Cottonwood Communities 10-K 28 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Brickyard Road, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Central Index Key	0001692951
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T common stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		3,916,171
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D common stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		205,489
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I common stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		4,606,302
Class A
Document Information [Line Items]
Title of 12(g) Security	Class A common stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		22,742,743
No Trading Symbol Flag	true
Class TX
Document Information [Line Items]
Title of 12(g) Security	Class TX common stock, $0.01 par value per share
No Trading Symbol Flag	true

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Real estate assets, net	$ 1,649,146	$ 1,697,607
Investments in unconsolidated real estate entities	185,716	133,207
Investments in real estate-related loans, net	8,703	0
Cash and cash equivalents	63,800	63,173
Restricted cash	27,013	32,351
Other assets	29,464	29,299
Total assets	1,963,842	1,955,637
Liabilities
Mortgage notes and revolving credit facility, net	1,022,452	1,000,137
Construction loans, net	129,991	95,327
Preferred stock, net	201,621	121,390
Preferred interest liability	15,300	0
Unsecured promissory notes, net	41,883	42,953
Performance participation allocation due to affiliate	0	20,320
Accounts payable, accrued expenses and other liabilities	81,048	65,611
Total liabilities	1,492,295	1,345,738
Commitments and contingencies (Note 12)
Stockholders’ equity
Series A Convertible Preferred Stock	1,569	0
Additional paid-in capital	373,954	414,140
Accumulated deficit	(94,761)	(71,513)
Total stockholders’ equity	218,944	304,932
Noncontrolling interests
Limited partners	221,617	272,536
Partially owned entities	30,986	32,431
Total noncontrolling interests	252,603	304,967
Total equity and noncontrolling interests	471,547	609,899
Total liabilities, equity and noncontrolling interests	$ 1,963,842	$ 1,955,637
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated Entity	Affiliated Entity
Class T
Stockholders’ equity
Common stock	$ 39	$ 48
Class D
Stockholders’ equity
Common stock	2	1
Class I
Stockholders’ equity
Common stock	43	39
Class A
Stockholders’ equity
Common stock	226	266
Series A Convertible Preferred Stock
Stockholders’ equity
Accumulated distributions	(14)	0
Common Stock
Stockholders’ equity
Accumulated distributions	$ (62,114)	$ (38,049)

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, shares outstanding (in shares)	31,648,281	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)	3,917,218	4,815,122
Common stock, shares outstanding (in shares)	3,917,218	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)	202,743	64,673
Common stock, shares outstanding (in shares)	202,743	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)	4,296,443	3,861,049
Common stock, shares outstanding (in shares)	4,296,443	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)	23,231,877	26,604,864
Common stock, shares outstanding (in shares)	23,231,877	26,604,864

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental and other property revenues	$ 142,833	$ 123,627
Property management revenues	9,699	11,131
Other revenues	1,873	3,544
Total revenues	154,405	138,302
Operating expenses
Property operations expense	52,765	44,846
Property management expense	17,290	17,839
Asset management fee	17,304	17,786
Performance participation allocation	0	20,320
Depreciation and amortization	59,041	54,595
General and administrative expenses	11,371	11,876
Total operating expenses	157,771	167,262
Loss from operations	(3,366)	(28,960)
Equity in earnings of unconsolidated real estate entities	6,466	12,393
Interest income	1,906	92
Interest expense	(75,468)	(52,310)
Gain on sale of real estate assets	24,075	0
Gain on sale of unconsolidated real estate entities	0	8,129
Gain on consolidation of development	4,225	0
Promote from incentive allocation agreement	119	30,702
Other (expense) income	(2,552)	3,883
Loss before income taxes	(44,595)	(26,071)
Income tax expense	(303)	(7,959)
Net loss	(44,898)	(34,030)
Net loss attributable to noncontrolling interests:
Limited partners	21,355	17,594
Partially owned entities	295	787
Net Income (Loss) Available to Common Stockholders, Basic	(23,248)	(15,649)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (23,248)	$ (15,649)
Weighted-average common shares outstanding - basic (in shares)	34,305,590	29,274,236
Weighted-average common shares outstanding - diluted (in shares)	34,305,590	29,274,236
Net loss per common share - basic (in dollars per share)	$ (0.68)	$ (0.53)
Net loss per common share - diluted (in dollars per share)	$ (0.68)	$ (0.53)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Total Stockholders’ Equity Series A Convertible Preferred Stock	Total Stockholders’ Equity Common Classes T, D and I	Preferred Stock	Preferred Stock Series A Convertible Preferred Stock	Common Stock	Common Stock Class T	Common Stock Class D	Common Stock Class I	Common Stock Class A	Common Stock Class TX	Additional Paid-In Capital	Accumulated Distributions	Accumulated Distributions Series A Convertible Preferred Stock	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	$ 0	$ 2	$ 234	$ 0	$ 275,821	$ (17,273)	$ 0	$ (55,864)	$ 267,472	$ 70,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	168,477	168,477						48	1	36			168,392
Offering costs	(14,376)	(14,376)											(14,376)
Distribution reinvestment	2,364	2,364									1		2,363
Distributions reinvested in common stock	2,219
Exchanges and transfers	0	5,819								3			5,816						$ (5,819)
OP Units issued for real estate interests	2,930																		2,930
CMOF Merger		39,436									43		39,393						8,273
CMOF, CMRI and CMRII Merger	(1,469)																	(49,178)
Common stock/OP Units repurchased	(28,379)	(26,897)								(2)	(12)		(26,883)				(1,482)
Contributions from noncontrolling interests	16,282																(209)	16,491
Other	4,927	1,257											1,257				3,670
Distributions to investors		(20,776)												(20,776)
Distributions to investors	(47,496)																(22,348)	(4,372)
Net loss	(34,030)	(15,649)														(15,649)	(17,594)	(787)
Reallocation of stockholders' equity and noncontrolling interests		(37,643)											(37,643)				37,643
Stockholders' equity, ending balance at Dec. 31, 2022	609,899	304,932				0		48	1	39	266	0	414,140	(38,049)	0	(71,513)	272,536	32,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock			$ 2,140	$ 27,131	$ 2,140	2,140	$ 27,131	7	1	6			27,117
Offering costs			$ (571)	$ (1,800)	$ (571)	(571)	$ (1,800)						(1,800)
Distributions reinvested in common stock	2,353	2,353									1		2,352
Exchanges and transfers	0	8,642								5			8,637						(8,642)
OP Units issued for real estate interests	22,939																		22,939
Common stock/OP Units repurchased	(98,951)	(95,285)						(16)		(7)	(41)		(95,221)				(3,666)
Share-based compensation	3,011	190											190						$ 2,821
Other	(1,200)																(1,200)
Distributions to investors		(24,079)												(24,065)	(14)
Distributions to investors	(48,506)																(23,277)	(1,150)
Net loss	(44,898)	(23,248)														(23,248)	(21,355)	(295)
Reallocation of stockholders' equity and noncontrolling interests		18,539											18,539				(18,539)
Stockholders' equity, ending balance at Dec. 31, 2023	$ 471,547	$ 218,944				$ 1,569		$ 39	$ 2	$ 43	$ 226	$ 0	$ 373,954	$ (62,114)	$ (14)	$ (94,761)	$ 221,617	$ 30,986

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (44,898)	$ (34,030)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	59,041	54,595
Gain on sale of real estate assets	(24,075)	0
Gain on sale of investments in unconsolidated real estate entities	0	(8,129)
Gain on consolidation of development	(4,225)	0
Share-based compensation	3,011	3,670
Deferred taxes	35	7,622
Amortization of debt issuance costs, discounts and premiums	9,342	6,668
Other operating	3,222	(3,814)
Equity in earnings of unconsolidated real estate entities	(6,466)	(12,393)
Distributions from unconsolidated real estate entities - return on capital	4,122	14,678
Changes in operating assets and liabilities:
Other assets	(6,945)	2,968
Performance participation allocation	0	20,320
Performance participation allocation payment	(20,320)	(51,761)
Accounts payable, accrued expenses and other liabilities	5,587	1,337
Net cash (used in) provided by operating activities	(22,569)	1,731
Cash flows from investing activities:
Acquisitions of real estate	0	(148,262)
Cash acquired on consolidation of real estate	5,807	5,649
Proceeds from sale of real estate assets, net	117,771	0
Settlement of related party notes and liabilities assumed with the CMOF Merger	0	(1,469)
Capital expenditures and development activities	(50,401)	(90,991)
Investments in unconsolidated real estate entities	(40,885)	(8,943)
Proceeds from sale of investments in unconsolidated real estate entities	0	28,764
Distributions from unconsolidated real estate entities - return of capital	18,106	38,769
Contributions to investments in real estate-related loans	(8,777)	0
Proceeds from settlement of investments in real estate-related loans	0	13,000
Net cash provided by (used in) investing activities	41,621	(163,483)
Cash flows from financing activities:
Principal payments on mortgage notes	(976)	(1,702)
Borrowings from revolving credit facility	111,000	175,000
Repayments on revolving credit facility	(152,600)	(141,000)
Borrowings under mortgage notes	366,963	473,534
Repayments of mortgage notes	(284,702)	(240,338)
Deferred financing costs on mortgage notes	(4,704)	(5,071)
Borrowings from construction loans	22,066	36,569
Repayments of construction loans	(37,000)	(59,660)
Proceeds from issuance of preferred stock	86,467	15,472
Redemption of preferred stock	(2,587)	(142,830)
Offering costs paid on issuance of preferred stock	(10,378)	(1,899)
Repurchase of unsecured promissory notes	(1,206)	(143)
Proceeds from issuance of Series A Convertible Preferred Stock	2,090	0
Proceeds from issuance of common stock	27,131	168,622
Repurchase of common stock/OP Units	(95,404)	(22,635)
Contributions from noncontrolling interests	0	11,935
Distributions to common stockholders	(21,871)	(17,813)
Distributions to noncontrolling interests - limited partners	(23,233)	(22,198)
Distributions to noncontrolling interests - partially owned entities	(1,150)	(4,372)
Net cash (used in) provided by financing activities	(23,763)	211,886
Net (decrease) increase in cash and cash equivalents and restricted cash	(4,711)	50,134
Cash and cash equivalents and restricted cash, beginning of period	95,524	45,390
Cash and cash equivalents and restricted cash, end of period	90,813	95,524
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	63,800	63,173
Restricted cash	27,013	32,351
Total cash and cash equivalents and restricted cash	90,813	95,524
Supplemental disclosure of cash flow information:
Cash paid for interest	67,357	45,183
Income taxes paid	582	1,314
Supplemental disclosure of non-cash investing and financing activities:
(Decrease) increase in accrued deferred offering costs	(1,387)	4,791
Distributions reinvested in common stock	2,353	2,219
Changes in accrued capital expenditures	(6,773)	(4,141)
Paid-in-kind interest related to construction	4,293	1,762
Changes in accrued redemptions	3,497	6,162
Preferred interest liability	15,300	0
Value of OP Units issued for additional investment in unconsolidated real estate entity	19,829	0
Melrose Phase II Acquisition
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	39,582	0
Mortgage note	31,387	0
Other assets and liabilities assumed, net	(280)	0
Value of OP Units issued for real estate assets	3,110	0
805 Riverfront
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	99,153	0
Mortgage note	45,306	0
Other assets and liabilities assumed, net	(14,907)	0
Preferred interest liability	15,300	0
Cottonwood Multifamily Opportunity Fund, Inc.
Supplemental disclosure of non-cash investing and financing activities:
CMOF related party notes assumed	0	1,327
Net other liabilities assumed	0	142
Cottonwood Ridgeview
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	0	68,167
Mortgage note	0	63,795
Value of OP Units issued for real estate assets	0	2,930
Other assets and liabilities assumed, net	0	642
Cottonwood Clermont
Supplemental disclosure of non-cash investing and financing activities:
Mortgage note	0	35,521
Convertible Preferred Stock
Cash flows from financing activities:
Distributions to convertible preferred stockholders	(4)	0
Preferred Stock
Cash flows from financing activities:
Offering costs paid on issuance of common stock	(513)	0
Common Stock
Cash flows from financing activities:
Offering costs paid on issuance of common stock	(3,152)	(9,585)
Repurchase of common stock/OP Units	$ (95,300)	$ (26,900)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Cottonwood Communities, Inc. (the “Company,” “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” or the “Operating Partnership”), and its subsidiaries. We are the sole member of the sole general partner of the Operating Partnership and own general partner interests in the Operating Partnership alongside third party limited partners. Cottonwood Communities, Inc. is a non-listed, perpetual-life, net asset value (“NAV”), real estate investment trust (“REIT”). We qualified as a REIT for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2019. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We conducted our initial public offering of common stock (the “Initial Offering”) from August 13, 2018 to December 22, 2020, for which we raised gross proceeds of $122.0 million. The Initial Offering ended 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 December 31, 2023, we have raised gross proceeds of $203.0 million from the Follow-on Offering, including $4.7 million in proceeds from the DRP Offering. Since November 2019, we have periodically conducted private placement offerings exempt from registration under the Securities Act pursuant to which we have offered for sale to accredited investors preferred stock at a purchase price of $10.00 per share of preferred stock (the “Private Offerings”). As of December 31, 2023, we have raised gross proceeds of $215.5 million from the Private Offerings. Additional information about our preferred stock is included in Note 7 for preferred stock accounted for as liabilities and Note 8 for preferred stock accounted for as equity. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of December 31, 2023, our portfolio consists of ownership interests or structured investment interests in 37 multifamily apartment communities in 12 states with 10,616 units, including 1,868 units in six multifamily apartment communities in which we have a structured investment interest and another 987 units in four multifamily apartment communities under construction or in lease-up. In addition, we have an ownership interest in four land sites we plan to develop. We operate as one reportable segment comprised of multifamily real estate. 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 on September 27, 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 joint venture development projects we acquired additional interests in as a result of 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	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries under its control. The Operating Partnership and its subsidiaries are consolidated as they are controlled by CCI. All intercompany balances and transactions have been eliminated in consolidation. Some of our partially owned and unconsolidated properties are owned through a tenant in common (“TIC interest”) structure. TIC interests constitute separate and undivided interests in real property. TIC interests in properties for which we exercise significant influence are accounted for using the equity method of accounting until we have acquired a 100% interest in the property. Number of units and certain other measures used to describe real estate assets included in the notes to the consolidated financial statements are presented on an unaudited basis. Certain amounts in the prior year consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Variable Interest Entities We invest in entities that qualify as variable interest entities (“VIEs”). All VIEs for which we are the primary beneficiary are consolidated. VIEs for which we are not the primary beneficiary are accounted for under the equity method. A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity’s activities without additional subordinated financial support or, as a group, the equity investors at risk lack the power to direct the entity’s activities and the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property. CROP is a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of CROP as we have the power to direct the activities that most significantly impact economic performance and the rights to receive economic benefits. Substantially all of our assets and liabilities are held in CROP. In cases where we become the primary beneficiary of a VIE, we recognize a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE. Investments in Real Estate In accordance with Accounting Standards Codification Topic 805, Business Combinations , we determine whether an acquisition qualifies as a business combination or as an asset acquisition. We account for business combinations by recognizing assets acquired and liabilities assumed at their fair values as of the acquisition date and expensing transaction costs. Differences between the transaction price and the fair value of identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree, are accounted for as goodwill, or conversely, as a gain on bargain purchase. Transaction costs are included within general and administrative expenses on our consolidated statements of operations as incurred. We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place lease intangibles and debt. Asset acquisition accounting is also used when we acquire a controlling interest through the acquisition of additional interests in partially owned real estate. Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. The fair value of debt assumed is determined using a discounted cash flow analysis based on remaining loan terms and principal. Discount rates are based on management’s estimates of current market interest rates for instruments with similar characteristics, and consider remaining loan term and loan-to-value ratio. The fair value of debt is a present value application which discounts the difference between the remaining contractual and market debt service payments at an equity discount rate. The equity discount rate is an estimated levered return and is calculated using the LTV, unlevered property discount rate, and a market rate. Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. We also capitalize salary costs directly attributable to significant renovation work. We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years): Land improvements 5 - 15 Buildings 30 Building improvements 5 - 15 Furniture, fixtures and equipment 5 - 15 Intangible lease assets Over lease term We expense ordinary maintenance and repairs to operations as incurred. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five Impairment of Long-Lived Assets Long-lived assets include real estate assets, acquired intangible assets, and investments in real estate-related loans. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment equal to the amount by which the carrying amount exceeds the fair value of the asset. No impairment losses were recognized for the years ended December 31, 2023 and 2022 related to our long-lived assets. Investments in Unconsolidated Real Estate Entities Real estate investments where we have significant noncontrolling influence and VIEs where we are not the primary beneficiary are accounted for under the equity method. Equity method investments in unconsolidated real estate entities are recorded at cost, adjusted for our share of net earnings or losses each period, and reduced by distributions. Equity in earnings or losses is generally recognized based on our ownership interest in the earnings or losses of the unconsolidated real estate entities. We follow the “look through” approach for classification of distributions from unconsolidated real estate entities in the consolidated statements of cash flows. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the entity’s sale of assets), in which case it is reported as an investing activity. We assess potential impairment of investments in unconsolidated real estate entities whenever events or changes in circumstances indicate that the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is not considered temporary, the impairment is measured as the excess of the carrying amount of the investment over the fair value of the investment. No impairment losses were recognized for the years ended December 31, 2023 and 2022 related to our investments in unconsolidated real estate entities. Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash in demand deposit accounts at several major commercial banks where balances in individual accounts at times exceeds FDIC insured amounts. To reduce the risk associated with the failure of such financial institutions, we periodically evaluate the credit quality of the financial institutions in which we hold deposits. We have not experienced any losses in such accounts. Restricted Cash Restricted cash includes a construction bond, residents’ security deposits, cash in escrow for self-insurance retention, cash in escrow for acquisitions, escrow deposits held by title companies or by lenders for property taxes, insurance, debt service and replacement reserves, and utility deposits. Other Assets Other assets consist primarily of intangible assets acquired in connection with the merger with Cottonwood Residential II, Inc. in May 2021, as well as receivables, interest rate caps, prepaid expenses and related party receivables. Unsecured Promissory Notes The 2017 6% Notes and the 2019 6% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 5 . These instruments are similar in nature, have fixed interest rates and maturity dates, and are denominated in U.S. dollars. Preferred Stock Series 2019 Preferred Stock, Series 2023 Preferred Stock and Series 2023-A Preferred Stock are described in Note 7 . These instruments are similar in nature and are classified as liabilities on the consolidated balance sheet due to the mandatory redemption of these instruments on a fixed date for a fixed amount. Preferred stock distributions for these series of preferred stock are recorded as interest expense. Series A Convertible Preferred Stock is described in Note 8 . These instruments are perpetual preferred stock and classified as equity. The Series A Convertible Preferred Stock is convertible into Class I shares of the Company’s common stock at the option of the shareholder and by the Company, subject to certain terms and conditions, including hold periods. Dividends on this series of preferred stock are recorded as distributions to the preferred stockholder. Debt Financing Costs Debt financing costs are presented as a direct deduction from the carrying amount of the associated debt liability, which includes mortgage notes, unsecured promissory notes, our revolving credit facility and mandatorily redeemable preferred stock. Debt financing costs are amortized over the life of the related liability through interest expense. Revenue Recognition We lease our multifamily residential units with rents generally due on a monthly basis. Terms are generally one year or less, renewable upon consent of both parties on an annual or monthly basis. Rental and other property revenues is recognized in accordance with Accounting Standards Codification (“ASC”) No. 842, Leases (“Topic 842”). Rental and other property revenues consist of rents and other fees charged to tenants and represent 93% of our total revenue for the year ended December 31, 2023. Our non-lease related revenue consists of income earned from our property management, development, asset management and interest income from our investments in real estate-related loans. Property management and development revenue is derived primarily from our property management services, development and construction work, and internet services. Other revenues consists of interest revenue from our investments in real estate-related loans and asset management revenue from CMOF prior to the closing of the CMOF Merger in September 2022. Non-lease revenues are recognized in accordance with Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“Topic 606”) (“ASU 2014-09”), as subsequently amended. The guidance requires that revenue (outside of the scope of Topic 842) is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Performance Participation Allocation Under the terms of our operating partnership agreement, the Special Limited Partner, an affiliate of our advisor, is entitled to an allocation of CROP’s total return to its capital account. The receipt of the performance participation allocation is subject to the ongoing effectiveness of our advisory agreement and the achievement of certain hurdles. As the performance participation allocation is associated with the performance of a service by the advisor, it is expensed in our consolidated statements of operations. Refer to Note 10 . Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the year ending December 31, 2019. The Company, as a REIT, is not subject to federal income tax with respect to that portion of its income that meets certain criteria and is distributed annually to stockholders. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s taxable income, excluding net capital gains, to stockholders. We have adhered to, and intend to continue to adhere to, these requirements to maintain REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. As a qualified REIT, we are still subject to certain state and local taxes and may be subject to federal income and excise taxes on undistributed taxable income. In addition, taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our consolidated statements of operations. CROP is generally not subject to federal and state income taxes. OP Unit holders, including CCI, are subject to tax on their respective allocable shares of CROP’s taxable income. However, there are certain states that require an entity level tax on CROP. We determine deferred tax assets and liabilities applicable to the TRS based on differences between financial reporting and tax bases of existing assets and liabilities. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is more likely than not that future taxable profits will be available against which they can be utilized. We recognize interest and penalties relating to uncertain tax positions in income tax expense when incurred. For the year ended December 31, 2023, we had an income tax provision of $0.3 million, of which all but an insignificant amount was current. For the year ended December 31, 2022, we had an income tax provision of $8.0 million, of which $0.4 million was current and $7.6 million was deferred. As of December 31, 2023 and 2022, our net deferred tax liability was $9.8 million and $9.7 million, respectively, and is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. In 2022 we had $37.7 million of net Section 1231 gains allocated to our TRS, primarily from a promote received from an incentive allocation agreement. We recorded deferred tax liabilities of $9.2 million related to these gains in 2022. They are deferred as these Section 1231 gains have been contributed to a Qualified Opportunity Zone fund, which provides tax benefits for development programs located in designated areas. We expect that these deferred tax liabilities will be realized in 2026. Refer to Note 9 . Noncontrolling Interests The portion of ownership interests in consolidated entities not held by CCI are reported as noncontrolling interests. Equity and net income (loss) attributable to CCI and to noncontrolling interests are presented separately on the consolidated financial statements. Changes in noncontrolling ownership interests, are accounted for as equity transactions. Noncontrolling interest – limited partners – These noncontrolling interests represent ownership interest in CROP (“CROP Units”) not held by CCI, the sole member of the general partner. Net income or loss is allocated to these limited partners of CROP based on their ownership percentage. Issuance of additional common stock by CCI or CROP Units to limited partners changes the ownership interests of both CCI and the limited partners of CROP. Consistent with the one-for-one relationship between the CROP Units issued to CCI, limited partners are attributed a share of net income or loss in CROP based on their weighted-average ownership interest in CROP during the period. Noncontrolling interest – partially owned entities – These noncontrolling interests represent ownership interests that are not held by us in consolidated entities. Net income (loss) is allocated to noncontrolling interests in partially owned entities based on ownership percentage in those entities. Refer to Note 11 for more information on our noncontrolling interests. Organization and Offering Costs Organization and offering costs in the Series A Convertible Preferred Offering and Follow-on Offering are recorded as an offset to equity. As of December 31, 2023, we incurred $0.6 million and $17.9 million in total organization and offering costs related to the Series A Convertible Preferred Offering and Follow-on Offering, respectively. Organization and offering costs in the Series 2019 Private Offering, the Series 2023 Private Offering and the Series 2023-A Private Offering are deferred and amortized up to the redemption date through interest expense. We incurred $13.2 million in total organization and offering costs related to the offering of the Series 2019 Preferred Stock, which was fully subscribed and terminated in March 2022. As of December 31, 2023 we incurred $10.4 million and $0.3 million in total organization and offering costs related to the offerings of the Series 2023 Preferred Stock and the Series 2023-A Preferred Stock, respectively. Recent Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-05 " Business Combinations — Joint Venture Formations (Subtopic 805-60) " under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. We do not expect the adoption to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances disclosure requirements to segment reporting. ASU No. 2023-07 requires disclosure of incremental segment information on an annual and interim basis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) the title and position of the chief operating decision maker must be named and (iii) the ability to elect more than one performance measure is provided. ASU No. 2023-07 does not change how operating segments are identified, aggregated, or determined. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We do not expect the adoption to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect the adoption to have a material impact on our consolidated financial statements. Immaterial Correction to Consolidated Financial Statements During the year ended December 31, 2023, we identified certain misstatements in our statement of cash flows for year ended December 31, 2022, mostly related to non-cash transactions and one correction of improper netting between borrowings and repayments for one financing transaction. Management has considered the errors and concluded they are not material. The following shows the line items as reported and as corrected for the year ended December 31, 2022 (in thousands) along with a description of each immaterial misstatement: Adjustments As Previously Reported Inter Activity Items (1) Accrued Capital Expenditures (2) Capitalized Interest (3) Accrued Redemptions (4) As Corrected Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities Other operating (5) $ 7,104 $ (4,250) $ — $ — $ — $ 2,854 Changes in operating assets and liabilities Other assets $ (727) $ 3,695 $ — $ — $ — $ 2,968 Accounts payable and accrued liabilities $ 2,819 $ 555 $ 4,141 $ (16) $ (6,162) $ 1,337 Net cash provided by operating activities $ 3,768 $ — $ 4,141 $ (16) $ (6,162) $ 1,731 Cash flows from investing activities: Capital expenditures and development activities $ (88,628) $ — $ (4,141) $ 1,778 $ — $ (90,991) Net cash used in investing activities $ (161,120) $ — $ (4,141) $ 1,778 $ — $ (163,483) Cash flows from investing activities: Borrowings under mortgage notes and term loans $ 464,373 $ 9,161 $ — $ — $ — $ 473,534 Repayments of mortgage notes and term loans $ (231,177) $ (9,161) $ — $ — $ — $ (240,338) Borrowings under construction loans $ 38,331 $ — $ — $ (1,762) $ — $ 36,569 Repurchase of unsecured promissory notes $ (561) $ — $ — $ — $ 418 $ (143) Proceeds from issuance of common stock $ 170,841 $ (2,219) $ — $ — $ — $ 168,622 Repurchase of common stock/OP Units $ (28,379) $ — $ — $ — $ 5,744 $ (22,635) Distributions to common stockholders $ (20,032) $ 2,219 $ — $ — $ — $ (17,813) Net cash provided by financing activities $ 207,486 $ — $ — $ (1,762) $ 6,162 $ 211,886 Supplemental disclosure of non-cash investing and financing activities: Distributions reinvested in common stock $ — $ 2,219 $ — $ — $ — $ 2,219 Changes in accrued capital expenditures $ — $ — $ (4,141) $ — $ — $ (4,141) Capitalized interest related to construction $ — $ — $ — $ 1,762 $ — $ 1,762 Changes in accrued redemptions $ — $ — $ — $ — $ 6,162 $ 6,162 (1) These items do not impact total cash flows from operating, investing and financing activities. They include separating the fair value of derivatives from other assets, separating the amortization of below market leases from other assets, correcting the improper netting between borrowings and repayments for one financing transaction, and reducing cash from issuance of common stock and distributions to common stockholders for distributions from our distribution reinvestment plan. (2) Noncash accruals for capitalized development costs were not properly excluded from cash outflows for capital expenditures and development activities within investing activities and also was not properly excluded from changes in accounts payable and accrued liabilities. (3) Noncash accrued capitalized interest on development projects was not properly excluded from cash outflows for capital expenditures and development activities in investing activities and borrowings from construction loans in financing activities. (4) Noncash accruals for redemptions were not properly excluded from cash outflows paid for redemptions within financing activities and also were not properly excluded from changes in accounts payable and accrued liabilities. (5) The amount in the table above for other operating within operating cash flows includes $6.7 million related to the amortization of debt issuance costs, discounts and premiums, which has been separated to its own line for the current year presentation.

Real Estate Assets, Net

Real Estate Assets, Net	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Land $ 257,553 $ 267,876 Building and improvements 1,429,689 1,348,019 Furniture, fixtures and equipment 63,015 54,067 Intangible assets 37,158 40,692 Construction in progress (1) 17,995 106,223 1,805,410 1,816,877 Less: Accumulated depreciation and amortization (156,264) (119,270) Real estate assets, net $ 1,649,146 $ 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 net proceeds of $7.2 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. Sale of Cottonwood One Upland On December 15, 2023, we sold Cottonwood One Upland for net proceeds of $38.8 million. We recorded a net gain on sale of $23.0 million. 805 Riverfront Consolidation We have a preferred equity investment in 805 Riverfront, a multifamily development project located in West Sacramento, CA (the “Riverfront Project”). On September 8, 2023, the sponsor of the Riverfront Project was removed as the manager and developer due to events of default, whereupon we became the manager and replacement developer with control of the project. Prior to this event, our preferred equity investment was accounted for as an equity method investment. The entity controlling the Riverfront Project is a variable interest entity (“VIE”). When we consolidate a VIE that is not a business, a gain or loss is recognized for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our previous interest and (2) the net fair value of identifiable assets and liabilities of the VIE. For 805 Riverfront, no consideration was paid and the fair value of the noncontrolling interest on the date of consolidation was zero. We recorded a gain of $4.2 million as follows (in thousands): Description Amounts Reported amount of previous interest Equity method investment (1) $ 28,679 Fair value of assets and liabilities Real estate assets $ 103,378 Restricted cash 5,039 Other assets 400 Accounts payable, accrued expenses and other liabilities (15,307) Preferred interest (2) (15,300) Construction loans, net (45,306) Total net fair value of identifiable assets and liabilities of the VIE 32,904 Gain on consolidation $ 4,225 (1) We provided an additional investor capital contribution of $6.0 million for the Riverfront Project with the change of control. (2) A third party has a preferred equity investment in the Riverfront Project that is mandatorily redeemable. This investment accrues interest at 11.5% (subject to a minimum multiple of 1.35x), and has an initial maturity date of May 31, 2024 with two one Asset Acquisitions The following table summarizes the purchase price allocation of the real estate assets acquired during the year ended December 31, 2023 (in thousands): Allocated Amounts Property Location Date Consolidated Building Land Land Improvements Personal Property Lease Intangibles Debt Fair Value Adjustment Total Melrose Phase II Nashville, TN 8/2/23 $ 32,115 $ 5,156 $ 248 $ 1,021 $ 1,043 $ 1,013 $ 40,596 Melrose Phase II was consolidated in August 2023 when we issued 175,077 operating partnership units in CROP (“OP Units”) to acquire the remaining 20.2% tenant-in-common interests in the property. The value of the OP Units was $3.1 million. Melrose Phase II was previously accounted for as an equity method investment. 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 Fair Value Adjustment 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 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 June 2022 (3800 Main was previously an equity method investment prior to its sale). 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. In September 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. 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 in September 2022. 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	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (in thousands): Balance at December 31, Property / Development Location % Owned 2023 2022 Stabilized Properties Alpha Mill (1) (2) Charlotte, NC 73.7% (2) 29,522 10,470 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 11,817 30,792 Cottonwood Lighthouse Point (1) (3) Pompano Beach, FL 86.8% (3) 38,852 — Fox Point (1) Salt Lake City, UT 52.8% 13,533 14,794 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 6,713 9,382 Melrose Phase II (1) (4) Nashville, TN 100.0% (4) — 6,185 Preferred Equity Investments Lector85 Ybor City, FL 11,387 10,006 Astoria West (formerly Vernon) Queens, NY 23,406 20,567 805 Riverfront (5) West Sacramento, CA (5) — 20,259 417 Callowhill Philadelphia, PA 38,028 9,949 Infield Kissimmee, FL 11,942 — Other 516 803 Total $ 185,716 $ 133,207 (1) We account for our tenant in common interests in these properties as equity method investments. Refer to Note 2 . (2) On March 31, 2023, we issued 1,063,293 OP Units for an additional 45.4% tenant-in-common interests in Alpha Mill, increasing our ownership to 73.7%. The value of the OP Units on the close date was $19.8 million based on the net asset value of OP 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 net proceeds of $7.2 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. (4) On August 2, 2023, we issued 175,077 OP Units to acquire the remaining 20.2% tenant-in-common interests in Melrose Phase II, bringing our ownership to 100% and resulting in the consolidation of the property from that date onward. The value of the OP Units issued was $3.1 million. (5) 805 Riverfront was consolidated due to a change in control as described in Note 3 . On the date of consolidation our equity method investment was $22.6 million. Equity in losses for our stabilized properties for the year ended December 31, 2023 was $5.4 million. Equity in earnings for our stabilized assets for the year ended December 31, 2022 was $3.6 million. During February 2023, we received $16.9 million and $1.2 million in distributions as a return of capital from debt refinances at Cottonwood Bayview and Toscana at Valley Ridge, respectively. The following is a summary of certain balance sheet and operating data for our stabilized properties ($ in thousands): Operating data: 2023 - For the Period Held as Equity Method Investments 2022 - For the Period Held as Equity Method Investments Total revenues $ 32,373 $ 35,514 Total operating expenses 13,532 14,258 Total other expenses (26,086) (18,871) Net income (loss) (7,245) 2,385 Balance sheet data: December 31, 2023 December 31, 2022 Real estate assets $ 362,157 $ 309,404 Cash and cash equivalents 3,581 4,270 Total assets 374,392 319,734 Mortgage notes, net 235,343 193,939 Total liabilities 240,185 197,365 The increase in other expenses is primarily due to higher mortgage interest, depreciation expense, and the change in the fair market value of derivatives. Our preferred equity investments are development projects with liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Income or loss is recorded based on changes in what would be received should the entity liquidate all of its assets (as valued in accordance with GAAP) and distribute the resulting proceeds based on the terms of the respective agreements. The HLBV method is a balance sheet focused approach commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. Equity in earnings for our preferred equity investments for the years ended December 31, 2023 and 2022 were $11.9 million and $8.8 million, respectively. On November 3, 2023, we entered into an agreement to provide a junior preferred equity investment for an amount of $11.4 million (the “Infield Investment”) and we fully funded the investment on the same day. The Infield Investment accrues a preferred return of 16.75% per annum, compounded monthly. The borrower intends to use the proceeds from the Infield Investment to fund cost overruns in order to complete the development of the Infield Apartments, a 384-unit multifamily project located in Kissimmee, Florida, a suburb of Orlando. During the year ended December 31, 2023, we funded $23.4 million towards the 417 Callowhill preferred equity investment. As of December 31, 2023 we have funded $32.1 million in total towards the 417 Callowhill preferred equity investment and had a remaining commitment of $1.3 million. As of December 31, 2023, we have fully funded our commitments on the Lector85, Astoria West and Infield preferred equity investments. Our 805 Riverfront preferred equity method investment was fully funded prior to the change of control event in September 2023. Refer to Note 3 .

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) December 31, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 4.46% 5.1 Years $ 891,319 $ 528,308 Total fixed rate loans 891,319 528,308 Variable rate loans (2) Floating rate mortgages 5.45% (3) 6.9 Years 131,153 426,130 Variable rate revolving credit facility (4) 7.96% 4.0 Years 12,400 54,000 Total variable rate loans 143,553 480,130 Total secured loans 1,034,872 1,008,438 Unamortized debt issuance costs (7,067) (4,878) Premium on assumed debt, net (5,353) (3,423) Mortgage notes and revolving credit facility, net $ 1,022,452 $ 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 rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). (3) Includes the impact of interest rate caps in effect on December 31, 2023. (4) Our variable rate revolving credit facility was amended and restated on December 15, 2023 when One Upland was sold and removed as collateral. The facility remains secured by Parc Westborough with the option to add another property as collateral by December 14, 2024. The interest rate on the amended facility is one-month SOFR + 2.60% and the maturity date was reset to a three one During 2023, we completed debt refinances on seven of our consolidated properties and converted certain variable rate loans to fixed rate loans, and we also amended our variable rate revolving credit facility when One Upland was sold in December 2023. Fixed rate mortgages as of December 31, 2023 includes the Melrose Phase II mortgage, which was consolidated August 2023. Floating rate mortgages as of December 31, 2023 excludes Cottonwood Lighthouse Point, which was deconsolidated in February 2023. See Note 3 and Note 4 above for additional discussion related to the Melrose Phase II and Cottonwood Lighthouse Point transactions. We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of December 31, 2023. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at Amount Drawn at Park Avenue (1) (1) (1) $ — $ 37,000 Cottonwood Broadway One-Month BSBY (2) + 2.9% May 15, 2025 44,625 41,891 39,728 Cottonwood Highland 30-Day Average SOFR + 2.55% May 1, 2029 44,250 39,790 18,599 805 Riverfront (3) One-Month SOFR + 4.35% May 30, 2026 55,400 48,310 — The Westerly (4) One-Month SOFR + 3.0% July 12, 2028 42,000 — — $ 186,275 $ 129,991 $ 95,327 (1) The Park Avenue construction loan was refinanced in March 2023 with a $43.5 million fixed rate mortgage which matures in 2028 and is included in mortgage notes above. (2) The Bloomberg Short-Term Yield Index (“BSBY”) will cease as an index after November 15, 2024. We expect the Broadway loan will be refinanced in 2024 before the cessation of BSBY, although there are provisions in the Broadway loan documents for a conversion to Term SOFR if needed. (3) 805 Riverfront was consolidated in September 2023. Refer to Note 3 . (4) In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026. No amounts have been drawn on the construction loan as of December 31, 2023. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP’s debt. Each note has extension options, at our discretion, during which the interest rate will increase 0.25% each year. Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date (1) (2) Maximum Extension Date December 31, 2023 December 31, 2022 2017 6% Notes (1) $ 35,000 6.25% December 31, 2024 (1) December 31, 2024 $ 20,308 $ 20,718 2019 6% Notes (2) 25,000 6.00% December 31, 2024 (2) December 31, 2025 21,575 22,235 $ 60,000 $ 41,883 $ 42,953 (1) We exercised the option to extend the maturity date on our 2017 6% Notes for one final year to December 31, 2024, which increased the interest rate to 6.5% for the period from January 1, 2024 to December 31, 2024. (2) We exercised the option to extend the maturity date on our 2019 6.0% Notes for one additional year to December 31, 2024, which increased the interest rate to 6.25% for the period from January 1, 2024 to December 31, 2024. The aggregate maturities, including amortizing principal payments on our debt for years subsequent to December 31, 2023 are as follows (in thousands): Year Mortgage Notes and Revolving Credit Facility Construction Loans Unsecured Total 2024 (1) $ 466 $ 90,201 $ 41,883 $ 132,550 2025 1,405 — — 1,405 2026 105,527 — — 105,527 2027 364,181 — — 364,181 2028 72,468 — — 72,468 Thereafter 490,825 39,790 — 530,615 $ 1,034,872 $ 129,991 $ 41,883 $ 1,206,746 (1) Of the amounts maturing in 2024, $21.6 million relates to our 2019 6% Unsecured Promissory Notes, which can be extended to December 31, 2025. An additional $41.9 million relates to the construction loan for Cottonwood Broadway, which can be extended to May 15, 2025, subject to the satisfaction of certain conditions, and $48.3 million relates to the construction loan for 805 Riverfront, which can be extended for two one

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 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, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data. The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): As of December 31, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real estate-related loans $ 8,703 $ 8,777 $ — $ — Financial Liability: Fixed rate mortgages $ 891,319 $ 869,248 $ 528,308 $ 509,134 Floating rate mortgages $ 131,153 $ 129,540 $ 426,130 $ 421,189 Variable rate revolving credit facility $ 12,400 $ 12,400 $ 54,000 $ 54,000 Construction loans $ 129,991 $ 129,991 $ 95,327 $ 95,327 Series 2019 Preferred Stock $ 124,266 $ 124,266 $ 127,065 $ 127,065 Series 2023 Preferred Stock $ 83,567 $ 83,567 $ — $ — Series 2023-A Preferred Stock $ 2,850 $ 2,850 $ — $ — Preferred interest liability $ 15,300 $ 15,300 $ — $ — Unsecured promissory notes, net $ 41,883 $ 41,883 $ 42,953 $ 42,953 All financial instruments in the table above are categorized as Level 2 in the fair value hierarchy.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Preferred Stock	Preferred Stock We have three classes of preferred stock outstanding as of December 31, 2023: Series 2019, Series 2023, and Series 2023-A that are accounted for as liabilities on the consolidated balance sheets as they are mandatorily redeemable. Each class of preferred stock receives a fixed preferred dividend based on a cumulative, but not compounded, annual return. The Series 2019 and Series 2023 Preferred Stock each have a fixed redemption date with extension options at our discretion, subject to an increase in the preferred dividend rate. We can also redeem our preferred stock early for cash plus all accrued and unpaid dividends. The Series 2019, Series 2023 and Series 2023-A Preferred Stock rank senior to our common stock and convertible preferred stock and on parity with each other with respect to distribution rights and rights upon liquidation, dissolution or winding up. Information on these classes of preferred stock as of December 31, 2023 and 2022 is as follows: Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date Shares Outstanding at December 31, 2023 December 31, 2022 Series 2019 Preferred Stock 5.5% 6.0% December 31, 2024 (1) December 31, 2025 12,426,596 12,706,485 Series 2023 Preferred Stock 6.0% 6.5% (2) June 30, 2027 June 30, 2029 8,356,724 — Series 2023-A Preferred Stock 7.0% N/A December 31, 2027 N/A 285,000 — (1) Prior to the original December 31, 2023 redemption date, we exercised our first extension option for the Series 2019 Preferred Stock, which increased the dividend rate to 6.0% and extended the redemption date to December 31, 2024. (2) Represents the fully extended dividend rate. During the first-year extension the dividend rate is 6.25%. The offering of Series 2023 Preferred Stock commenced in December 2022 and is ongoing, with our first shares issued in early 2023. The offering of Series 2023-A Preferred Stock commenced in July 2023, and is ongoing, with our first shares issued in August 2023. During the year ended December 31, 2023, we issued $83.6 million of Series 2023 Preferred Stock and we issued $2.9 million of Series 2023-A Preferred Stock. We issued the remaining $15.5 million of Series 2019 Preferred Stock in the first quarter of 2022, whereupon the offering of our Series 2019 Preferred Stock was fully subscribed and terminated in March 2022 having launched in November 2019. During the year ended December 31, 2023, we incurred $3.2 million in dividends on our Series 2023 Preferred Stock and we incurred $0.1 million in dividends on our Series 2023-A Preferred Stock. During both the years ended December 31, 2023 and 2022, we incurred $6.9 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. During the year ended December 31, 2023, we repurchased 279,889 shares of Series 2019 Preferred stock for $2.7 million and we repurchased 5,000 shares of Series 2023 Preferred Stock for $45.0 thousand. No shares of our Series 2023-A Preferred Stock were repurchased during 2023. During the year ended December 31, 2022, we repurchased 27,000 shares of Series 2019 Preferred Stock for $0.3 million. Additionally, 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. The Series 2017 Preferred Stock and the Series 2016 Preferred Stock were designated and issued in connection with the Company’s merger with Cottonwood Residential II, Inc. in May 2021.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Convertible Preferred Stock In September 2023, we designated the Series A Convertible Preferred Stock (“Convertible Preferred Stock”). The Convertible Preferred Stock is accounted for as a class of stockholder’s equity. The holders of Convertible Preferred Stock receive monthly cash dividends at the rate of 8.0% per annum of $10.00 per share when and as authorized by the board of directors and declared by the Company. The board of directors may increase the dividend rate from time to time in its sole discretion. Subject to certain terms and conditions, the Convertible Preferred Stock is convertible into Class I shares of the Company’s common stock in an amount equal to the purchase price divided by the net asset value for the Class I shares at the time of conversion. The Convertible Preferred Stock is being offered for sale pursuant to a private offering to accredited investors only. The Series A Convertible Preferred Stock ranks senior to the Company’s common stock and junior to the Series 2019, the Series 2023, and the Series 2023-A Preferred Stock with respect to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Company. As of December 31, 2023, there were 215,277 shares of the Convertible Preferred Stock issued and outstanding. We incurred an insignificant amount in dividends on our Convertible Preferred Stock in 2023 as the first shares of Convertible Preferred Stock were issued in November 2023. Common Stock The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below: Class T D I A TX Total Balance at December 31, 2021 — — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 4,814,430 64,645 3,579,515 — — 8,458,590 Distribution reinvestment 10,832 28 8,334 93,768 13 112,975 Exchanges and transfers (1) — — 280,889 17,533 (17,533) 280,889 CMOF Merger — — — 4,335,367 — 4,335,367 Repurchases of common stock (10,140) — (158,975) (1,286,978) — (1,456,093) Balance at December 31, 2022 4,815,122 64,673 3,861,049 26,604,864 — 35,345,708 Issuance of common stock 644,374 148,629 650,383 — — 1,443,386 Distribution reinvestment 31,289 682 24,344 74,304 — 130,619 Exchanges and transfers (1) (1,723) — 480,749 — — 479,026 Repurchases of common stock (1,571,844) (11,241) (720,082) (3,447,291) — (5,750,458) Balance at December 31, 2023 3,917,218 202,743 4,296,443 23,231,877 — 31,648,281 (1) Exchanges represent the number of shares OP Unit holders have exchanged for Class I shares during the period. In 2023, transfers represent Class T shares that were converted to Class I shares during the period. During 2022, transfers represent Class TX shares that were converted to Class A shares, after which we no longer had any Class TX shares outstanding. Common Stock Distributions Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our distribution reinvestment plan. For the year ended December 31, 2023, we paid aggregate distributions of $24.2 million, including $21.9 million distributions paid in cash and $2.4 million of distributions reinvested through our distribution reinvestment plan. For the year ended December 31, 2022, we paid aggregate distributions of $20.0 million, including $17.8 million distributions paid in cash and $2.2 million of distributions reinvested through our distribution reinvestment plan. Distributions are declared monthly for each share of our common stock. Distributions declared were at a monthly rate of $0.0583333, or $0.70 annually, per common share for January 2022; were at a monthly rate of $0.05916667, or $0.71 annually, per common share for February, March and April 2022; were at a monthly rate of $0.06000000, or $0.72 annually, per common share for May 2022; and were at a monthly rate of $0.06083333, or $0.73 annually, per common share for each month in the months from June 2022 through December 2023. For the years ended December 31, 2023 and 2022, 100% (unaudited) of distributions to stockholders were reported as a return of capital or, to the extent they exceed a stockholder’s adjusted tax basis, as gains from the sale or exchange of property. Repurchases During the year ended December 31, 2023, we repurchased 5,750,458 shares of common stock pursuant to our share repurchase program for $95.3 million, at an average repurchase price of $16.57. During the year ended December 31, 2022, we repurchased 1,456,093 shares of common stock pursuant to our share repurchase program for $26.9 million, at an average repurchase price of $18.47.

Promote from Incentive Allocati

Promote from Incentive Allocation Agreement	12 Months Ended
	Dec. 31, 2023
Promote from Incentive Allocation Agreement [Abstract]
Promote from Incentive Allocation Agreement	Promote from Incentive Allocation Agreement In 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 $30.6 million from the sale. As a result of the sale, we no longer manage this portfolio.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 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. Management Fee . 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. Through September 19, 2023, the cap was equal to 0.125% of net asset value of CROP. Effective September 19, 2023, the cap was amended to be based on “adjusted net asset value”, which is defined to include the value attributable to preferred stock that is convertible into common equity in the calculation of net asset value of CROP. Management fees to our advisor for the years ended December 31, 2023 and 2022 were $17.3 million and $17.8 million, respectively. Acquisition Expense Reimbursement. We 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. There were no acquisition expense reimbursements for the years ended December 31, 2023 and 2022. Performance Participation Allocation. In addition to the fees paid to our advisor for services provided pursuant to the 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 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 year ended December 31, 2023. During the year ended December 31, 2022, we recognized $20.3 million of expense for the performance participation allocation as a result of the increase in the value of our net assets and dividends paid to stockholders, which was paid in cash during the first quarter of 2023. 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 December 31, 2023, entities affiliated with us and our advisor (the “Affiliated Members”) have made aggregate capital 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 December 31, 2023, our ownership in the Block C joint venture was 82.4%. Reimbursable Operating Expenses Our advisor must reimburse us the amount by which our aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of our average invested assets or 25% of our net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Our conflicts committee determined that no reimbursement was required as of December 31, 2023 and 2022. Alpha Mill Transaction On April 7, 2022, we sold a 10.3% interest in Alpha Mill to a trust established by the father of Chad Christensen, one of our directors and Executive Chairman, and Gregg Christensen, our Chief Legal Officer and Secretary (the “Christensen Trust”) for $8.2 million. Independent Director Compensation

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests - Limited Partners Common Limited OP Units and LTIP Units are OP units not owned by us and collectively referred to as “Noncontrolling Interests – Limited Partners.” Common Limited OP Units - Common Limited OP Units share in the profits, losses and cash distributions of CROP as defined in the partnership agreement, subject to certain special allocations and receive distributions equivalent to distributions declared to the holders of CCI common stock. During the years ended December 31, 2023 and 2022, we paid aggregate distributions to noncontrolling OP Unit holders of $23.2 million and $22.2 million, respectively. LTIP Units - Certain executives, directors and key employees receive LTIP Units in CROP as equity incentive compensation. LTIP Units are a separate series of limited partnership units, which are convertible into Common Limited OP Units upon achieving certain time vesting and performance requirements. Unless otherwise provided, the time vesting LTIP Units (whether vested or unvested) entitle the holder to receive current distributions from CROP, and the performance LTIP Units (whether vested or unvested) entitle the holder to receive 10% of the current distributions from CROP during the applicable performance period. When the LTIP Units have vested and sufficient income has been allocated to the holder of the vested LTIP Units, the LTIP Units will automatically convert to Common Limited OP Units in CROP on a one-for-one basis. LTIP Units constitute profits interests and have no voting rights in CROP. As of December 31, 2023, there were 602,895 unvested time LTIP awards and 597,105 unvested performance LTIP awards outstanding. Share-based compensation, included within other in the consolidated statement of stockholders’ equity, was $2.8 million and $3.7 million for the years ended December 31, 2023 and 2022, respectively. Total unrecognized compensation expense for LTIP Units at December 31, 2023 is $5.5 million and is expected to be recognized on a straight-line basis through December 2026. Noncontrolling Interests - Partially Owned Entities As of December 31, 2023, noncontrolling interests in entities not wholly owned by us ranged from 1% to 63%, with the average being 11%. In June 2022, Block C was recapitalized. We contributed additional funds and obtained a controlling interest and consolidated the Block C joint venture, recording the Block C membership interests owned by CMOF and Affiliated Members at that time as noncontrolling interests. Upon recapitalization, additional noncontrolling interests were recorded with the Affiliated Members contribution to The Archer, an entity that was already consolidated. With the CMOF Merger in September 2022, we acquired the noncontrolling interest in Cottonwood Broadway, Park Ave, and Block C that were previously owned by CMOF. The remaining portion of Block C not owned by us continues to be recorded as noncontrolling interest.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 417 Callowhill As of December 31, 2023, we had funded $32.1 million and had a remaining commitment of $1.3 million on the 417 Callowhill preferred equity investment. 2215 Hollywood As of December 31, 2023, we had funded $2.0 million and had a remaining commitment of $8.0 million on the 2215 Hollywood Mezzanine Loan. Monrovia Station As of December 31, 2023, we had funded $6.8 million and had a remaining commitment of $13.4 million on the Monrovia Station Junior Mezzanine Loan. Economic Dependency We are dependent on our advisor and its affiliates and the dealer manager for certain services that are essential to us, including the sale of our shares in our public and private offering; the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of our investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, we will be required to obtain such services from other sources. Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of December 31, 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. Richmond Guaranty At the closing of the merger with Cottonwood Residential II, Inc. in 2021, the Company assumed a 50% payment guarantee provided by Cottonwood Residential II, Inc. and CROP, for certain obligations of Villas at Millcreek, LLC (“Richmond Borrower”) with respect to a construction loan in the amount of $53.6 million obtained in connection with the development of Richmond at Millcreek, a development project sponsored by High Traverse Development, LLC. Certain of our officers and directors own an aggregate 14.18% of Richmond Borrower. A wholly owned subsidiary of CROP receives fees from High Traverse Development, LLC related to the development of Richmond at Millcreek. Environmental As an owner of real estate, we are subject to various federal, state and local environmental laws. Compliance with existing laws has not had a material adverse effect on us. However, we cannot predict the impact of new or changed laws or regulations on our properties or on properties that we may acquire in the future. Distribution Reinvestment Plan Our distribution reinvestment plan allows common stockholders to apply their dividends and other distributions towards the purchase of additional shares of common stock. The purchase price for shares purchased pursuant to our distribution reinvestment plan is the transaction price for such shares in effect on the distribution date, which is generally the most recently disclosed NAV per share. Share Repurchase Programs Preferred Stock Upon the request of a holder of our preferred stock, we may, at the sole discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long such preferred stockholder has held each share: Repurchase Price Share Purchase Anniversary Series 2019 Series 2023 Series 2023-A Series A Convertible Less than 1 year $8.80 $9.00 $9.20 $9.00 1 year $9.00 $9.00 $9.40 $9.10 2 years $9.20 $9.20 $9.60 $9.20 3 years $9.40 $9.40 $9.60 $9.30 4 years $9.60 $9.60 $9.60 $9.40 5 years $9.80 $9.80 $9.60 $9.40 6 years $9.80 $9.80 $9.60 $9.80 A stockholder’s death or complete disability, 2 years or more $10.00 $10.00 $10.00 $10.00 Repurchase information on our mandatorily redeemable preferred stock is disclosed in Note 7 above. There have been no repurchases of our Series A Convertible Preferred Stock as of December 31, 2023. Common Stock Our share repurchase program provides that we may make repurchases, at our discretion, with an aggregate value of up to 2% of our aggregate net asset value or “NAV” each month and up to 5% of our NAV each quarter. We have no restrictions on the source of funds used to repurchase shares pursuant to our share repurchase program. For our Class T, Class D and Class I shares, the repurchase price is equal to the transaction price at the date of repurchase, or 95% of the transaction price on the repurchase date if the shares have been held for less than a year. For our Class A shares, the repurchase price will be equal to the transaction price at the date of repurchase, subject to the following: (i) shares that have been outstanding six years or more will be repurchased at 100% of the transaction price, (ii) shares that have been outstanding for at least five years and less than six years will be repurchased at 95.0% of the transaction price, (iii) shares that have been outstanding for at least three years and less than five years will be repurchased at 90.0% of the transaction price and (iv) shares that have been outstanding for at least one year and less than three years will be repurchased at 85.0% of the transaction price. The transaction price is the then-current offering price per share, which is generally the most recently disclosed NAV per share. Common Limited OP Units Beginning one year after acquiring any Common Limited OP Units, common limited partners have the right to request CROP repurchase their Common Limited OP Units as described below. We may, in our sole discretion, honor the repurchase request at the following prices: 1. Beginning one year after acquisition of a Common Limited OP Unit and continuing for the three-year period thereafter, the purchase price for the repurchased Common Limited OP Unit shall be equal to 80% of the NAV of the Common Limited OP Units. 2. Beginning four years after acquisition of a Common Limited OP Unit and continuing for the two-year period thereafter, the purchase price for the repurchased Common Limited OP Units shall be equal to 85% of the NAV of the CROP Common Units. 3. Beginning six years after acquisition of a Common Limited OP Unit and continuing thereafter, the purchase price for the repurchased Common Limited OP Unit shall be equal to 90% of the NAV of the Common Limited OP Units. Subject to our sole discretion, in the case of the death or complete disability of a limited partner, the repurchase of the Common Limited OP Units may occur at any time after acquisition of a Common Limited OP Unit and, if accepted by us, the purchase price for the repurchased Common Limited OP Units will be equal to 95% of the NAV of the Common Limited OP Units.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events from December 31, 2023 up until the date the consolidated financial statements are issued for recognition or disclosure and have determined there are none to be reported or disclosed in the consolidated financial statements other than those mentioned below. Series A Convertible Preferred Stock On February 7, 2024, we filed Articles of Amendment to provide that the holders of our Series A Convertible preferred stock may convert their shares into our Class I common stock beginning after a two-year hold period, which is earlier than the five-year time period prior to the amendment. Cottonwood Lighthouse Point Tenant In Common Acquisition On March 28, 2024, we acquired all of the outstanding tenant-in-common interests in Cottonwood Lighthouse Point from an unaffiliated third party in exchange for 259,246 OP Units, increasing our ownership from 86.8% to 100%. 805 Riverfront As discussed in Note 3 , on September 8, 2023, the sponsor of the Riverfront Project was removed as the manager and developer due to events of default, whereupon we became the manager and replacement developer with control of the project and consolidated the project. On January 24, 2024, we acquired the Sponsor’s interest in the entity controlling the Riverfront Project for zero dollars. Sale of Cottonwood West Palm On February 29, 2024, we sold Cottonwood West Palm for net proceeds of $34.0 million. Status of the Series 2023 Private Offering Through March 25, 2024, we sold 674,165 shares of Series 2023 Preferred Stock for aggregate gross offering proceeds of $6.7 million. In connection with the sale of these shares in the Series 2023 Private Offering, the Company paid aggregate selling commissions of $0.4 million and placement fees of $0.2 million. As of March 25, 2024, there were 9,030,889 shares of our Series 2023 Preferred Stock outstanding. Status of the Series 2023-A Private Offering Through March 25, 2024, we sold 10,000 shares of Series 2023-A Preferred Stock for aggregate gross offering proceeds of $100,000. In connection with the sale of these shares in the Series 2023-A Private Offering, the Company paid aggregate wholesaler fees of $2,000 and placement fees of $750. As of March 25, 2024, there were 295,000 shares of our Series 2023-A Preferred Stock outstanding. Status of the Series A Convertible Private Offering Through March 25, 2024, we sold 1,258,832 shares of Series A Convertible Preferred Stock for aggregate gross offering proceeds of $12.6 million. In connection with the sale of these shares in the Series A Convertible Private Offering, the Company paid aggregate selling commissions of $0.7 million and placement fees of $0.4 million. As of March 25, 2024, there were 1,474,108 shares of our Series A Convertible Preferred Stock outstanding. Status of the Follow-on Offering Through March 25, 2024, we sold the following through our follow-on public offering ($ in thousands): Class T D I A Total Shares issued through Primary Offering 141,143 2,497 293,748 — 437,388 Shares issued through DRP Offering 14,575 250 10,605 27,757 53,187 Gross Proceeds $ 2,023 $ 35 $ 3,923 $ — $ 5,981 Distributions Declared - Common Stock We declared the following monthly distributions after December 31, 2023: Stockholder Record Date Monthly Rate Annually January 31, 2024 $ 0.06083333 $ 0.73 February 29, 2024 $ 0.06083333 $ 0.73 March 31, 2024 $ 0.06083333 $ 0.73 Grant of LTIP Unit Awards On January 9, 2024, we issued LTIP Units from the Operating Partnership to our executive officers and certain employees as approved by our compensation committee. The compensation committee approved awards of time-based LTIP Units in an aggregate amount of $1,609,125. Each award will vest approximately one-quarter of the awarded amount on January 1, 2025, 2026, 2027 and 2028. The compensation committee also approved awards of performance-based LTIP Units to our executive officers and certain of our employees in an aggregate target amount of $2,988,375. The actual amount of each performance-based LTIP Unit award will be determined at the conclusion of a three-year performance period and will depend on the internal rate of return as defined in the award agreement. The earned LTIP Units will become fully vested on the first anniversary of the last day of the performance period, subject to continued employment with the advisor or its affiliates. The number of units granted were valued by reference to our November 30, 2023 NAV per share as announced on December 15, 2023 of $14.4754. Equity Incentive Plan On January 9, 2024, we issued an aggregate grant of 34,399 restricted stock units with a four-year vesting schedule. Of this amount, 16,254 were issued pursuant to the Cottonwood Communities, Inc. 2022 Equity Incentive Plan.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Cost to Company Gross Amount Carried as of Description Location Ownership Percent Number of Units Encumbrances Land Buildings, Intangibles and Improvements Cost Capitalized Subsequent to Acquisition Land Buildings, Intangibles and Improvements Total (1) Accumulated Depreciation and Amortization (2) Year(s) Built Date Acquired Stabilized Multifamily Apartment Communities: Cason Estates Murfreesboro, TN 100.0% 262 $ (37,462) $ 4,806 $ 46,666 $ 806 $ 4,806 $ 47,472 $ 52,278 $ (6,327) 2005 5/7/2021 Cottonwood Apartments Salt Lake City, UT 100.0% 264 (35,430) 6,556 40,745 1,648 6,556 42,393 48,949 (5,446) 1986 5/7/2021 Cottonwood Clermont Clermont, FL 100.0% 230 (34,961) 5,705 76,805 225 5,705 77,030 82,735 (5,742) 2020 9/21/2022 Cottonwood Reserve Charlotte, NC 91.1% 352 (48,049) 12,634 64,168 1,190 12,634 65,358 77,992 (9,131) 2004, 2017 5/7/2021 Cottonwood Ridgeview Plano, TX 100.0% 322 (65,300) 9,275 59,392 747 9,275 60,139 69,414 (4,515) 2004 9/19/2022 Cottonwood West Palm West Palm Beach, FL 100.0% 245 (47,978) 9,380 57,073 818 9,380 57,891 67,271 (11,217) 2018 5/30/2019 Cottonwood Westside Atlanta, GA 100.0% 197 (26,986) 8,641 39,324 482 8,641 39,806 48,447 (5,138) 2014 5/7/2021 Enclave on Golden Triangle Keller, TX 98.9% 273 (48,400) 4,888 46,712 879 4,888 47,591 52,479 (5,812) 2006 5/7/2021 Heights at Meridian Durham, NC 100.0% 339 (53,401) 5,971 74,022 767 5,971 74,789 80,760 (9,513) 2015 5/7/2021 Melrose Nashville, TN 100.0% 220 (56,600) 8,822 58,676 490 8,822 59,166 67,988 (8,156) 2015 5/7/2021 Melrose Phase II Nashville, TN 100.0% 139 (32,400) 5,156 34,526 25 5,156 34,551 39,707 (1,319) 2018 8/2/2023 Parc Westborough Boston, MA 100.0% 249 (12,400) 12,759 61,302 526 12,759 61,828 74,587 (8,549) 2016 5/7/2021 Park Avenue (3) Salt Lake City, UT 100.0% 234 (43,453) 12,369 29,931 25,508 12,369 55,439 67,808 (3,559) 2022 5/7/2021 Pavilions Albuquerque, NM 96.4% 240 (58,500) 5,924 55,177 870 5,924 56,047 61,971 (6,808) 1992 5/7/2021 Raveneaux Houston, TX 97.0% 382 (47,400) 6,249 51,251 862 6,249 52,113 58,362 (6,739) 2000 5/7/2021 Regatta Houston, TX 100.0% 490 (35,367) 8,449 39,651 1,360 8,449 41,011 49,460 (5,818) 1968-1976 5/7/2021 Retreat at Peachtree City Peachtree City, GA 100.0% 312 (58,412) 5,669 66,888 1,013 5,669 67,901 73,570 (9,310) 1999 5/7/2021 Scott Mountain Portland, OR 95.8% 262 (48,373) 6,952 63,758 659 6,952 64,417 71,369 (7,700) 1997, 2000 5/7/2021 Stonebriar of Frisco Frisco, TX 84.2% 306 (53,600) 5,737 53,463 1,739 5,737 55,202 60,939 (6,691) 1999 5/7/2021 Sugarmont (3), (4) Salt Lake City, UT 99.0% 341 (91,200) 17,838 94,662 27,673 17,838 122,335 140,173 (9,711) 2022 5/7/2021 Summer Park Buford, GA 98.7% 358 (52,398) 9,474 66,200 944 9,474 67,144 76,618 (8,908) 2001 5/7/2021 The Marq Highland Park Tampa, FL 100.0% 239 (46,802) 6,280 59,424 657 6,280 60,081 66,361 (8,266) 2015 5/7/2021 Development Projects: Cottonwood Broadway Salt Lake City, UT 100.0% 254 (41,891) 11,042 30,958 37,263 11,042 68,221 79,263 (1,334) 2023 5/7/2021 Cottonwood Highland Salt Lake City, UT 36.9% 250 (39,790) 7,405 1,695 55,881 7,405 57,576 64,981 (271) 2023 5/7/2021 805 Riverfront (5) West Sacramento, CA (5) 285 (48,310) 11,279 92,100 1,853 11,279 93,953 105,232 (284) 2023 (5) The Westerly Salt Lake City, UT 82.4% 198 — 5,996 1,150 12,861 5,996 14,011 20,007 — N/A 5/7/2021 Other Developments Various Various N/A — 42,297 80 4,312 42,297 4,392 46,689 — N/A Various Total 7,243 $ (1,164,863) $ 257,553 $ 1,365,799 $ 182,058 $ 257,553 $ 1,547,857 $ 1,805,410 $ (156,264) (1) The aggregate cost of real estate for federal income tax purposes was $1.3 billion (unaudited) as of December 31, 2023. (2) Depreciation is recognized on a straight-line basis over the estimated useful asset lives of the related assets, which is 30 years for buildings and ranges from five (3) Park Avenue and Sugarmont were previously both development projects acquired and consolidated as part of the Cottonwood Residential II Inc. merger in 2021, but which have since been placed into service and reached stabilization. The costs capitalized subsequent to acquisition for these two properties above represent the development costs incurred to complete the projects since the initial acquisition date. (4) We own 99.0% of Sugarmont and the remaining one percent interest not owned by us has limited rights, including the right to control on behalf of the joint venture the prosecution and resolution of all litigation, claims, or causes of action that the joint venture has or may have against certain third parties associated with the design and construction of Sugarmont, as well as the obligation to defend any crossclaims resulting from these actions. (5) We had a preferred equity investment in this project, but from September 2023 onward we consolidate the project. Refer to Note 3 and Note 13 for additional information on 805 Riverfront. The following table summarized the changes in our consolidated real estate assets and accumulated depreciation for the years ended December 31, 2023 and 2022 (in thousands): 2023 2022 Real estate assets: Balance at beginning of the year $ 1,816,877 $ 1,476,518 Additions during the year: Acquisitions 143,727 284,138 Improvements and development costs 46,229 56,221 Dispositions and deconsolidations during the year: Dispositions and deconsolidations (201,423) — Balance at end of the year $ 1,805,410 $ 1,816,877 Accumulated depreciation and amortization: Balance at beginning of the year $ (119,270) $ (68,035) Depreciation and amortization (55,840) (51,235) Dispositions and deconsolidations 18,846 — Balance at end of the year $ (156,264) $ (119,270)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (44,898)	$ (34,030)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries under its control. The Operating Partnership and its subsidiaries are consolidated as they are controlled by CCI. All intercompany balances and transactions have been eliminated in consolidation. Some of our partially owned and unconsolidated properties are owned through a tenant in common (“TIC interest”) structure. TIC interests constitute separate and undivided interests in real property. TIC interests in properties for which we exercise significant influence are accounted for using the equity method of accounting until we have acquired a 100% interest in the property. Number of units and certain other measures used to describe real estate assets included in the notes to the consolidated financial statements are presented on an unaudited basis. Certain amounts in the prior year consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Variable Interest Entities	Variable Interest Entities We invest in entities that qualify as variable interest entities (“VIEs”). All VIEs for which we are the primary beneficiary are consolidated. VIEs for which we are not the primary beneficiary are accounted for under the equity method. A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity’s activities without additional subordinated financial support or, as a group, the equity investors at risk lack the power to direct the entity’s activities and the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property. CROP is a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of CROP as we have the power to direct the activities that most significantly impact economic performance and the rights to receive economic benefits. Substantially all of our assets and liabilities are held in CROP. In cases where we become the primary beneficiary of a VIE, we recognize a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE.
Investments in Real Estate	Investments in Real Estate In accordance with Accounting Standards Codification Topic 805, Business Combinations , we determine whether an acquisition qualifies as a business combination or as an asset acquisition. We account for business combinations by recognizing assets acquired and liabilities assumed at their fair values as of the acquisition date and expensing transaction costs. Differences between the transaction price and the fair value of identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree, are accounted for as goodwill, or conversely, as a gain on bargain purchase. Transaction costs are included within general and administrative expenses on our consolidated statements of operations as incurred. We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place lease intangibles and debt. Asset acquisition accounting is also used when we acquire a controlling interest through the acquisition of additional interests in partially owned real estate.
Real Estate Assets, Net	Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. We also capitalize salary costs directly attributable to significant renovation work. five
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities Real estate investments where we have significant noncontrolling influence and VIEs where we are not the primary beneficiary are accounted for under the equity method. Equity method investments in unconsolidated real estate entities are recorded at cost, adjusted for our share of net earnings or losses each period, and reduced by distributions. Equity in earnings or losses is generally recognized based on our ownership interest in the earnings or losses of the unconsolidated real estate entities. We follow the “look through” approach for classification of distributions from unconsolidated real estate entities in the consolidated statements of cash flows. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the entity’s sale of assets), in which case it is reported as an investing activity.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash in demand deposit accounts at several major commercial banks where balances in individual accounts at times exceeds FDIC insured amounts. To reduce the risk associated with the failure of such financial institutions, we periodically evaluate the credit quality of the financial institutions in which we hold deposits. We have not experienced any losses in such accounts.
Restricted Cash	Restricted Cash Restricted cash includes a construction bond, residents’ security deposits, cash in escrow for self-insurance retention, cash in escrow for acquisitions, escrow deposits held by title companies or by lenders for property taxes, insurance, debt service and replacement reserves, and utility deposits.
Other Assets	Other Assets Other assets consist primarily of intangible assets acquired in connection with the merger with Cottonwood Residential II, Inc. in May 2021, as well as receivables, interest rate caps, prepaid expenses and related party receivables.
Unsecured Promissory Notes And Debt Financing Costs	Unsecured Promissory Notes The 2017 6% Notes and the 2019 6% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 5 . These instruments are similar in nature, have fixed interest rates and maturity dates, and are denominated in U.S. dollars. Debt Financing Costs Debt financing costs are presented as a direct deduction from the carrying amount of the associated debt liability, which includes mortgage notes, unsecured promissory notes, our revolving credit facility and mandatorily redeemable preferred stock. Debt financing costs are amortized over the life of the related liability through interest expense.
Preferred Stock	Preferred Stock Series 2019 Preferred Stock, Series 2023 Preferred Stock and Series 2023-A Preferred Stock are described in Note 7 . These instruments are similar in nature and are classified as liabilities on the consolidated balance sheet due to the mandatory redemption of these instruments on a fixed date for a fixed amount. Preferred stock distributions for these series of preferred stock are recorded as interest expense. Series A Convertible Preferred Stock is described in Note 8
Revenue Recognition	Revenue Recognition We lease our multifamily residential units with rents generally due on a monthly basis. Terms are generally one year or less, renewable upon consent of both parties on an annual or monthly basis. Rental and other property revenues is recognized in accordance with Accounting Standards Codification (“ASC”) No. 842, Leases (“Topic 842”). Rental and other property revenues consist of rents and other fees charged to tenants and represent 93% of our total revenue for the year ended December 31, 2023. Our non-lease related revenue consists of income earned from our property management, development, asset management and interest income from our investments in real estate-related loans. Property management and development revenue is derived primarily from our property management services, development and construction work, and internet services. Other revenues consists of interest revenue from our investments in real estate-related loans and asset management revenue from CMOF prior to the closing of the CMOF Merger in September 2022. Non-lease revenues are recognized in accordance with Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers
Performance Participation Allocation	Performance Participation Allocation
Income Taxes	Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the year ending December 31, 2019. The Company, as a REIT, is not subject to federal income tax with respect to that portion of its income that meets certain criteria and is distributed annually to stockholders. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s taxable income, excluding net capital gains, to stockholders. We have adhered to, and intend to continue to adhere to, these requirements to maintain REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. As a qualified REIT, we are still subject to certain state and local taxes and may be subject to federal income and excise taxes on undistributed taxable income. In addition, taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our consolidated statements of operations. CROP is generally not subject to federal and state income taxes. OP Unit holders, including CCI, are subject to tax on their respective allocable shares of CROP’s taxable income. However, there are certain states that require an entity level tax on CROP. We determine deferred tax assets and liabilities applicable to the TRS based on differences between financial reporting and tax bases of existing assets and liabilities. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is more likely than not that future taxable profits will be available against which they can be utilized. We recognize interest and penalties relating to uncertain tax positions in income tax expense when incurred. For the year ended December 31, 2023, we had an income tax provision of $0.3 million, of which all but an insignificant amount was current. For the year ended December 31, 2022, we had an income tax provision of $8.0 million, of which $0.4 million was current and $7.6 million was deferred. As of December 31, 2023 and 2022, our net deferred tax liability was $9.8 million and $9.7 million, respectively, and is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. In 2022 we had $37.7 million of net Section 1231 gains allocated to our TRS, primarily from a promote received from an incentive allocation agreement. We recorded deferred tax liabilities of $9.2 million related to these gains in 2022. They are deferred as these Section 1231 gains have been contributed to a Qualified Opportunity Zone fund, which provides tax benefits for development programs located in designated areas. We expect that these deferred tax liabilities will be realized in 2026. Refer to Note 9 .
Noncontrolling Interests	Noncontrolling Interests The portion of ownership interests in consolidated entities not held by CCI are reported as noncontrolling interests. Equity and net income (loss) attributable to CCI and to noncontrolling interests are presented separately on the consolidated financial statements. Changes in noncontrolling ownership interests, are accounted for as equity transactions. Noncontrolling interest – limited partners – These noncontrolling interests represent ownership interest in CROP (“CROP Units”) not held by CCI, the sole member of the general partner. Net income or loss is allocated to these limited partners of CROP based on their ownership percentage. Issuance of additional common stock by CCI or CROP Units to limited partners changes the ownership interests of both CCI and the limited partners of CROP. Consistent with the one-for-one relationship between the CROP Units issued to CCI, limited partners are attributed a share of net income or loss in CROP based on their weighted-average ownership interest in CROP during the period. Noncontrolling interest – partially owned entities
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs in the Series A Convertible Preferred Offering and Follow-on Offering are recorded as an offset to equity. As of December 31, 2023, we incurred $0.6 million and $17.9 million in total organization and offering costs related to the Series A Convertible Preferred Offering and Follow-on Offering, respectively. Organization and offering costs in the Series 2019 Private Offering, the Series 2023 Private Offering and the Series 2023-A Private Offering are deferred and amortized up to the redemption date through interest expense. We incurred $13.2 million in total organization and offering costs related to the offering of the Series 2019 Preferred Stock, which was fully subscribed and terminated in March 2022. As of December 31, 2023 we incurred $10.4 million and $0.3 million in total organization and offering costs related to the offerings of the Series 2023 Preferred Stock and the Series 2023-A Preferred Stock, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-05 " Business Combinations — Joint Venture Formations (Subtopic 805-60) " under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. We do not expect the adoption to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances disclosure requirements to segment reporting. ASU No. 2023-07 requires disclosure of incremental segment information on an annual and interim basis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) the title and position of the chief operating decision maker must be named and (iii) the ability to elect more than one performance measure is provided. ASU No. 2023-07 does not change how operating segments are identified, aggregated, or determined. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We do not expect the adoption to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal
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, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment Useful Lives	The useful lives of our real estate assets are as follows (in years): Land improvements 5 - 15 Buildings 30 Building improvements 5 - 15 Furniture, fixtures and equipment 5 - 15 Intangible lease assets Over lease term The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, 2023 December 31, 2022 Land $ 257,553 $ 267,876 Building and improvements 1,429,689 1,348,019 Furniture, fixtures and equipment 63,015 54,067 Intangible assets 37,158 40,692 Construction in progress (1) 17,995 106,223 1,805,410 1,816,877 Less: Accumulated depreciation and amortization (156,264) (119,270) Real estate assets, net $ 1,649,146 $ 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 Error Corrections and Prior Period Adjustments	The following shows the line items as reported and as corrected for the year ended December 31, 2022 (in thousands) along with a description of each immaterial misstatement: Adjustments As Previously Reported Inter Activity Items (1) Accrued Capital Expenditures (2) Capitalized Interest (3) Accrued Redemptions (4) As Corrected Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities Other operating (5) $ 7,104 $ (4,250) $ — $ — $ — $ 2,854 Changes in operating assets and liabilities Other assets $ (727) $ 3,695 $ — $ — $ — $ 2,968 Accounts payable and accrued liabilities $ 2,819 $ 555 $ 4,141 $ (16) $ (6,162) $ 1,337 Net cash provided by operating activities $ 3,768 $ — $ 4,141 $ (16) $ (6,162) $ 1,731 Cash flows from investing activities: Capital expenditures and development activities $ (88,628) $ — $ (4,141) $ 1,778 $ — $ (90,991) Net cash used in investing activities $ (161,120) $ — $ (4,141) $ 1,778 $ — $ (163,483) Cash flows from investing activities: Borrowings under mortgage notes and term loans $ 464,373 $ 9,161 $ — $ — $ — $ 473,534 Repayments of mortgage notes and term loans $ (231,177) $ (9,161) $ — $ — $ — $ (240,338) Borrowings under construction loans $ 38,331 $ — $ — $ (1,762) $ — $ 36,569 Repurchase of unsecured promissory notes $ (561) $ — $ — $ — $ 418 $ (143) Proceeds from issuance of common stock $ 170,841 $ (2,219) $ — $ — $ — $ 168,622 Repurchase of common stock/OP Units $ (28,379) $ — $ — $ — $ 5,744 $ (22,635) Distributions to common stockholders $ (20,032) $ 2,219 $ — $ — $ — $ (17,813) Net cash provided by financing activities $ 207,486 $ — $ — $ (1,762) $ 6,162 $ 211,886 Supplemental disclosure of non-cash investing and financing activities: Distributions reinvested in common stock $ — $ 2,219 $ — $ — $ — $ 2,219 Changes in accrued capital expenditures $ — $ — $ (4,141) $ — $ — $ (4,141) Capitalized interest related to construction $ — $ — $ — $ 1,762 $ — $ 1,762 Changes in accrued redemptions $ — $ — $ — $ — $ 6,162 $ 6,162 (1) These items do not impact total cash flows from operating, investing and financing activities. They include separating the fair value of derivatives from other assets, separating the amortization of below market leases from other assets, correcting the improper netting between borrowings and repayments for one financing transaction, and reducing cash from issuance of common stock and distributions to common stockholders for distributions from our distribution reinvestment plan. (2) Noncash accruals for capitalized development costs were not properly excluded from cash outflows for capital expenditures and development activities within investing activities and also was not properly excluded from changes in accounts payable and accrued liabilities. (3) Noncash accrued capitalized interest on development projects was not properly excluded from cash outflows for capital expenditures and development activities in investing activities and borrowings from construction loans in financing activities. (4) Noncash accruals for redemptions were not properly excluded from cash outflows paid for redemptions within financing activities and also were not properly excluded from changes in accounts payable and accrued liabilities. (5) The amount in the table above for other operating within operating cash flows includes $6.7 million related to the amortization of debt issuance costs, discounts and premiums, which has been separated to its own line for the current year presentation.

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Carrying Amounts of Consolidated Real Estate Assets	The useful lives of our real estate assets are as follows (in years): Land improvements 5 - 15 Buildings 30 Building improvements 5 - 15 Furniture, fixtures and equipment 5 - 15 Intangible lease assets Over lease term The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, 2023 December 31, 2022 Land $ 257,553 $ 267,876 Building and improvements 1,429,689 1,348,019 Furniture, fixtures and equipment 63,015 54,067 Intangible assets 37,158 40,692 Construction in progress (1) 17,995 106,223 1,805,410 1,816,877 Less: Accumulated depreciation and amortization (156,264) (119,270) Real estate assets, net $ 1,649,146 $ 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 Gain (Loss) Due To Consolidation Of Variable Interest Entity	The entity controlling the Riverfront Project is a variable interest entity (“VIE”). When we consolidate a VIE that is not a business, a gain or loss is recognized for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our previous interest and (2) the net fair value of identifiable assets and liabilities of the VIE. For 805 Riverfront, no consideration was paid and the fair value of the noncontrolling interest on the date of consolidation was zero. We recorded a gain of $4.2 million as follows (in thousands): Description Amounts Reported amount of previous interest Equity method investment (1) $ 28,679 Fair value of assets and liabilities Real estate assets $ 103,378 Restricted cash 5,039 Other assets 400 Accounts payable, accrued expenses and other liabilities (15,307) Preferred interest (2) (15,300) Construction loans, net (45,306) Total net fair value of identifiable assets and liabilities of the VIE 32,904 Gain on consolidation $ 4,225 (1) We provided an additional investor capital contribution of $6.0 million for the Riverfront Project with the change of control. (2) A third party has a preferred equity investment in the Riverfront Project that is mandatorily redeemable. This investment accrues interest at 11.5% (subject to a minimum multiple of 1.35x), and has an initial maturity date of May 31, 2024 with two one
Summary of Purchase Price Allocation	The following table summarizes the purchase price allocation of the real estate assets acquired during the year ended December 31, 2023 (in thousands): Allocated Amounts Property Location Date Consolidated Building Land Land Improvements Personal Property Lease Intangibles Debt Fair Value Adjustment Total Melrose Phase II Nashville, TN 8/2/23 $ 32,115 $ 5,156 $ 248 $ 1,021 $ 1,043 $ 1,013 $ 40,596 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 Fair Value Adjustment 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	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)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (in thousands): Balance at December 31, Property / Development Location % Owned 2023 2022 Stabilized Properties Alpha Mill (1) (2) Charlotte, NC 73.7% (2) 29,522 10,470 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 11,817 30,792 Cottonwood Lighthouse Point (1) (3) Pompano Beach, FL 86.8% (3) 38,852 — Fox Point (1) Salt Lake City, UT 52.8% 13,533 14,794 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 6,713 9,382 Melrose Phase II (1) (4) Nashville, TN 100.0% (4) — 6,185 Preferred Equity Investments Lector85 Ybor City, FL 11,387 10,006 Astoria West (formerly Vernon) Queens, NY 23,406 20,567 805 Riverfront (5) West Sacramento, CA (5) — 20,259 417 Callowhill Philadelphia, PA 38,028 9,949 Infield Kissimmee, FL 11,942 — Other 516 803 Total $ 185,716 $ 133,207 (1) We account for our tenant in common interests in these properties as equity method investments. Refer to Note 2 . (2) On March 31, 2023, we issued 1,063,293 OP Units for an additional 45.4% tenant-in-common interests in Alpha Mill, increasing our ownership to 73.7%. The value of the OP Units on the close date was $19.8 million based on the net asset value of OP 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 net proceeds of $7.2 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. (4) On August 2, 2023, we issued 175,077 OP Units to acquire the remaining 20.2% tenant-in-common interests in Melrose Phase II, bringing our ownership to 100% and resulting in the consolidation of the property from that date onward. The value of the OP Units issued was $3.1 million. (5) 805 Riverfront was consolidated due to a change in control as described in Note 3 . On the date of consolidation our equity method investment was $22.6 million. The following is a summary of certain balance sheet and operating data for our stabilized properties ($ in thousands): Operating data: 2023 - For the Period Held as Equity Method Investments 2022 - For the Period Held as Equity Method Investments Total revenues $ 32,373 $ 35,514 Total operating expenses 13,532 14,258 Total other expenses (26,086) (18,871) Net income (loss) (7,245) 2,385 Balance sheet data: December 31, 2023 December 31, 2022 Real estate assets $ 362,157 $ 309,404 Cash and cash equivalents 3,581 4,270 Total assets 374,392 319,734 Mortgage notes, net 235,343 193,939 Total liabilities 240,185 197,365

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) December 31, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 4.46% 5.1 Years $ 891,319 $ 528,308 Total fixed rate loans 891,319 528,308 Variable rate loans (2) Floating rate mortgages 5.45% (3) 6.9 Years 131,153 426,130 Variable rate revolving credit facility (4) 7.96% 4.0 Years 12,400 54,000 Total variable rate loans 143,553 480,130 Total secured loans 1,034,872 1,008,438 Unamortized debt issuance costs (7,067) (4,878) Premium on assumed debt, net (5,353) (3,423) Mortgage notes and revolving credit facility, net $ 1,022,452 $ 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 rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). (3) Includes the impact of interest rate caps in effect on December 31, 2023. (4) Our variable rate revolving credit facility was amended and restated on December 15, 2023 when One Upland was sold and removed as collateral. The facility remains secured by Parc Westborough with the option to add another property as collateral by December 14, 2024. The interest rate on the amended facility is one-month SOFR + 2.60% and the maturity date was reset to a three one
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 Amount Drawn at Park Avenue (1) (1) (1) $ — $ 37,000 Cottonwood Broadway One-Month BSBY (2) + 2.9% May 15, 2025 44,625 41,891 39,728 Cottonwood Highland 30-Day Average SOFR + 2.55% May 1, 2029 44,250 39,790 18,599 805 Riverfront (3) One-Month SOFR + 4.35% May 30, 2026 55,400 48,310 — The Westerly (4) One-Month SOFR + 3.0% July 12, 2028 42,000 — — $ 186,275 $ 129,991 $ 95,327 (1) The Park Avenue construction loan was refinanced in March 2023 with a $43.5 million fixed rate mortgage which matures in 2028 and is included in mortgage notes above. (2) The Bloomberg Short-Term Yield Index (“BSBY”) will cease as an index after November 15, 2024. We expect the Broadway loan will be refinanced in 2024 before the cessation of BSBY, although there are provisions in the Broadway loan documents for a conversion to Term SOFR if needed. (3) 805 Riverfront was consolidated in September 2023. Refer to Note 3 . (4) In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026. No amounts have been drawn on the construction loan as of December 31, 2023.
Schedule of Unsecured Promissory Notes	Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date (1) (2) Maximum Extension Date December 31, 2023 December 31, 2022 2017 6% Notes (1) $ 35,000 6.25% December 31, 2024 (1) December 31, 2024 $ 20,308 $ 20,718 2019 6% Notes (2) 25,000 6.00% December 31, 2024 (2) December 31, 2025 21,575 22,235 $ 60,000 $ 41,883 $ 42,953 (1) We exercised the option to extend the maturity date on our 2017 6% Notes for one final year to December 31, 2024, which increased the interest rate to 6.5% for the period from January 1, 2024 to December 31, 2024. (2) We exercised the option to extend the maturity date on our 2019 6.0% Notes for one additional year to December 31, 2024, which increased the interest rate to 6.25% for the period from January 1, 2024 to December 31, 2024.
Schedule of Mortgage Notes, Repayments of Principal	The aggregate maturities, including amortizing principal payments on our debt for years subsequent to December 31, 2023 are as follows (in thousands): Year Mortgage Notes and Revolving Credit Facility Construction Loans Unsecured Total 2024 (1) $ 466 $ 90,201 $ 41,883 $ 132,550 2025 1,405 — — 1,405 2026 105,527 — — 105,527 2027 364,181 — — 364,181 2028 72,468 — — 72,468 Thereafter 490,825 39,790 — 530,615 $ 1,034,872 $ 129,991 $ 41,883 $ 1,206,746 (1) Of the amounts maturing in 2024, $21.6 million relates to our 2019 6% Unsecured Promissory Notes, which can be extended to December 31, 2025. An additional $41.9 million relates to the construction loan for Cottonwood Broadway, which can be extended to May 15, 2025, subject to the satisfaction of certain conditions, and $48.3 million relates to the construction loan for 805 Riverfront, which can be extended for two one

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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): As of December 31, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real estate-related loans $ 8,703 $ 8,777 $ — $ — Financial Liability: Fixed rate mortgages $ 891,319 $ 869,248 $ 528,308 $ 509,134 Floating rate mortgages $ 131,153 $ 129,540 $ 426,130 $ 421,189 Variable rate revolving credit facility $ 12,400 $ 12,400 $ 54,000 $ 54,000 Construction loans $ 129,991 $ 129,991 $ 95,327 $ 95,327 Series 2019 Preferred Stock $ 124,266 $ 124,266 $ 127,065 $ 127,065 Series 2023 Preferred Stock $ 83,567 $ 83,567 $ — $ — Series 2023-A Preferred Stock $ 2,850 $ 2,850 $ — $ — Preferred interest liability $ 15,300 $ 15,300 $ — $ — Unsecured promissory notes, net $ 41,883 $ 41,883 $ 42,953 $ 42,953

Preferred Stock (Tables)

Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Preferred Stock	Information on these classes of preferred stock as of December 31, 2023 and 2022 is as follows: Dividend Rate Extension Dividend Rate Redemption Date Maximum Extension Date Shares Outstanding at December 31, 2023 December 31, 2022 Series 2019 Preferred Stock 5.5% 6.0% December 31, 2024 (1) December 31, 2025 12,426,596 12,706,485 Series 2023 Preferred Stock 6.0% 6.5% (2) June 30, 2027 June 30, 2029 8,356,724 — Series 2023-A Preferred Stock 7.0% N/A December 31, 2027 N/A 285,000 — (1) Prior to the original December 31, 2023 redemption date, we exercised our first extension option for the Series 2019 Preferred Stock, which increased the dividend rate to 6.0% and extended the redemption date to December 31, 2024. (2) Represents the fully extended dividend rate. During the first-year extension the dividend rate is 6.25%.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below: Class T D I A TX Total Balance at December 31, 2021 — — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 4,814,430 64,645 3,579,515 — — 8,458,590 Distribution reinvestment 10,832 28 8,334 93,768 13 112,975 Exchanges and transfers (1) — — 280,889 17,533 (17,533) 280,889 CMOF Merger — — — 4,335,367 — 4,335,367 Repurchases of common stock (10,140) — (158,975) (1,286,978) — (1,456,093) Balance at December 31, 2022 4,815,122 64,673 3,861,049 26,604,864 — 35,345,708 Issuance of common stock 644,374 148,629 650,383 — — 1,443,386 Distribution reinvestment 31,289 682 24,344 74,304 — 130,619 Exchanges and transfers (1) (1,723) — 480,749 — — 479,026 Repurchases of common stock (1,571,844) (11,241) (720,082) (3,447,291) — (5,750,458) Balance at December 31, 2023 3,917,218 202,743 4,296,443 23,231,877 — 31,648,281 (1) Exchanges represent the number of shares OP Unit holders have exchanged for Class I shares during the period. In 2023, transfers represent Class T shares that were converted to Class I shares during the period. During 2022, transfers represent Class TX shares that were converted to Class A shares, after which we no longer had any Class TX shares outstanding.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Repurchase Program	Upon the request of a holder of our preferred stock, we may, at the sole discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long such preferred stockholder has held each share: Repurchase Price Share Purchase Anniversary Series 2019 Series 2023 Series 2023-A Series A Convertible Less than 1 year $8.80 $9.00 $9.20 $9.00 1 year $9.00 $9.00 $9.40 $9.10 2 years $9.20 $9.20 $9.60 $9.20 3 years $9.40 $9.40 $9.60 $9.30 4 years $9.60 $9.60 $9.60 $9.40 5 years $9.80 $9.80 $9.60 $9.40 6 years $9.80 $9.80 $9.60 $9.80 A stockholder’s death or complete disability, 2 years or more $10.00 $10.00 $10.00 $10.00

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Schedule of Sale of Stock	Through March 25, 2024, we sold the following through our follow-on public offering ($ in thousands): Class T D I A Total Shares issued through Primary Offering 141,143 2,497 293,748 — 437,388 Shares issued through DRP Offering 14,575 250 10,605 27,757 53,187 Gross Proceeds $ 2,023 $ 35 $ 3,923 $ — $ 5,981
Schedule of Distributions	We declared the following monthly distributions after December 31, 2023: Stockholder Record Date Monthly Rate Annually January 31, 2024 $ 0.06083333 $ 0.73 February 29, 2024 $ 0.06083333 $ 0.73 March 31, 2024 $ 0.06083333 $ 0.73

Organization and Business (Deta

Organization and Business (Details)		12 Months Ended	26 Months Ended	28 Months Ended
	Jul. 08, 2022 USD ($) project shares	Dec. 31, 2023 USD ($) realEstateUnit apartmentCommunity state land_parcel segment project	Dec. 31, 2023 USD ($) realEstateUnit apartmentCommunity state land_parcel project	Dec. 22, 2020 USD ($)	Jun. 28, 2022 project	Nov. 30, 2021 USD ($)	Nov. 30, 2019 $ / shares
Subsidiary, Sale of Stock [Line Items]
Number of reportable segments | segment		1
Joint venture, number of projects | project	2	3	3		2
Park Avenue PA
Subsidiary, Sale of Stock [Line Items]
Ownership interest	100%
Cottonwood on Broadway
Subsidiary, Sale of Stock [Line Items]
Ownership interest	100%
CW Block C, LLC
Subsidiary, Sale of Stock [Line Items]
Ownership interest	79%
Ownership Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		37	37
Number of states in real estate property | state		12	12
Number of units | realEstateUnit		10,616	10,616
Number of real estate properties | land_parcel		4	4
Structured Investment Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		6	6
Number of units | realEstateUnit		1,868	1,868
Structured Investment Interest | Under Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity		4	4
Number of units | realEstateUnit		987	987
Class A | Cottonwood Multifamily Opportunity Fund, Inc.
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	0.8669
CRII, CMRI, CMRII and CMOF Merger (in shares) | shares	4,335,367
CMOF Merger	$ 89,700,000
IPO | Class A and Class TX
Subsidiary, Sale of Stock [Line Items]
Proceeds from public offering				$ 122,000,000
Follow on Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						$ 1,000,000,000
Proceeds from issuance of follow-on offering			$ 203,000,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						100,000,000
Proceeds from issuance of follow-on offering		$ 4,700,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value						$ 900,000,000
Private Placement | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Share price (in dollars per share) | $ / shares							$ 10
Proceeds from private offering		$ 215,500,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details)	Dec. 31, 2023
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	15 years
Buildings
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	30 years
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	15 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	5 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life of real estate assets (in years)	15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Impairment losses for long-lived assets recognized	$ 0	$ 0
Impairment losses in unconsolidated real estate entities	$ 0	0
Rental and other property revenues	93%
Income tax provision	$ 303,000	7,959,000
Current income tax		400,000
Deferred tax		7,600,000
Deferred tax liability	9,800,000	9,700,000
TRS received impacts from sale of portfolio of assets		37,700,000
Deferred tax liabilities		9,200,000
Cottonwood Communities Management, LLC | Series A Convertible
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	600,000	$ 17,900,000
Cottonwood Communities Management, LLC | Private Placement
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	13,200,000
Cottonwood Communities Management, LLC | Series 2023 Private Offering
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	10,400,000
Cottonwood Communities Management, LLC | Series 2023-A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	$ 300,000
OP Units
Subsidiary, Sale of Stock [Line Items]
Share conversion ratio	1
2017 Notes
Subsidiary, Sale of Stock [Line Items]
Interest rate	6%
2019 Notes | Unsecured Promissory Notes
Subsidiary, Sale of Stock [Line Items]
Interest rate	6%
Minimum | Renovations and Improvements
Subsidiary, Sale of Stock [Line Items]
Useful life of real estate assets (in years)	5 years
Maximum | Renovations and Improvements
Subsidiary, Sale of Stock [Line Items]
Useful life of real estate assets (in years)	15 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Error Corrections of Cash Flow Misclassification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Adjustments to reconcile net loss to net cash provided by operating activities
Other operating		$ 2,854
Changes in operating assets and liabilities:
Other assets	$ (6,945)	2,968
Accounts payable and accrued liabilities	5,587	1,337
Net cash provided by operating activities	(22,569)	1,731
Cash flows from investing activities:
Capital expenditures and development activities	(50,401)	(90,991)
Net cash used in investing activities	41,621	(163,483)
Cash flows from financing activities:
Borrowings under mortgage notes	366,963	473,534
Repayments of mortgage notes	(284,702)	(240,338)
Borrowings from construction loans	22,066	36,569
Repurchase of unsecured promissory notes	(1,206)	(143)
Proceeds from issuance of common stock	27,131	168,622
Repurchase of common stock/OP Units	(95,404)	(22,635)
Distributions to common stockholders	(21,871)	(17,813)
Net cash provided by financing activities	(23,763)	211,886
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	2,353	2,219
Changes in accrued capital expenditures	(6,773)	(4,141)
Paid-in-kind interest related to construction	4,293	1,762
Changes in accrued redemptions	3,497	6,162
Amortization of debt issuance costs, discounts and premiums	$ 9,342	6,668
As Previously Reported
Adjustments to reconcile net loss to net cash provided by operating activities
Other operating		7,104
Changes in operating assets and liabilities:
Other assets		(727)
Accounts payable and accrued liabilities		2,819
Net cash provided by operating activities		3,768
Cash flows from investing activities:
Capital expenditures and development activities		(88,628)
Net cash used in investing activities		(161,120)
Cash flows from financing activities:
Borrowings under mortgage notes		464,373
Repayments of mortgage notes		(231,177)
Borrowings from construction loans		38,331
Repurchase of unsecured promissory notes		(561)
Proceeds from issuance of common stock		170,841
Repurchase of common stock/OP Units		(28,379)
Distributions to common stockholders		(20,032)
Net cash provided by financing activities		207,486
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock		0
Changes in accrued capital expenditures		0
Paid-in-kind interest related to construction		0
Changes in accrued redemptions		0
Adjustments | Inter Activity Items
Adjustments to reconcile net loss to net cash provided by operating activities
Other operating		(4,250)
Changes in operating assets and liabilities:
Other assets		3,695
Accounts payable and accrued liabilities		555
Net cash provided by operating activities		0
Cash flows from investing activities:
Capital expenditures and development activities		0
Net cash used in investing activities		0
Cash flows from financing activities:
Borrowings under mortgage notes		9,161
Repayments of mortgage notes		(9,161)
Borrowings from construction loans		0
Repurchase of unsecured promissory notes		0
Proceeds from issuance of common stock		(2,219)
Repurchase of common stock/OP Units		0
Distributions to common stockholders		2,219
Net cash provided by financing activities		0
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock		2,219
Changes in accrued capital expenditures		0
Paid-in-kind interest related to construction		0
Changes in accrued redemptions		0
Adjustments | Accrued Capital Expenditures
Adjustments to reconcile net loss to net cash provided by operating activities
Other operating		0
Changes in operating assets and liabilities:
Other assets		0
Accounts payable and accrued liabilities		4,141
Net cash provided by operating activities		4,141
Cash flows from investing activities:
Capital expenditures and development activities		(4,141)
Net cash used in investing activities		(4,141)
Cash flows from financing activities:
Borrowings under mortgage notes		0
Repayments of mortgage notes		0
Borrowings from construction loans		0
Repurchase of unsecured promissory notes		0
Proceeds from issuance of common stock		0
Repurchase of common stock/OP Units		0
Distributions to common stockholders		0
Net cash provided by financing activities		0
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock		0
Changes in accrued capital expenditures		(4,141)
Paid-in-kind interest related to construction		0
Changes in accrued redemptions		0
Adjustments | Capitalized Interest
Adjustments to reconcile net loss to net cash provided by operating activities
Other operating		0
Changes in operating assets and liabilities:
Other assets		0
Accounts payable and accrued liabilities		(16)
Net cash provided by operating activities		(16)
Cash flows from investing activities:
Capital expenditures and development activities		1,778
Net cash used in investing activities		1,778
Cash flows from financing activities:
Borrowings under mortgage notes		0
Repayments of mortgage notes		0
Borrowings from construction loans		(1,762)
Repurchase of unsecured promissory notes		0
Proceeds from issuance of common stock		0
Repurchase of common stock/OP Units		0
Distributions to common stockholders		0
Net cash provided by financing activities		(1,762)
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock		0
Changes in accrued capital expenditures		0
Paid-in-kind interest related to construction		1,762
Changes in accrued redemptions		0
Adjustments | Accrued Redemptions
Adjustments to reconcile net loss to net cash provided by operating activities
Other operating		0
Changes in operating assets and liabilities:
Other assets		0
Accounts payable and accrued liabilities		(6,162)
Net cash provided by operating activities		(6,162)
Cash flows from investing activities:
Capital expenditures and development activities		0
Net cash used in investing activities		0
Cash flows from financing activities:
Borrowings under mortgage notes		0
Repayments of mortgage notes		0
Borrowings from construction loans		0
Repurchase of unsecured promissory notes		418
Proceeds from issuance of common stock		0
Repurchase of common stock/OP Units		5,744
Distributions to common stockholders		0
Net cash provided by financing activities		6,162
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock		0
Changes in accrued capital expenditures		0
Paid-in-kind interest related to construction		0
Changes in accrued redemptions		$ 6,162

Real Estate Assets, Net - Carry

Real Estate Assets, Net - Carrying Amount of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Land	$ 257,553	$ 267,876
Building and improvements	1,429,689	1,348,019
Furniture, fixtures and equipment	63,015	54,067
Intangible assets	37,158	40,692
Construction in progress	17,995	106,223
Real estate investment property, at cost	1,805,410	1,816,877
Less: Accumulated depreciation and amortization	(156,264)	(119,270)
Real estate assets, net	$ 1,649,146	$ 1,697,607

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details)

1 Months Ended

12 Months Ended

Jan. 24, 2024 USD ($)

Dec. 15, 2023 USD ($)

Sep. 08, 2023 USD ($)

Feb. 14, 2023 USD ($)

Sep. 20, 2022 USD ($) a

Aug. 31, 2022 USD ($)

Jun. 22, 2022 USD ($)

Dec. 28, 2021 USD ($)

Aug. 31, 2023 shares

Sep. 30, 2022 USD ($) shares

Dec. 31, 2023 USD ($) investment project shares

Dec. 31, 2022 USD ($) shares

Mar. 28, 2024

Mar. 27, 2024

Sep. 30, 2023

Feb. 13, 2023

Jul. 08, 2022 project

Jun. 28, 2022 project

Business Acquisition [Line Items]

Proceeds from sale of investments in unconsolidated real estate entities

$ 0

$ 28,764,000

Gain on consolidation of development

$ 4,225,000

$ 0

Issuance of common stock (in shares) | shares

1,443,386

8,458,590

Issuance of stock

$ 168,477,000

Payments to acquire productive assets

$ 50,401,000

$ 90,991,000

Joint venture, number of projects | project

3

2

2

Cottonwood Multifamily Opportunity Fund, Inc.

Business Acquisition [Line Items]

Number of investments | investment

3

OP Units

Business Acquisition [Line Items]

Issuance of common stock (in shares) | shares

175,077

141,543

Issuance of stock

$ 2,900,000

Cottonwood Lighthouse Point

Business Acquisition [Line Items]

Proceeds from issuance of debt

$ 48,000,000

Weighted-average amortization period (in years)

6 months

Cottonwood Ridgeview

Business Acquisition [Line Items]

Tenant-in-common interest in property

0.095

Cottonwood Clermont

Business Acquisition [Line Items]

Proceeds from issuance of debt

$ 35,500,000

Galleria Land

Business Acquisition [Line Items]

Area of land acquired | a

26

Payments to acquire productive assets

$ 28,500,000

Variable Interest Entity, Primary Beneficiary | 805 Riverfront

Business Acquisition [Line Items]

Non controlling interest consolidation fair value

$ 0

Gain on consolidation of development

4,225,000

Payments to acquire equity method investments

$ 6,000,000

Variable Interest Entity, Primary Beneficiary | 805 Riverfront | Subsequent event

Business Acquisition [Line Items]

Payments to acquire equity method investments

$ 0

Cottonwood Lighthouse Point

Business Acquisition [Line Items]

Proceeds from sale of investments in unconsolidated real estate entities

$ 7,200,000

% Owned

86.80%

100%

Proceeds from divestiture of businesses and interests in affiliates

$ 1,000,000

Cottonwood Lighthouse Point | Subsequent event

Business Acquisition [Line Items]

% Owned

100%

86.80%

Cottonwood One Upland

Business Acquisition [Line Items]

Proceeds from sale of investments in unconsolidated real estate entities

$ 38,800,000

Proceeds from divestiture of businesses and interests in affiliates

$ 23,000,000

Melrose Phase II | Nashville, TN | Unconsolidated Properties

Business Acquisition [Line Items]

% Owned

100%

Additional interest

20.20%

Payment for the additional interest

$ 3,100,000

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Fair Value of Noncontrolling Interest Consolidation of Variable Interest Entity (Details) $ in Thousands			12 Months Ended
	Jan. 24, 2024 USD ($)	Sep. 08, 2023 USD ($)	Dec. 31, 2023 USD ($) extension	Dec. 31, 2022 USD ($)
Fair Value of Assets and Liabilities [Abstract]
Restricted cash			$ 27,013	$ 32,351
Other assets			$ 29,464	$ 29,299
805 Riverfront
Fair Value of Assets and Liabilities [Abstract]
Investment interest rate			11.50%
Accrued interest, minimum multiple			1.35
Number of extensions | extension			2
Extension period			1 year
Variable Interest Entity, Primary Beneficiary | 805 Riverfront
Reported Amount of Previous Interest [Abstract]
Equity method investments		$ 22,600
Fair Value of Assets and Liabilities [Abstract]
Investments in real estate-related loans, net		103,378
Restricted cash		5,039
Other assets		400
Accounts payable, accrued expenses and other liabilities		(15,307)
Preferred equity		(15,300)
Construction loans, net		(45,306)
Total net fair value of identifiable assets and liabilities of the VIE		32,904
Payments to acquire equity method investments		6,000
Variable Interest Entity, Primary Beneficiary | 805 Riverfront | Subsequent event
Fair Value of Assets and Liabilities [Abstract]
Payments to acquire equity method investments	$ 0
Variable Interest Entity, Primary Beneficiary | 805 Riverfront | With Additional Investor Capital Contributions
Reported Amount of Previous Interest [Abstract]
Equity method investments		$ 28,679

Real Estate Assets, Net - Sch_2

Real Estate Assets, Net - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands					12 Months Ended
	Aug. 02, 2023	Sep. 21, 2022	Sep. 19, 2022	Jun. 22, 2022	Dec. 31, 2023
Asset Acquisition [Line Items]
Building					$ 198,059
Land					28,627
Land Improvements					10,135
Personal Property					4,663
Lease Intangibles					5,178
Debt Fair Value Adjustment					4,932
Total					251,594
Melrose Phase II
Asset Acquisition [Line Items]
Building	$ 32,115
Land					5,156
Land Improvements					248
Personal Property					1,021
Lease Intangibles					1,043
Debt Fair Value Adjustment					1,013
Total					$ 40,596
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 Fair Value Adjustment				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 Fair Value Adjustment			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 Fair Value Adjustment		3,428
Total		$ 85,886

Real Estate Assets, Net - Equit

Real Estate Assets, Net - Equity Transaction Adjustments for CMOF (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) investment $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares) | shares	31,648,281	35,345,708	23,613,980
Cottonwood Multifamily Opportunity Fund, Inc.
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of investments | investment	3
Fair value of CCI Common Stock issued	$ 89,745
Settlement of CMOF related party notes and interest	0	$ 1,327
Settlement of net other liabilities of CMOF	0	$ 142
Total consideration	99,487
Carrying amount of noncontrolling interest	49,178
Additional paid in capital adjustment	(50,309)
Total change in equity	$ 39,436
Cottonwood Multifamily Opportunity Fund, Inc. | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares issued (in shares) | shares	5,001,000
Common stock, shares outstanding (in shares) | shares	5,001,000
Exchange ratio	0.8669
Cottonwood Multifamily Opportunity Fund, Inc. | Common Stock | CCI
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
CCI common stock issued as consideration (in shares) | shares	4,335,367
CCI's estimated value per share (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				12 Months Ended
	Aug. 02, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Feb. 14, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 08, 2023 USD ($)	Feb. 13, 2023
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investments in unconsolidated real estate entities				$ 0	$ 28,764
Variable Interest Entity, Primary Beneficiary | 805 Riverfront
Schedule of Equity Method Investments [Line Items]
Equity method investments						$ 22,600
OP Units | Alpha Mill
Schedule of Equity Method Investments [Line Items]
CMOF (in shares) | shares		1,063,293
Tenant-in-common interest in property		0.454
Ownership interest		73.70%
CMOF Merger		$ 19,800
Disposed of by Sale | Cottonwood Lighthouse Point
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investments in unconsolidated real estate entities			$ 7,200
Gain on sale			$ 1,000
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 185,716	133,207
Alpha Mill | Charlotte, NC | Stabilized Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
% Owned				73.70%
Equity method investments				$ 29,522	10,470
Cottonwood Bayview | St. Petersburg, FL | Stabilized Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
% Owned				71%
Equity method investments				$ 11,817	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			$ 7,200
Cottonwood Lighthouse Point | Disposed of by Sale | Cottonwood Lighthouse Point
Schedule of Equity Method Investments [Line Items]
% Owned			86.80%
Sale of ownership percentage			13.20%
Cottonwood Lighthouse Point | Pompano Beach, FL | Stabilized Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
% Owned				86.80%
Equity method investments				$ 38,852	0
Fox Point | Salt Lake City, UT | Stabilized Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
% Owned				52.80%
Equity method investments				$ 13,533	14,794
Toscana At Valley Ridge | Lewisville, TX | Stabilized Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
% Owned				58.60%
Equity method investments				$ 6,713	$ 9,382
Melrose Phase II | OP Units
Schedule of Equity Method Investments [Line Items]
CMOF (in shares) | shares	175,077
Tenant-in-common interest in property	0.202
CMOF Merger	$ 3,100
Melrose Phase II | Nashville, TN | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
% Owned					100%
Melrose Phase II | Nashville, TN | Stabilized Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				0	$ 6,185
Lector85 | Ybor City, FL | Preferred Equity Investments | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				11,387	10,006
Astoria West (formerly Vernon) | Queens, NY | Preferred Equity Investments | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				23,406	20,567
805 Riverfront | West Sacramento, CA | Preferred Equity Investments | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				0	20,259
417 Callowhill | Philadelphia, PA | Preferred Equity Investments | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				38,028	9,949
Infield | Kissimmee, FL | Preferred Equity Investments | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				11,942	0
Other | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 516	$ 803

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Additional Information (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 03, 2023 USD ($) apartmentUnit	Feb. 28, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated real estate entities			$ 6,466	$ 12,393
Infield Apartments Junior Preferred Equity Investment
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture	$ 11,400
Investment interest rate	16.75%
Multifamily | Infield Apartments Junior Preferred Equity Investment
Schedule of Equity Method Investments [Line Items]
Number of units | apartmentUnit	384
Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated real estate entities			11,900	8,800
Preferred Equity Investments | 417 Callowhill
Schedule of Equity Method Investments [Line Items]
Commitment on investment			23,400
Payments to acquire investments			32,100
Investment in loan			1,300
Unconsolidated Properties | Stabilized Properties | Toscana At Valley Ridge | Lewisville, TX
Schedule of Equity Method Investments [Line Items]
Payment for the additional interest		$ 1,200
Unconsolidated Properties | Stabilized Properties | Cottonwood Bayview | St. Petersburg, FL
Schedule of Equity Method Investments [Line Items]
Payment for the additional interest		$ 16,900
Cottonwood Residential II | Stabilized Properties
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated real estate entities			$ (5,400)	$ 3,600

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities - Balance Sheet and Operating Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating data:
Total revenues	$ 154,405	$ 138,302
Total operating expenses	157,771	167,262
Total other expenses	(2,552)	3,883
Net income (loss)	(44,898)	(34,030)
Balance sheet data:
Real estate assets, net	1,649,146	1,697,607
Cash and cash equivalents	63,800	63,173
Total assets	1,963,842	1,955,637
Mortgage notes, net	1,022,452	1,000,137
Total liabilities	1,492,295	1,345,738
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Underlying Stabilized Assets
Operating data:
Total revenues	32,373	35,514
Total operating expenses	13,532	14,258
Total other expenses	(26,086)	(18,871)
Net income (loss)	(7,245)	2,385
Balance sheet data:
Real estate assets, net	362,157	309,404
Cash and cash equivalents	3,581	4,270
Total assets	374,392	319,734
Mortgage notes, net	235,343	193,939
Total liabilities	$ 240,185	$ 197,365

Debt - Mortgage Notes And Revol

Debt - Mortgage Notes And Revolving Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total secured loans	$ 1,034,872,000	$ 1,008,438,000
Unamortized debt issuance costs	(7,067,000)	(4,878,000)
Premium on assumed debt, net	(5,353,000)	(3,423,000)
Mortgage notes and revolving credit facility, net	$ 1,022,452,000	1,000,137,000
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average remaining term	3 years
Extension period	1 year
Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Weighted average variable rate	2.60%
Future Acquisition Financing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 100,000,000
Current borrowing capacity	$ 41,000,000
Fixed rate loans
Debt Instrument [Line Items]
Weighted average fixed interest rate	4.46%
Weighted average remaining term	5 years 1 month 6 days
Total secured loans	$ 891,319,000	528,308,000
Variable Rate Loans
Debt Instrument [Line Items]
Total secured loans	$ 143,553,000	480,130,000
Variable Rate Loans | Floating rate mortgages
Debt Instrument [Line Items]
Weighted average variable rate	5.45%
Weighted average remaining term	6 years 10 months 24 days
Total secured loans	$ 131,153,000	426,130,000
Variable Rate Loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average variable rate	7.96%
Weighted average remaining term	4 years
Total secured loans	$ 12,400,000	$ 54,000,000

Debt - Unsecured Promissory Not

Debt - Unsecured Promissory Notes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 property
Debt Instrument [Line Items]
Number of consolidated properties with refinanced debt	7
Unsecured Promissory Notes
Debt Instrument [Line Items]
Increase in interest rate	0.25%

Debt - Construction Loans (Deta

Debt - Construction Loans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2022
Debt Instrument [Line Items]
Amount Drawn	$ 129,991,000	$ 95,327,000
Floating rate mortgages
Debt Instrument [Line Items]
Loan Amount			$ 43,500,000
Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	186,275,000
Amount Drawn	129,991,000	95,327,000
Park Avenue | Construction Loan Payable
Debt Instrument [Line Items]
Amount Drawn	0	37,000,000
Cottonwood Broadway | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	44,625,000
Amount Drawn	$ 41,891,000	39,728,000
Cottonwood Broadway | Construction Loan Payable | BSBY
Debt Instrument [Line Items]
Interest Rate	2.90%
Cottonwood Highland | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	$ 44,250,000
Amount Drawn	$ 39,790,000	18,599,000
Cottonwood Highland | Construction Loan Payable | SOFR
Debt Instrument [Line Items]
Interest Rate	2.55%
805 Riverfront | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	$ 55,400,000
Amount Drawn	$ 48,310,000	0
805 Riverfront | Construction Loan Payable | SOFR
Debt Instrument [Line Items]
Interest Rate	4.35%
The Westerly | Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	$ 42,000,000
Amount Drawn	$ 0	$ 0
The Westerly | Construction Loan Payable | SOFR
Debt Instrument [Line Items]
Interest Rate	3%

Debt - Unsecured Promissory N_2

Debt - Unsecured Promissory Notes (Details) - USD ($)	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unsecured promissory notes, net	$ 41,883,000		$ 42,953,000
Unsecured Promissory Notes
Debt Instrument [Line Items]
Offering Size	60,000
Unsecured promissory notes, net	41,883,000		42,953,000
Unsecured Promissory Notes | 2017 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 35,000
Interest Rate	6%	6.50%
Unsecured promissory notes, net	$ 20,308,000		20,718,000
Unsecured Promissory Notes | 2017 6% Notes | Fiscal Year 2023
Debt Instrument [Line Items]
Interest Rate	6.25%
Unsecured Promissory Notes | 2019 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 25,000
Interest Rate	6%
Unsecured promissory notes, net	$ 21,575,000		$ 22,235,000

Debt - Mortgage Notes Repayment

Debt - Mortgage Notes Repayment of Principal (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) extension	Jan. 01, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2024	$ 132,550
2025	1,405
2026	105,527
2027	364,181
2028	72,468
Thereafter	530,615
Principal payment on mortgage loans	1,206,746
Mortgage notes and revolving credit facility, net	1,022,452		$ 1,000,137
Construction loans
Debt Instrument [Line Items]
2024	90,201
2025	0
2026	0
2027	0
2028	0
Thereafter	39,790
Principal payment on mortgage loans	129,991
Variable rate revolving credit facility
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	21,600
805 Riverfront
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	48,300
Mortgage Notes and Revolving Credit Facility
Debt Instrument [Line Items]
2024	466
2025	1,405
2026	105,527
2027	364,181
2028	72,468
Thereafter	490,825
Principal payment on mortgage loans	1,034,872
Unsecured Promissory Notes
Debt Instrument [Line Items]
2024	41,883
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Principal payment on mortgage loans	$ 41,883
Unsecured Promissory Notes | 2017 6% Notes
Debt Instrument [Line Items]
Interest rate	6%	6.50%
Unsecured Promissory Notes | 2019 6% Notes
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 41,900
Interest rate	6%
Unsecured Promissory Notes | 805 Riverfront
Debt Instrument [Line Items]
Number of extensions | extension	2
Term of extension (in years)	1 year

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred interest liability	$ 15,300	$ 0
Fair Value, Inputs, Level 2 | Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred interest liability	15,300	0
Unsecured promissory notes, net	41,883	42,953
Fair Value, Inputs, Level 2 | Carrying Value | Series 2019 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	124,266	127,065
Fair Value, Inputs, Level 2 | Carrying Value | Series 2023 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	83,567	0
Fair Value, Inputs, Level 2 | Carrying Value | Series 2023-A Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	2,850	0
Fair Value, Inputs, Level 2 | Carrying Value | Variable rate revolving credit facility
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Variable rate revolving credit facility	12,400	54,000
Fair Value, Inputs, Level 2 | Carrying Value | Investments in real estate-related loans
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments in real estate-related loans	8,703	0
Fair Value, Inputs, Level 2 | Carrying Value | Fixed rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	891,319	528,308
Fair Value, Inputs, Level 2 | Carrying Value | Floating rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	131,153	426,130
Fair Value, Inputs, Level 2 | Carrying Value | Construction loans
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	129,991	95,327
Fair Value, Inputs, Level 2 | Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred interest liability	15,300	0
Unsecured promissory notes, net	41,883	42,953
Fair Value, Inputs, Level 2 | Fair Value | Series 2019 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	124,266	127,065
Fair Value, Inputs, Level 2 | Fair Value | Series 2023 Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	83,567	0
Fair Value, Inputs, Level 2 | Fair Value | Series 2023-A Preferred Stock
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Preferred stock series	2,850	0
Fair Value, Inputs, Level 2 | Fair Value | Variable rate revolving credit facility
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Variable rate revolving credit facility	12,400	54,000
Fair Value, Inputs, Level 2 | Fair Value | Investments in real estate-related loans
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments in real estate-related loans	8,777	0
Fair Value, Inputs, Level 2 | Fair Value | Fixed rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	869,248	509,134
Fair Value, Inputs, Level 2 | Fair Value | Floating rate mortgages
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	129,540	421,189
Fair Value, Inputs, Level 2 | Fair Value | Construction loans
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Mortgages	$ 129,991	$ 95,327

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) classesOfPreferredStock shares	Dec. 31, 2022 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of preferred stock				$ 86,467	$ 15,472
Number of shares redeemed (in shares) | shares					1,456,093
Stock repurchased during period, value				$ 98,951	$ 28,379
Preferred Stock | Series 2023 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock				3
Proceeds from issuance of preferred stock				$ 83,600
Preferred dividend value incurred				$ 3,200
Number of shares redeemed (in shares) | shares				5,000
Stock repurchased during period, value				$ 45
Preferred Stock | Series 2023-A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock				3
Proceeds from issuance of preferred stock				$ 2,900
Preferred dividend value incurred				$ 100
Number of shares redeemed (in shares) | shares				0
Preferred Stock | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock				3
Proceeds from issuance of preferred stock			$ 15,500
Preferred dividend value incurred				$ 6,900	$ 6,900
Number of shares redeemed (in shares) | shares				279,889	27,000
Stock repurchased during period, value				$ 2,700	$ 300
Preferred Stock | Series 2016 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred					$ 2,900
Stock repurchased during period, value	$ 139,800
Preferred Stock | Series 2017 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value		$ 2,600

Preferred Stock - Equity (Detai

Preferred Stock - Equity (Details) - shares	12 Months Ended
	Dec. 31, 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)	12,426,596	12,706,485
Series 2019 Preferred Stock | During First-Year Extension
Subsidiary, Sale of Stock [Line Items]
Extension Dividend Rate	6%
Series 2023 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	6%
Extension Dividend Rate	6.50%
Preferred stock outstanding (in shares)	8,356,724	0
Series 2023 Preferred Stock | During First-Year Extension
Subsidiary, Sale of Stock [Line Items]
Extension Dividend Rate	6.25%
Series 2023-A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	7%
Preferred stock outstanding (in shares)	285,000	0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	35,345,708	23,613,980
Issuance of common stock (in shares)	1,443,386	8,458,590
Distribution reinvestment (in shares)	130,619	112,975
Exchanges and transfers (in shares)	479,026	280,889
Repurchases of common stock (in shares)		(1,456,093)
Shares outstanding, ending balance (in shares)	31,648,281	35,345,708
CMOF Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI, CMRII and CMOF Merger (in shares)		4,335,367
Repurchases of common stock (in shares)	(5,750,458)
Class T
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	4,815,122	0
Issuance of common stock (in shares)	644,374	4,814,430
Distribution reinvestment (in shares)	31,289	10,832
Exchanges and transfers (in shares)	(1,723)	0
Repurchases of common stock (in shares)	(1,571,844)	(10,140)
Shares outstanding, ending balance (in shares)	3,917,218	4,815,122
Class T | CMOF Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI, CMRII and CMOF Merger (in shares)		0
Class D
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	64,673	0
Issuance of common stock (in shares)	148,629	64,645
Distribution reinvestment (in shares)	682	28
Exchanges and transfers (in shares)	0	0
Repurchases of common stock (in shares)		0
Shares outstanding, ending balance (in shares)	202,743	64,673
Class D | CMOF Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI, CMRII and CMOF Merger (in shares)		0
Repurchases of common stock (in shares)	(11,241)
Class I
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	3,861,049	151,286
Issuance of common stock (in shares)	650,383	3,579,515
Distribution reinvestment (in shares)	24,344	8,334
Exchanges and transfers (in shares)	480,749	280,889
Repurchases of common stock (in shares)		(158,975)
Shares outstanding, ending balance (in shares)	4,296,443	3,861,049
Class I | CMOF Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI, CMRII and CMOF Merger (in shares)		0
Repurchases of common stock (in shares)	(720,082)
Class A
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	26,604,864	23,445,174
Issuance of common stock (in shares)	0	0
Distribution reinvestment (in shares)	74,304	93,768
Exchanges and transfers (in shares)	0	17,533
Repurchases of common stock (in shares)		(1,286,978)
Shares outstanding, ending balance (in shares)	23,231,877	26,604,864
Class A | CMOF Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI, CMRII and CMOF Merger (in shares)		4,335,367
Repurchases of common stock (in shares)	(3,447,291)
Class TX
Subsidiary, Sale of Stock [Line Items]
Shares outstanding, beginning balance (in shares)	0	17,520
Issuance of common stock (in shares)	0	0
Distribution reinvestment (in shares)	0	13
Exchanges and transfers (in shares)	0	(17,533)
Repurchases of common stock (in shares)		0
Shares outstanding, ending balance (in shares)	0	0
Class TX | CMOF Merger
Subsidiary, Sale of Stock [Line Items]
CRII, CMRI, CMRII and CMOF Merger (in shares)		0
Repurchases of common stock (in shares)	0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended		19 Months Ended
	Sep. 30, 2023	May 31, 2022	Jan. 31, 2022	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Aggregate distributions paid					$ 24,200	$ 20,000
Distributions paid in cash					21,871	17,813
Dividend reinvestment plan, cash paid					$ 2,400	$ 2,200
Common stock, dividend rate (in USD per share)		$ 0.06000000	$ 0.0583333	$ 0.05916667			$ 0.06083333
Dividend declared (in dollars per share)		$ 0.72	$ 0.70	$ 0.71			$ 0.73
Distributions to stockholders return of capital					100%	100%	100%
Repurchases of common stock (in shares)						1,456,093
Repurchase of common stock/OP Units					$ 95,404	$ 22,635
Series A Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Dividend Rate	8%
Liquidation preference (in dollars per share)	$ 10
Preferred Stock, issued (in shares)					215,277		215,277
Preferred stock outstanding (in shares)					215,277		215,277
Common Stock
Subsidiary, Sale of Stock [Line Items]
Repurchases of common stock (in shares)					5,750,458	1,456,093
Repurchase of common stock/OP Units					$ 95,300	$ 26,900
Average repurchase price (in dollars per share)					$ 16.57	$ 18.47

Promote from Incentive Alloca_2

Promote from Incentive Allocation Agreement (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 realEstateUnit
Promote from Incentive Allocation Agreement [Abstract]
Promote from incentive allocation agreement | $	$ 30,600	$ 119	$ 30,702
Disposed of by Sale
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)			12 Months Ended
	Apr. 07, 2022 USD ($)	May 07, 2021	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($)	Jul. 08, 2022 project	Jun. 28, 2022 project
Related Party Transaction [Line Items]
Performance participation allocation			$ 0	$ 20,320,000
Joint venture, number of projects | project			3		2	2
Disposed of by Sale | Alpha Mill Apartments
Related Party Transaction [Line Items]
Ownership in equity transaction	10.30%
Consideration received	$ 8,200,000
Independent Director Compensation
Related Party Transaction [Line Items]
Percentage threshold operating expenses must exceed average invested assets to be reimbursable			2%
Percentage threshold operating expenses must exceed net income to be reimbursable			25%
Required reimbursement			$ 0	0
Independent Director Compensation | LTIP Units
Related Party Transaction [Line Items]
Grant value			$ 85,000	85,000
LTIP unit vesting period (in years)			1 year
Affiliated Entity
Related Party Transaction [Line Items]
Acquisition expense reimbursements			$ 0	0
Affiliated Entity | Independent Director Compensation
Related Party Transaction [Line Items]
Gross asset value of CROP percentage		0.0625%
Net asset value of CROP percentage		0.125%
Asset management fees			17,300,000	17,800,000
Percentage of total return		5%
Percentage of annual total return		12.50%
Affiliated Entity | Independent Director Compensation | Limited Partners
Related Party Transaction [Line Items]
Percentage of total return		12.50%
Performance participation allocation			$ 0	$ 20,300,000
Affiliated Entity | Independent Director Compensation | Other Ownership Interest
Related Party Transaction [Line Items]
Percentage of total return		87.50%
Co-venturer | CW Block C, LLC
Related Party Transaction [Line Items]
Percent of development project owned			82.40%
Co-venturer | CW Block C, LLC | Affiliated Members
Related Party Transaction [Line Items]
Capital contribution			$ 10,900,000
Independent Directors | Independent Director Compensation
Related Party Transaction [Line Items]
Expenses from transactions with related parties			50,000
Independent Directors | Independent Director Compensation | Chair of Audit Committee
Related Party Transaction [Line Items]
Expenses from transactions with related parties			15,000
Independent Directors | Independent Director Compensation | Char of Compensation Committee
Related Party Transaction [Line Items]
Expenses from transactions with related parties			10,000
Independent Directors | Independent Director Compensation | Chair of Conflicts Committee
Related Party Transaction [Line Items]
Expenses from transactions with related parties			$ 10,000

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) vote shares	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Distributions to investors	$ 48,506	$ 47,496
Voting rights | vote	0
Not Wholly Owned | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	1%
Not Wholly Owned | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	63%
Not Wholly Owned | Weighted Average
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	11%
OP Units
Noncontrolling Interest [Line Items]
Distributions to investors	$ 23,200	22,200
LTIP Units
Noncontrolling Interest [Line Items]
Units annual vesting percentage	10%
Share conversion ratio	1
Number of unvested awards outstanding (in shares) | shares	602,895
Share-based compensation	$ 2,800	$ 3,700
Total unrecognized compensation expense	$ 5,500
Performance LTIP
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares) | shares	597,105

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 07, 2021
Subsidiary, Sale of Stock [Line Items]
Construction loans, net	$ 129,991,000	$ 95,327,000
Stock repurchased during period, value	98,951,000	$ 28,379,000
Monthly redemptions, percent of net asset value, maximum			2%
Quarterly redemptions, percent of net asset value, maximum			5%
Percent of most recently disclosed net asset value			95%
Series A Convertible
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during period, value	$ 0
Class A and Class TX Common Stock
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	95%
Class A and Class TX Common Stock | Four Years After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	85%
Class A and Class TX Common Stock | Six Years After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	90%
Class A and Class TX Common Stock | Six Years Or More
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage		100%
Class A and Class TX Common Stock | Five Years And Less Than Six Years
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage		95%
Class A and Class TX Common Stock | Three Years And Less Than Five Years
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage		90%
Class A and Class TX Common Stock | One Year And Less Than Three Years
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, redemption price, percentage		85%
Common Limited OP Units | One Year After Acquisition
Subsidiary, Sale of Stock [Line Items]
Maximum percent of net asset value	80%
Cottonwood Residential II
Subsidiary, Sale of Stock [Line Items]
Percent of assumed payment guarantee provided			50%
Construction loans, net			$ 53,600,000
Percent of borrowers owned			14.18%
417 Callowhill
Subsidiary, Sale of Stock [Line Items]
Payments to acquire investments	$ 32,100,000
Remaining commitment of equity investment	1,300,000
2215 Hollywood Mezzanine
Subsidiary, Sale of Stock [Line Items]
Payments to acquire investments	2,000,000
Remaining commitment of equity investment	8,000,000
Monrovia Station Junior Mezzanine Loan
Subsidiary, Sale of Stock [Line Items]
Payments to acquire investments	6,800,000
Remaining commitment of equity investment	$ 13,400,000

Commitments and Contingencies_2

Commitments and Contingencies - Share Repurchase Program (Details)	Dec. 31, 2023 $ / shares
Less than 1 year | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	$ 8.80
Less than 1 year | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9
Less than 1 year | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.20
Less than 1 year | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9
1 year | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9
1 year | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9
1 year | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.40
1 year | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.10
2 years | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.20
2 years | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.20
2 years | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
2 years | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.20
3 years | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.40
3 years | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.40
3 years | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
3 years | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.30
4 years | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
4 years | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
4 years | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
4 years | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.40
5 years | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.80
5 years | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.80
5 years | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
5 years | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.40
6 years | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.80
6 years | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.80
6 years | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.60
6 years | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	9.80
A stockholder’s death or complete disability, 2 years or more | Series 2019 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	10
A stockholder’s death or complete disability, 2 years or more | Series 2023 Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	10
A stockholder’s death or complete disability, 2 years or more | Series 2023-A Preferred Stock
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	10
A stockholder’s death or complete disability, 2 years or more | Series A Convertible
Share Repurchase Program [Line Items]
Repurchase price (in dollars per share)	$ 10

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 28, 2024

Feb. 29, 2024

Feb. 07, 2024

Jan. 24, 2024

Jan. 09, 2024

Sep. 08, 2023

Mar. 25, 2024

Dec. 31, 2023

Dec. 31, 2022

Mar. 27, 2024

Dec. 15, 2023

Feb. 14, 2023

Feb. 13, 2023

Subsequent Event [Line Items]

Issuance of stock

$ 168,477,000

Issuance of common stock (in shares)

1,443,386

8,458,590

LTIP

Subsequent Event [Line Items]

Net asset value per share (in dollars per share)

$ 14.4754

Preferred Stock

Subsequent Event [Line Items]

Issuance of stock

$ 2,140,000

Variable Interest Entity, Primary Beneficiary | 805 Riverfront

Subsequent Event [Line Items]

Payments to acquire equity method investments

$ 6,000,000

Cottonwood Lighthouse Point

Subsequent Event [Line Items]

Ownership percentage

86.80%

100%

Series 2023-A Preferred Stock

Subsequent Event [Line Items]

Preferred stock outstanding (in shares)

285,000

0

Subsequent event

Subsequent Event [Line Items]

Value of shares in offering

$ 5,981,000

Subsequent event | Preferred Stock | Series 2023 Private Offering

Subsequent Event [Line Items]

Number of shares issued and sold (in shares)

674,165

Value of shares in offering

$ 6,700,000

Sale of stock, selling commissions

400,000

Sale of stock, placement fees

$ 200,000

Preferred stock outstanding (in shares)

9,030,889

Subsequent event | Preferred Stock | Series 2023-A Private Offering

Subsequent Event [Line Items]

Number of shares issued and sold (in shares)

10,000

Value of shares in offering

$ 100,000

Sale of stock, selling commissions

2,000

Sale of stock, placement fees

$ 750

Preferred stock outstanding (in shares)

295,000

Subsequent event | Preferred Stock | Series A Convertible Private Offering

Subsequent Event [Line Items]

Number of shares issued and sold (in shares)

1,258,832

Value of shares in offering

$ 12,600,000

Sale of stock, selling commissions

700,000

Sale of stock, placement fees

$ 400,000

Preferred stock outstanding (in shares)

1,474,108

Subsequent event | Cottonwood West Palm

Subsequent Event [Line Items]

Proceeds from issuance of debt

$ 34,000,000

Subsequent event | Variable Interest Entity, Primary Beneficiary | 805 Riverfront

Subsequent Event [Line Items]

Payments to acquire equity method investments

$ 0

Subsequent event | Time Based Shares | Executive Officer | LTIP

Subsequent Event [Line Items]

Issuance of stock

$ 1,609,125

Subsequent event | Time Based Shares | Executive Officer | LTIP | January 1, 2025

Subsequent Event [Line Items]

Units annual vesting percentage

25%

Subsequent event | Time Based Shares | Executive Officer | LTIP | January 1, 2026

Subsequent Event [Line Items]

Units annual vesting percentage

25%

Subsequent event | Time Based Shares | Executive Officer | LTIP | January 1, 2027

Subsequent Event [Line Items]

Units annual vesting percentage

25%

Subsequent event | Time Based Shares | Executive Officer | LTIP | January 1, 2028

Subsequent Event [Line Items]

Units annual vesting percentage

25%

Subsequent event | Performance Shares | Executive Officer | LTIP

Subsequent Event [Line Items]

Issuance of stock

$ 2,988,375

Performance period

3 years

Subsequent event | Restricted Stock Units (RSUs)

Subsequent Event [Line Items]

Issuance of common stock (in shares)

34,399

LTIP unit vesting period (in years)

4 years

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

Subsequent Event [Line Items]

Issuance of common stock (in shares)

16,254

Subsequent event | Cottonwood Lighthouse Point

Subsequent Event [Line Items]

Ownership percentage

100%

86.80%

Subsequent event | Cottonwood Lighthouse Point | OP Units

Subsequent Event [Line Items]

CRII, CMRI, CMRII and CMOF Merger (in shares)

259,246

Subsequent event | Series 2023-A Preferred Stock

Subsequent Event [Line Items]

Hold period

2 years

Amendment time period

5 years

Subsequent Events - Status of t

Subsequent Events - Status of the Follow-on Offering (Details) - Subsequent event $ in Thousands	3 Months Ended
	Mar. 25, 2024 USD ($) shares
Subsequent Event [Line Items]
Gross Proceeds | $	$ 5,981
Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	437,388
Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	53,187
Class T
Subsequent Event [Line Items]
Gross Proceeds | $	$ 2,023
Class T | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	141,143
Class T | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	14,575
Class D
Subsequent Event [Line Items]
Gross Proceeds | $	$ 35
Class D | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	2,497
Class D | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	250
Class I
Subsequent Event [Line Items]
Gross Proceeds | $	$ 3,923
Class I | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	293,748
Class I | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	10,605
Class A
Subsequent Event [Line Items]
Gross Proceeds | $	$ 0
Class A | Primary Offering
Subsequent Event [Line Items]
Shares issued (in shares)	0
Class A | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares issued (in shares)	27,757

Subsequent Events - Distributio

Subsequent Events - Distributions Declared (Details) - $ / shares				1 Months Ended		3 Months Ended	19 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	May 31, 2022	Jan. 31, 2022	Apr. 30, 2022	Dec. 31, 2023
Subsequent Event [Line Items]
Annually (in dollars per share)				$ 0.72	$ 0.70	$ 0.71	$ 0.73
Forecast
Subsequent Event [Line Items]
Monthly rate (in dollars per share)	$ 0.06083333
Annually (in dollars per share)	$ 0.73
Subsequent event
Subsequent Event [Line Items]
Monthly rate (in dollars per share)		$ 0.06083333	$ 0.06083333
Annually (in dollars per share)		$ 0.73	$ 0.73

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) realEstateUnit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units | realEstateUnit	7,243
Encumbrances	$ (1,164,863)
Initial cost to company, land	257,553
Initial cost to company, building and improvements	1,365,799
Cost Capitalized Subsequent to Acquisition	182,058
Gross amount carried, land	257,553
Gross amount carried, buildings and improvements	1,547,857
Gross amount carried, total	1,805,410	$ 1,816,877	$ 1,476,518
Accumulated depreciation and amortization	(156,264)	$ (119,270)	$ (68,035)
Aggregate cost of real estate for federal income tax purposes	$ 1,300,000
Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation (in years)	30 years
Land improvements | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation (in years)	5 years
Land improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation (in years)	15 years
Cason Estates
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	262
Encumbrances	$ (37,462)
Initial cost to company, land	4,806
Initial cost to company, building and improvements	46,666
Cost Capitalized Subsequent to Acquisition	806
Gross amount carried, land	4,806
Gross amount carried, buildings and improvements	47,472
Gross amount carried, total	52,278
Accumulated depreciation and amortization	$ (6,327)
Cottonwood Apartments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	264
Encumbrances	$ (35,430)
Initial cost to company, land	6,556
Initial cost to company, building and improvements	40,745
Cost Capitalized Subsequent to Acquisition	1,648
Gross amount carried, land	6,556
Gross amount carried, buildings and improvements	42,393
Gross amount carried, total	48,949
Accumulated depreciation and amortization	$ (5,446)
Cottonwood Clermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	230
Encumbrances	$ (34,961)
Initial cost to company, land	5,705
Initial cost to company, building and improvements	76,805
Cost Capitalized Subsequent to Acquisition	225
Gross amount carried, land	5,705
Gross amount carried, buildings and improvements	77,030
Gross amount carried, total	82,735
Accumulated depreciation and amortization	$ (5,742)
Cottonwood Reserve
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	91.10%
Number of Units | realEstateUnit	352
Encumbrances	$ (48,049)
Initial cost to company, land	12,634
Initial cost to company, building and improvements	64,168
Cost Capitalized Subsequent to Acquisition	1,190
Gross amount carried, land	12,634
Gross amount carried, buildings and improvements	65,358
Gross amount carried, total	77,992
Accumulated depreciation and amortization	$ (9,131)
Cottonwood Ridgeview
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	322
Encumbrances	$ (65,300)
Initial cost to company, land	9,275
Initial cost to company, building and improvements	59,392
Cost Capitalized Subsequent to Acquisition	747
Gross amount carried, land	9,275
Gross amount carried, buildings and improvements	60,139
Gross amount carried, total	69,414
Accumulated depreciation and amortization	$ (4,515)
Cottonwood West Palm
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	245
Encumbrances	$ (47,978)
Initial cost to company, land	9,380
Initial cost to company, building and improvements	57,073
Cost Capitalized Subsequent to Acquisition	818
Gross amount carried, land	9,380
Gross amount carried, buildings and improvements	57,891
Gross amount carried, total	67,271
Accumulated depreciation and amortization	$ (11,217)
Cottonwood Westside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	197
Encumbrances	$ (26,986)
Initial cost to company, land	8,641
Initial cost to company, building and improvements	39,324
Cost Capitalized Subsequent to Acquisition	482
Gross amount carried, land	8,641
Gross amount carried, buildings and improvements	39,806
Gross amount carried, total	48,447
Accumulated depreciation and amortization	$ (5,138)
Enclave on Golden Triangle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	98.90%
Number of Units | realEstateUnit	273
Encumbrances	$ (48,400)
Initial cost to company, land	4,888
Initial cost to company, building and improvements	46,712
Cost Capitalized Subsequent to Acquisition	879
Gross amount carried, land	4,888
Gross amount carried, buildings and improvements	47,591
Gross amount carried, total	52,479
Accumulated depreciation and amortization	$ (5,812)
Heights at Meridian
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	339
Encumbrances	$ (53,401)
Initial cost to company, land	5,971
Initial cost to company, building and improvements	74,022
Cost Capitalized Subsequent to Acquisition	767
Gross amount carried, land	5,971
Gross amount carried, buildings and improvements	74,789
Gross amount carried, total	80,760
Accumulated depreciation and amortization	$ (9,513)
Melrose
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	220
Encumbrances	$ (56,600)
Initial cost to company, land	8,822
Initial cost to company, building and improvements	58,676
Cost Capitalized Subsequent to Acquisition	490
Gross amount carried, land	8,822
Gross amount carried, buildings and improvements	59,166
Gross amount carried, total	67,988
Accumulated depreciation and amortization	$ (8,156)
Melrose Phase II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	139
Encumbrances	$ (32,400)
Initial cost to company, land	5,156
Initial cost to company, building and improvements	34,526
Cost Capitalized Subsequent to Acquisition	25
Gross amount carried, land	5,156
Gross amount carried, buildings and improvements	34,551
Gross amount carried, total	39,707
Accumulated depreciation and amortization	$ (1,319)
Parc Westborough
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	249
Encumbrances	$ (12,400)
Initial cost to company, land	12,759
Initial cost to company, building and improvements	61,302
Cost Capitalized Subsequent to Acquisition	526
Gross amount carried, land	12,759
Gross amount carried, buildings and improvements	61,828
Gross amount carried, total	74,587
Accumulated depreciation and amortization	$ (8,549)
Park Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	234
Encumbrances	$ (43,453)
Initial cost to company, land	12,369
Initial cost to company, building and improvements	29,931
Cost Capitalized Subsequent to Acquisition	25,508
Gross amount carried, land	12,369
Gross amount carried, buildings and improvements	55,439
Gross amount carried, total	67,808
Accumulated depreciation and amortization	$ (3,559)
Pavilions
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	96.40%
Number of Units | realEstateUnit	240
Encumbrances	$ (58,500)
Initial cost to company, land	5,924
Initial cost to company, building and improvements	55,177
Cost Capitalized Subsequent to Acquisition	870
Gross amount carried, land	5,924
Gross amount carried, buildings and improvements	56,047
Gross amount carried, total	61,971
Accumulated depreciation and amortization	$ (6,808)
Raveneaux
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	97%
Number of Units | realEstateUnit	382
Encumbrances	$ (47,400)
Initial cost to company, land	6,249
Initial cost to company, building and improvements	51,251
Cost Capitalized Subsequent to Acquisition	862
Gross amount carried, land	6,249
Gross amount carried, buildings and improvements	52,113
Gross amount carried, total	58,362
Accumulated depreciation and amortization	$ (6,739)
Regatta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	490
Encumbrances	$ (35,367)
Initial cost to company, land	8,449
Initial cost to company, building and improvements	39,651
Cost Capitalized Subsequent to Acquisition	1,360
Gross amount carried, land	8,449
Gross amount carried, buildings and improvements	41,011
Gross amount carried, total	49,460
Accumulated depreciation and amortization	$ (5,818)
Retreat at Peachtree City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	312
Encumbrances	$ (58,412)
Initial cost to company, land	5,669
Initial cost to company, building and improvements	66,888
Cost Capitalized Subsequent to Acquisition	1,013
Gross amount carried, land	5,669
Gross amount carried, buildings and improvements	67,901
Gross amount carried, total	73,570
Accumulated depreciation and amortization	$ (9,310)
Scott Mountain
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	95.80%
Number of Units | realEstateUnit	262
Encumbrances	$ (48,373)
Initial cost to company, land	6,952
Initial cost to company, building and improvements	63,758
Cost Capitalized Subsequent to Acquisition	659
Gross amount carried, land	6,952
Gross amount carried, buildings and improvements	64,417
Gross amount carried, total	71,369
Accumulated depreciation and amortization	$ (7,700)
Stonebriar of Frisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	84.20%
Number of Units | realEstateUnit	306
Encumbrances	$ (53,600)
Initial cost to company, land	5,737
Initial cost to company, building and improvements	53,463
Cost Capitalized Subsequent to Acquisition	1,739
Gross amount carried, land	5,737
Gross amount carried, buildings and improvements	55,202
Gross amount carried, total	60,939
Accumulated depreciation and amortization	$ (6,691)
Sugarmont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	99%
Number of Units | realEstateUnit	341
Encumbrances	$ (91,200)
Initial cost to company, land	17,838
Initial cost to company, building and improvements	94,662
Cost Capitalized Subsequent to Acquisition	27,673
Gross amount carried, land	17,838
Gross amount carried, buildings and improvements	122,335
Gross amount carried, total	140,173
Accumulated depreciation and amortization	$ (9,711)
Limited rights ownership percentage	1%
Summer Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	98.70%
Number of Units | realEstateUnit	358
Encumbrances	$ (52,398)
Initial cost to company, land	9,474
Initial cost to company, building and improvements	66,200
Cost Capitalized Subsequent to Acquisition	944
Gross amount carried, land	9,474
Gross amount carried, buildings and improvements	67,144
Gross amount carried, total	76,618
Accumulated depreciation and amortization	$ (8,908)
The Marq Highland Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	239
Encumbrances	$ (46,802)
Initial cost to company, land	6,280
Initial cost to company, building and improvements	59,424
Cost Capitalized Subsequent to Acquisition	657
Gross amount carried, land	6,280
Gross amount carried, buildings and improvements	60,081
Gross amount carried, total	66,361
Accumulated depreciation and amortization	$ (8,266)
Cottonwood Broadway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Number of Units | realEstateUnit	254
Encumbrances	$ (41,891)
Initial cost to company, land	11,042
Initial cost to company, building and improvements	30,958
Cost Capitalized Subsequent to Acquisition	37,263
Gross amount carried, land	11,042
Gross amount carried, buildings and improvements	68,221
Gross amount carried, total	79,263
Accumulated depreciation and amortization	$ (1,334)
Cottonwood Highland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	36.90%
Number of Units | realEstateUnit	250
Encumbrances	$ (39,790)
Initial cost to company, land	7,405
Initial cost to company, building and improvements	1,695
Cost Capitalized Subsequent to Acquisition	55,881
Gross amount carried, land	7,405
Gross amount carried, buildings and improvements	57,576
Gross amount carried, total	64,981
Accumulated depreciation and amortization	$ (271)
805 Riverfront
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units | realEstateUnit	285
Encumbrances	$ (48,310)
Initial cost to company, land	11,279
Initial cost to company, building and improvements	92,100
Cost Capitalized Subsequent to Acquisition	1,853
Gross amount carried, land	11,279
Gross amount carried, buildings and improvements	93,953
Gross amount carried, total	105,232
Accumulated depreciation and amortization	$ (284)
The Westerly
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	82.40%
Number of Units | realEstateUnit	198
Encumbrances	$ 0
Initial cost to company, land	5,996
Initial cost to company, building and improvements	1,150
Cost Capitalized Subsequent to Acquisition	12,861
Gross amount carried, land	5,996
Gross amount carried, buildings and improvements	14,011
Gross amount carried, total	20,007
Accumulated depreciation and amortization	0
Other Developments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	42,297
Initial cost to company, building and improvements	80
Cost Capitalized Subsequent to Acquisition	4,312
Gross amount carried, land	42,297
Gross amount carried, buildings and improvements	4,392
Gross amount carried, total	46,689
Accumulated depreciation and amortization	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Investment and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real estate assets:
Beginning balance	$ 1,816,877	$ 1,476,518
Acquisitions	143,727	284,138
Improvements and development costs	46,229	56,221
Dispositions and deconsolidations	(201,423)	0
Ending balance	1,805,410	1,816,877
Accumulated depreciation and amortization:
Beginning balance	(119,270)	(68,035)
Depreciation and amortization	(55,840)	(51,235)
Dispositions and deconsolidations	18,846	0
Ending balance	$ (156,264)	$ (119,270)