444
Share-based compensation	941	0									941
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)
Reallocation of stockholders' equity and noncontrolling interests	0	(12,486)						(12,486)			12,486
Stockholders' equity, ending balance at Jun. 30, 2022	585,196	236,228	29	0	18	230	0	327,015	(26,352)	(64,712)	267,233	81,735
Stockholders' equity, beginning balance at Dec. 31, 2022	609,899	304,932	48	1	39	266	0	414,140	(38,049)	(71,513)	272,536	32,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	13,407	13,407	3	1	2			13,401
Offering costs	(1,188)	(1,188)						(1,188)
Distribution reinvestment	696	696						696
Common stock/OP Units repurchased	(19,626)	(18,977)			(1)	(9)		(18,967)			(649)
Exchanges and transfers	0	1,971			1			1,970					$ (1,971)
OP Units issued for real estate interests	19,829												19,829
Share-based compensation	1,160	55						55			1,105
Distributions to investors		(6,230)							(6,230)
Distributions to investors	(12,113)										(5,757)	(126)
Net loss	(17,860)	(9,419)								(9,419)	(8,397)	(44)
Reallocation of stockholders' equity and noncontrolling interests	0	7,150						7,150			(7,150)
Stockholders' equity, ending balance at Mar. 31, 2023	594,204	292,397	51	2	41	257	0	417,257	(44,279)	(80,932)	269,546	32,261
Stockholders' equity, beginning balance at Dec. 31, 2022	609,899	304,932	48	1	39	266	0	414,140	(38,049)	(71,513)	272,536	32,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,865)
Stockholders' equity, ending balance at Jun. 30, 2023	553,634	269,095	52	2	43	241	0	406,900	(50,393)	(87,750)	252,226	32,313
Stockholders' equity, beginning balance at Mar. 31, 2023	594,204	292,397	51	2	41	257	0	417,257	(44,279)	(80,932)	269,546	32,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	7,222	7,222	2		2			7,218
Offering costs	(794)	(794)						(794)
Distribution reinvestment	709	709						709
Common stock/OP Units repurchased	(23,230)	(22,705)	(1)		(2)	(16)		(22,686)			(525)
Exchanges and transfers	0	4,052			2			4,050					$ (4,052)
Share-based compensation	568	60						60			508
Distributions to investors		(6,114)							(6,114)
Distributions to investors	(12,040)										(5,851)	(75)
Net loss	(13,005)	(6,818)								(6,818)	(6,314)	127
Reallocation of stockholders' equity and noncontrolling interests	0	1,086						1,086			(1,086)
Stockholders' equity, ending balance at Jun. 30, 2023	$ 553,634	$ 269,095	$ 52	$ 2	$ 43	$ 241	$ 0	$ 406,900	$ (50,393)	$ (87,750)	$ 252,226	$ 32,313

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (30,865)	$ (19,882)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	28,990	23,259
Gain on sale of real estate assets	(1,031)	0
Gain on sale of unconsolidated real estate entities	0	(7,634)
Share-based compensation	1,728	1,596
Other operating	3,997	3,495
Equity in earnings of unconsolidated real estate entities	(3,630)	(6,723)
Distributions from unconsolidated real estate entities - return on capital	2,439	6,423
Changes in operating assets and liabilities:
Other assets	(8,488)	(3,498)
Performance participation allocation	0	30,078
Performance participation allocation payment	(20,320)	(51,761)
Accounts payable, accrued expenses and other liabilities	3,665	14,378
Net cash used in operating activities	(23,515)	(10,269)
Cash flows from investing activities:
Acquisitions of real estate, net of cash acquired	0	(93,985)
Capital expenditures and development activities	(21,514)	(31,341)
Investments in unconsolidated real estate entities	(7,968)	(197)
Proceeds from sale of investments in unconsolidated real estate entities	0	28,734
Distributions from unconsolidated real estate entities - return of capital	18,106	38,769
Proceeds from sale of real estate assets, net	4,656	0
Contributions to investment in real-estate related loan	(2,000)	0
Net cash used in investing activities	(8,720)	(58,020)
Cash flows from financing activities:
Principal payments on mortgage notes	(662)	(793)
Borrowings from revolving credit facility	45,500	138,000
Repayments on revolving credit facility	(50,000)	(98,000)
Borrowings under mortgage notes	265,513	464,372
Repayments of mortgage notes	(199,578)	(231,177)
Deferred financing costs on mortgage notes and term loans	(3,395)	(4,931)
Borrowings from construction loans	13,463	22,915
Repayments of construction loans	(37,000)	(59,660)
Proceeds from issuance of preferred stock	62,860	15,472
Redemption of preferred stock	(1,518)	(142,616)
Offering costs paid on issuance of preferred stock	(7,036)	(1,708)
Repurchase of unsecured promissory notes	(500)	(96)
Proceeds from issuance of common stock	22,037	87,600
Repurchase of common stock/OP Units	(42,857)	(9,432)
Offering costs paid on issuance of common stock	(1,840)	(4,109)
Contributions from noncontrolling interests	0	11,758
Distributions to common stockholders	(12,396)	(8,774)
Distributions to noncontrolling interests - limited partners	(11,555)	(11,018)
Distributions to noncontrolling interests - partially owned entities	(201)	(4,195)
Net cash provided by financing activities	40,835	163,608
Net increase in cash and cash equivalents and restricted cash	8,600	95,319
Cash and cash equivalents and restricted cash, beginning of period	95,524	45,390
Cash and cash equivalents and restricted cash, end of period	104,124	140,709
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	81,459	72,640
Restricted cash	22,665	68,069
Total cash and cash equivalents and restricted cash	104,124	140,709
Supplemental disclosure of non-cash investing and financing activities:
Increase in accrued deferred offering costs	143	3,061
Value of OP Units issued for additional investment in unconsolidated real estate entity	$ 19,829	$ 0

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2023
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 own all of our assets through our operating partnership, Cottonwood Residential O.P., LP (“CROP”), and its subsidiaries. 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 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. In November 2021, 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, 2023, we have raised gross proceeds of $195.6 million from the Follow-on Offering, including $3.9 million proceeds from the DRP Offering. In November 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 “2019 Private Offering”). The 2019 Private Offering was fully subscribed in March 2022, having received gross proceeds of $127.0 million. In December 2022, we commenced a second private placement offering exempt from registration under the Securities Act pursuant to which we are offering a maximum of $100.0 million in shares of our Series 2023 Preferred Stock to accredited investors at a purchase price of $10.00 per share (the "2023 Private Offering" and together with the 2019 Private Offering, the “Private Offerings”). As of June 30, 2023, we have raised gross proceeds of $62.9 million from the 2023 Private Offering. 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, 2023, our portfolio consists of ownership interests or structured investment interests in 35 multifamily apartment communities with a total of 10,000 units, including 1,473 units in five multifamily apartment communities in which we have a structured investment interest and another 504 units in two multifamily apartment communities under construction. In addition, we have an ownership interest in five land sites we plan to develop. Cottonwood Multifamily Opportunity Fund, Inc. Merger On July 8, 2022, we entered into an agreement and plan of merger with Cottonwood Multifamily Opportunity Fund, Inc. (“CMOF”) and its operating partnership (the “CMOF OP”) to merge CMOF with and into our wholly owned subsidiary and the CMOF OP with and into CROP through the exchange of stock-for-stock and units-for-units (the “CMOF Merger”). The CMOF Merger closed in September 2022. CMOF stockholders received 0.8669 shares of our Class A common stock in exchange for each share of their CMOF common stock. We issued 4,335,367 shares of Class A common stock in connection with the CMOF Merger, at an aggregate value of $89.7 million on the close date. In connection with the merger of the CMOF OP with and into CROP, the CMOF OP partnership units outstanding held by third parties were converted into CROP common units at the same ratio as the common stock. CROP was a joint venture partner with CMOF in all three of CMOF’s investments: Park Avenue (a development project), Cottonwood Broadway (a development project) and Block C (a joint venture owning land held for development in two projects called The Westerly and Millcreek North). Following the CMOF Merger, we acquired CMOF’s interest in the joint ventures, increasing our percentage ownership interest as follows: Park Avenue, 100.0%, Cottonwood Broadway, 100.0% and Block C, 79.0%. The three development projects acquired with the CMOF Merger were already consolidated by us. Refer to Note 3 and Note 10 for more information on Block C.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2022 filed with the SEC. As our comprehensive income is equivalent to net income, our accompanying condensed consolidated financial statements do not include a Statement of Other Comprehensive Income. 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 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, 2023, $18.1 million in organization and offering costs had been incurred in connection with the Follow-on Offering. Organization and offering costs in the 2019 Private Offering and 2023 Private Offering were and are paid by us. Offering costs 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 2019 Private Offering, which was fully subscribed and terminated in March 2022. We incurred $7.2 million of organization and offering costs related to the 2023 Private Offering as of June 30, 2023. Recent Accounting Pronouncements On January 1, 2023, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amended the accounting for credit losses for certain financial instruments. The standard replaced the incurred loss impairment methodology with a methodology that requires consideration of a broader range of reasonable and supportable information to determine and record credit loss estimates. The adoption has not had a material impact on our condensed consolidated financial statements through June 30, 2023. Immaterial Correction to Consolidated Financial Statements There was an immaterial understatement of cash provided from financing activities related to the incorrect inclusion of accrued deferred offering costs in the financing cash outflows section of the consolidated statement of cash flows for the six months ended June 30, 2022. This non-cash error was also included in changes in accounts payable, accrued expenses, and other liabilities in the operating activity section of the consolidated statement of cash flows. The impact of this error on the consolidated statement of cash flows was an understatement of cash used in operating activities of $3.1 million and an understatement of cash provided by financing activities by the same amount. Management has considered the error and concluded it is not material. The following shows the line items as reported and as corrected for the six months ended June 30, 2022 (in thousands): As Previously Reported Adjustment As Corrected Cash flows from operating activities: Accounts payable, accrued expenses and other liabilities $ 17,439 $ (3,061) $ 14,378 Net cash used in operating activities $ (7,208) $ (3,061) $ (10,269) Cash flows from financing activities: Offering costs paid on issuance of common stock $ (7,170) $ 3,061 $ (4,109) Net cash provided by financing activities $ 160,547 $ 3,061 $ 163,608 Supplemental disclosure of non-cash investing and financing activities: Increase in accrued deferred offering costs $ — $ 3,061 $ 3,061 There was also an imbalance in the partnership equity amounts between us and our limited partners where the net equity balance did not correlate to the respective partners’ ownership percentage. Each period the ownership of CROP varies between us, as the general partner, and the limited partners of CROP. This happens for variety of reasons, including the issuance of common stock at NAV, the redemption of common stock (often at a discount to NAV), the exchange or transfer of OP Units, the issuance of LTIP Units, and the issuance of common stock or OP Units to facilitate mergers and acquisitions. Transactions that change our ownership interest in CROP are accounted for as equity transactions if we retain our controlling financial interest in CROP and no gain or loss is recognized in net income. Accordingly, the net equity balance in CROP should be adjusted to reflect the changes in ownership of the operating partnership between us and the limited partners. These adjustments are based on their respective ownership at the end of each period and reflected as a reallocation between additional paid-in capital and noncontrolling interest - limited partners within our equity section on our Consolidated Balance Sheets and Consolidated Statements of Stockholders’ Equity. These immaterial reallocations have no impact on our net income, cash flows or the value of our OP Units. The following table summarizes the effects of these reallocations (in thousands): As Previously Reported Adjustment As Corrected As of January 1, 2022 Additional paid-in capital $ 252,035 $ 23,786 $ 275,821 Noncontrolling interests - limited partners $ 291,258 $ (23,786) $ 267,472 As of March 31, 2022 Additional paid-in capital $ 279,347 $ 15,778 $ 295,125 Noncontrolling interests - limited partners $ 282,549 $ (15,778) $ 266,771 As of June 30, 2022 Additional paid-in capital $ 323,723 $ 3,292 $ 327,015 Noncontrolling interests - limited partners $ 270,525 $ (3,292) $ 267,233 As of December 31, 2022 Additional paid-in capital $ 427,997 $ (13,857) $ 414,140 Noncontrolling interests - limited partners $ 258,679 $ 13,857 $ 272,536 As of March 31, 2023 Additional paid-in capital $ 423,964 $ (6,707) $ 417,257 Noncontrolling interests - limited partners $ 262,839 $ 6,707 $ 269,546

Real Estate Assets, Net

Real Estate Assets, Net	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Land $ 255,633 $ 267,876 Buildings and improvements 1,337,064 1,348,019 Furniture, fixtures and equipment 56,203 54,067 Intangible assets 38,421 40,692 Construction in progress (1) 54,481 106,223 1,741,802 1,816,877 Less: Accumulated depreciation and amortization (142,426) (119,270) Real estate assets, net $ 1,599,376 $ 1,697,607 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. Cottonwood Lighthouse Point Transaction On February 14, 2023, we sold tenant-in-common interests in Cottonwood Lighthouse Point to certain unaffiliated third parties for $13.6 million, reducing our ownership from 100% to 86.8%. As a result of this transaction, Cottonwood Lighthouse Point was deconsolidated on February 14, 2023 and our remaining ownership in Lighthouse Point is recorded as an investment in unconsolidated real estate. Refer to Note 4 . We recorded a gain on sale of $1.0 million related to this transaction. Asset Acquisitions There were no asset acquisitions during the six months ended June 30, 2023. The following table summarizes the purchase price allocation of the real estate assets acquired or consolidated during the year ended December 31, 2022 (in thousands): Allocated Amounts Property Location Date Consolidated Building Land Land Improvements Personal Property Lease Intangibles Debt Mark to Market Total Cottonwood Lighthouse Point Pompano Beach, FL 6/22/22 $ 76,322 $ 13,647 $ 1,843 $ 2,011 $ 1,783 $ — $ 95,606 Cottonwood Ridgeview Plano, TX 9/19/22 54,337 9,275 2,548 835 1,603 1,504 70,102 Cottonwood Clermont Clermont, FL 9/21/22 67,400 5,705 5,744 1,817 1,792 3,428 85,886 $ 198,059 $ 28,627 $ 10,135 $ 4,663 $ 5,178 $ 4,932 $ 251,594 The acquisition of Cottonwood Lighthouse Point in June 2022 was funded with debt of $48.0 million and available cash. See also the “Cottonwood Lighthouse Point Transaction” discussion above and Note 4 for further information. Cottonwood Ridgeview was consolidated when we issued 141,543 operating partnership units in CROP (“OP Units) to acquire the remaining 9.5% tenant-in-common interests in the property in September 2022. The value of the OP Units was $2.9 million on the close date based on the net asset value of OP Units as of August 31, 2022. Cottonwood Ridgeview was previously accounted for as an equity method investment. The acquisition of Cottonwood Clermont in September 2022 was funded through an assumed loan of $35.5 million and available cash, including Section 1031 exchange proceeds from the sale of 3800 Main. In asset acquisitions, assets and liabilities are recorded at relative fair value. The weighted-average amortization period for the intangible lease assets acquired in connection with these acquisitions is 0.5 years. Galleria Land Purchase On September 20, 2022, we acquired 26 acres of land for future development in Murray, Utah for $28.5 million. Block C On June 28, 2022, Block C, an early-stage development joint venture with CMOF, was recapitalized. Block C originally owned land for the development of two projects called The Westerly and Millcreek North. 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 in June 2022 and consolidated the joint venture, which had previously been recorded as an equity method investment. On September 27, 2022, we acquired CMOF’s interest in Block C as a result of the CMOF Merger. In April 2023, we merged another consolidated development project called The Archer into Block C. Interests in Block C not held by us are recorded as noncontrolling interest. The joint venture consists primarily of cash, land held for development, initial capitalized costs, and payables. Refer to Note 1 and Note 10 for further information on Block C. CMOF Merger The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. We acquired additional interests in three development projects with the CMOF Merger. These projects were already consolidated by us. Accordingly, noncontrolling interest was reduced by the carrying amount attributable to CMOF’s ownership in the three development projects and the difference between the carrying amount of the noncontrolling interest and the consideration paid was recorded as an adjustment to our equity through additional paid-in capital as follows (in thousands, except share and per share data): 2022 Consideration CMOF Merger Common stock issued and outstanding 5,001,000 Exchange ratio 0.8669 CCI common stock issued as consideration 4,335,367 Per share value of CCI Common Stock $ 20.7007 Fair value of CCI Common Stock issued $ 89,745 Fair value of OP Units issued 8,273 Settlement of CMOF related party notes and interest 1,327 Settlement of net other liabilities of CMOF 142 Total consideration $ 99,487 2022 Change in equity CMOF Merger Carrying amount of noncontrolling interest $ 49,178 Total consideration 99,487 Additional paid in capital adjustment $ (50,309) Fair value of CCI Common Stock issued $ 89,745 Additional paid in capital adjustment (50,309) Total change in equity $ 39,436

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 (in thousands): Balance at Property / Development Location % Owned June 30, 2023 December 31, 2022 Stabilized Assets Alpha Mill (1) (2) Charlotte, NC 73.7% (2) $ 30,138 $ 10,470 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 12,701 30,792 Cottonwood Lighthouse Point (1) (3) Pompano Beach, FL 86.8% (3) 40,744 — Fox Point (1) Salt Lake City, UT 52.8% 14,236 14,794 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 7,164 9,382 Melrose Phase II (1) Nashville, TN 79.8% 5,697 6,185 Preferred Equity Investments Lector85 Ybor City, FL 10,668 10,006 Astoria West (formerly Vernon) Queens, NY 21,929 20,567 801 Riverfront West Sacramento, CA 21,944 20,259 417 Callowhill Philadelphia, PA 20,123 9,949 Other 561 803 Total $ 185,905 $ 133,207 (1) We account for our tenant-in-common interests in these properties as equity method investments. (2) On March 31, 2023, we issued 1,063,293 CROP Units for an additional 45.4% tenant-in-common interests in Alpha Mill, increasing our ownership to 73.7%. The value of the CROP Units on the close date was $19.8 million based on the net asset value of CROP Units as of February 28, 2023. All of the tenant-in-common interests were purchased at the same price. One of the sellers was a related party. (3) On February 14, 2023, we sold 13.2% of our ownership interest in Cottonwood Lighthouse Point for $13.6 million and we recorded a gain on sale of $1.0 million related to the transaction, which reduced our remaining ownership in Cottonwood Lighthouse Point to 86.8%. As a result of this transaction, Cottonwood Lighthouse Point was deconsolidated and is recorded as an investment in unconsolidated real estate from February 14, 2023. Equity in earnings (losses) for our stabilized assets for the three months ended June 30, 2023 and 2022 were $(1.1) million and $2.3 million, respectively. Equity in earnings (losses) for our stabilized assets for the six months ended June 30, 2023 and 2022 were $(2.4) million and $3.3 million, respectively. During February 2023, we received $16.9 million and $1.2 million in distributions as a return of capital from debt refinances at Cottonwood Bayview and Toscana at Valley Ridge, 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 method. Equity in earnings for our preferred equity investments for the three months ended June 30, 2023 and 2022 were $3.1 million and $1.8 million, respectively. Equity in earnings for our preferred equity investments for the six months ended June 30, 2023 and 2022 were $6.0 million and $3.4 million, respectively. During the six months ended June 30, 2023, we funded $7.9 million toward the 417 Callowhill preferred equity investment. As of June 30, 2023, we have funded $16.7 million in total towards the 417 Callowhill preferred equity investment and had a remaining commitment of $16.7 million. As of June 30, 2023, we had fully funded our commitments on the Lector85, Astoria West and 801 Riverfront preferred equity investments.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) June 30, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 4.40% 5.2 Years $ 829,004 $ 528,308 Total fixed rate loans 829,004 528,308 Variable rate loans (2) Floating rate mortgages 5.47% (3) 7.5 Years 142,744 426,130 Variable rate revolving credit facility (4) 6.79% 1.7 Years 49,500 54,000 Total variable rate loans 192,244 480,130 Total secured loans 1,021,248 1,008,438 Unamortized debt issuance costs (6,782) (4,878) Premium on assumed debt, net (3,524) (3,423) Mortgage notes and revolving credit facility, net $ 1,010,942 $ 1,000,137 (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. For our variable rate loans based on LIBOR as of June 30, 2023, the fallback base rate from July 1, 2023 onward is 30-Day Average SOFR. (3) Includes the impact of interest rate caps in effect on June 30, 2023. (4) 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. At June 30, 2023, the amount on our variable rate revolving credit facility was capped at $115.9 million primarily due to the current interest rate environment. We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of June 30, 2023. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at June 30, 2023 Amount Drawn at December 31, 2022 Park Avenue (1) (1) (1) $ — $ 37,000 Cottonwood Broadway One-Month USD BSBY (2) + 2.9% May 15, 2025 44,625 41,555 39,728 Cottonwood Highland One-Month USD SOFR + 2.55% May 1, 2029 44,250 30,235 18,599 $ 88,875 $ 71,790 $ 95,327 (1) The Park Avenue construction loan was refinanced in March 2023 with a $43.5 million fixed rate mortgage which matures in 2028 and is included in mortgage notes above. (2) BSBY refers to the Bloomberg Short-Term Bank Yield Index. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP's debt. Each note has extension options during which the interest rate will increase 0.25% each year. Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date Maximum Extension Date June 30, 2023 December 31, 2022 2017 6% Notes (1) $ 35,000 6.25% December 31, 2023 December 31, 2024 $ 20,558 $ 20,718 2019 6% Notes 25,000 6.00% December 31, 2023 December 31, 2025 21,875 22,235 $ 60,000 $ 42,433 $ 42,953 (1) We exercised the option to extend the maturity date on our 2017 6% Notes for one additional year to December 31, 2023, which increased the interest rate from 6.00% to 6.25% for the period from January 1, 2023 to December 31, 2023. The aggregate maturities, including amortizing principal payments on our debt for years subsequent to June 30, 2023 are as follows (in thousands): Year Mortgage Notes and Revolving Credit Facility Construction Loans Unsecured Total 2023 (1) $ 488 $ — $ 42,433 $ 42,921 2024 (2) 50,508 41,555 — 92,063 2025 1,961 — — 1,961 2026 127,461 — — 127,461 2027 367,378 — — 367,378 Thereafter 473,452 30,235 — 503,687 $ 1,021,248 $ 71,790 $ 42,433 $ 1,135,471 (1) Of the amounts maturing in 2023, $20.6 million relates to our 2017 6% Unsecured Promissory Notes which can be extended to December 31, 2024, and $21.9 million relates to our 2019 6% Unsecured Promissory Notes which can be extended for two one (2) Of the amounts maturing in 2024, $49.5 million relates to our variable rate revolving credit facility, which can be extended to March 19, 2025, subject to the satisfaction of certain conditions, and $41.6 million relates to the construction loan for Cottonwood Broadway, which can be extended to May 15, 2025 if we exercise the option to convert the construction loan to a Mini Perm Loan, subject to the satisfaction of certain conditions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022, 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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real-estate related loans $ 1,982 $ 2,000 $ — $ — Financial Liability: Fixed rate mortgages $ 829,004 $ 809,400 $ 528,308 $ 509,134 Floating rate mortgages $ 142,744 $ 140,879 $ 426,130 $ 421,189 Variable rate revolving credit facility $ 49,500 $ 49,500 $ 54,000 $ 54,000 Construction loans $ 71,790 $ 71,790 $ 95,327 $ 95,327 Series 2019 Preferred Stock $ 125,480 $ 125,480 $ 127,065 $ 127,065 Series 2023 Preferred Stock $ 62,860 $ 62,860 $ — $ — Unsecured promissory notes $ 42,433 $ 42,433 $ 42,953 $ 42,953 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 2 in the fair value hierarchy.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Preferred Stock	Preferred Stock We have two classes of preferred stock outstanding as of June 30, 2023, Series 2019 and Series 2023, that are accounted for as liabilities as they are mandatorily redeemable. Information on our preferred stock as of June 30, 2023 and December 31, 2022 is as follows: Shares Outstanding at Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date June 30, 2023 December 31, 2022 Series 2019 Preferred Stock 5.5% 6.0% December 31, 2023 December 31, 2025 12,547,989 12,706,485 Series 2023 Preferred Stock 6.0% 6.5% (1) June 30, 2027 June 30, 2029 6,286,013 — (1) Represents the fully extended dividend rate. During the first-year extension, the dividend rate is 6.25%. The 2023 Private Offering commenced in December 2022, with our first shares issued in early 2023. During the six months ended June 30, 2023, we issued $62.9 million of Series 2023 Preferred Stock. We issued the remaining $15.5 million of Series 2019 Preferred Stock in the first quarter of 2022, whereupon the Series 2019 Offering was fully subscribed and terminated in March 2022. During the six months ended June 30, 2023, we incurred $0.9 million in dividends on our Series 2023 Preferred Stock. During both the six months ended June 30, 2023 and 2022, we incurred $3.4 million in dividends on our Series 2019 Preferred Stock. During 2022, we incurred $2.9 million in dividends on our Series 2016 Preferred Stock prior to their full redemption in April 2022 and we incurred an insignificant amount in dividends on our Series 2017 Preferred Stock prior to their full redemption at the end of January 2022. No shares of our Series 2023 Preferred Stock were repurchased during the six months ended June 30, 2023. During the six months ended June 30, 2023 and 2022, we repurchased 158,496 shares of Series 2019 Preferred Stock for $1.5 million and 4,000 shares of Series 2019 Preferred Stock for $40,000, respectively. We fully redeemed our Series 2017 Preferred Stock at the end of January 2022 for $2.6 million and we fully redeemed our Series 2016 Preferred Stock in April 2022 for $139.8 million.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
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, 2023 Class T Class D Class I Class A Total December 31, 2022 4,815,122 64,673 3,861,049 26,604,864 35,345,708 Issuance of common stock 492,257 129,705 440,904 — 1,062,866 Distribution reinvestment 16,607 411 13,214 43,021 73,252 Exchanges and transfers (1) (725) — 319,755 — 319,030 Repurchases of common stock (162,911) — (311,859) (1,869,770) (2,344,540) June 30, 2023 5,160,350 194,788 4,323,063 24,778,115 34,456,316 (1) Exchanges represent the number of shares OP Unit holders have exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period. 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, 2023, we paid aggregate distributions of $13.8 million, including $12.4 million distributions paid in cash and $1.4 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, 2023 $ 0.06083333 $ 0.73 February 28, 2023 $ 0.06083333 $ 0.73 March 31, 2023 $ 0.06083333 $ 0.73 April 30, 2023 $ 0.06083333 $ 0.73 May 31, 2023 $ 0.06083333 $ 0.73 June 30, 2023 $ 0.06083333 $ 0.73 Repurchases During the six months ended June 30, 2023, we repurchased 2,344,540 shares of common stock pursuant to our share repurchase program for $41.7 million, at an average repurchase price of $17.78. We had no unfulfilled repurchase requests during the six months ended June 30, 2023.

Promote from Incentive Allocati

Promote from Incentive Allocation Agreement	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Promote from Incentive Allocation Agreement	Promote from Incentive Allocation AgreementIn 2018, CROP sold a portfolio of 12 properties to an unrelated real estate firm, retaining management of the portfolio on behalf of the real estate firm. Under the sales arrangement, CROP entered into an incentive allocation agreement that entitled CROP to participate in distributions from the portfolio should returns exceed certain amounts. During the first quarter of 2022, the real estate firm sold this portfolio of properties. Our TRS realized a promote distribution of $30.7 million from the sale. As a result of the sale, we no longer manage this portfolio.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Advisor Compensation CC Advisors III manages our business as our external advisor and, under the terms of our advisory agreement, performs certain services for us, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; and the management of our business. These activities are all subject to oversight by our board of directors. Our advisor is entitled to receive fees and compensation for services provided as mentioned below. Asset Management Fee. Under the amended and restated advisory agreement entered May 7, 2021 and renewed through May 7, 2024, 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. Asset management fees to our advisor for the three months ended June 30, 2023 and 2022 were $4.6 million and $4.3 million, respectively. Asset management fees to our advisor for the six months ended June 30, 2023 and 2022 were $9.4 million and $8.1 million, respectively. Acquisition Expense Reimbursement. We will reimburse our advisor for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, financing and development of investments, whether or not such investments are acquired, and make payments to third parties or possibly certain of our advisor’s affiliates in connection with providing services to us. Performance Participation Allocation. In addition to the fees paid to our advisor for services provided pursuant to our advisory agreement, 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. The performance participation allocation is an incentive fee indirectly paid to our advisor and receipt of the allocation is subject to the ongoing effectiveness of the advisory agreement. As the performance participation allocation is associated with the performance of a service by the advisor, it is expensed in our condensed consolidated statements of operations. Total return is defined as all distributions accrued or paid (without duplication) on Participating Partnership units (all units in CROP with the exception of preferred units and the Special Limited Partner Interest) plus the change in the aggregate net asset value of such Participating Partnership units. The annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The performance participation allocation 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. Due to the decrease in net asset value, no performance participation allocation was incurred during the three or six months ended June 30, 2023. In March 2023, the $20.3 million performance participation allocation incurred as a result of the increase in the value of our net assets and dividends paid to stockholders during the year ended December 31, 2022 was paid in cash. Block C We, through our indirect subsidiaries, have a joint venture investment in Block C for the purpose of developing three multifamily development projects near Salt Lake City, Utah: The Westerly, Millcreek North and The Archer. As of June 30, 2023, entities affiliated with us and our advisor (the “Affiliated Members”) have made aggregate contributions of $10.9 million towards the joint venture. 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. The Affiliated Members participate in the economics of Block C on the same terms and conditions as us. The development projects 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. As of June 30, 2023, our ownership in the Block C joint venture was 82.2%.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022, we paid aggregate distributions to noncontrolling OP Unit holders of $11.6 million and $11.0 million, respectively. LTIP Units - As of June 30, 2023, there were 602,895 unvested time LTIP awards and 597,105 unvested performance LTIP awards outstanding. LTIP Unit award share-based compensation, included within share-based compensation in the condensed consolidated statement of stockholders’ equity, was $1.6 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively. Total unrecognized compensation expense for LTIP Units at June 30, 2023 is $7.5 million and is expected to be recognized on a straight-line basis through December 2026. Noncontrolling Interests - Partially Owned Entities As of June 30, 2023, noncontrolling interests in consolidated entities not wholly owned by us ranged from 1% to 63%, with the average being 11%.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 417 Callowhill As of June 30, 2023, we had a remaining commitment of up to $16.7 million on the 417 Callowhill preferred equity investment. 2215 Hollywood As of June 30, 2023, we had a remaining commitment of $8.0 million on the 2215 Hollywood Mezzanine Loan. 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, 2023, 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, 2023
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. Melrose Phase II TIC Transaction Our investment in Melrose Phase II is recorded as an investment in unconsolidated real estate entities. On August 2, 2023, we acquired the remaining 20.2% tenant-in-common interests in Melrose Phase II for 175,077 OP Units. We now own 100% of the property. As a result of this transaction, Melrose Phase II will be consolidated from August 2, 2023 onward and recorded within real estate assets, net. The Westerly On July 12, 2023 we entered into a construction loan agreement with Regions Bank for a 198-unit multifamily project in Millcreek, UT; construction commenced the following day and is expected to be completed in 2026. Monrovia Junior Mezzanine Loan On July 18, 2023, we entered into an agreement to provide a junior mezzanine loan for an amount of up to $20.2 million (the “Monrovia Loan”) and funded $5.1 million of our commitment. The borrower intends to use the proceeds from the Monrovia Loan, a senior mezzanine loan, additional financing and common equity for the development of Jefferson Monrovia Station, a 296-unit multifamily project located in Monrovia, CA, a north-eastern suburb of Los Angeles (the “Project”). The Monrovia Loan bears interest at an initial rate of 16.5% and is expected to be drawn upon in stages as needed throughout the construction of the Project. The maturity date is July 18, 2027 with two one-year extension options. The agreement has provisions for interest rate changes upon loan extension, receipt of temporary certificate of occupancy, and/or the achievement of a specified debt yield. Prior to maturity, the borrower is required to make monthly interest only payments with principal due at maturity. Prepayment of the Monrovia Loan is permitted in whole but not in part subject to a make-whole premium. Series 2023 Preferred Offering On August 8, 2023, the board approved an increase in the size of our Series 2023 Preferred offering from $100.0 million to $150.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2022 filed with the SEC. As our comprehensive income is equivalent to net income, our accompanying condensed consolidated financial statements do not include a Statement of Other Comprehensive Income.
Principles of Consolidation	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 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, 2023, $18.1 million in organization and offering costs had been incurred in connection with the Follow-on Offering. Organization and offering costs in the 2019 Private Offering and 2023 Private Offering were and are paid by us. Offering costs 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 2019 Private Offering, which was fully subscribed and terminated in March 2022. We incurred $7.2 million of organization and offering costs related to the 2023 Private Offering as of June 30, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On January 1, 2023, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amended the accounting for credit losses for certain financial instruments. The standard replaced the incurred loss impairment methodology with a methodology that requires consideration of a broader range of reasonable and supportable information to determine and record credit loss estimates. The adoption has not had a material impact on our condensed consolidated financial statements through June 30, 2023.
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Error Corrections	The following shows the line items as reported and as corrected for the six months ended June 30, 2022 (in thousands): As Previously Reported Adjustment As Corrected Cash flows from operating activities: Accounts payable, accrued expenses and other liabilities $ 17,439 $ (3,061) $ 14,378 Net cash used in operating activities $ (7,208) $ (3,061) $ (10,269) Cash flows from financing activities: Offering costs paid on issuance of common stock $ (7,170) $ 3,061 $ (4,109) Net cash provided by financing activities $ 160,547 $ 3,061 $ 163,608 Supplemental disclosure of non-cash investing and financing activities: Increase in accrued deferred offering costs $ — $ 3,061 $ 3,061 As Previously Reported Adjustment As Corrected As of January 1, 2022 Additional paid-in capital $ 252,035 $ 23,786 $ 275,821 Noncontrolling interests - limited partners $ 291,258 $ (23,786) $ 267,472 As of March 31, 2022 Additional paid-in capital $ 279,347 $ 15,778 $ 295,125 Noncontrolling interests - limited partners $ 282,549 $ (15,778) $ 266,771 As of June 30, 2022 Additional paid-in capital $ 323,723 $ 3,292 $ 327,015 Noncontrolling interests - limited partners $ 270,525 $ (3,292) $ 267,233 As of December 31, 2022 Additional paid-in capital $ 427,997 $ (13,857) $ 414,140 Noncontrolling interests - limited partners $ 258,679 $ 13,857 $ 272,536 As of March 31, 2023 Additional paid-in capital $ 423,964 $ (6,707) $ 417,257 Noncontrolling interests - limited partners $ 262,839 $ 6,707 $ 269,546

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Land $ 255,633 $ 267,876 Buildings and improvements 1,337,064 1,348,019 Furniture, fixtures and equipment 56,203 54,067 Intangible assets 38,421 40,692 Construction in progress (1) 54,481 106,223 1,741,802 1,816,877 Less: Accumulated depreciation and amortization (142,426) (119,270) Real estate assets, net $ 1,599,376 $ 1,697,607 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties.
Schedule of Purchase Price Allocation	The following table summarizes the purchase price allocation of the real estate assets acquired or consolidated during the year ended December 31, 2022 (in thousands): Allocated Amounts Property Location Date Consolidated Building Land Land Improvements Personal Property Lease Intangibles Debt Mark to Market Total Cottonwood Lighthouse Point Pompano Beach, FL 6/22/22 $ 76,322 $ 13,647 $ 1,843 $ 2,011 $ 1,783 $ — $ 95,606 Cottonwood Ridgeview Plano, TX 9/19/22 54,337 9,275 2,548 835 1,603 1,504 70,102 Cottonwood Clermont Clermont, FL 9/21/22 67,400 5,705 5,744 1,817 1,792 3,428 85,886 $ 198,059 $ 28,627 $ 10,135 $ 4,663 $ 5,178 $ 4,932 $ 251,594
Schedule of Equity Transaction Adjustments for CMOF	The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. We acquired additional interests in three development projects with the CMOF Merger. These projects were already consolidated by us. Accordingly, noncontrolling interest was reduced by the carrying amount attributable to CMOF’s ownership in the three development projects and the difference between the carrying amount of the noncontrolling interest and the consideration paid was recorded as an adjustment to our equity through additional paid-in capital as follows (in thousands, except share and per share data): 2022 Consideration CMOF Merger Common stock issued and outstanding 5,001,000 Exchange ratio 0.8669 CCI common stock issued as consideration 4,335,367 Per share value of CCI Common Stock $ 20.7007 Fair value of CCI Common Stock issued $ 89,745 Fair value of OP Units issued 8,273 Settlement of CMOF related party notes and interest 1,327 Settlement of net other liabilities of CMOF 142 Total consideration $ 99,487 2022 Change in equity CMOF Merger Carrying amount of noncontrolling interest $ 49,178 Total consideration 99,487 Additional paid in capital adjustment $ (50,309) Fair value of CCI Common Stock issued $ 89,745 Additional paid in capital adjustment (50,309) Total change in equity $ 39,436

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 (in thousands): Balance at Property / Development Location % Owned June 30, 2023 December 31, 2022 Stabilized Assets Alpha Mill (1) (2) Charlotte, NC 73.7% (2) $ 30,138 $ 10,470 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 12,701 30,792 Cottonwood Lighthouse Point (1) (3) Pompano Beach, FL 86.8% (3) 40,744 — Fox Point (1) Salt Lake City, UT 52.8% 14,236 14,794 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 7,164 9,382 Melrose Phase II (1) Nashville, TN 79.8% 5,697 6,185 Preferred Equity Investments Lector85 Ybor City, FL 10,668 10,006 Astoria West (formerly Vernon) Queens, NY 21,929 20,567 801 Riverfront West Sacramento, CA 21,944 20,259 417 Callowhill Philadelphia, PA 20,123 9,949 Other 561 803 Total $ 185,905 $ 133,207 (1) We account for our tenant-in-common interests in these properties as equity method investments. (2) On March 31, 2023, we issued 1,063,293 CROP Units for an additional 45.4% tenant-in-common interests in Alpha Mill, increasing our ownership to 73.7%. The value of the CROP Units on the close date was $19.8 million based on the net asset value of CROP Units as of February 28, 2023. All of the tenant-in-common interests were purchased at the same price. One of the sellers was a related party. (3) On February 14, 2023, we sold 13.2% of our ownership interest in Cottonwood Lighthouse Point for $13.6 million and we recorded a gain on sale of $1.0 million related to the transaction, which reduced our remaining ownership in Cottonwood Lighthouse Point to 86.8%. As a result of this transaction, Cottonwood Lighthouse Point was deconsolidated and is recorded as an investment in unconsolidated real estate from February 14, 2023.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) June 30, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 4.40% 5.2 Years $ 829,004 $ 528,308 Total fixed rate loans 829,004 528,308 Variable rate loans (2) Floating rate mortgages 5.47% (3) 7.5 Years 142,744 426,130 Variable rate revolving credit facility (4) 6.79% 1.7 Years 49,500 54,000 Total variable rate loans 192,244 480,130 Total secured loans 1,021,248 1,008,438 Unamortized debt issuance costs (6,782) (4,878) Premium on assumed debt, net (3,524) (3,423) Mortgage notes and revolving credit facility, net $ 1,010,942 $ 1,000,137 (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. For our variable rate loans based on LIBOR as of June 30, 2023, the fallback base rate from July 1, 2023 onward is 30-Day Average SOFR. (3) Includes the impact of interest rate caps in effect on June 30, 2023. (4) 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. At June 30, 2023, the amount on our variable rate revolving credit facility was capped at $115.9 million primarily due to the current interest rate environment.
Schedule of Construction Loans	Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at June 30, 2023 Amount Drawn at December 31, 2022 Park Avenue (1) (1) (1) $ — $ 37,000 Cottonwood Broadway One-Month USD BSBY (2) + 2.9% May 15, 2025 44,625 41,555 39,728 Cottonwood Highland One-Month USD SOFR + 2.55% May 1, 2029 44,250 30,235 18,599 $ 88,875 $ 71,790 $ 95,327 (1) The Park Avenue construction loan was refinanced in March 2023 with a $43.5 million fixed rate mortgage which matures in 2028 and is included in mortgage notes above. (2) BSBY refers to the Bloomberg Short-Term Bank Yield Index.
Schedule of Unsecured Promissory Notes	Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date Maximum Extension Date June 30, 2023 December 31, 2022 2017 6% Notes (1) $ 35,000 6.25% December 31, 2023 December 31, 2024 $ 20,558 $ 20,718 2019 6% Notes 25,000 6.00% December 31, 2023 December 31, 2025 21,875 22,235 $ 60,000 $ 42,433 $ 42,953 (1) We exercised the option to extend the maturity date on our 2017 6% Notes for one additional year to December 31, 2023, which increased the interest rate from 6.00% to 6.25% for the period from January 1, 2023 to December 31, 2023.
Schedule of Amortizing Principal Payments	The aggregate maturities, including amortizing principal payments on our debt for years subsequent to June 30, 2023 are as follows (in thousands): Year Mortgage Notes and Revolving Credit Facility Construction Loans Unsecured Total 2023 (1) $ 488 $ — $ 42,433 $ 42,921 2024 (2) 50,508 41,555 — 92,063 2025 1,961 — — 1,961 2026 127,461 — — 127,461 2027 367,378 — — 367,378 Thereafter 473,452 30,235 — 503,687 $ 1,021,248 $ 71,790 $ 42,433 $ 1,135,471 (1) Of the amounts maturing in 2023, $20.6 million relates to our 2017 6% Unsecured Promissory Notes which can be extended to December 31, 2024, and $21.9 million relates to our 2019 6% Unsecured Promissory Notes which can be extended for two one (2) Of the amounts maturing in 2024, $49.5 million relates to our variable rate revolving credit facility, which can be extended to March 19, 2025, subject to the satisfaction of certain conditions, and $41.6 million relates to the construction loan for Cottonwood Broadway, which can be extended to May 15, 2025 if we exercise the option to convert the construction loan to a Mini Perm Loan, subject to the satisfaction of certain conditions.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real-estate related loans $ 1,982 $ 2,000 $ — $ — Financial Liability: Fixed rate mortgages $ 829,004 $ 809,400 $ 528,308 $ 509,134 Floating rate mortgages $ 142,744 $ 140,879 $ 426,130 $ 421,189 Variable rate revolving credit facility $ 49,500 $ 49,500 $ 54,000 $ 54,000 Construction loans $ 71,790 $ 71,790 $ 95,327 $ 95,327 Series 2019 Preferred Stock $ 125,480 $ 125,480 $ 127,065 $ 127,065 Series 2023 Preferred Stock $ 62,860 $ 62,860 $ — $ — Unsecured promissory notes $ 42,433 $ 42,433 $ 42,953 $ 42,953

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Preferred Stock	Information on our preferred stock as of June 30, 2023 and December 31, 2022 is as follows: Shares Outstanding at Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date June 30, 2023 December 31, 2022 Series 2019 Preferred Stock 5.5% 6.0% December 31, 2023 December 31, 2025 12,547,989 12,706,485 Series 2023 Preferred Stock 6.0% 6.5% (1) June 30, 2027 June 30, 2029 6,286,013 — (1) Represents the fully extended dividend rate. During the first-year extension, the dividend rate is 6.25%.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 Class T Class D Class I Class A Total December 31, 2022 4,815,122 64,673 3,861,049 26,604,864 35,345,708 Issuance of common stock 492,257 129,705 440,904 — 1,062,866 Distribution reinvestment 16,607 411 13,214 43,021 73,252 Exchanges and transfers (1) (725) — 319,755 — 319,030 Repurchases of common stock (162,911) — (311,859) (1,869,770) (2,344,540) June 30, 2023 5,160,350 194,788 4,323,063 24,778,115 34,456,316 (1) Exchanges represent the number of shares OP Unit holders have exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period.
Schedule of Common Stock 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, 2023 $ 0.06083333 $ 0.73 February 28, 2023 $ 0.06083333 $ 0.73 March 31, 2023 $ 0.06083333 $ 0.73 April 30, 2023 $ 0.06083333 $ 0.73 May 31, 2023 $ 0.06083333 $ 0.73 June 30, 2023 $ 0.06083333 $ 0.73

Organization and Business (Deta

Organization and Business (Details)		6 Months Ended	19 Months Ended	28 Months Ended
	Jul. 08, 2022 USD ($) shares	Jun. 30, 2023 USD ($) realEstateUnit project apartmentCommunity land_parcel	Jun. 30, 2023 USD ($) realEstateUnit project apartmentCommunity land_parcel	Mar. 31, 2022 USD ($)	Dec. 22, 2020 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Nov. 30, 2021 USD ($)	Nov. 30, 2019 USD ($) $ / shares
Subsidiary, Sale of Stock [Line Items]
Number of projects | project		2	2
CMOF Merger
Subsidiary, Sale of Stock [Line Items]
Number of projects | project		3	3
Park Avenue
Subsidiary, Sale of Stock [Line Items]
Ownership interest	100%
Cottonwood Broadway
Subsidiary, Sale of Stock [Line Items]
Ownership interest	100%
Block C
Subsidiary, Sale of Stock [Line Items]
Ownership interest	79%
Owned Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		35	35
Number of real estate units | realEstateUnit		10,000	10,000
Number of real estate properties | land_parcel		5	5
Structured Investment Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		5	5
Number of real estate units | realEstateUnit		1,473	1,473
Structured Investment Interest | Under Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		2	2
Number of real estate units | realEstateUnit		504	504
Follow on Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value							$ 1,000,000,000
Proceeds from issuance of follow-on offering			$ 195,600,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value							900,000,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Stock offered, value							$ 100,000,000
Proceeds from issuance of follow-on offering		$ 3,900,000
Class A and Class TX Common Stock | IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from offering including dividend reinvestment plan offering					$ 122,000,000
Series 2019 Preferred Stock | Private Placement
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
Series 2023 Preferred Stock | Private Placement
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						$ 100,000,000
Proceeds from issuance of follow-on offering		$ 62,900,000
Share price (in dollars per share) | $ / shares						$ 10
Class A | CMOF Merger
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	0.8669
CRII, CMRI, CMRII and CMOF Merger (in shares) | shares	4,335,367
CMOF, CRII, CMRI and CMRII Merger	$ 89,700,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Net cash provided by (used in) operating activities	$ 23,515	$ 10,269
Net cash provided by financing activities	(40,835)	(163,608)
Adjustment
Debt Instrument [Line Items]
Net cash provided by (used in) operating activities		3,061
Net cash provided by financing activities		$ (3,061)
Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred	18,100
Private Placement | Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred			$ 13,200
2023 Private Offering | Cottonwood Communities Management, LLC
Debt Instrument [Line Items]
Offering costs incurred	$ 7,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Error Corrections of Cash Flow Misclassification (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Accounts payable, accrued expenses and other liabilities	$ 3,665	$ 14,378
Net cash used in operating activities	(23,515)	(10,269)
Cash flows from financing activities:
Offering costs paid on issuance of common stock	(1,840)	(4,109)
Net cash provided by financing activities	40,835	163,608
Increase in accrued deferred offering costs	$ 143	3,061
As Previously Reported
Cash flows from operating activities:
Accounts payable, accrued expenses and other liabilities		17,439
Net cash used in operating activities		(7,208)
Cash flows from financing activities:
Offering costs paid on issuance of common stock		(7,170)
Net cash provided by financing activities		160,547
Increase in accrued deferred offering costs		0
Adjustment
Cash flows from operating activities:
Accounts payable, accrued expenses and other liabilities		(3,061)
Net cash used in operating activities		(3,061)
Cash flows from financing activities:
Offering costs paid on issuance of common stock		3,061
Net cash provided by financing activities		3,061
Increase in accrued deferred offering costs		$ 3,061

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Error Corrections of Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ 553,634	$ 594,204	$ 609,899	$ 585,196	$ 548,503	$ 540,669
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	406,900	417,257	414,140	327,015	295,125	275,821
Noncontrolling interests | Limited Partners
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ 252,226	269,546	272,536	267,233	266,771	267,472
As Previously Reported | Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity		423,964	427,997	323,723	279,347	252,035
As Previously Reported | Noncontrolling interests | Limited Partners
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity		262,839	258,679	270,525	282,549	291,258
Adjustment | Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity		(6,707)	(13,857)	3,292	15,778	23,786
Adjustment | Noncontrolling interests | Limited Partners
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity		$ 6,707	$ 13,857	$ (3,292)	$ (15,778)	$ (23,786)

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Carrying Amounts of Consolidated Real Estate Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Land	$ 255,633	$ 267,876
Buildings and improvements	1,337,064	1,348,019
Furniture, fixtures and equipment	56,203	54,067
Intangible assets	38,421	40,692
Construction in progress	54,481	106,223
Real estate investment property, at cost	1,741,802	1,816,877
Less: Accumulated depreciation and amortization	(142,426)	(119,270)
Real estate assets, net	$ 1,599,376	$ 1,697,607

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Feb. 14, 2023 USD ($)

Sep. 20, 2022 USD ($) a

Aug. 31, 2022 USD ($)

Jun. 22, 2022 USD ($)

Sep. 30, 2022 USD ($) shares

Jun. 30, 2023 USD ($) investment

Mar. 31, 2023 USD ($)

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Jun. 30, 2023 USD ($) investment shares

Jun. 30, 2022 USD ($)

Feb. 13, 2023

Business Acquisition [Line Items]

Proceeds from sale of investments in unconsolidated real estate entities

$ 0

$ 28,734

Issuance of common stock (in shares) | shares

1,062,866

Issuance of common stock

$ 7,222

$ 13,407

$ 53,549

$ 32,930

Capital expenditures

$ 21,514

$ 31,341

CMOF Merger

Business Acquisition [Line Items]

Number of investments | investment

3

3

OP Units

Business Acquisition [Line Items]

Issuance of common stock (in shares) | shares

141,543

Issuance of common stock

$ 2,900

Cottonwood Lighthouse Point

Business Acquisition [Line Items]

Proceeds from issuance of debt

$ 48,000

Weighted-average amortization period (in years)

6 months

Cottonwood Ridgeview Acquisition

Business Acquisition [Line Items]

Tenant-in-common interest in property

0.095

Cottonwood Clermont Acquisition

Business Acquisition [Line Items]

Proceeds from issuance of debt

$ 35,500

Galleria Land Purchase

Business Acquisition [Line Items]

Acres of land (in acres) | a

26

Capital expenditures

$ 28,500

Cottonwood Lighthouse Point

Business Acquisition [Line Items]

Proceeds from sale of investments in unconsolidated real estate entities

$ 13,600

Ownership percentage

86.80%

100%

Gain on transaction cost

$ 1,000

Real Estate Assets, Net - Sch_2

Real Estate Assets, Net - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands				6 Months Ended
	Sep. 21, 2022	Sep. 19, 2022	Jun. 22, 2022	Jun. 30, 2023
Asset Acquisition [Line Items]
Building				$ 198,059
Land				28,627
Land Improvements				10,135
Personal Property				4,663
Lease Intangibles				5,178
Debt Mark to Market				4,932
Total				$ 251,594
Cottonwood Lighthouse Point
Asset Acquisition [Line Items]
Building			$ 76,322
Land			13,647
Land Improvements			1,843
Personal Property			2,011
Lease Intangibles			1,783
Debt Mark to Market			0
Total			$ 95,606
Cottonwood Ridgeview
Asset Acquisition [Line Items]
Building		$ 54,337
Land		9,275
Land Improvements		2,548
Personal Property		835
Lease Intangibles		1,603
Debt Mark to Market		1,504
Total		$ 70,102
Cottonwood Clermont
Asset Acquisition [Line Items]
Building	$ 67,400
Land	5,705
Land Improvements	5,744
Personal Property	1,817
Lease Intangibles	1,792
Debt Mark to Market	3,428
Total	$ 85,886

Real Estate Assets, Net - Sch_3

Real Estate Assets, Net - Schedule of Equity Transaction Adjustments for CMOF (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) investment $ / shares shares	Dec. 31, 2022 shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock outstanding (in shares) | shares	34,456,316	35,345,708
CMOF Merger
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of investments | investment	3
Fair value of CCI Common Stock issued	$ 89,745
Total consideration	99,487
Carrying amount of noncontrolling interest	49,178
Additional paid in capital adjustment	(50,309)
Total change in equity	$ 39,436
CMOF Merger | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock issued (in shares) | shares	5,001,000
Common stock outstanding (in shares) | shares	5,001,000
Exchange ratio	0.8669
CMOF Merger | Common Stock | CCI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
CCI common stock issued as consideration (in shares) | shares	4,335,367
Per share value of CCI Common Stock (in dollars per share) | $ / shares	$ 20.7007
Fair value of CCI Common Stock issued	$ 89,745
Fair value of OP Units issued	8,273
Settlement of CMOF related party notes and interest	1,327
Settlement of net other liabilities of CMOF	$ 142

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments (Details) $ in Thousands			6 Months Ended
	Mar. 31, 2023 USD ($) shares	Feb. 14, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Feb. 13, 2023	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investments in unconsolidated real estate entities			$ 0	$ 28,734
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Cottonwood Lighthouse Point
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investments in unconsolidated real estate entities		$ 13,600
Gain on sale		$ 1,000
OP Units | Alpha Mill
Schedule of Equity Method Investments [Line Items]
Stock issued during period shares acquisition (in shares) | shares	1,063,293
Tenant-in-common interest in property	0.454
Ownership interest	73.70%
CRII, CMRI and CMRII Merger	$ 19,800
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 185,905			$ 133,207
Alpha Mill | Unconsolidated Properties | Charlotte, NC | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
% Owned			73.70%
Equity method investments			$ 30,138			10,470
Cottonwood Bayview | Unconsolidated Properties | St. Petersburg, FL | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
% Owned			71%
Equity method investments			$ 12,701			30,792
Cottonwood Lighthouse Point
Schedule of Equity Method Investments [Line Items]
% Owned		86.80%			100%
Proceeds from sale of investments in unconsolidated real estate entities		$ 13,600
Cottonwood Lighthouse Point | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Cottonwood Lighthouse Point
Schedule of Equity Method Investments [Line Items]
% Owned		86.80%
Sale of ownership percentage		13.20%
Cottonwood Lighthouse Point | Unconsolidated Properties | Pompano Beach, FL | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
% Owned			86.80%
Equity method investments			$ 40,744			0
Fox Point | Unconsolidated Properties | Salt Lake City, UT | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
% Owned			52.80%
Equity method investments			$ 14,236			14,794
Toscana At Valley Ridge | Unconsolidated Properties | Lewisville, TX | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
% Owned			58.60%
Equity method investments			$ 7,164			9,382
Melrose Phase II | Unconsolidated Properties | Nashville, TN | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
% Owned			79.80%
Equity method investments			$ 5,697			6,185
Lector85 | Unconsolidated Properties | Ybor City, FL | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			10,668			10,006
Astoria West (formerly Vernon) | Unconsolidated Properties | Queens, NY | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			21,929			20,567
801 Riverfront | Unconsolidated Properties | West Sacramento, CA | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			21,944			20,259
417 Callowhill | Unconsolidated Properties | Philadelphia, PA | Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments			20,123			9,949
Other | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 561			$ 803

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities		$ 1,983	$ 4,052	$ 3,630	$ 6,723
Stabilized Assets | Cottonwood Bayview | St. Petersburg, FL | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Payment for additional interest	$ 16,900
Stabilized Assets | Toscana At Valley Ridge | Lewisville, TX | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Payment for additional interest	$ 1,200
Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities		3,100	1,800	6,000	3,400
Preferred Equity Investments | 417 Callowhill
Schedule of Equity Method Investments [Line Items]
Remaining commitment		7,900		7,900
Payments to acquire investment				16,700
Investment in loan		16,700		16,700
CRII Merger | Stabilized Assets
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities		$ (1,100)	$ 2,300	$ (2,400)	$ 3,300

Debt - Schedule of Mortgage Not

Debt - Schedule of Mortgage Notes And Revolving Credit Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total secured loans	$ 1,021,248,000	$ 1,008,438,000
Unamortized debt issuance costs	(6,782,000)	(4,878,000)
Premium on assumed debt, net	(3,524,000)	(3,423,000)
Mortgage notes and revolving credit facility, net	1,010,942,000	1,000,137,000
Future Acquisition Financing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	125,000,000
Line of credit facility, current borrowing capacity	$ 115,900,000
Fixed rate loans
Debt Instrument [Line Items]
Weighted average fixed interest rate	4.40%
Weighted average remaining term	5 years 2 months 12 days
Total secured loans	$ 829,004,000	528,308,000
Variable rate loans
Debt Instrument [Line Items]
Total secured loans	$ 192,244,000	480,130,000
Variable rate loans | Floating rate mortgages
Debt Instrument [Line Items]
Weighted average variable rate	5.47%
Weighted average remaining term	7 years 6 months
Total secured loans	$ 142,744,000	426,130,000
Variable rate loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average variable rate	6.79%
Weighted average remaining term	1 year 8 months 12 days
Total secured loans	$ 49,500,000	$ 54,000,000

Debt - Schedule of Construction

Debt - Schedule of Construction Loans (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount drawn	$ 71,790	$ 95,327
Floating rate mortgages
Debt Instrument [Line Items]
Loan Amount	43,500
Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	88,875
Amount drawn	71,790	95,327
Construction Loan Payable | Park Avenue
Debt Instrument [Line Items]
Amount drawn	0	37,000
Construction Loan Payable | Cottonwood Broadway
Debt Instrument [Line Items]
Loan Amount	44,625
Amount drawn	$ 41,555	39,728
Construction Loan Payable | Cottonwood Broadway | BSBY
Debt Instrument [Line Items]
Interest Rate	2.90%
Construction Loan Payable | Cottonwood Highland
Debt Instrument [Line Items]
Loan Amount	$ 44,250
Amount drawn	$ 30,235	$ 18,599
Construction Loan Payable | Cottonwood Highland | SOFR
Debt Instrument [Line Items]
Interest Rate	2.55%

Debt - Narrative (Details)

Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2023
Unsecured Debt
Debt Instrument [Line Items]
Increase in interest rate	0.25%

Debt - Schedule of Unsecured Pr

Debt - Schedule of Unsecured Promissory Notes (Details) - USD ($)	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unsecured promissory notes, net	$ 42,433,000		$ 42,953,000
Unsecured Debt
Debt Instrument [Line Items]
Offering Size	60,000
Unsecured promissory notes, net	42,433,000		42,953,000
Unsecured Debt | 2017 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 35,000
Interest Rate	6%	6%
Unsecured promissory notes, net	$ 20,558,000		20,718,000
Unsecured Debt | 2017 6% Notes | Fiscal Year 2023
Debt Instrument [Line Items]
Interest Rate	6.25%
Unsecured Debt | 2019 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 25,000
Interest Rate	6%
Unsecured promissory notes, net	$ 21,875,000		$ 22,235,000

Debt - Schedule of Amortizing P

Debt - Schedule of Amortizing Principal Payments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) extension	Jan. 01, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 42,921
2024	92,063
2025	1,961
2026	127,461
2027	367,378
Thereafter	503,687
Principal payment on mortgage loans	1,135,471
Mortgage notes and revolving credit facility, net	1,010,942		$ 1,000,137
Construction Loans
Debt Instrument [Line Items]
2023	0
2024	41,555
2025	0
2026	0
2027	0
Thereafter	30,235
Principal payment on mortgage loans	71,790
Variable rate revolving credit facility
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	49,500
Cottonwood Construction Loan
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	41,600
Mortgage Notes and Revolving Credit Facility
Debt Instrument [Line Items]
2023	488
2024	50,508
2025	1,961
2026	127,461
2027	367,378
Thereafter	473,452
Principal payment on mortgage loans	1,021,248
Unsecured Promissory Notes
Debt Instrument [Line Items]
2023	42,433
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Principal payment on mortgage loans	42,433
Unsecured Promissory Notes | 2017 6% Notes
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 20,600
Interest rate	6%	6%
Unsecured Promissory Notes | 2019 6% Notes
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 21,900
Interest rate	6%
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, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured promissory notes	$ 42,433	$ 42,953
Carrying Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	125,480	127,065
Carrying Value | Series 2023 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	62,860	0
Carrying Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate revolving credit facility	49,500	54,000
Carrying Value | Investments in real-estate related loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real-estate related loans	1,982	0
Carrying Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	829,004	528,308
Carrying Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	142,744	426,130
Carrying Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	71,790	95,327
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured promissory notes	42,433	42,953
Fair Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	125,480	127,065
Fair Value | Series 2023 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	62,860	0
Fair Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate revolving credit facility	49,500	54,000
Fair Value | Investments in real-estate related loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real-estate related loans	2,000	0
Fair Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	809,400	509,134
Fair Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	140,879	421,189
Fair Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	$ 71,790	$ 95,327

Preferred Stock - Narrative (De

Preferred Stock - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jan. 31, 2022 USD ($)	Apr. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) classesOfPreferredStock	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) classesOfPreferredStock shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of preferred stock							$ 62,860	$ 15,472
Number of shares redeemed (in shares) | shares							2,344,540
Common stock/OP Units repurchased			$ 23,230	$ 19,626	$ 6,039	$ 3,394
Series 2023 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock			2				2
Proceeds from issuance of preferred stock							$ 62,900
Preferred dividend value incurred							$ 900
Number of shares redeemed (in shares) | shares							0
Series 2019 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock			2				2
Proceeds from issuance of preferred stock						$ 15,500
Preferred dividend value incurred							$ 3,400	$ 3,400
Number of shares redeemed (in shares) | shares							158,496	4,000
Common stock/OP Units repurchased							$ 1,500	$ 40
Series 2016 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred									$ 2,900
Common stock/OP Units repurchased		$ 139,800
Series 2017 Preferred Stock | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Common stock/OP Units repurchased	$ 2,600

Preferred Stock - Schedule of P

Preferred Stock - Schedule of Preferred Stock (Details) - shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	5.50%
Extension Dividend Rate	6%
Preferred stock outstanding (in shares)	12,547,989	12,706,485
Series 2023 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	6%
Extension Dividend Rate	6.50%
Preferred stock outstanding (in shares)	6,286,013	0
Series 2023 Preferred Stock | During First-Year Extension
Subsidiary, Sale of Stock [Line Items]
Extension Dividend Rate	6.25%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details)	6 Months Ended
	Jun. 30, 2023 shares
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	35,345,708
Issuance of common stock (in shares)	1,062,866
Distribution reinvestment (in shares)	73,252
Exchanges and transfers (in shares)	319,030
Repurchases of common stock (in shares)	(2,344,540)
Shares outstanding, ending balance (in shares)	34,456,316
Class T
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	4,815,122
Issuance of common stock (in shares)	492,257
Distribution reinvestment (in shares)	16,607
Exchanges and transfers (in shares)	(725)
Repurchases of common stock (in shares)	(162,911)
Shares outstanding, ending balance (in shares)	5,160,350
Class D
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	64,673
Issuance of common stock (in shares)	129,705
Distribution reinvestment (in shares)	411
Exchanges and transfers (in shares)	0
Repurchases of common stock (in shares)	0
Shares outstanding, ending balance (in shares)	194,788
Class I
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	3,861,049
Issuance of common stock (in shares)	440,904
Distribution reinvestment (in shares)	13,214
Exchanges and transfers (in shares)	319,755
Repurchases of common stock (in shares)	(311,859)
Shares outstanding, ending balance (in shares)	4,323,063
Class A
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	26,604,864
Issuance of common stock (in shares)	0
Distribution reinvestment (in shares)	43,021
Exchanges and transfers (in shares)	0
Repurchases of common stock (in shares)	(1,869,770)
Shares outstanding, ending balance (in shares)	24,778,115

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Subsidiary, Sale of Stock [Line Items]
Aggregate distributions paid	$ 13,800
Distributions paid in cash	12,396	$ 8,774
Dividend reinvestment plan, cash paid	$ 1,400
Number of shares redeemed (in shares)	2,344,540
Repurchase of common stock/OP Units	$ 42,857	$ 9,432
Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares redeemed (in shares)	2,344,540
Repurchase of common stock/OP Units	$ 41,700
Average repurchase price (in dollars per share)	$ 17.78

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Common Stock Distributions (Details) - $ / shares	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Equity [Abstract]
Monthly rate (in dollars per share)	$ 0.06083333	$ 0.06083333	$ 0.06083333	$ 0.06083333	$ 0.06083333	$ 0.06083333
Annually (in dollars per share)	$ 0.73	$ 0.73	$ 0.73	$ 0.73	$ 0.73	$ 0.73

Promote from Incentive Alloca_2

Promote from Incentive Allocation Agreement (Details) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2018 realEstateUnit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Promote from incentive allocation agreement | $	$ 119	$ 0	$ 30,700	$ 119	$ 30,309
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | realEstateUnit						12

Related-Party Transactions (Det

Related-Party Transactions (Details)		1 Months Ended	3 Months Ended		6 Months Ended
	May 07, 2021	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) project	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) project	Jun. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Performance participation allocation			$ 0	$ 10,144,000	$ 0	$ 30,078,000
Number of projects | project			2		2
Co-venturer | CW Block C, LLC
Related Party Transaction [Line Items]
Percent of development project owned			82.20%		82.20%
Co-venturer | Affiliated Members | CW Block C, LLC
Related Party Transaction [Line Items]
Capital contribution			$ 10,900,000		$ 10,900,000
Independent Director Compensation | Affiliated Entity
Related Party Transaction [Line Items]
Gross asset value of CROP percentage	0.0625%
Net asset value of CROP percentage	0.125%
Asset management fees			4,600,000	$ 4,300,000	9,400,000	$ 8,100,000
Percentage of total return	5%
Percentage of annual total return	12.50%
Independent Director Compensation | Affiliated Entity | Limited Partners
Related Party Transaction [Line Items]
Percentage of total return	12.50%
Performance participation allocation		$ 20,300,000	$ 0		$ 0
Independent Director Compensation | Affiliated Entity | Other Ownership Interest
Related Party Transaction [Line Items]
Percentage of total return	87.50%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Distributions to investors	$ 12,040	$ 12,113	$ 10,445	$ 13,847
Share-based compensation	$ 568	$ 1,160	$ 941	$ 865
Not Wholly Owned | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	1%				1%
Not Wholly Owned | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	63%				63%
Not Wholly Owned | Weighted Average
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	11%				11%
OP Units
Noncontrolling Interest [Line Items]
Distributions to investors					$ 11,600	$ 11,000
LTIP Units
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares)	602,895				602,895
Share-based compensation					$ 1,600	$ 1,800
Unrecognized compensation expense	$ 7,500				$ 7,500
Performance LTIP
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares)	597,105				597,105

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($)
417 Callowhill
Subsidiary, Sale of Stock [Line Items]
Investment-related liabilities	$ 16.7
2215 Hollywood Mezzanine
Subsidiary, Sale of Stock [Line Items]
Investment-related liabilities	$ 8

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Jul. 18, 2023 USD ($) extension realEstateUnit	Aug. 08, 2023 USD ($)	Aug. 07, 2023 USD ($)	Aug. 02, 2023 shares	Jul. 12, 2023 realEstateUnit
Subsequent Event [Line Items]
Funded commitments	$ 5,100,000
Series 2023 Preferred Stock
Subsequent Event [Line Items]
Preferred stock		$ 150,000,000	$ 100,000,000
Melrose Phase II
Subsequent Event [Line Items]
Additional interest acquired, percent				20.20%
Additional interest acquired, OP units | shares				175,077
Ownership percentage				100%
The Westerly
Subsequent Event [Line Items]
Number of real estate units | realEstateUnit					198
Monrovia Loan | Junior Mezzanine Loan
Subsequent Event [Line Items]
Number of real estate units | realEstateUnit	296
Loan amount	$ 20,200,000
Interest rate	16.50%
Number of extensions | extension	2
Term of extension	1 year