Cottonwood Communities 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-56165
Entity Registrant Name	Cottonwood Communities, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	61-1805524
Entity Address, Address Line One	1245 E. Brickyard Road
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84106
City Area Code	801
Local Phone Number	278-0700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001692951
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,263,847
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		387,147
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,257,103
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,895,391

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Real estate assets, net	$ 1,682,152	$ 1,649,146
Investments in unconsolidated real estate entities	110,025	185,716
Investments in real estate-related loans, net	28,490	8,703
Cash and cash equivalents	64,978	63,800
Restricted cash	35,865	27,013
Other assets	33,091	29,464
Total assets	1,954,601	1,963,842
Liabilities
Mortgage notes and revolving credit facility, net	1,120,563	1,022,452
Construction loans, net	43,933	129,991
Preferred stock, net	213,689	201,621
Preferred interest liability	0	15,300
Unsecured promissory notes, net	41,358	41,883
Accounts payable, accrued expenses and other liabilities	69,583	81,048
Total liabilities	1,489,126	1,492,295
Commitments and contingencies (Note 11)
Stockholders' equity
Series A Convertible Preferred Stock, $0.01 par value, 15,000,000 shares authorized at $10.00 per share; 3,916,031 and 215,277 shares issued and outstanding at September 30, 2024and December 31, 2023, respectively.	33,931	1,569
Additional paid-in capital	375,081	373,954
Accumulated deficit	(96,114)	(94,761)
Total stockholders' equity	232,782	218,944
Noncontrolling interests
Limited partners	204,016	221,617
Partially owned entities	28,677	30,986
Total noncontrolling interests	232,693	252,603
Total equity and noncontrolling interests	465,475	471,547
Total liabilities, equity and noncontrolling interests	1,954,601	1,963,842
Series A Convertible Preferred Stock
Stockholders' equity
Accumulated distributions	(1,301)	(14)
Class T
Stockholders' equity
Common stock	42	39
Class D
Stockholders' equity
Common stock	4	2
Class I
Stockholders' equity
Common stock	58	43
Class A
Stockholders' equity
Common stock	205	226
Common Stock
Stockholders' equity
Accumulated distributions	$ (79,124)	$ (62,114)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, shares outstanding (in shares)	22,250,019	21,068,320
Common stock, shares outstanding (in shares)	31,515,588	31,648,281
Series A Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, rice per share (in dollars per share)	$ 10	$ 10
Preferred stock, shares issued (in shares)	3,916,031	215,277
Preferred stock, shares outstanding (in shares)	3,916,031	215,277
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)	4,183,644	3,917,218
Common stock, shares outstanding (in shares)	4,183,644	3,917,218
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)	355,180	202,743
Common stock, shares outstanding (in shares)	355,180	202,743
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)	5,819,725	4,296,443
Common stock, shares outstanding (in shares)	5,819,725	4,296,443
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)	21,157,039	23,231,877
Common stock, shares outstanding (in shares)	21,157,039	23,231,877

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental and other property revenues	$ 37,335	$ 35,977	$ 108,756	$ 106,446
Property management revenues	2,025	2,133	6,407	7,744
Other revenues	1,206	768	2,980	1,190
Total revenues	40,566	38,878	118,143	115,380
Operating expenses
Property operations expense	15,247	13,579	42,564	39,572
Property management expense	4,336	4,441	13,621	12,963
Asset management fee	3,125	4,243	9,398	13,609
Depreciation and amortization	17,596	14,646	49,749	43,635
General and administrative expenses	3,001	2,288	5,946	7,935
Total operating expenses	43,305	39,197	121,278	117,714
Loss from operations	(2,739)	(319)	(3,135)	(2,334)
Equity in earnings of unconsolidated real estate entities	1,361	1,438	4,979	5,067
Interest income	435	517	1,403	1,412
Interest expense	(22,291)	(19,464)	(65,406)	(54,171)
Gain on sale of real estate assets	20,668	0	47,311	1,031
Gain on legal settlement	16,020	0	16,020	0
Gain on consolidation of development	0	4,452	0	4,452
Other expense	(2,670)	(218)	(2,553)	(223)
Income (loss) before income taxes	10,784	(13,594)	(1,381)	(44,766)
Income tax (expense) benefit	(159)	31	(191)	338
Net income (loss)	10,625	(13,563)	(1,572)	(44,428)
Net (income) loss attributable to noncontrolling interests:
Limited partners	(4,168)	6,593	1,027	21,304
Partially owned entities	(2,381)	12	(808)	(71)
Net income (loss) attributable to controlling interests	4,076	(6,958)	(1,353)	(23,195)
Less preferred stock dividends	672	0	1,286	0
Net earnings (losses) attributable to common stockholders - basic	3,404	(6,958)	(2,639)	(23,195)
Net earnings (losses) attributable to common stockholders - diluted	$ 3,404	$ (6,958)	$ (2,639)	$ (23,195)
Weighted-average common shares outstanding - basic	31,732,893	34,037,337	31,654,014	34,874,921
Weighted-average common shares outstanding - diluted	31,732,893	34,037,337	31,654,014	34,874,921
Net earnings (losses) per common share - basic (in dollars per share)	$ 0.11	$ (0.20)	$ (0.08)	$ (0.67)
Net earnings (losses) per common share - diluted (in dollars per share)	$ 0.11	$ (0.20)	$ (0.08)	$ (0.67)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Total Stockholders' Equity	Total Stockholders' Equity Series A Convertible 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	Additional Paid-In Capital	Accumulated Distributions	Accumulated Distributions Series A Convertible Preferred Stock	Accumulated Deficit	Noncontrolling interests Limited Partners	Noncontrolling interests Partially Owned Entities
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 609,899		$ 304,932		$ 0		$ 48	$ 1	$ 39	$ 266	$ 414,140	$ (38,049)	$ 0	$ (71,513)	$ 272,536	$ 32,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	13,407		13,407				3	1	2		13,401
Offering costs - common stock	(1,188)		(1,188)								(1,188)
Distribution reinvestment	696		696								696
Common stock/OP Units repurchased	(19,626)		(18,977)						(1)	(9)	(18,967)				(649)
Exchanges and transfers	0		1,971						1		1,970				(1,971)
OP Units issued for real estate interests	19,829														19,829
Share-based compensation	1,160		55								55				1,105
Distributions to investors			(6,230)									(6,230)
Distributions to investors	(12,113)														(5,757)	(126)
Net income (loss)	(17,860)		(9,419)											(9,419)	(8,397)	(44)
Reallocation of stockholders' equity and noncontrolling interests	0		7,150								7,150				(7,150)
Stockholders' equity, ending balance at Mar. 31, 2023	594,204		292,397		0		51	2	41	257	417,257	(44,279)	0	(80,932)	269,546	32,261
Stockholders' equity, beginning balance at Dec. 31, 2022	609,899		304,932		0		48	1	39	266	414,140	(38,049)	0	(71,513)	272,536	32,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution reinvestment	1,877
Net income (loss)	(44,428)
Stockholders' equity, ending balance at Sep. 30, 2023	506,490		240,425		0		46	2	42	234	391,141	(56,332)	0	(94,708)	234,634	31,431
Stockholders' equity, beginning balance at Mar. 31, 2023	594,204		292,397		0		51	2	41	257	417,257	(44,279)	0	(80,932)	269,546	32,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	7,222		7,222				2		2		7,218
Offering costs - common stock	(794)		(794)								(794)
Distribution reinvestment	709		709								709
Common stock/OP Units repurchased	(23,230)		(22,705)				(1)		(2)	(16)	(22,686)				(525)
Exchanges and transfers	0		4,052						2		4,050				(4,052)
Share-based compensation	568		60								60				508
Distributions to investors			(6,114)									(6,114)
Distributions to investors	(12,040)														(5,851)	(75)
Net income (loss)	(13,005)		(6,818)											(6,818)	(6,314)	127
Reallocation of stockholders' equity and noncontrolling interests	0		1,086								1,086				(1,086)
Stockholders' equity, ending balance at Jun. 30, 2023	553,634		269,095		0		52	2	43	241	406,900	(50,393)	0	(87,750)	252,226	32,313
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	3,936		3,936				1		1		3,934
Offering costs - common stock	170		170								170
Distribution reinvestment	470		470								470
Common stock/OP Units repurchased	(29,098)		(28,701)				(7)		(3)	(7)	(28,684)				(397)
Exchanges and transfers	0		1,394						1		1,393				(1,394)
OP Units issued for real estate interests	3,110														3,110
Share-based compensation	484		38								38				446
Distributions to investors			(5,939)									(5,939)
Distributions to investors	(12,653)														(5,844)	(870)
Net income (loss)	(13,563)		(6,958)											(6,958)	(6,593)	(12)
Reallocation of stockholders' equity and noncontrolling interests	0		6,920								6,920				(6,920)
Stockholders' equity, ending balance at Sep. 30, 2023	506,490		240,425		0		46	2	42	234	391,141	(56,332)	0	(94,708)	234,634	31,431
Stockholders' equity, beginning balance at Dec. 31, 2023	471,547		218,944		1,569		39	2	43	226	373,954	(62,114)	(14)	(94,761)	221,617	30,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	5,980	$ 13,608	5,980	$ 13,608	13,608		1		3		5,976
Offering costs - common stock		(1,713)	(88)	(1,713)	(1,713)	$ (88)					(88)
Distribution reinvestment	724		724								724
Common stock/OP Units repurchased	(14,552)		(12,584)				(1)		(1)	(7)	(12,575)				(1,968)
Exchanges and transfers	0		613						1		612				(613)
OP Units issued for real estate interests	3,322														3,322
Share-based compensation	982		53								53				929
Distributions to investors			(5,799)									(5,656)	(143)
Distributions to investors	(11,725)														(5,887)	(39)
Net income (loss)	7,063		3,919											3,919	3,856	(712)
Reallocation of stockholders' equity and noncontrolling interests	0		1,914								1,914				(1,914)
Stockholders' equity, ending balance at Mar. 31, 2024	475,148		225,571		13,464		39	2	46	219	370,570	(67,770)	(157)	(90,842)	219,342	30,235
Stockholders' equity, beginning balance at Dec. 31, 2023	471,547		218,944		1,569		39	2	43	226	373,954	(62,114)	(14)	(94,761)	221,617	30,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution reinvestment	2,330					2,300
Net income (loss)	(1,572)
Stockholders' equity, ending balance at Sep. 30, 2024	465,475		232,782		33,931		42	4	58	205	375,081	(79,124)	(1,301)	(96,114)	204,016	28,677
Stockholders' equity, beginning balance at Mar. 31, 2024	475,148		225,571		13,464		39	2	46	219	370,570	(67,770)	(157)	(90,842)	219,342	30,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	11,724	12,969	11,724	12,969	12,969		3	1	6		11,714
Offering costs - common stock		(1,570)	(1,048)	(1,570)	(1,570)	(1,048)					(1,048)
Distribution reinvestment	774		774								774
Common stock/OP Units repurchased	(15,272)		(13,424)				(1)		(1)	(9)	(13,413)				(1,848)
Exchanges and transfers	0		5,368						4		5,364				(5,368)
OP Units issued for real estate interests	10,891														10,891
Share-based compensation	1,017		70								70				947
Distributions to investors			(6,143)									(5,672)	(471)
Distributions to investors	(12,186)														(6,016)	(27)
Net income (loss)	(19,260)		(9,348)											(9,348)	(9,051)	(861)
Reallocation of stockholders' equity and noncontrolling interests	0		1,111								1,111				(1,111)
Stockholders' equity, ending balance at Jun. 30, 2024	463,187		226,054		24,863		41	3	55	210	375,142	(73,442)	(628)	(100,190)	207,786	29,347
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	6,992	10,157	6,992	10,157	10,157		1	1	3		6,987
Offering costs - common stock		$ (1,089)	(651)	$ (1,089)	(1,089)	$ (651)					(651)
Distribution reinvestment	832		832								832
Common stock/OP Units repurchased	(10,261)		(9,446)						(2)	(5)	(9,439)				(815)
Exchanges and transfers	0		1,855						2		1,853				(1,855)
Share-based compensation	1,019		66								66				953
Distributions to investors			(6,355)									(5,682)	(673)
Distributions to investors	(15,336)														(5,930)	(3,051)
Net income (loss)	10,625		4,076											4,076	4,168	2,381
Reallocation of stockholders' equity and noncontrolling interests	0		291								291				(291)
Stockholders' equity, ending balance at Sep. 30, 2024	$ 465,475		$ 232,782		$ 33,931		$ 42	$ 4	$ 58	$ 205	$ 375,081	$ (79,124)	$ (1,301)	$ (96,114)	$ 204,016	$ 28,677

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (1,572)	$ (44,428)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	49,749	43,635
Gain on sale of real estate assets	(47,311)	(1,031)
Gain on legal settlement	(16,020)	0
Gain on consolidation of development	0	(4,452)
Share-based compensation	3,018	2,212
Amortization of debt issuance costs, discounts and premiums	4,716	6,600
Paid-in-kind interest on construction loans	1,387	0
Derivative fair value adjustments	3,762	(368)
Loss on debt extinguishment	2,554	1,037
Other operating	(708)	91
Equity in earnings of unconsolidated real estate entities	(4,979)	(5,067)
Distributions from unconsolidated real estate entities - return on capital	14,229	3,310
Changes in operating assets and liabilities:
Other assets	(3,741)	(7,588)
Performance participation allocation payment	0	(20,320)
Accounts payable, accrued expenses and other liabilities	13,984	8,791
Net cash provided by (used in) operating activities	19,068	(17,578)
Cash flows from investing activities:
Cash acquired on consolidation of real estate	4,485	5,807
Proceeds from sale of real estate assets, net	87,704	4,656
Capital expenditures and development activities	(39,042)	(32,805)
Investments in unconsolidated real estate entities	(1,314)	(17,604)
Proceeds from sale of investments in unconsolidated real estate entities	24,934	0
Distributions from unconsolidated real estate entities - return of capital	0	18,106
Contributions to investments in real estate-related loans	(20,057)	(7,346)
Net cash provided by (used in) investing activities	56,710	(29,186)
Cash flows from financing activities:
Principal payments on mortgage notes	(348)	(862)
Borrowings from revolving credit facility	109,736	70,000
Repayments on revolving credit facility	(73,000)	(50,000)
Borrowings under mortgage notes	106,082	366,963
Repayments of mortgage notes	(87,892)	(284,702)
Deferred financing costs on mortgage notes	(1,029)	(4,053)
Borrowings from construction loans	8,326	16,955
Repayments of construction loans	(95,771)	(37,000)
Payoff of preferred interest liability	(15,300)	0
Repayments of related party notes assumed on acquisition	(1,332)	0
Proceeds from issuance of preferred stock	15,682	80,170
Redemption of preferred stock	(3,336)	(1,438)
Offering costs paid on issuance of preferred stock	(1,941)	(9,247)
Repurchase of unsecured promissory notes	(755)	(1,014)
Proceeds from issuance of Series A Convertible Preferred Stock	36,572	0
Proceeds from issuance of common stock	24,696	24,567
Repurchase of common stock/OP Units	(45,871)	(71,009)
Distributions to convertible preferred stockholders	(1,056)	0
Distributions to common stockholders	(14,705)	(16,531)
Distributions to noncontrolling interests - limited partners	(17,799)	(17,395)
Distributions to noncontrolling interests - partially owned entities	(107)	(1,071)
Net cash (used in) provided by financing activities	(65,748)	61,764
Net increase in cash and cash equivalents and restricted cash	10,030	15,000
Cash and cash equivalents and restricted cash, beginning of period	90,813	95,524
Cash and cash equivalents and restricted cash, end of period	100,843	110,524
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	64,978	78,153
Restricted cash	35,865	32,371
Total cash and cash equivalents and restricted cash	100,843	110,524
Supplemental disclosure of non-cash investing and financing activities:
Decrease in accrued deferred offering costs	(329)	(756)
Distributions reinvested in common stock	2,330	1,877
Changes in accrued capital expenditures	(10,469)	(543)
Paid-in-kind interest related to construction	2,265	2,413
Changes in accrued redemptions	(5,743)	1,243
Alpha Mill
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	73,253	0
Mortgage note assumed	(38,295)	0
Other assets and liabilities assumed, net	181	0
Value of OP Units issued for interests acquired	10,891	19,829
Cottonwood Lighthouse Point
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	86,961	0
Mortgage note assumed	(47,581)	0
Other assets and liabilities assumed, net	(2,426)	0
Value of OP Units issued for interests acquired	3,322	0
Melrose Phase II Acquisition
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	0	39,582
Mortgage note assumed	0	(31,387)
Other assets and liabilities assumed, net	0	(280)
Value of OP Units issued for interests acquired	0	3,110
805 Riverfront
Supplemental disclosure of non-cash investing and financing activities:
Real estate assets, net of cash acquired	0	98,921
Mortgage note assumed	0	(45,306)
Other assets and liabilities assumed, net	0	15,300
Value of OP Units issued for interests acquired	0	(14,668)
Preferred Stock
Cash flows from financing activities:
Offering costs paid on issuance of common stock	(4,436)	0
Common Stock
Cash flows from financing activities:
Offering costs paid on issuance of common stock	(2,164)	$ (2,569)
Repurchase of common stock/OP Units	(35,500)
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 2,300

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2024
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”), and its subsidiaries. We are the sole member of the sole general partner of CROP and own general partner interests in CROP alongside third-party limited partners. We are a non-traded, perpetual-life, net asset value (“NAV”) real estate investment trust (“REIT”). We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We conducted an initial public offering of common stock (the “Initial Offering”) from August 13, 2018 to December 22, 2020, from which we raised gross proceeds of $122.0 million. The Initial Offering ended in December 2020. In November 2021, we registered with the SEC an offering of up to $1.0 billion of shares of common stock (the “Follow-on Offering”), consisting of up to $900.0 million in shares of common stock offered in a primary offering (the “Primary Offering”) and $100.0 million in shares under our distribution reinvestment plan (the “DRP Offering”). As of September 30, 2024, we have raised gross proceeds of $230.0 million from the Follow-on Offering, including $7.0 million proceeds from the DRP Offering. We intend to conduct a continuous public offering of our common stock that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. 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 September 30, 2024, we have raised gross proceeds of $267.9 million from the Private Offerings. Additional information about our preferred stock is included in Note 7 and Note 8 to these financial statements. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of September 30, 2024, our portfolio consists of ownership interests or structured investment interests in 34 multifamily apartment communities with a total of 9,583 units, including 1,080 units in four multifamily apartment communities in which we have a structured investment interest and another 737 units in three 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. The condensed consolidated balance sheet as of December 31, 2023 has been derived from our audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the period ending December 31, 2023 filed with the SEC. As our comprehensive income is equivalent to net income, our accompanying condensed consolidated financial statements do not include a Statement of Other Comprehensive Income. The accompanying condensed consolidated financial statements include our accounts and the accounts of our subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Investments in Real Estate-Related Loans Investments in Real Estate-Related Loans are mezzanine loans issued to entities pursuing apartment developments. Interest is recorded over the life of the mezzanine loan as other revenues on the statements of operations. We estimate an allowance for credit losses for each mezzanine loan using relevant available information relating to past events, current conditions, and reasonable forecasts. As of September 30, 2024 and December 31, 2023, the allowance for credit losses on our mezzanine loans was not significant. Immaterial Correction to Consolidated Financial Statements Each period the ownership of CROP varies between us, as the general partner, and the limited partners of CROP. Transactions that change our ownership interest in CROP are accounted for as equity transactions if we retain our controlling financial interest in CROP. No gain or loss is recognized in net income. Accordingly, the net equity balance in CROP is adjusted to reflect the changes in ownership of CROP held by us and the limited partners. These adjustments are based on their respective ownership at the end of each period and reflected as a reallocation between additional paid-in capital and noncontrolling interests - limited partners within our equity section on our consolidated balance sheets and consolidated statements of stockholders’ equity. Beginning in the fourth quarter of 2023 and throughout 2024, we issued Series A Convertible Preferred Stock to investors and were issued corresponding convertible preferred units in CROP. The Series A Convertible Preferred Stock is perpetual in nature and classified as permanent equity on the consolidated balance sheets. The associated convertible preferred units in CROP were incorrectly included in reallocations between additional paid-in capital and noncontrolling interests - limited partners in the statements of stockholders’ equity for the three months ended June 30, 2024 and March 31, 2024 as they do not constitute residual interests. Accordingly, we have corrected the previously reported statements of stockholders’ equity as summarized in the following table. These immaterial adjustments have no impact on our net income, cash flows or the value of our OP Units. As Previously Reported Adjustment As Corrected As of March 31, 2024 Additional paid-in capital $ 363,724 $ 6,846 $ 370,570 Noncontrolling interests - limited partners 226,188 (6,846) 219,342 As of June 30, 2024 Additional paid-in capital $ 362,509 $ 12,633 $ 375,142 Noncontrolling interests - limited partners 220,419 (12,633) 207,786

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): September 30, 2024 December 31, 2023 Land $ 265,636 $ 257,553 Buildings and improvements 1,457,066 1,429,689 Furniture, fixtures and equipment 65,055 63,015 Intangible assets 37,782 37,158 Construction in progress (1) 39,464 17,995 1,865,003 1,805,410 Less: Accumulated depreciation and amortization (182,851) (156,264) Real estate assets, net $ 1,682,152 $ 1,649,146 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. Sale of Cottonwood West Palm On February 29, 2024, we sold Cottonwood West Palm for net proceeds of $34.0 million. We recorded a net gain on sale of $26.6 million. The Marq Highland Park Tenant in Common Sale On July 23, 2024, we sold 25.9% of tenant in common interests in The Marq Highland Park Apartments to unaffiliated third parties for net cash consideration of $7.2 million. As a result of this transaction, The Marq Highland Park was deconsolidated with our remaining ownership interest of 74.1% recorded at fair value as an investment in unconsolidated real estate. We engaged third-party specialists to assist in determining the fair value of the various components of this transaction, including the remaining ownership interest. Refer to Note 4 The following table summarizes the gain calculation, recorded in gain on sale of real estate assets on the condensed consolidated statements of operations ($ in thousands): Total consideration, net of loan assumptions and transaction costs $ 7,227 Fair value of remaining ownership interest 24,211 Book value of remaining ownership interest (10,765) Gain on sale $ 20,673 Asset Acquisitions The following table summarizes the purchase price allocation of the real estate assets acquired during the nine months ended September 30, 2024 ($ in thousands): Allocated Amounts Property Location Date Consolidated Building Land Land Improvements Personal Property Lease Intangibles Total Cottonwood Lighthouse Point Pompano Beach, FL 3/28/24 $ 72,046 $ 12,156 $ 1,114 $ 1,167 $ 2,360 $ 88,843 Alpha Mill Charlotte, NC 4/26/24 $ 58,277 $ 11,586 $ 1,789 $ 2,231 $ 1,812 $ 75,695 Cottonwood Lighthouse Point was consolidated in March 2024 when we issued 259,246 operating partnership units in CROP (“OP Units”) and assumed $1.3 million in related party notes and interest to acquire the remaining 13.23% tenant in common interests in the property. The value of the OP Units was $3.3 million. Cottonwood Lighthouse Point was previously accounted for as an equity method investment. Alpha Mill was consolidated in April 2024 when we issued 858,158 OP Units to acquire the remaining 26.30% tenant in common interests in the property. The value of the OP Units was $10.9 million. Alpha Mill was previously accounted for as an equity method investment.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 ($ in thousands): Balance at Property / Development Location % Owned September 30, 2024 December 31, 2023 Stabilized Properties Cottonwood Bayview (1) St. Petersburg, FL 71.0% $ 10,583 $ 11,817 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 6,269 6,713 Fox Point (1) Salt Lake City, UT 52.8% 12,717 13,533 The Marq Highland Park (1)(2) Tampa, FL 74.1% 23,421 — Alpha Mill (1)(3) Charlotte, NC 100.0% (3) — 29,522 Cottonwood Lighthouse Point (1)(4) Pompano Beach, FL 100.0% (4) — 38,852 Preferred Equity Investments Lector85 (5) Ybor City, FL — 11,387 Astoria West (6) Queens, NY — 23,406 417 Callowhill (7) Philadelphia, PA 43,312 38,028 Infield (7) Kissimmee, FL 13,515 11,942 Other 208 516 Total $ 110,025 $ 185,716 (1) We account for our tenant in common interests in these properties as equity method investments. (2) On July 23, 2024, we sold tenant in common interests in The Marq Highland Park Apartments for total consideration of $7.2 million, and we recorded a gain on sale of $20.7 million related to the transaction, which reduced our remaining ownership in The Marq Highland Park to 74.1%. See Note 3. (3) On April 26, 2024, we issued 858,158 OP Units to acquire the remaining 26.3% tenant in common interests in Alpha Mill, bringing our ownership to 100% and resulting in the consolidation of the property. The value of the OP Units was $10.9 million. (4) On March 28, 2024, we issued 259,246 OP Units and assumed $1.3 million in related party notes and interest to acquire the remaining 13.2% tenant in common interests in Cottonwood Lighthouse Point, bringing our ownership to 100% and resulting in the consolidation of the property. The value of the OP Units issued was $3.3 million. (5) On June 11, 2024, we received $12.1 million from the payoff of our preferred equity investment in Lector85, consisting of $9.9 million of principal and $2.2 million of accrued interest. (6) On July 29, 2024, we received $25.5 million from the payoff in full of our preferred equity investment in Astoria West, consisting of $15.0 million of principal and $10.5 million of accrued interest and participation. (7) As of September 30, 2024, we have fully funded our commitments on both 417 Callowhill and Infield. As disclosed in Note 13 , we committed and contributed additional funding to our Infield preferred equity investment subsequent to September 30, 2024. Equity in losses for our stabilized properties for the three months ended September 30, 2024 and 2023 were $1.1 million and $1.5 million, respectively. Equity in losses for the nine months ended September 30, 2024 and 2023 were $3.3 million and $3.9 million, respectively. Our preferred equity investments, which are in development projects, have liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value method. Equity in earnings for our preferred equity investments for the three months ended September 30, 2024 and 2023 were $2.4 million and $3.0 million, respectively. Equity in earnings for our preferred equity investments for the nine months ended September 30, 2024 and 2023 were $8.3 million and $9.0 million, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) September 30, 2024 December 31, 2023 Fixed rate loans Fixed rate mortgages 4.45% 4.2 Years $ 808,174 $ 891,319 Total fixed rate loans 808,174 891,319 Variable rate loans (2) Floating rate mortgages 6.82% (3) 4.2 Years 273,416 131,153 Variable rate revolving credit facility (4) 7.77% 3.2 Years 49,136 12,400 Total variable rate loans 322,552 143,553 Total secured loans 1,130,726 1,034,872 Unamortized debt issuance costs and discounts (4,985) (7,067) Premium on assumed debt, net (5,178) (5,353) Mortgage notes and revolving credit facility, net $ 1,120,563 $ 1,022,452 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed, subject to certain debt service coverage ratio, loan to cost or debt yield requirements. (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 September 30, 2024. (4) Our variable rate revolving credit facility is secured by Parc Westborough and Alpha Mill, which was refinanced and added to the facility on August 29, 2024. We may obtain advances on the facility up to $100.0 million, as long as certain loan-to-value ratios and other requirements are maintained. At September 30, 2024, the amount on our variable rate revolving credit facility was capped at $76.0 million primarily due to the interest rate environment and the applicable debt-service coverage ratio. The fixed and variable rate mortgages as of September 30, 2024 no longer include the related debt for Cottonwood West Palm, which was sold in February 2024 and which previously included both a fixed and variable debt component. We incurred a loss on extinguishment of debt of $1.2 million related to the payoff of the Cottonwood West Palm loan, which is included in interest expense in the condensed consolidated statement of operations. Floating rate mortgages as of September 30, 2024 include the variable rate mortgage of Cottonwood Lighthouse Point, which was consolidated on March 28, 2024. See Note 3 and Note 4 above for additional discussion related to the Cottonwood West Palm and Cottonwood Lighthouse Point. In May 2024, the Cottonwood Broadway and 805 Riverfront construction loans projects completed in 2023 were refinanced with variable rate bridge loans in the amount of $43.4 million and $60.2 million, respectively. Both bridge loans mature in 2025 and are included in floating rate mortgages as of September 30, 2024. In conjunction with the 805 Riverfront refinance, a preferred interest liability of $15.3 million was extinguished and $5.4 million of accrued preferred interest was paid. We intend to refinance these bridge loans or convert to permanent loans prior to or upon maturity. In August 2024, we refinanced Alpha Mill and added it to our revolving credit facility. We incurred a loss on extinguishment of debt of $1.1 million related to the payoff of the refinanced loan, which is included in interest expense in the condensed consolidated statement of operations. We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of September 30, 2024. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at September 30, 2024 Amount Drawn at December 31, 2023 Cottonwood Broadway (1) One-Month SOFR + 2.75% December 1, 2025 $ 44,625 $ — $ 41,891 Cottonwood Highland 30-Day Average SOFR + 2.55% May 1, 2029 44,250 43,933 39,790 805 Riverfront (1) One-Month SOFR + 2.75% December 1, 2025 55,400 — 48,310 The Westerly One-Month SOFR + 3.0% July 12, 2028 42,000 — — $ 186,275 $ 43,933 $ 129,991 (1) The Cottonwood Broadway and 805 Riverfront construction loans were refinanced in May 2024 and are included in mortgage notes above. 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 had or has extension options, at our discretion, during which the interest rate increases 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 September 30, 2024 December 31, 2023 2017 6% Notes (1) $ 35,000 6.50% December 31, 2024 (1) December 31, 2024 $ 20,008 $ 20,308 2019 6% Notes (2) 25,000 6.25% December 31, 2024 (2) December 31, 2025 21,350 21,575 $ 60,000 $ 41,358 $ 41,883 (1) We exercised our final option to extend the maturity date on our 2017 6% Notes for one additional 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% 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. We intend to exercise our final extension option through 2025. The aggregate maturities, including amortizing principal payments on our debt for years subsequent to September 30, 2024 are as follows ($ in thousands): Year Mortgage Notes and Revolving Credit Facility Construction Loans Unsecured Total 2024 (1) $ 118 $ — $ 41,358 $ 41,476 2025 107,438 — — 107,438 2026 142,010 — — 142,010 2027 363,955 — — 363,955 2028 72,260 — — 72,260 Thereafter 444,945 43,933 — 488,878 $ 1,130,726 $ 43,933 $ 41,358 $ 1,216,017 (1) Of the amounts maturing in 2024, $21.4 million relates to our 2019 6% Unsecured Promissory Notes, which can be extended to December 31, 2025.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2 - Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data. The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value ($ in thousands): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real estate-related loans $ 28,490 $ 28,668 $ 8,703 $ 8,777 Total $ 28,490 $ 28,668 $ 8,703 $ 8,777 Financial Liability: Fixed rate mortgages $ 808,174 $ 796,203 $ 891,319 $ 869,248 Floating rate mortgages 273,416 272,160 131,153 129,540 Variable rate revolving credit facility 49,136 49,136 12,400 12,400 Construction loans 43,933 43,933 129,991 129,991 Series 2019 Preferred Stock 121,091 121,091 124,266 124,266 Series 2023 Preferred Stock 98,459 98,459 83,567 83,567 Series 2023-A Preferred Stock 2,950 2,950 2,850 2,850 Preferred interest liability — — 15,300 15,300 Unsecured promissory notes 41,358 41,358 41,883 41,883 Total $ 1,438,517 $ 1,425,290 $ 1,432,729 $ 1,409,045 All financial instruments in the table above are categorized as Level 2 in the fair value hierarchy.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Preferred Stock	Preferred Stock We have three classes of preferred stock outstanding as of September 30, 2024: Series 2019, Series 2023, and Series 2023-A that are accounted for as liabilities on the condensed consolidated balance sheets as they are mandatorily redeemable. Information on these classes of preferred stock as of September 30, 2024 and December 31, 2023 is as follows ($ in thousands): Shares Outstanding at Current Dividend Rate Redemption Date Maximum Extension Date September 30, 2024 December 31, 2023 Series 2019 Preferred Stock 6.0% December 31, 2024 (1) December 31, 2025 12,109,091 12,426,596 Series 2023 Preferred Stock 6.0% (2) June 30, 2027 June 30, 2029 9,845,928 8,356,724 Series 2023-A Preferred Stock 7.0% December 31, 2027 N/A 295,000 285,000 Total 22,250,019 21,068,320 \ (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) The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended divided rate, applicable from July 1, 2028 to June 30, 2028, is 6.5%. September 30, 2024 December 31, 2023 Preferred stock outstanding $ 222,500 $ 210,683 Unamortized offering costs and discounts (8,811) (9,062) Preferred stock, net $ 213,689 $ 201,621 Our Series 2019 Preferred Stock was fully subscribed and terminated in March 2022. 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 nine months ended September 30, 2024, we issued $15.6 million of Series 2023 Preferred Stock and $0.1 million of Series 2023-A Preferred Stock. During the nine months ended September 30, 2024 and 2023, we incurred $5.5 million and $5.2 million in dividends on our Series 2019 Preferred Stock, respectively, and $4.1 million and $2.0 million in dividends on our Series 2023 Preferred Stock, respectively. During the nine months ended September 30, 2024, we incurred $0.2 million in dividends on our Series 2023-A Preferred Stock. Dividends on preferred stock accounted for as liabilities are recorded through interest expense in the condensed consolidated statements of operations. During the nine months ended September 30, 2024 and 2023, we repurchased 317,505 shares for $3.1 million and 233,698 shares for $2.2 million, respectively, of Series 2019 Preferred Stock. During the nine months ended September 30, 2024, we repurchased 69,000 shares of Series 2023 Preferred Stock for $0.6 million. No shares of our Series 2023 Preferred Stock were repurchased during the nine months ended September 30, 2023. No shares of our Series 2023-A Preferred Stock were repurchased during the nine months ended September 30, 2024 or 2023.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Convertible Preferred Stock As of September 30, 2024, there were 3,916,031 shares of Convertible Preferred Stock issued and outstanding. For the nine months ended September 30, 2024, we paid aggregate dividends on our Convertible Preferred Stock of $1.1 million. Common Stock The following table details the movement in our outstanding shares for each class of common stock: Nine Months Ended September 30, 2024 Class T Class D Class I Class A Total December 31, 2023 3,917,218 202,743 4,296,443 23,231,877 31,648,281 Issuance of common stock 509,014 158,475 1,598,675 — 2,266,164 Distribution reinvestment 49,124 2,304 40,051 88,362 179,841 Exchanges and transfers (1) (17,133) — 269,753 — 252,620 Repurchases of common stock (274,579) (8,342) (385,197) (2,163,200) (2,831,318) September 30, 2024 4,183,644 355,180 5,819,725 21,157,039 31,515,588 (1) Exchanges represent the number of shares OP Unit holders have exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were 17,133 during the nine months ended September 30, 2024. 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 nine months ended September 30, 2024, we paid aggregate distributions of $17.0 million, including $2.3 million of distributions reinvested through our distribution reinvestment plan. We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2024 $ 0.06083333 $ 0.73 February 29, 2024 $ 0.06083333 $ 0.73 March 31, 2024 $ 0.06083333 $ 0.73 April 30, 2024 $ 0.06083333 $ 0.73 May 31, 2024 $ 0.06083333 $ 0.73 June 30, 2024 $ 0.06083333 $ 0.73 July 31, 2024 $ 0.06083333 $ 0.73 August 31, 2024 $ 0.06083333 $ 0.73 September 30, 2024 $ 0.06083333 $ 0.73 Repurchases During the nine months ended September 30, 2024, we repurchased 2,831,318 shares of common stock pursuant to our share repurchase program for $35.5 million, at an average repurchase price of $12.50. We had no unfulfilled repurchase requests during the nine months ended September 30, 2024.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2024
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 described 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 three months ended September 30, 2024 and 2023 were $3.1 million and $4.2 million, respectively. Management fees to our advisor for the nine months ended September 30, 2024 and 2023 were $9.4 million and $13.6 million, respectively. Acquisition Expense Reimbursement. We will reimburse our advisor for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, financing and development of investments, whether or not such investments are acquired, and make payments to third parties or possibly certain of our advisor’s affiliates in connection with providing services to us. There were no acquisition expense reimbursements for the nine months ended September 30, 2024 and 2023. Performance Participation Allocation. In addition to the fees paid to our advisor for services provided pursuant to our advisory agreement, CC Advisors - SLP, LLC, an affiliate of our advisor and the Special Limited Partner at CROP, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP's total return to its capital account. The performance participation allocation is an incentive fee indirectly paid to our advisor and receipt of the allocation is subject to the ongoing effectiveness of the advisory agreement. As the performance participation allocation is associated with the performance of a service by the advisor, it is expensed in our condensed consolidated statements of operations. Total return is defined as all distributions accrued or paid (without duplication) on Participating Partnership units (all units in CROP with the exception of preferred units and the Special Limited Partner Interest) plus the change in the aggregate net asset value of such Participating Partnership units. The annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The performance participation allocation is ultimately determined at the end of each calendar year, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year. Due to the decrease in the value of our net assets, no performance participation allocation was incurred during the three or nine months ended September 30, 2024 or during 2023. In March 2023, we paid $20.3 million in cash for the performance participation allocation incurred as a result of the increase in the value of our net assets and dividends paid to stockholders during the year ended December 31, 2022. 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 September 30, 2024, 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 September 30, 2024, our ownership in the Block C joint venture was 82.4%. Assumption of Related Party Notes and Interest On March 28, 2024, we acquired all of the outstanding tenant in common interests in Cottonwood Lighthouse Point from an unaffiliated third party. As part of the transaction, we assumed $1.3 million of notes and accrued interest held by an affiliate of the seller of the tenant in common interests in favor, directly and indirectly, of nine of our executive officers. Subsequent to the transaction, we paid the amount outstanding under the notes to the executive officers. APT Cowork, LLC APT Cowork, LLC (“APT”) engages in the business of converting underutilized and unused common space in multifamily apartment communities or retail space to revenue producing co-working space. Our officers and directors own 93.14% of APT through direct or indirect ownership interests. We and several of our properties have entered into agreements with APT as described below. Reimbursement and Cost Sharing Agreement . Under the Reimbursement and Cost Sharing Agreement, we make certain employees available to APT. In exchange APT reimburses us its allocable share of all direct and indirect costs related to the employees utilized by APT, subject to an annual limit of $120,000. Coworking Space Design Agreement . Under the Coworking Space Design Agreement, APT may advise, design and upgrade common areas at our multifamily properties. In exchange, our properties pay APT a one-time fee of $60,000, which may increase to $75,000. Services Agreement . Under the Services Agreement, APT provides ongoing administration services in exchange for $10.00 per apartment unit per month (the "Service Fee") paid by the property. Under the agreement, APT will pay us 50% of coworking revenue it receives at the properties from non-residents. Each of our properties with Services Agreements must also have a Coworking Space Design Agreement with APT. The following are the fees paid or incurred to APT under these agreements for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reimbursement and Cost Sharing Agreement $ 6 $ — $ 6 $ — Coworking Space Design Agreement — 60 60 60 Services Agreement, net revenue share 68 104 280 300 APT is transitioning its services from a coworking agreement to a license agreement based on occupied units instead of total units. We amended the Services Agreement effective September 1, 2024 which reduced the Service Fee from $10.00 per apartment unit per month to $5.00 per occupied apartment unit per month for any unit not covered under the license agreement. In addition, the amendment provides that the services agreement will terminate upon the earlier of i) the unit-by-unit transition resulting in no additional units receiving payment under the coworking agreement; and (ii) September 30, 2025. Under the license agreement, new leases and renewal of existing leases with our residents will have the Service Fee charged directly to them and remitted to APT.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests - Limited Partners OP Units and LTIP Units are units in CROP not owned by us and collectively referred to as “Noncontrolling Interests – Limited Partners.” OP Units - During the nine months ended September 30, 2024 and 2023, we paid aggregate distributions to noncontrolling OP Unit holders of $17.8 million and $17.4 million, respectively. LTIP Units - As of September 30, 2024, there were 733,910 unvested time-based LTIP awards and 521,753 unvested performance-based LTIP awards outstanding. LTIP Unit award share-based compensation, included within share-based compensation in the condensed consolidated statements of stockholders’ equity, was $2.8 million and $2.1 million for the nine months ended September 30, 2024 and 2023, respectively. Total unrecognized compensation expense for LTIP Units at September 30, 2024 is $4.5 million and is expected to be recognized on a straight-line basis through December 2027. Noncontrolling Interests - Partially Owned Entities As of September 30, 2024, noncontrolling interests in consolidated entities not wholly owned by us ranged from 1% to 63%, with the average being 11%.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 2215 Hollywood As of September 30, 2024, we had funded $10.0 million and had no remaining commitment on the 2215 Hollywood Mezzanine Loan. Monrovia Station As of September 30, 2024, we had funded $18.6 million and had a remaining commitment of $1.5 million on the Monrovia Station Junior Mezzanine Loan. Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of September 30, 2024, 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of our net earnings (losses) per common share - basic and diluted ($ in thousands except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for net earnings (losses) per common share - basic and diluted: Net income (loss) $ 10,625 $ (13,563) $ (1,572) $ (44,428) Net (income) loss attributable to noncontrolling interests - limited partners (4,168) 6,593 1,027 21,304 Net (income) loss attributable to noncontrolling interests - partially owned entities (2,381) 12 (808) (71) Preferred stock dividends (672) — (1,286) — Numerator for net earnings (losses) per common share - basic and diluted $ 3,404 $ (6,958) $ (2,639) $ (23,195) Denominator for net earnings (losses) per share - basic and diluted 31,732,893 34,037,337 31,654,014 34,874,921 Net earnings (losses) per common share - basic and diluted $ 0.11 $ (0.20) $ (0.08) $ (0.67)

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We evaluate subsequent events up until the date the condensed consolidated financial statements are issued and have determined there are none to be reported or disclosed in the condensed consolidated financial statements other than those mentioned below. Monrovia Station Funding On October 9, 2024, we funded the remaining $1.5 million commitment on the Monrovia Station Junior Mezzanine Loan. Infield Funding On October 17, 2024, we increased our commitment by an additional $1.3 million on the Infield preferred equity investment, and funded the additional amount at the same time, bringing our total funding to $12.7 million. Block C Note On November 12, 2024, the board approved a promissory note in favor of Block C. Pursuant to the terms of the promissory note, effective January 1, 2025, CROP may borrow, on a revolving basis, up to $10.0 million. Amounts advanced under the note, plus any interest on the unpaid principal advanced is due and payable by January 31, 2025, subject to one 14-day extension.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. The condensed consolidated balance sheet as of December 31, 2023 has been derived from our audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the period ending December 31, 2023 filed with the SEC. As our comprehensive income is equivalent to net income, our accompanying condensed consolidated financial statements do not include a Statement of Other Comprehensive Income.
Principles of Consolidation	The accompanying condensed consolidated financial statements include our accounts and the accounts of our subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities.
Investments in Real-Estate Related Loans	Investments in Real Estate-Related Loans Investments in Real Estate-Related Loans are mezzanine loans issued to entities pursuing apartment developments. Interest is recorded over the life of the mezzanine loan as other revenues on the statements of operations.
Fair Value of Financial Instruments	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2 - Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Error Corrections	As Previously Reported Adjustment As Corrected As of March 31, 2024 Additional paid-in capital $ 363,724 $ 6,846 $ 370,570 Noncontrolling interests - limited partners 226,188 (6,846) 219,342 As of June 30, 2024 Additional paid-in capital $ 362,509 $ 12,633 $ 375,142 Noncontrolling interests - limited partners 220,419 (12,633) 207,786

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Carrying Amounts of Consolidated Real Estate Assets	The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): September 30, 2024 December 31, 2023 Land $ 265,636 $ 257,553 Buildings and improvements 1,457,066 1,429,689 Furniture, fixtures and equipment 65,055 63,015 Intangible assets 37,782 37,158 Construction in progress (1) 39,464 17,995 1,865,003 1,805,410 Less: Accumulated depreciation and amortization (182,851) (156,264) Real estate assets, net $ 1,682,152 $ 1,649,146 (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 Sale of Real Estate Assets	The following table summarizes the gain calculation, recorded in gain on sale of real estate assets on the condensed consolidated statements of operations ($ in thousands): Total consideration, net of loan assumptions and transaction costs $ 7,227 Fair value of remaining ownership interest 24,211 Book value of remaining ownership interest (10,765) Gain on sale $ 20,673
Schedule of Purchase Price Allocation	The following table summarizes the purchase price allocation of the real estate assets acquired during the nine months ended September 30, 2024 ($ in thousands): Allocated Amounts Property Location Date Consolidated Building Land Land Improvements Personal Property Lease Intangibles Total Cottonwood Lighthouse Point Pompano Beach, FL 3/28/24 $ 72,046 $ 12,156 $ 1,114 $ 1,167 $ 2,360 $ 88,843 Alpha Mill Charlotte, NC 4/26/24 $ 58,277 $ 11,586 $ 1,789 $ 2,231 $ 1,812 $ 75,695

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 ($ in thousands): Balance at Property / Development Location % Owned September 30, 2024 December 31, 2023 Stabilized Properties Cottonwood Bayview (1) St. Petersburg, FL 71.0% $ 10,583 $ 11,817 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 6,269 6,713 Fox Point (1) Salt Lake City, UT 52.8% 12,717 13,533 The Marq Highland Park (1)(2) Tampa, FL 74.1% 23,421 — Alpha Mill (1)(3) Charlotte, NC 100.0% (3) — 29,522 Cottonwood Lighthouse Point (1)(4) Pompano Beach, FL 100.0% (4) — 38,852 Preferred Equity Investments Lector85 (5) Ybor City, FL — 11,387 Astoria West (6) Queens, NY — 23,406 417 Callowhill (7) Philadelphia, PA 43,312 38,028 Infield (7) Kissimmee, FL 13,515 11,942 Other 208 516 Total $ 110,025 $ 185,716 (1) We account for our tenant in common interests in these properties as equity method investments. (2) On July 23, 2024, we sold tenant in common interests in The Marq Highland Park Apartments for total consideration of $7.2 million, and we recorded a gain on sale of $20.7 million related to the transaction, which reduced our remaining ownership in The Marq Highland Park to 74.1%. See Note 3. (3) On April 26, 2024, we issued 858,158 OP Units to acquire the remaining 26.3% tenant in common interests in Alpha Mill, bringing our ownership to 100% and resulting in the consolidation of the property. The value of the OP Units was $10.9 million. (4) On March 28, 2024, we issued 259,246 OP Units and assumed $1.3 million in related party notes and interest to acquire the remaining 13.2% tenant in common interests in Cottonwood Lighthouse Point, bringing our ownership to 100% and resulting in the consolidation of the property. The value of the OP Units issued was $3.3 million. (5) On June 11, 2024, we received $12.1 million from the payoff of our preferred equity investment in Lector85, consisting of $9.9 million of principal and $2.2 million of accrued interest. (6) On July 29, 2024, we received $25.5 million from the payoff in full of our preferred equity investment in Astoria West, consisting of $15.0 million of principal and $10.5 million of accrued interest and participation. (7) As of September 30, 2024, we have fully funded our commitments on both 417 Callowhill and Infield. As disclosed in Note 13 , we committed and contributed additional funding to our Infield preferred equity investment subsequent to September 30, 2024.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Interest Rate Weighted-Average Remaining Term (1) September 30, 2024 December 31, 2023 Fixed rate loans Fixed rate mortgages 4.45% 4.2 Years $ 808,174 $ 891,319 Total fixed rate loans 808,174 891,319 Variable rate loans (2) Floating rate mortgages 6.82% (3) 4.2 Years 273,416 131,153 Variable rate revolving credit facility (4) 7.77% 3.2 Years 49,136 12,400 Total variable rate loans 322,552 143,553 Total secured loans 1,130,726 1,034,872 Unamortized debt issuance costs and discounts (4,985) (7,067) Premium on assumed debt, net (5,178) (5,353) Mortgage notes and revolving credit facility, net $ 1,120,563 $ 1,022,452 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed, subject to certain debt service coverage ratio, loan to cost or debt yield requirements. (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 September 30, 2024. (4) Our variable rate revolving credit facility is secured by Parc Westborough and Alpha Mill, which was refinanced and added to the facility on August 29, 2024. We may obtain advances on the facility up to $100.0 million, as long as certain loan-to-value ratios and other requirements are maintained. At September 30, 2024, the amount on our variable rate revolving credit facility was capped at $76.0 million primarily due to the interest rate environment and the applicable debt-service coverage ratio.
Schedule of Construction Loans	Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount Amount Drawn at September 30, 2024 Amount Drawn at December 31, 2023 Cottonwood Broadway (1) One-Month SOFR + 2.75% December 1, 2025 $ 44,625 $ — $ 41,891 Cottonwood Highland 30-Day Average SOFR + 2.55% May 1, 2029 44,250 43,933 39,790 805 Riverfront (1) One-Month SOFR + 2.75% December 1, 2025 55,400 — 48,310 The Westerly One-Month SOFR + 3.0% July 12, 2028 42,000 — — $ 186,275 $ 43,933 $ 129,991 (1) The Cottonwood Broadway and 805 Riverfront construction loans were refinanced in May 2024 and are included in mortgage notes above.
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 September 30, 2024 December 31, 2023 2017 6% Notes (1) $ 35,000 6.50% December 31, 2024 (1) December 31, 2024 $ 20,008 $ 20,308 2019 6% Notes (2) 25,000 6.25% December 31, 2024 (2) December 31, 2025 21,350 21,575 $ 60,000 $ 41,358 $ 41,883 (1) We exercised our final option to extend the maturity date on our 2017 6% Notes for one additional 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% 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. We intend to exercise our final extension option through 2025.
Schedule of Amortizing Principal Payments	The aggregate maturities, including amortizing principal payments on our debt for years subsequent to September 30, 2024 are as follows ($ in thousands): Year Mortgage Notes and Revolving Credit Facility Construction Loans Unsecured Total 2024 (1) $ 118 $ — $ 41,358 $ 41,476 2025 107,438 — — 107,438 2026 142,010 — — 142,010 2027 363,955 — — 363,955 2028 72,260 — — 72,260 Thereafter 444,945 43,933 — 488,878 $ 1,130,726 $ 43,933 $ 41,358 $ 1,216,017 (1) Of the amounts maturing in 2024, $21.4 million relates to our 2019 6% Unsecured Promissory Notes, which can be extended to December 31, 2025.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Financial Asset: Investments in real estate-related loans $ 28,490 $ 28,668 $ 8,703 $ 8,777 Total $ 28,490 $ 28,668 $ 8,703 $ 8,777 Financial Liability: Fixed rate mortgages $ 808,174 $ 796,203 $ 891,319 $ 869,248 Floating rate mortgages 273,416 272,160 131,153 129,540 Variable rate revolving credit facility 49,136 49,136 12,400 12,400 Construction loans 43,933 43,933 129,991 129,991 Series 2019 Preferred Stock 121,091 121,091 124,266 124,266 Series 2023 Preferred Stock 98,459 98,459 83,567 83,567 Series 2023-A Preferred Stock 2,950 2,950 2,850 2,850 Preferred interest liability — — 15,300 15,300 Unsecured promissory notes 41,358 41,358 41,883 41,883 Total $ 1,438,517 $ 1,425,290 $ 1,432,729 $ 1,409,045

Preferred Stock (Tables)

Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Preferred Stock	Information on these classes of preferred stock as of September 30, 2024 and December 31, 2023 is as follows ($ in thousands): Shares Outstanding at Current Dividend Rate Redemption Date Maximum Extension Date September 30, 2024 December 31, 2023 Series 2019 Preferred Stock 6.0% December 31, 2024 (1) December 31, 2025 12,109,091 12,426,596 Series 2023 Preferred Stock 6.0% (2) June 30, 2027 June 30, 2029 9,845,928 8,356,724 Series 2023-A Preferred Stock 7.0% December 31, 2027 N/A 295,000 285,000 Total 22,250,019 21,068,320 \ (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) The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended divided rate, applicable from July 1, 2028 to June 30, 2028, is 6.5%. September 30, 2024 December 31, 2023 Preferred stock outstanding $ 222,500 $ 210,683 Unamortized offering costs and discounts (8,811) (9,062) Preferred stock, net $ 213,689 $ 201,621

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table details the movement in our outstanding shares for each class of common stock: Nine Months Ended September 30, 2024 Class T Class D Class I Class A Total December 31, 2023 3,917,218 202,743 4,296,443 23,231,877 31,648,281 Issuance of common stock 509,014 158,475 1,598,675 — 2,266,164 Distribution reinvestment 49,124 2,304 40,051 88,362 179,841 Exchanges and transfers (1) (17,133) — 269,753 — 252,620 Repurchases of common stock (274,579) (8,342) (385,197) (2,163,200) (2,831,318) September 30, 2024 4,183,644 355,180 5,819,725 21,157,039 31,515,588 (1) Exchanges represent the number of shares OP Unit holders have exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were 17,133 during the nine months ended September 30, 2024.
Schedule of Common Stock Distributions	We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2024 $ 0.06083333 $ 0.73 February 29, 2024 $ 0.06083333 $ 0.73 March 31, 2024 $ 0.06083333 $ 0.73 April 30, 2024 $ 0.06083333 $ 0.73 May 31, 2024 $ 0.06083333 $ 0.73 June 30, 2024 $ 0.06083333 $ 0.73 July 31, 2024 $ 0.06083333 $ 0.73 August 31, 2024 $ 0.06083333 $ 0.73 September 30, 2024 $ 0.06083333 $ 0.73

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following are the fees paid or incurred to APT under these agreements for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reimbursement and Cost Sharing Agreement $ 6 $ — $ 6 $ — Coworking Space Design Agreement — 60 60 60 Services Agreement, net revenue share 68 104 280 300

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of our net earnings (losses) per common share - basic and diluted ($ in thousands except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for net earnings (losses) per common share - basic and diluted: Net income (loss) $ 10,625 $ (13,563) $ (1,572) $ (44,428) Net (income) loss attributable to noncontrolling interests - limited partners (4,168) 6,593 1,027 21,304 Net (income) loss attributable to noncontrolling interests - partially owned entities (2,381) 12 (808) (71) Preferred stock dividends (672) — (1,286) — Numerator for net earnings (losses) per common share - basic and diluted $ 3,404 $ (6,958) $ (2,639) $ (23,195) Denominator for net earnings (losses) per share - basic and diluted 31,732,893 34,037,337 31,654,014 34,874,921 Net earnings (losses) per common share - basic and diluted $ 0.11 $ (0.20) $ (0.08) $ (0.67)

Organization and Business (Deta

Organization and Business (Details)	9 Months Ended	28 Months Ended	34 Months Ended
	Sep. 30, 2024 USD ($) segment realEstateUnit apartmentCommunity land_parcel	Dec. 22, 2020 USD ($)	Sep. 30, 2024 USD ($) realEstateUnit apartmentCommunity land_parcel	Nov. 30, 2021 USD ($)	Nov. 30, 2019 $ / shares
Subsidiary, Sale of Stock [Line Items]
Number of reportable segments | segment	1
Owned Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity	34		34
Number of real estate units | realEstateUnit	9,583		9,583
Number of real estate properties | land_parcel	4		4
Structured Investment Interest
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity	4		4
Number of real estate units | realEstateUnit	1,080		1,080
Structured Investment Interest | Under Construction
Subsidiary, Sale of Stock [Line Items]
Number of multifamily apartment communities | apartmentCommunity	3		3
Number of real estate units | realEstateUnit	737		737
Follow on Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value				$ 1,000,000,000
Proceeds from issuance of follow-on offering			$ 230,000,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Stock offered, value				900,000,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Stock offered, value				$ 100,000,000
Proceeds from issuance of follow-on offering	$ 7,000,000
Class A and Class TX Common Stock | IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from offering including dividend reinvestment plan offering		$ 122,000,000
Series 2019 Preferred Stock | Private Placement
Subsidiary, Sale of Stock [Line Items]
Share price (in dollars per share) | $ / shares					$ 10
Proceeds from private offering	$ 267,900,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital	$ 375,081	$ 375,142	$ 370,570	$ 373,954
Limited partners	$ 204,016	207,786	219,342	$ 221,617
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital		362,509	363,724
Limited partners		220,419	226,188
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital		12,633	6,846
Limited partners		$ (12,633)	$ (6,846)

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Carrying Amounts of Consolidated Real Estate Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Land	$ 265,636	$ 257,553
Buildings and improvements	1,457,066	1,429,689
Furniture, fixtures and equipment	65,055	63,015
Intangible assets	37,782	37,158
Construction in progress	39,464	17,995
Real estate investment property, at cost	1,865,003	1,805,410
Less: Accumulated depreciation and amortization	(182,851)	(156,264)
Real estate assets, net	$ 1,682,152	$ 1,649,146

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands			1 Months Ended			9 Months Ended
	Jul. 23, 2024 USD ($)	Mar. 28, 2024 USD ($)	Apr. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($) shares	Feb. 29, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Proceeds from sale of equity method investments						$ 24,934	$ 0
Issuance of common stock (in shares) | shares						2,266,164
Repayments of related party debt		$ 1,300		$ 1,300		$ 1,332	$ 0
OP Units
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares				259,246
Cottonwood West Palm
Business Acquisition [Line Items]
Proceeds from sale of equity method investments					$ 34,000
Gain on sale					$ 26,600
The Marq Highland Park
Business Acquisition [Line Items]
Proceeds from sale of equity method investments	$ 7,227
Gain on sale	$ 20,673
Equity method investments, percentage sold	0.259
Ownership percentage	74.10%
Cottonwood Lighthouse Point
Business Acquisition [Line Items]
Additional interests acquired				13.23%
Payment for additional interest				$ 3,300
Alpha Mill
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares			858,158
Additional interests acquired			26.30%
Payment for additional interest			$ 10,900

Real Estate Assets, Net - Sch_2

Real Estate Assets, Net - Schedule of Sale of Real Estate Assets (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 23, 2024	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Total consideration, net of loan assumptions and transaction costs		$ 24,934	$ 0
The Marq Highland Park
Schedule of Equity Method Investments [Line Items]
Total consideration, net of loan assumptions and transaction costs	$ 7,227
Fair value of remaining ownership interest	24,211
Book value of remaining ownership interest	(10,765)
Gain on sale	$ 20,673

Real Estate Assets, Net - Sch_3

Real Estate Assets, Net - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Apr. 26, 2024	Mar. 28, 2024
Cottonwood Lighthouse Point
Asset Acquisition [Line Items]
Building		$ 72,046
Land		12,156
Land Improvements		1,114
Personal Property		1,167
Lease Intangibles		2,360
Total		$ 88,843
Alpha Mill
Asset Acquisition [Line Items]
Building	$ 58,277
Land	11,586
Land Improvements	1,789
Personal Property	2,231
Lease Intangibles	1,812
Total	$ 75,695

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments (Details) $ in Thousands						1 Months Ended	9 Months Ended
	Jul. 29, 2024 USD ($)	Jul. 23, 2024 USD ($)	Jun. 11, 2024 USD ($)	Apr. 26, 2024 USD ($) shares	Mar. 28, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investments in unconsolidated real estate entities							$ 24,934	$ 0
Repayments of related party debt					$ 1,300	$ 1,300	1,332	0
Payoff of investment							14,229	$ 3,310
The Marq Highland Park
Schedule of Equity Method Investments [Line Items]
% Owned		74.10%
Proceeds from sale of investments in unconsolidated real estate entities		$ 7,227
Gain on sale		20,673
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment							110,025		$ 185,716
Unconsolidated Properties | The Marq Highland Park | Tampa, FL
Schedule of Equity Method Investments [Line Items]
Gain on sale		$ 20,700
Unconsolidated Properties | Alpha Mill | Charlotte, NC
Schedule of Equity Method Investments [Line Items]
% Owned				100%
Stock issued during period shares acquisition (in shares) | shares				858,158
Unconsolidated Properties | Alpha Mill | Charlotte, NC | OP Units
Schedule of Equity Method Investments [Line Items]
Tenant-in-common interest in property				0.263
Shares issued in acquisition				$ 10,900
Unconsolidated Properties | Cottonwood Lighthouse Point | Pompano Beach, FL
Schedule of Equity Method Investments [Line Items]
% Owned					100%
Tenant-in-common interest in property					0.132
Unconsolidated Properties | Cottonwood Lighthouse Point | Pompano Beach, FL | OP Units
Schedule of Equity Method Investments [Line Items]
Stock issued during period shares acquisition (in shares) | shares					259,246
Shares issued in acquisition					$ 3,300
Unconsolidated Properties | Other
Schedule of Equity Method Investments [Line Items]
Equity method investment							$ 208		516
Unconsolidated Properties | Stabilized Properties | Cottonwood Bayview | St. Petersburg, FL
Schedule of Equity Method Investments [Line Items]
% Owned							71%
Equity method investment							$ 10,583		11,817
Unconsolidated Properties | Stabilized Properties | Toscana At Valley Ridge | Lewisville, TX
Schedule of Equity Method Investments [Line Items]
% Owned							58.60%
Equity method investment							$ 6,269		6,713
Unconsolidated Properties | Stabilized Properties | Fox Point | Salt Lake City, UT
Schedule of Equity Method Investments [Line Items]
% Owned							52.80%
Equity method investment							$ 12,717		13,533
Unconsolidated Properties | Stabilized Properties | The Marq Highland Park | Tampa, FL
Schedule of Equity Method Investments [Line Items]
% Owned							74.10%
Equity method investment							$ 23,421		0
Unconsolidated Properties | Stabilized Properties | Alpha Mill | Charlotte, NC
Schedule of Equity Method Investments [Line Items]
% Owned							100%
Equity method investment							$ 0		29,522
Unconsolidated Properties | Stabilized Properties | Cottonwood Lighthouse Point | Pompano Beach, FL
Schedule of Equity Method Investments [Line Items]
% Owned							100%
Equity method investment							$ 0		38,852
Unconsolidated Properties | Preferred Equity Investments | Lector85 | Ybor City, FL
Schedule of Equity Method Investments [Line Items]
Equity method investment							0		11,387
Payoff of investment			$ 12,100
Payoff of investments, principal			9,900
Payoff of investments, accrued interest			$ 2,200
Unconsolidated Properties | Preferred Equity Investments | Astoria West | Queens, NY
Schedule of Equity Method Investments [Line Items]
Equity method investment							0		23,406
Payoff of investment	$ 25,500
Payoff of investments, principal	15,000
Payoff of investments, accrued interest	$ 10,500
Unconsolidated Properties | Preferred Equity Investments | 417 Callowhill (7) | Philadelphia, PA
Schedule of Equity Method Investments [Line Items]
Equity method investment							43,312		38,028
Unconsolidated Properties | Preferred Equity Investments | Infield | Kissimmee, FL
Schedule of Equity Method Investments [Line Items]
Equity method investment							$ 13,515		$ 11,942

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	$ 1,361	$ 1,438	$ 4,979	$ 5,067
Stabilized Properties
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	(1,100)	(1,500)	(3,300)	(3,900)
Preferred Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated real estate entities	$ 2,400	$ 3,000	$ 8,300	$ 9,000

Debt - Schedule of Mortgage Not

Debt - Schedule of Mortgage Notes And Revolving Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total secured loans	$ 1,130,726,000	$ 1,034,872,000
Unamortized debt issuance costs and discounts	(4,985,000)	(7,067,000)
Premium on assumed debt, net	(5,178,000)	(5,353,000)
Mortgage notes and revolving credit facility, net	1,120,563,000	1,022,452,000
Future Acquisition Financing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	100,000,000
Line of credit facility, current borrowing capacity	$ 76,000,000
Fixed rate loans
Debt Instrument [Line Items]
Weighted average fixed interest rate	4.45%
Weighted average remaining term	4 years 2 months 12 days
Total secured loans	$ 808,174,000	891,319,000
Variable rate loans
Debt Instrument [Line Items]
Total secured loans	$ 322,552,000	143,553,000
Variable rate loans | Floating rate mortgages
Debt Instrument [Line Items]
Weighted average variable rate	6.82%
Weighted average remaining term	4 years 2 months 12 days
Total secured loans	$ 273,416,000	131,153,000
Variable rate loans | Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average variable rate	7.77%
Weighted average remaining term	3 years 2 months 12 days
Total secured loans	$ 49,136,000	$ 12,400,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Aug. 31, 2024	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Extinguishment of debt			$ 2,554	$ 1,037
Total secured loans			1,130,726		$ 1,034,872
Payoff of preferred interest liability			15,300	$ 0
Variable rate loans
Debt Instrument [Line Items]
Total secured loans			$ 322,552		$ 143,553
Variable rate loans | Cottonwood Broadway
Debt Instrument [Line Items]
Total secured loans		$ 43,400
Variable rate loans | 805 Riverfront
Debt Instrument [Line Items]
Total secured loans		60,200
Payoff of preferred interest liability		15,300
Accrued preferred interest payment		$ 5,400
Unsecured Debt
Debt Instrument [Line Items]
Increase in interest rate			0.25%
West Palm Beach Loan
Debt Instrument [Line Items]
Extinguishment of debt			$ 1,200
Alpha Mill Loan
Debt Instrument [Line Items]
Extinguishment of debt	$ 1,100

Debt - Schedule of Construction

Debt - Schedule of Construction Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount drawn	$ 43,933	$ 129,991
Construction Loan Payable
Debt Instrument [Line Items]
Loan Amount	186,275
Amount drawn	$ 43,933	129,991
Construction Loan Payable | Cottonwood Broadway
Debt Instrument [Line Items]
Interest Rate	2.75%
Loan Amount	$ 44,625
Amount drawn	$ 0	41,891
Construction Loan Payable | Cottonwood Highland
Debt Instrument [Line Items]
Interest Rate	2.55%
Loan Amount	$ 44,250
Amount drawn	$ 43,933	39,790
Construction Loan Payable | 805 Riverfront
Debt Instrument [Line Items]
Interest Rate	2.75%
Loan Amount	$ 55,400
Amount drawn	$ 0	48,310
Construction Loan Payable | The Westerly
Debt Instrument [Line Items]
Interest Rate	3%
Loan Amount	$ 42,000
Amount drawn	$ 0	$ 0

Debt - Schedule of Unsecured Pr

Debt - Schedule of Unsecured Promissory Notes (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Unsecured promissory notes, net	$ 41,358,000	$ 41,883,000
Unsecured Debt
Debt Instrument [Line Items]
Offering Size	60,000
Unsecured promissory notes, net	41,358,000	41,883,000
Unsecured Debt | 2017 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 35,000
Interest Rate	6.50%			6%
Unsecured promissory notes, net	$ 20,008,000	20,308,000
Unsecured Debt | 2017 6% Notes | Fiscal Year 2024
Debt Instrument [Line Items]
Interest Rate	6.50%
Unsecured Debt | 2019 6% Notes
Debt Instrument [Line Items]
Offering Size	$ 25,000
Interest Rate	6.25%		6%
Unsecured promissory notes, net	$ 21,350,000	$ 21,575,000
Unsecured Debt | 2019 6% Notes | Fiscal Year 2024
Debt Instrument [Line Items]
Interest Rate	6.25%

Debt - Schedule of Amortizing P

Debt - Schedule of Amortizing Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2019
Debt Instrument [Line Items]
2024	$ 41,476
2025	107,438
2026	142,010
2027	363,955
2028	72,260
Thereafter	488,878
Principal payment on mortgage loans	1,216,017
Mortgage notes and revolving credit facility, net	1,120,563	$ 1,022,452
Construction Loans
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	43,933
Principal payment on mortgage loans	43,933
Mortgage Notes and Revolving Credit Facility
Debt Instrument [Line Items]
2024	118
2025	107,438
2026	142,010
2027	363,955
2028	72,260
Thereafter	444,945
Principal payment on mortgage loans	1,130,726
Unsecured Promissory Notes
Debt Instrument [Line Items]
2024	41,358
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Principal payment on mortgage loans	41,358
Unsecured Promissory Notes | 2019 6% Notes
Debt Instrument [Line Items]
Mortgage notes and revolving credit facility, net	$ 21,400
Interest rate	6.25%		6%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate-related loans, net	$ 28,490	$ 8,703
Preferred interest liability	0	15,300
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate-related loans, net	28,490	8,703
Preferred interest liability	0	15,300
Unsecured promissory notes	41,358	41,883
Total	1,438,517	1,432,729
Level 2 | Carrying Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	121,091	124,266
Level 2 | Carrying Value | Series 2023 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	98,459	83,567
Level 2 | Carrying Value | Series 2023-A Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	2,950	2,850
Level 2 | Carrying Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate revolving credit facility	49,136	12,400
Level 2 | Carrying Value | Investments in real estate-related loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate-related loans	28,490	8,703
Level 2 | Carrying Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	808,174	891,319
Level 2 | Carrying Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	273,416	131,153
Level 2 | Carrying Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	43,933	129,991
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate-related loans, net	28,668	8,777
Preferred interest liability	0	15,300
Unsecured promissory notes	41,358	41,883
Total	1,425,290	1,409,045
Level 2 | Fair Value | Series 2019 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	121,091	124,266
Level 2 | Fair Value | Series 2023 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	98,459	83,567
Level 2 | Fair Value | Series 2023-A Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock series	2,950	2,850
Level 2 | Fair Value | Variable rate revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate revolving credit facility	49,136	12,400
Level 2 | Fair Value | Investments in real estate-related loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate-related loans	28,668	8,777
Level 2 | Fair Value | Fixed rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	796,203	869,248
Level 2 | Fair Value | Floating rate mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	272,160	129,540
Level 2 | Fair Value | Construction loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages	$ 43,933	$ 129,991

Preferred Stock - Narrative (De

Preferred Stock - Narrative (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) classesOfPreferredStock	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) classesOfPreferredStock shares	Sep. 30, 2023 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of preferred stock							$ 15,682	$ 80,170
Number of shares redeemed (in shares) | shares							2,831,318
Common stock/OP Units repurchased	$ 10,261	$ 15,272	$ 14,552	$ 29,098	$ 23,230	$ 19,626
Series 2023 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred							$ 4,100	2,000
Series 2023-A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred							200
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred dividend value incurred							$ 5,500	$ 5,200
Preferred Stock | Series 2023 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock	3						3
Proceeds from issuance of preferred stock							$ 15,600
Number of shares redeemed (in shares) | shares							69,000	0
Common stock/OP Units repurchased							$ 600
Preferred Stock | Series 2023-A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock	3						3
Proceeds from issuance of preferred stock							$ 100
Number of shares redeemed (in shares) | shares							0	0
Preferred Stock | Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of classes of preferred stock outstanding | classesOfPreferredStock	3						3
Number of shares redeemed (in shares) | shares							317,505	233,698
Common stock/OP Units repurchased							$ 3,100	$ 2,200

Preferred Stock - Schedule of P

Preferred Stock - Schedule of Preferred Stock (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	22,250,019	21,068,320
Preferred stock outstanding	$ 222,500	$ 210,683
Unamortized offering costs and discounts	(8,811)	(9,062)
Preferred stock, net	$ 213,689	$ 201,621
Series 2019 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Current Dividend Rate	6%
Preferred stock, shares outstanding (in shares)	12,109,091	12,426,596
Current Dividend Rate		6%
Series 2023 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Current Dividend Rate	6%
Preferred stock, shares outstanding (in shares)	9,845,928	8,356,724
Current Dividend Rate	6.50%
Series 2023 Preferred Stock | During First-Year Extension
Subsidiary, Sale of Stock [Line Items]
Current Dividend Rate	6.25%
Series 2023-A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Current Dividend Rate	7%
Preferred stock, shares outstanding (in shares)	295,000	285,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	22,250,019						22,250,019		21,068,320
Convertible preferred dividends							$ 1,100
Payments of dividends							17,000
Distribution reinvestment	$ 832	$ 774	$ 724	$ 470	$ 709	$ 696	$ 2,330	$ 1,877
Number of shares redeemed (in shares)							2,831,318
Repurchase of common stock/OP Units							$ 45,871	$ 71,009
Common Stock
Subsidiary, Sale of Stock [Line Items]
Distribution reinvestment							$ 2,300
Number of shares redeemed (in shares)							2,831,318
Repurchase of common stock/OP Units							$ 35,500
Average repurchase price (in dollars per share)							$ 12.50
Series A Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	3,916,031						3,916,031		215,277
Preferred stock, shares issued (in shares)	3,916,031						3,916,031		215,277

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details)	9 Months Ended
	Sep. 30, 2024 shares
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	31,648,281
Issuance of common stock (in shares)	2,266,164
Distribution reinvestment (in shares)	179,841
Exchanges and transfers (in shares)	252,620
Repurchases of common stock (in shares)	(2,831,318)
Shares outstanding, ending balance (in shares)	31,515,588
Class T
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	3,917,218
Issuance of common stock (in shares)	509,014
Distribution reinvestment (in shares)	49,124
Exchanges and transfers (in shares)	(17,133)
Repurchases of common stock (in shares)	(274,579)
Shares outstanding, ending balance (in shares)	4,183,644
Stock converted during period (in shares)	17,133
Class D
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	202,743
Issuance of common stock (in shares)	158,475
Distribution reinvestment (in shares)	2,304
Exchanges and transfers (in shares)	0
Repurchases of common stock (in shares)	(8,342)
Shares outstanding, ending balance (in shares)	355,180
Class I
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	4,296,443
Issuance of common stock (in shares)	1,598,675
Distribution reinvestment (in shares)	40,051
Exchanges and transfers (in shares)	269,753
Repurchases of common stock (in shares)	(385,197)
Shares outstanding, ending balance (in shares)	5,819,725
Class A
Common Stock Outstanding [Roll Forward]
Shares outstanding, beginning balance (in shares)	23,231,877
Issuance of common stock (in shares)	0
Distribution reinvestment (in shares)	88,362
Exchanges and transfers (in shares)	0
Repurchases of common stock (in shares)	(2,163,200)
Shares outstanding, ending balance (in shares)	21,157,039

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Common Stock Distributions (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
O 2024 A Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	$ 0.73
O 2024 M1 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M2 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M3 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M4 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M5 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M6 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M7 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M8 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	0.06083333
O 2024 M9 Dividends
Subsidiary, Sale of Stock [Line Items]
Common stock, distribution rate (in dollars per share)	$ 0.06083333

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details)		1 Months Ended		3 Months Ended		9 Months Ended		28 Months Ended
	Mar. 28, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) usdPerApartment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) usdPerApartment	Sep. 30, 2023 USD ($)	Sep. 19, 2023	Sep. 01, 2024 usdPerApartment	Aug. 31, 2024 usdPerApartment
Related Party Transaction [Line Items]
Repayments of related party debt	$ 1,300,000	$ 1,300,000				$ 1,332,000	$ 0
APT Cowork, LLC
Related Party Transaction [Line Items]
Reimbursement limit				$ 120,000		$ 120,000
Services agreement, monthly administration service fee | usdPerApartment				10		10			5	10
Revenue receives, percent				50%		50%
APT Cowork, LLC | Minimum
Related Party Transaction [Line Items]
Coworking space design agreement, fee amount				$ 60,000		$ 60,000
APT Cowork, LLC | Maximum
Related Party Transaction [Line Items]
Coworking space design agreement, fee amount				$ 75,000		$ 75,000
APT Cowork, LLC | Officers and Directors
Related Party Transaction [Line Items]
Ownership percentage				93.14%		93.14%
Affiliated Entity
Related Party Transaction [Line Items]
Acquisition expense reimbursements						$ 0	0
Co-venturer | CW Block C, LLC
Related Party Transaction [Line Items]
Percent of development project owned				82.40%		82.40%
Co-venturer | Affiliated Members | CW Block C, LLC
Related Party Transaction [Line Items]
Capital contribution				$ 10,900,000		$ 10,900,000
Independent Director Compensation | Affiliated Entity
Related Party Transaction [Line Items]
Gross asset value of CROP percentage						0.0625%
Net asset value of CROP percentage								0.125%
Asset management fees				$ 3,100,000	$ 4,200,000	$ 9,400,000	13,600,000
Percentage of total return				5%		5%
Percentage of annual total return				12.50%		12.50%
Independent Director Compensation | Affiliated Entity | Limited Partners
Related Party Transaction [Line Items]
Percentage of total return				12.50%		12.50%
Performance participation allocation			$ 20,300,000	$ 0	$ 0	$ 0	$ 0
Independent Director Compensation | Affiliated Entity | Other Ownership Interest
Related Party Transaction [Line Items]
Percentage of total return				87.50%		87.50%

Related-Party Transactions - Sc

Related-Party Transactions - Schedule of Related Party Transactions (Details) - APT Cowork, LLC - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Reimbursement and Cost Sharing Agreement	$ 6	$ 0	$ 6	$ 0
Coworking Space Design Agreement	0	60	60	60
Services Agreement, net revenue share	$ 68	$ 104	$ 280	$ 300

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Line Items]
Distributions to investors	$ 15,336	$ 12,186	$ 11,725	$ 12,653	$ 12,040	$ 12,113
Not Wholly Owned | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	1%						1%
Not Wholly Owned | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	63%						63%
Not Wholly Owned | Weighted Average
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	11%						11%
OP Units
Noncontrolling Interest [Line Items]
Distributions to investors							$ 17,800	$ 17,400
LTIP Units
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares)	733,910						733,910
Cost recognition							$ 2,800	$ 2,100
Unrecognized compensation expense	$ 4,500						$ 4,500
Performance LTIP
Noncontrolling Interest [Line Items]
Number of unvested awards outstanding (in shares)	521,753						521,753

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 31, 2021
Subsidiary, Sale of Stock [Line Items]
Gain on legal settlement		$ 16,020,000	$ 0	$ 16,020,000	$ 0
Sugarmont, LLC
Subsidiary, Sale of Stock [Line Items]
Accrued contingent losses						$ 11,700,000
Payments for legal settlements	$ 4,300,000	4,300,000		4,300,000
Gain on legal settlement		16,000,000		16,000,000
Distribution payable	3,000,000	3,000,000		3,000,000
2215 Hollywood Mezzanine
Subsidiary, Sale of Stock [Line Items]
Payments to acquire investment				10,000,000
Investment-related liabilities	0	0		0
Monrovia Station
Subsidiary, Sale of Stock [Line Items]
Payments to acquire investment				18,600,000
Investment-related liabilities	$ 1,500,000	$ 1,500,000		$ 1,500,000
Sugarmont, LLC | Not Owned By Us
Subsidiary, Sale of Stock [Line Items]
% Owned	1%	1%		1%
Percent of favorable settlement received	70%	70%		70%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for net earnings (losses) per common share - basic and diluted:
Net income (loss)	$ 10,625	$ (19,260)	$ 7,063	$ (13,563)	$ (13,005)	$ (17,860)	$ (1,572)	$ (44,428)
Net (income) loss attributable to noncontrolling interests - limited partners	(4,168)			6,593			1,027	21,304
Net (income) loss attributable to noncontrolling interests - partially owned entities	(2,381)			12			(808)	(71)
Preferred stock dividends	(672)			0			(1,286)	0
Numerator for net earnings (losses) per common share - basic	3,404			(6,958)			(2,639)	(23,195)
Numerator for net earnings (losses) per common share - diluted	$ 3,404			$ (6,958)			$ (2,639)	$ (23,195)
Denominator for net earnings (losses) per common share - basic (in shares)	31,732,893			34,037,337			31,654,014	34,874,921
Denominator for net earnings (losses) per share - diluted (in shares)	31,732,893			34,037,337			31,654,014	34,874,921
Net earnings (losses) per common share - basic (in dollars per share)	$ 0.11			$ (0.20)			$ (0.08)	$ (0.67)
Net earnings (losses) per common share - diluted (in dollars per share)	$ 0.11			$ (0.20)			$ (0.08)	$ (0.67)

Subsequent Events (Details)

Subsequent Events (Details)				9 Months Ended
	Nov. 12, 2024 USD ($) extension	Oct. 17, 2024 USD ($)	Oct. 09, 2024 USD ($)	Sep. 30, 2024 USD ($)
Monrovia Station
Subsequent Event [Line Items]
Payments to acquire investment				$ 18,600,000
Subsequent Event | Block C | Co-venturer | Affiliated Members
Subsequent Event [Line Items]
Line of credit maximum borrowing capacity	$ 10,000,000
Line Of Credit Facility, Number Of Extensions | extension	1
Line Of Credit Facility, Extension Period	14 days
Subsequent Event | Monrovia Station
Subsequent Event [Line Items]
Payments to acquire investment			$ 1,500,000
Subsequent Event | Infield
Subsequent Event [Line Items]
Payments to acquire equity method investments		$ 1,300,000
Equity method investment		$ 12,700,000