Nuveen Global Cities REIT (NUVEEN) 10-K 28 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 28, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	NUVEEN
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float	$ 0
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,435
Class I shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		200,478
Class N shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608
Class T shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,612
Class S shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets
Investments in real estate, net	$ 294,374,000	$ 114,822,000
Investments in real estate-related securities, at fair value	29,228,000	0
Investments in international affiliated funds	28,594,000
Cash and cash equivalents	5,643,000	3,681,000
Restricted cash	56,000
Intangible assets, net	16,367,000	7,305,000
Other assets	2,584,000	92,000
Total assets	376,846,000	125,900,000
Liabilities and Equity
Credit Facility	70,000,000
Intangible liabilities, net	5,759,000	250,000
Accounts payable, accrued expenses, and other liabilities	5,070,000	1,728,000
Due to affiliates	4,602,000	0
Distribution Payable	2,484,000
Subscriptions received in advance	55,000
Total liabilities	87,970,000	1,978,000
Equity
Additional paid-in capital	298,419,000	124,126,000
Accumulated deficit and cumulative distributions	(9,884,000)	(328,000)
Accumulated other comprehensive income	42,000
Total equity	288,876,000	123,922,000
Total liabilties and equity	376,846,000	125,900,000
Class I shares
Equity
Common stock	2,000
Class N shares
Equity
Common stock	$ 297,000	$ 124,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Common stock, par value	$ 0.01
Common stock, shares authorized	2,100,000,000
Class D shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	25,839	0
Common stock, shares outstanding	25,839	0
Class I shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	186,474	0
Common stock, shares outstanding	186,474	0
Class N shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	29,730,608	12,425,000
Common stock, shares outstanding	29,730,608	12,425,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Revenues
Total revenues	$ 390	$ 15,878
Expenses
Property operating	175	5,652
General and administrative	238	3,950
Advisory fee due to affiliate	44	1,485
Depreciation and amortization	261	9,798
Total expenses	718	20,885
Other income (expense)
Realized and unrealized income from real estate-related securities		120
Income from investment in International Affiliated Funds		34
Interest income		120
Interest expense		(434)
Total other (expense) income		(160)
Net loss	$ (328)	$ (5,167)
Net loss per share of common stock-basic and diluted	$ (0.30)	$ (0.23)
Weighted-average shares of common stock outstanding, basic and diluted	1,099,405	22,551,833
Rental Revenue
Revenues
Total revenues	$ 374	$ 13,382
Tenant Reimbursement Income
Revenues
Total revenues	$ 16	$ 2,496

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income and (Loss) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,167)
Other comprehensive income:
Unrealized income from currency translation	42
Comprehensive loss	$ (5,125)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Par Value Common StockClass I shares	Par Value Common StockClass N shares	Additional Paid-in Capital	Accumulated Deficit And Cumulative Distributions	Accumulated Other Comprehensive Loss
Beginning balance at May. 18, 2017	$ 200			$ 200
Issuance of shares of Common Stock	124,050		$ 124	123,926
Net loss	(328)				$ (328)
Ending balance at Dec. 31, 2017	123,922		124	124,126	(328)
Issuance of shares of Common Stock	174,406	$ 2	173	174,231
Distribution reinvestment	7
Amortization of restricted stock grants	62			62
Net loss	(5,167)				(5,167)
Distributions declared on common stock	(4,389)				(4,389)
Foreign currency translation adjustment	42					$ 42
Ending balance at Dec. 31, 2018	$ 288,876	$ 2	$ 297	$ 298,419	$ (9,884)	$ 42

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)shares
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, shares | shares	29,942,921
Net of offering costs | $	$ 3,488

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (328)	$ (5,167)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	261	9,798
Unrealized gain on changes in fair value of real estate-related securities		1,272
Realized gain on sale of real estate-related securities		(606)
Income from investment in international affiliated fund		(34)
Straight line rent adjustment	(14)	(1,105)
Amortization of below-market lease intangibles		(116)
Amortization of loan closing costs		30
Amortization of restricted stock grants		62
Change in assets and liabilities:
(Increase) in other assets	(78)	(616)
Increase in due to affiliates		1,091
Increase in accounts payable, accrued expenses, and other liabilities	159	1,726
Net cash provided by operating activites		6,335
Cash flows from investing activities:
Acquisitions of real estate	(120,569)	(191,035)
Deposit on loan assets		150
Investment in international affiliated funds		(28,519)
Capital improvements to real estate		(285)
Purchase of real estate-related securities		(39,515)
Proceeds from sale of real estate-related securities		9,621
Net cash (used in) investing activities	(120,569)	(249,583)
Cash flows from financing activities:
Proceeds from issuance of common stock	124,250	177,917
Borrowings from credit facilities		95,000
Repayments on credit facilities		(25,000)
Payment of deferred financing costs		(801)
Subscriptions received in advance		55
Distributions		(1,905)
Net cash provided by financing activities	124,250	245,265
Net increase in cash and cash equivalents and restricted cash during the period	3,681	2,018
Cash and cash equivalents and restricted cash, beginning of period		3,681
Cash and cash equivalents and restricted cash, end of period	3,681	5,699
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheet, end of period:
Cash and cash equivalents	3,681	5,643
Restricted cash		56
Cash and cash equivalents and restricted cash, end of period	3,681	5,699
Supplemental disclosures:
Interest paid		270
Non-cash investing activities:
Assumption of other liabilities in conjunction with acquisitions of real estate	1,547	1,452
Accrued capital expenditures	22	14
Non-cash financing activities:
Accrued distributions		2,484
Accrued stockholder servicing fees	0	4,602
Distribution reinvestment		7
Accrued offering costs due to affiliate		3,488
Accrued stockholder servicing fees
Non-cash financing activities:
Accrued stockholder servicing fees	$ 0	$ 23

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Note 1. Organization and Business Purpose Nuveen Global Cities REIT, Inc. (the “Company”) was formed on May 1, 2017 as a Maryland corporation and intends to elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and that a substantial but lesser portion of the Company’s portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. Substantially all of the Company’s business will be conducted through Nuveen OP. The Company and Nuveen OP are externally managed by Nuveen Real Estate Global Cities Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of the Sponsor. Pursuant to a registration statement on Form S-11,

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s Consolidated Financial Statements as of December 31, 2018 and December 31, 2017. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place in-place in-place lease-up lease-up The amortization of acquired below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building and building improvement 40 years Land improvements 15 Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in rental property operating expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared. The resulting dividend income and gains and losses are recorded as a component of realized and unrealized income from real estate-related securities on the Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in the European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA, (the “International Affiliated Funds”) under the equity method of accounting. The equity method income from the investment in International Affiliated Funds represent the Company’s allocable share of the fund’s net income for the year ended December 31, 2018 and is reported as income from Investment in International Affiliated Fund on the Company’s Consolidated Statements of Operations. This includes the Company’s allocable share of the International Affiliated Fund’s income and expense, realized gains and losses and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) when received by the Company. All contributions to or distributions from the investment in the International Affiliated Funds is accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Consolidated Balance Sheets. Deferred Financing Costs Deferred financing costs include certain cost to obtain the credit facility and are included in other assets on the Company’s Consolidated Balance Sheets. These costs consist of external fees and costs incurred to obtain the Company’s credit facility. Such costs have been deferred and are being amortized over the term of the credit facility and included within interest expense. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility. Fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of December 31, 2018, the Company’s $29.2 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded real estate investment trusts and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. The Company’s investment in the International Affiliated Fund is valued using the NAV as a practical expedient as determined from the financial statements of ECF and APCF when received by the Company. The Company’s investment in the International Affiliated Fund is subject to redemption with certain restrictions and limitations. Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent arising from tenant operating leases at the Company’s office, retail, industrial and multifamily properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. Tenant reimbursement income — consists primarily of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income. Cash and Cash Equivalents Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. Restricted Cash As of December 31, 2018, the $56,000 restricted cash balance consists of $55,000 of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company and $1,000 of cash received for security deposits required to be maintained in separate bank accounts. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2018. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax on its taxable income that it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings. Management has evaluated the effects of TCJA and concluded that the TCJA will not materially impact its consolidated financial statements. This is due to the fact that the Company is operating in a manner which will allow it to qualify as a REIT which will result in a full valuation allowance being recorded against its deferred tax balances. The Company also estimates that the new taxes on foreign-sourced earnings are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders. The Company was a taxable subchapter C corporation for its initial tax year ending December 31, 2017. The Company was indirectly wholly-owned by TIAA as of December 31, 2017 and was included in TIAA’s consolidated U.S. corporation income tax return for its initial tax year. In accordance with SEC Staff Accounting Bulletin No. 1B (“SAB1B”) in conjunction with ASC 740, the Company has determined its income tax provision on a separate return basis. The income tax provision as of December 31, 2018 and December 31, 2017 is zero. Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period following December 31, 2018. As of December 31, 2018, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $ 4.6 million, consisting of offering costs of $ 3.5 million and organization costs of $ 1.1 million. Such costs became the Company’s liability on January 31, 2018, the date as of which the Offering was declared effective. These organization and offering costs are recorded as Due to affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2018. Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Revenues and expenses have been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of equity, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in a gain of $42,000 for the year ended December 31, 2018. The financial position and results of operations APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no foreign currency exposure to the Company for its investment in APCF. Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. Recent Accounting Pronouncements Pending Adoption: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 2016-02”) 2014-09, non-lease non-lease The Company is electing the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company plans to elect the practical expedient not to separate lease and non-lease non-lease non-lease 2016-02 In August 2018, the FASB issued ASU 2018-13, 2018-13 In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13. Recently Adopted: In May 2014, the FASB issued ASU 2014-09 2014-09 2014-09. 2014-09 non-lease In May 2017, the FASB issued ASU 2017-09 In August 2016, the FASB issued Accounting Standards Update 2016-15, 2016-15”). 2016-15 In November 2016, FASB issued Accounting Standards Update 2016-18, 2016-18”). beginning-of-period end-of-period For the year ended May 19, 2017 (date of initial Unrealized gains $ (1,272 ) $ — Realized gains 606 — Dividend income 786 — Total $ 120 $ —

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Investments in Real Estate	Note 3. Investments in Real Estate Investments in real estate, net consisted of the following (in thousands): December 31, 2018 Building and building improvements $ 249,552 Land and land improvements 46,609 Furniture, fixtures and equipment 3,249 Total 299,410 Accumulated depreciation (5,036 ) Investments in real estate, net $ 294,374 Depreciation expense was $4.9 million and $0.1 million for the year ended December 31, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31 2017, respectively. During the year ended December 31, 2018, the Company acquired interests in four real property investments, which were comprised of one office, multifamily, Industrial and retail property. These property acquisitions have been accounted for as asset acquisitions. The following table provides further details of the properties acquired during the year ended December 31, 2018 (in thousands): Property Name Ownership Number of Location Sector Acquisition Purchase Defoor Hills 100 % 1 Atlanta, GA Office June 2018 $ 33,808 Tacara at Steiner Ranch 100 % 1 Austin, TX Multifamily June 2018 47,909 Main Street at Kingwood 100 % 1 Houston, TX Retail Oct. 2018 85,696 Henderson Interchange 100 % 1 Henderson, NV Industrial Dec 2018 25,074 4 $192,487

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Investments in Real Estate-Related Securities	Note 4. Investments in Real Estate-Related Securities As of December 31, 2018, the Company’s investments in real estate-related securities included shares of common stock of publicly-traded real estate investment trusts. The Company had no investment in real estate-related securities as of December 31, 2017. As described in Note 2, the Company records its investments in real estate-related securities at fair value on its Consolidated Balance Sheets. The following table summarizes the components of realized and unrealized income from real estate-related securities during years ended December 31, 2018 and for period May 19, 2017 (date of initial capitalization) through December 31, 2017: For the year ended December May 19, 2017 (date of initial Unrealized loss $ (1,272 ) $ — Realized gains 606 — Dividend income 786 — Realized and unrealized income from real estate-related securities $ 120 $ —

Investment in International Aff

Investment in International Affiliated Fund	12 Months Ended
	Dec. 31, 2018
Schedule of Investments [Abstract]
Investment in International Affiliated Fund	Note 5. Investment in International Affiliated Fund Investment in ECF: On December 22, 2017, the Company entered into a subscription agreement to invest approximately $30 million (€25 million) into ECF, an investment fund managed by an affiliate of TIAA. As of December 31, 2018, the Company has funded $18.6 million (€16.2 million) and has a remaining unfunded commitment of approximately $11.4 million (€8.8 million). As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. ECF was formed in March 2016 as an open-end, Investment in APCF: On November 9, 2018 the Company entered into a subscription agreement to invest $10 million into APCF, an investment fund manager by an affiliate of TIAA. As of December 31, 2018, the Company has fully funded its commitment of $10 million. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. APCF was launched in November 2018 as an open-end, U.S. Dollar denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in Asia Pacific.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Note 6. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following for years ended December 31, 2018 and December 31, 2017 (in thousands): December 31, 2018 December 31, 2017 Intangible assets: In-place 14,679 5,808 Above-market lease intangibles 154 — Other intangibles 6,557 1,635 Total Intangible assets 21,390 7,443 Accumulated amortization: In-place (4,396 ) (130 ) Above-market lease intangibles (3 ) — Other intangibles (624 ) (8 ) Total accumulated amortization (5,023 ) (138 ) Intangible assets, net 16,367 7,305 Intangible liabilities: Below-market lease intangibles (5,876 ) (250 ) Accumulated amortization 117 — Intangible liabilities, net (5,759 ) (250 ) Amortization expense relating to intangible assets was $4.9 million and $0.1 million for the year ended December 31 2018, and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017, respectively. Income from the amortization of intangible liabilities was $0.1 million for the year ended December 31, 2018. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows (in thousands): In-place Lease Intangibles Other Intangibles Below-market Lease 2019 2,667 974 (343 ) 2020 1,467 891 (338 ) 2021 1,227 717 (328 ) 2022 981 641 (313 ) 2023 652 497 (312 ) Thereafter 3,291 2,362 (4,125 ) 10,285 6,082 (5,759 ) The weighted-average amortization periods for the acquired in-place

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Credit Facility	Note 7. Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provides for aggregate commitments of up to $60 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500 million. Loans outstanding under the credit facility bear interest, at the Company’s operating partnership’s option, at either an adjusted base rate or an adjusted 30 day LIBOR rate, in each case, plus an applicable margin. The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of the Company’s operating partnership and its subsidiaries. Loans under the credit facility will mature three years from October 24, 2018, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement. On December 17, 2018, the Company amended the Credit Agreement to increase the Credit Facility from $60 million to $150 million in aggregate commitments, with all other terms remaining the same. As of December 31, 2018, the Company had $70 million in borrowings and $0.2 million in accrued interest outstanding under the Credit Facility. For the year ended December 31, 2018, the Company incurred $0.4 million in interest expense. As of December 31, 2018, the Company is in compliance with all loan covenants.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Other Assets and Other Liabilities	Note 8. Other Assets and Other Liabilities The following table summarizes the components of other assets (in thousands): December 31, 2018 December 31, 2017 Straight-line rent receivable $ 1,119 $ 14 Deferred financing costs, net 771 — Receivables 353 71 Prepaid expenses 288 7 Other 53 — Total $ 2,584 $ 92 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities (in thousands): December 31, 2018 December 31, 2017 Real estate taxes payable $ 2,099 $ 1,023 Accounts payable and accrued expenses 1,420 388 Tenant security deposits 587 239 Prepaid rental income 386 — Other 578 78 Total $ 5,070 $ 1,728 As of December 31, 2018, “Other” includes a deposit received on a commercial mortgage loan that the Company has received and will be applied against the funds when the commercial mortgage loan is initiated.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 9. Related Party Transactions Fees Due to Related Party Pursuant to the advisory agreement between the Company and the Advisor, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. The Advisor, will receive fees and compensation, payable monthly in arrears, in connection with the offering and ongoing management of the assets of the Company, as follows: Class T Class S Class D Class I Class N Advisory Fee as a % of NAV 1.25 % 1.25 % 1.25 % 1.25 % 0.65 % For the year ended December 31, 2018 and from date of initial capitalization through December 31, 2017, the Company has accrued management fees of approximately $157,000 and $44,000, respectively which has been included in accounts payable, accrued expenses, and other liabilities on the Company’s Consolidated Balance Sheets. The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or its operations, including construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. As of December 31, 2018 and December 31, 2017, the Company has not retained an affiliate of the Advisor for any such services. In addition, Nuveen Securities, LLC (the “Dealer Manager”) serves as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Advisor. The Company’s obligations under the Dealer Manager Agreement to pay stockholder servicing fees with respect to the Class D, Class S and Class T shares distributed in the Offering shall survive until such shares are no longer outstanding (including such shares converted into Class I shares). As of December 31, 2018, the Company has accrued $22,750 of stockholder servicing fees with respect to the outstanding Class D common shares. The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Maximum Upfront Selling Maximum Upfront Dealer Stockholder Servicing Fee as a % Class T Shares up to 3.0 % 0.50 % 0.85 % (1) Class S Shares up to 3.5 % None 0.85 % Class D Shares None None 0.25 % Class I Shares None None None (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held within such account would exceed, in the aggregate, 8.75 % of the sum of the gross proceeds from the sale of such shares and the aggregate gross proceeds of any shares issued under the distribution reinvestment plan with respect thereto (or, solely with respect to the Class T shares, a lower limit set forth in an agreement between the Dealer Manager and the applicable participating broker-dealer in effect on the date that such shares were sold). At the end of such month, each Class T share, Class S share and Class D share held in a stockholder’s account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. The Company accrues the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. There is not a stock holder servicing fee with respect to Class I shares. If not already converted into Class I shares upon a determination that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed the applicable limit as described above, each Class T share, Class S share, Class D share and Class N share held in a stockholder’s account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share on the earliest of (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which stockholders receive cash and/or listed securities or (iii) after termination of the primary portion of the offering in which such Class T shares, Class S shares and Class D shares were sold, the end of the month in which the Company, with the assistance of the dealer manager, determines that all underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the primary portion of the Offering. In addition, immediately before any liquidation, dissolution or winding up, each Class T share, Class S share, Class D share and Class N share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. TIAA has agreed to purchase $300 million of shares of Class N common stock. As part of TIAA’s agreement to purchase these Class N shares, the Advisor has agreed that, in the event that certain capital raising thresholds are not achieved in the Offering, the Advisor will reimburse TIAA a portion of the advisory fees and organization and offering expenses charged with respect to the Class N share. As of December 31, 2018, TIAA has purchased an aggregate of $300 million in our Class N common stock as part of TIAA’s commitment to purchase $300 million in shares of our Class N common stock (see Note 13). Due to Affiliates December 31, 2018 December 31, 2017 Accrued stockholder servicing fees (a) 23 — Advanced organization and offering costs 4,579 — Total 4,602 — (a) The Company will accrue the full amount of future stockholder servicing fees payable to the dealer manager for Class S, Class T and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2018, the Company accrued $22,750 of stockholder servicing fees payable to the dealer manager related to Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, amount other things, for the re-allowance

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Economic Dependency	Note 10. Economic Dependency The Company will be dependent on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. Commitments and Contingencies From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. For the year ended December 31, 2018 and for the period from initial capitalization through December 31, 2017, the Company was not involved in any material legal proceedings. In the normal course of business the Advisor, on behalf of the Company, enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Tenant Leases

Tenant Leases	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Tenant Leases	Note 12. Tenant Leases As of December 31, 2018, the table presents the future minimum rents the Company expects to receive for its industrial, retail and office properties, excluding tenant reimbursements of operating expenses (in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rent 2019 $ 11,816 2020 11,767 2021 10,980 2022 10,181 2023 8,606 Thereafter 54,180 Total $ 107,530

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Federal Home Loan Banks [Abstract]
Equity	Note 13. Equity Authorized Capital On January 24, 2018, the Company filed Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland and the Company’s undesignated common stock became Class N shares of common stock and the Class D, Class S, Class T and Class I shares sold in the Offering were authorized. As of December 31, 2018, the Company had authority to issue a total of 2,200,000,000 shares of capital stock. Of the total shares of stock authorized, 2,100,000,000 shares are classified as common stock with a par value of $0.01 per share, 500,000,000 of which are classified as Class T shares, 500,000,000 of which are classified as Class S shares, 500,000,000 of which are classified as Class D shares, 500,000,000 of which are classified as Class I shares, 100,000,000 of which are classified as Class N shares, and 100,000,000 are classified as preferred stock with a par value of $0.01 per share. In addition, the Company’s board of directors may amend the charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue, or to issue additional classes of stock which may be subject to various class-specific fees. Preferred Stock As of December 31, 2018, the Company has not sold any preferred stock. Common Stock As of December 31, 2018, the Company has issued and outstanding 25,839 shares of Class D common stock, 186,473 shares of Class I common stock, and 29,730,608 shares of Class N common stock. As of December 31, 2018, the Company has not sold any Class T shares or Class S shares. During the year ended December 31, 2018, the Company sold the following shares of common stock in connection with its initial public offering: Year ended December 31, 2018 (amounts in thousands, except share data) Class I Class D Amount Shares Share Price Amount Shares Share Price May 2018 (1) 600 59,289 $ 10.12 — — — June 2018 — — — 260 25,641 $ 10.14 July 2018 200 19,685 $ 10.16 — — — August 2018 300 29,240 $ 10.26 — — — September 2018 50 4,878 $ 10.25 — — — October 2018 550 53,450 $ 10.29 — — — November 2018 200 19,474 $ 10.27 — — — December 2018 (2) 5 488 $ 10.25 2 488 $ 10.25 (1) Shares purchased by members of the Company’s board of directors. (2) Shares issued as part of the distribution reinvestment plan. The following table shows TIAA’s purchase of common stock during the year ended December 31, 2018: Year ended December 31, 2018 (amounts in thousands, except share data) Date Amount Shares Share Price January 22, 2018 75,750 7,575,000 $ 10.00 June 1, 2018 25,000 2,465,483 $ 10.14 August 1, 2018 15,000 1,457,726 $ 10.29 October 1, 2018 20,000 1,932,367 $ 10.35 November 1, 2018 5,000 483,559 $ 10.34 December 1, 2018 35,000 3,391,473 $ 10.32 The Class N shares purchased by TIAA described above (excluding the initial capitalization which must be held for so long as the Advisor or its affiliate remains the advisor) shall be subject to the following limitations on repurchase: • (i) TIAA may submit up to 4,980,000 Class N shares for repurchase upon the earlier of (1) the date that the Company’s NAV reaches $1 billion, and (2) two years from the commencement of the Offering; and (ii) TIAA may submit all of its remaining Class N shares for repurchase beginning on the fifth anniversary of the commencement of the Offering. • The total amount of repurchases of Class N shares eligible for repurchase will be limited to no more than 0.67% of aggregate NAV per month and no more than 1.67% of the Company’s aggregate NAV per calendar quarter; provided that Restricted Stock Grants The Company’s non-employee Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and will receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment will receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning September 30, 2018, the Company established a monthly record date for a quarterly distribution to stockholders on record as of the last day of each applicable month typically payable within 25 days following quarter end. The Company’s board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record date of September 30, 2018. These distributions were paid on November 26, 2018. The following table details these distributions: Class I Class D Class N Net Distribution $ 0.08 $ 0.08 $ 0.08 Total Distributions Declared 8,955 2,030 1,894,327 Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. The Company accrued $2.5 million for October, November and December 2018 in Distribution payable on the Consolidated Balance Sheets. Beginning September 30, 2018, the Company established monthly record date for a quarterly distribution to stockholder on record as of the last day of each applicable month typically payable within 25 days following quarter end. For the year ended December 31, 2018, we declared and paid distributions in the amount of $1.905 million. The following table outlines the tax character of our distributions paid in 2018 as a percentage of total distributions. The distribution for the fourth quarter of 2018 was declared and paid in January, 2019 and is excluded from the analysis below: Ordinary Capital Unrecaptured 1250 Return of 2018 Tax Year 60 % (1) 0 % 0 % 40 % (1) 100% of the distributions paid in 2018 are non-qualified dividend. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class D, Class S, Class T, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Note 14. Segment Reporting The Company currently operates in six reportable segments: multifamily properties, office properties, industrial properties, retail properties, real estate-related securities and the International Affiliated Fund. These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Company’s chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that Segment Net Operating Income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of December 31, 2018 and December 31, 2017 (in thousands): December 31, 2018 December 31, 2017 Multifamily $ 97,448 $ 54,074 Industrial 89,963 68,145 Office 34,134 — Retail 90,881 — Real Estate-Related Securities 29,228 — International Affiliated Funds 28,594 Other (Corporate) 6,598 3,681 Total assets $ 376,846 $ 125,900 The following table sets forth the financial results by segment for the year ended December 31, 2018 (in thousands): Multifamily Office Industrial Retail Real Estate-Related International Total Revenues: Rental Revenue $ 6,934 $ 1,209 $ 4,241 $ 998 $ — $ — $ 13,382 Tenant reimbursement income 263 274 1,840 119 — — 2,496 Total revenues 7,197 1,483 6,081 1,117 — — 15,878 Expenses: Rental property operating 3,395 274 1,821 162 — — 5,652 Total expenses 3,395 274 1,821 162 — — 5,652 Realized and unrealized income from real estate-related securities — — — 120 — 120 Income from investment in international affiliated funds — — — — 34 34 Segment net operating income $ 3,802 $ 1,209 $ 4,260 $ 955 $ 120 $ 34 $ 10,380 Depreciation and amortization $ 4,924 $ 605 $ 3,687 $ 582 $ — $ — $ 9,798 General and administrative expenses (3,950 ) Advisory fee due to affiliate (1,485 ) Interest Income 120 Interest Expense (434 ) Net loss $ (5,167 ) The following table sets forth the financial results by segment for the period May 19, 2017 (date of initial capitalization) through December 31, 2017 (in thousands): Multifamily Industrial Total Revenues: Rental revenue $ 300 $ 74 $ 374 Tenant reimbursement income 3 13 16 Total revenues 303 87 390 Expenses: Rental property operating expenses $ 154 $ 21 $ 175 Total expenses 154 21 175 Segment net operating income $ 149 $ 66 $ 215 Depreciation and amortization $ 214 $ 47 $ 261 General and administrative expenses $ 238 Advisory fee 44 Net loss $ (328 )

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Note 15. Quarterly Financial Information (Unaudited) The following table presents the Company’s quarterly results: 2018 March 31 June 30 September 30 December 31 Total revenues $ 2,822 $ 3,015 $ 4,536 $ 5,505 Net income (loss) $ (1,515 ) $ 287 $ (849 ) $ (3,090 ) Net loss attributable to stockholders $ (1,515 ) $ 287 $ (849 ) $ (3,090 ) Net income (loss) per share $ (0.08 ) $ 0.01 $ (0.04 ) $ (0.11 ) 2017 March 31 May 19, 2017 September 30 December 31 Total revenues $ — $ — $ — $ 390 Net loss $ — $ — $ — $ (328 ) Net loss attributable to stockholders $ — $ — $ — $ (328 ) Net loss per share $ — $ — $ — $ (0.30 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events On January 2, 2019, we filed Articles Supplementary to our charter, which set forth the rights, preferences and privileges of our 12.0% Series A cumulative non-voting Our board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record dates of October 31, 2018, November 30, 2018 and December 31, 2018. The Company paid these distributions amounting to $2.5 million on January 29, 2019. On January 1, 2019 the Company sold approximately $55,000 of common stock (2,347 Class T shares & 2,912 Class I shares) at a purchase price of $10.30 for Class T and $10.29 for Class I. On February 1, 2019 the Company sold approximately $450,000 of common stock (37,938 Class T shares & 3,887 Class I shares) at a purchase price of $10.28 for Class T and $10.29 for Class I. On March 1, 2019 the Company sold approximately $410,000 of common stock (9,326 Class T shares, 22,596 Class D shares & 7,204 Class I shares) at a purchase price of $10.41 for Class T, $10.40 for Class D and $10.41 for Class I.

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - Real Estate and Accumulated Depreciation	Schedule III Initial Costs Gross Amount at Which Property Location Property Year Built Year Acquired Related Encumbrances Land Building and Costs Land Building and Total Accumulated Depreciable Aurora, IL Multi-family 2003 2017 — $ 5,894 $ 44,713 $ 76 $ 5,894 $ 44,713 $ 50,683 $ 1,349 15-40 years Phoenix, AZ Industrial 1998 2017 — 3,891 11,337 15 3,891 11,337 15,243 370 15-40 Denver & Goldein Co Industrial Various 2017 — 8,773 38,495 — 8,773 38,495 47,268 1,320 15-40 Atlanta, GA Office 1970 2018 — 8,385 36,319 72 8,385 36,319 44,776 548 15-40 Austin, TX Multi-family 2017 2018 — 4,472 25,599 32 4,472 25,599 30,103 425 15-40 Houston, TX Retail 2016 2018 — 10,708 74,501 — 10,708 74,501 85,209 464 15-40 Henderson, NV Industrial 2017 2018 — 4,475 18,316 — 4,475 18,316 22,791 20 15-40 $ — $ 46,598 $ 249,281 $ 195 $ 46,598 $ 249,281 $ 296,073 $ 4,498 (a) The aggregate cost for federal income tax purposes at December 31, 2018 was approximately $308.3 million. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $3.3 million. Accumulated Depreciation does not include $0.5 million of accumulated depreciation related to Furniture, Fixtures and Equipment. Changes in rental properties and accumulated depreciation for the periods ended December 31, 2018 and December 31, 2017, respectively, is as follows: Rental Properties 2018 2017 Balance at beginning of period $ 113,103 $ — Additions 182,970 113,103 Balance at end of period $ 296,073 $ 113,103 Accumulated Depreciation 2018 2017 Balance at beginning of period $ 123 $ — Additions 4,375 123 Balance at end of period $ 4,498 $ 123

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s Consolidated Financial Statements as of December 31, 2018 and December 31, 2017. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place in-place in-place lease-up lease-up The amortization of acquired below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building and building improvement 40 years Land improvements 15 Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in rental property operating expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared. The resulting dividend income and gains and losses are recorded as a component of realized and unrealized income from real estate-related securities on the Consolidated Statements of Operations.
Investments in International Affiliated Funds	Investments in International Affiliated Funds The Company reports its investment in the European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA, (the “International Affiliated Funds”) under the equity method of accounting. The equity method income from the investment in International Affiliated Funds represent the Company’s allocable share of the fund’s net income for the year ended December 31, 2018 and is reported as income from Investment in International Affiliated Fund on the Company’s Consolidated Statements of Operations. This includes the Company’s allocable share of the International Affiliated Fund’s income and expense, realized gains and losses and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) when received by the Company. All contributions to or distributions from the investment in the International Affiliated Funds is accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Consolidated Balance Sheets.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include certain cost to obtain the credit facility and are included in other assets on the Company’s Consolidated Balance Sheets. These costs consist of external fees and costs incurred to obtain the Company’s credit facility. Such costs have been deferred and are being amortized over the term of the credit facility and included within interest expense. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility. Fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of December 31, 2018, the Company’s $29.2 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded real estate investment trusts and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. The Company’s investment in the International Affiliated Fund is valued using the NAV as a practical expedient as determined from the financial statements of ECF and APCF when received by the Company. The Company’s investment in the International Affiliated Fund is subject to redemption with certain restrictions and limitations.
Revenue Recognition	Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent arising from tenant operating leases at the Company’s office, retail, industrial and multifamily properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. Tenant reimbursement income — consists primarily of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash As of December 31, 2018, the $56,000 restricted cash balance consists of $55,000 of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company and $1,000 of cash received for security deposits required to be maintained in separate bank accounts.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2018. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax on its taxable income that it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings. Management has evaluated the effects of TCJA and concluded that the TCJA will not materially impact its consolidated financial statements. This is due to the fact that the Company is operating in a manner which will allow it to qualify as a REIT which will result in a full valuation allowance being recorded against its deferred tax balances. The Company also estimates that the new taxes on foreign-sourced earnings are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders. The Company was a taxable subchapter C corporation for its initial tax year ending December 31, 2017. The Company was indirectly wholly-owned by TIAA as of December 31, 2017 and was included in TIAA’s consolidated U.S. corporation income tax return for its initial tax year. In accordance with SEC Staff Accounting Bulletin No. 1B (“SAB1B”) in conjunction with ASC 740, the Company has determined its income tax provision on a separate return basis. The income tax provision as of December 31, 2018 and December 31, 2017 is zero.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period following December 31, 2018. As of December 31, 2018, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $ 4.6 million, consisting of offering costs of $ 3.5 million and organization costs of $ 1.1 million. Such costs became the Company’s liability on January 31, 2018, the date as of which the Offering was declared effective. These organization and offering costs are recorded as Due to affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2018.
Foreign Currency	Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Revenues and expenses have been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of equity, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in a gain of $42,000 for the year ended December 31, 2018. The financial position and results of operations APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no foreign currency exposure to the Company for its investment in APCF.
Earnings Per Share	Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 2016-02”) 2014-09, non-lease non-lease The Company is electing the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company plans to elect the practical expedient not to separate lease and non-lease non-lease non-lease 2016-02 In August 2018, the FASB issued ASU 2018-13, 2018-13 In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13. Recently Adopted: In May 2014, the FASB issued ASU 2014-09 2014-09 2014-09. 2014-09 non-lease In May 2017, the FASB issued ASU 2017-09 In August 2016, the FASB issued Accounting Standards Update 2016-15, 2016-15”). 2016-15 In November 2016, FASB issued Accounting Standards Update 2016-18, 2016-18”). beginning-of-period end-of-period For the year ended May 19, 2017 (date of initial Unrealized gains $ (1,272 ) $ — Realized gains 606 — Dividend income 786 — Total $ 120 $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Schedule of Estimated Useful Life of Assets	Description Depreciable Life Building and building improvement 40 years Land improvements 15 Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term
Summary of Components of Realized and Unrealized Income From Real Estate Related Securities	The following table summarizes the components of realized and unrealized income from real estate-related securities during years ended December 31, 2018 and for period May 19, 2017 (date of initial capitalization) through December 31, 2017: For the year ended December May 19, 2017 (date of initial Unrealized loss $ (1,272 ) $ — Realized gains 606 — Dividend income 786 — Realized and unrealized income from real estate-related securities $ 120 $ —
Accounting Standards Update 2016-18 [Member]
Summary of Components of Realized and Unrealized Income From Real Estate Related Securities	The Company adopted this standard on January 1, 2018 with no material impact on the Company’s Consolidated Financial Statements and related disclosures. For the year ended May 19, 2017 (date of initial Unrealized gains $ (1,272 ) $ — Realized gains 606 — Dividend income 786 — Total $ 120 $ —

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following (in thousands): December 31, 2018 Building and building improvements $ 249,552 Land and land improvements 46,609 Furniture, fixtures and equipment 3,249 Total 299,410 Accumulated depreciation (5,036 ) Investments in real estate, net $ 294,374
Summary of Properties Acquired	The following table provides further details of the properties acquired during the year ended December 31, 2018 (in thousands): Property Name Ownership Number of Location Sector Acquisition Purchase Defoor Hills 100 % 1 Atlanta, GA Office June 2018 $ 33,808 Tacara at Steiner Ranch 100 % 1 Austin, TX Multifamily June 2018 47,909 Main Street at Kingwood 100 % 1 Houston, TX Retail Oct. 2018 85,696 Henderson Interchange 100 % 1 Henderson, NV Industrial Dec 2018 25,074 4 $192,487

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following for years ended December 31, 2018 and December 31, 2017 (in thousands): December 31, 2018 December 31, 2017 Intangible assets: In-place 14,679 5,808 Above-market lease intangibles 154 — Other intangibles 6,557 1,635 Total Intangible assets 21,390 7,443 Accumulated amortization: In-place (4,396 ) (130 ) Above-market lease intangibles (3 ) — Other intangibles (624 ) (8 ) Total accumulated amortization (5,023 ) (138 ) Intangible assets, net 16,367 7,305 Intangible liabilities: Below-market lease intangibles (5,876 ) (250 ) Accumulated amortization 117 — Intangible liabilities, net (5,759 ) (250 )
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows (in thousands): In-place Lease Intangibles Other Intangibles Below-market Lease 2019 2,667 974 (343 ) 2020 1,467 891 (338 ) 2021 1,227 717 (328 ) 2022 981 641 (313 ) 2023 652 497 (312 ) Thereafter 3,291 2,362 (4,125 ) 10,285 6,082 (5,759 )

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets (in thousands): December 31, 2018 December 31, 2017 Straight-line rent receivable $ 1,119 $ 14 Deferred financing costs, net 771 — Receivables 353 71 Prepaid expenses 288 7 Other 53 — Total $ 2,584 $ 92
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities (in thousands): December 31, 2018 December 31, 2017 Real estate taxes payable $ 2,099 $ 1,023 Accounts payable and accrued expenses 1,420 388 Tenant security deposits 587 239 Prepaid rental income 386 — Other 578 78 Total $ 5,070 $ 1,728

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets	The Advisor, will receive fees and compensation, payable monthly in arrears, in connection with the offering and ongoing management of the assets of the Company, as follows: Class T Class S Class D Class I Class N Advisory Fee as a % of NAV 1.25 % 1.25 % 1.25 % 1.25 % 0.65 %
Summary of Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV	The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Maximum Upfront Selling Maximum Upfront Dealer Stockholder Servicing Fee as a % Class T Shares up to 3.0 % 0.50 % 0.85 % (1) Class S Shares up to 3.5 % None 0.85 % Class D Shares None None 0.25 % Class I Shares None None None (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares.
Schedule of Components of Due to Affiliates	Due to Affiliates December 31, 2018 December 31, 2017 Accrued stockholder servicing fees (a) 23 — Advanced organization and offering costs 4,579 — Total 4,602 — (a) The Company will accrue the full amount of future stockholder servicing fees payable to the dealer manager for Class S, Class T and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2018, the Company accrued $22,750 of stockholder servicing fees payable to the dealer manager related to Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, amount other things, for the re-allowance

Tenant Leases (Tables)

Tenant Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses	the table presents the future minimum rents the Company expects to receive for its industrial, retail and office properties, excluding tenant reimbursements of operating expenses (in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rent 2019 $ 11,816 2020 11,767 2021 10,980 2022 10,181 2023 8,606 Thereafter 54,180 Total $ 107,530

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Schedule of Common Stock	The following table shows TIAA’s purchase of common stock during the year ended December 31, 2018: Year ended December 31, 2018 (amounts in thousands, except share data) Date Amount Shares Share Price January 22, 2018 75,750 7,575,000 $ 10.00 June 1, 2018 25,000 2,465,483 $ 10.14 August 1, 2018 15,000 1,457,726 $ 10.29 October 1, 2018 20,000 1,932,367 $ 10.35 November 1, 2018 5,000 483,559 $ 10.34 December 1, 2018 35,000 3,391,473 $ 10.32
Summary of Declared Distributions	The following table details these distributions: Class I Class D Class N Net Distribution $ 0.08 $ 0.08 $ 0.08 Total Distributions Declared 8,955 2,030 1,894,327
Schedule of Tax Character Distribution of Dividend Paid	The distribution for the fourth quarter of 2018 was declared and paid in January, 2019 and is excluded from the analysis below: Ordinary Capital Unrecaptured 1250 Return of 2018 Tax Year 60 % (1) 0 % 0 % 40 % (1) 100% of the distributions paid in 2018 are non-qualified dividend.
Initial Public Offering
Schedule of Common Stock	During the year ended December 31, 2018, the Company sold the following shares of common stock in connection with its initial public offering: Year ended December 31, 2018 (amounts in thousands, except share data) Class I Class D Amount Shares Share Price Amount Shares Share Price May 2018 (1) 600 59,289 $ 10.12 — — — June 2018 — — — 260 25,641 $ 10.14 July 2018 200 19,685 $ 10.16 — — — August 2018 300 29,240 $ 10.26 — — — September 2018 50 4,878 $ 10.25 — — — October 2018 550 53,450 $ 10.29 — — — November 2018 200 19,474 $ 10.27 — — — December 2018 (2) 5 488 $ 10.25 2 488 $ 10.25 (1) Shares purchased by members of the Company’s board of directors. (2) Shares issued as part of the distribution reinvestment plan.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of December 31, 2018 and December 31, 2017 (in thousands): December 31, 2018 December 31, 2017 Multifamily $ 97,448 $ 54,074 Industrial 89,963 68,145 Office 34,134 — Retail 90,881 — Real Estate-Related Securities 29,228 — International Affiliated Funds 28,594 Other (Corporate) 6,598 3,681 Total assets $ 376,846 $ 125,900
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the year ended December 31, 2018 (in thousands): Multifamily Office Industrial Retail Real Estate-Related International Total Revenues: Rental Revenue $ 6,934 $ 1,209 $ 4,241 $ 998 $ — $ — $ 13,382 Tenant reimbursement income 263 274 1,840 119 — — 2,496 Total revenues 7,197 1,483 6,081 1,117 — — 15,878 Expenses: Rental property operating 3,395 274 1,821 162 — — 5,652 Total expenses 3,395 274 1,821 162 — — 5,652 Realized and unrealized income from real estate-related securities — — — 120 — 120 Income from investment in international affiliated funds — — — — 34 34 Segment net operating income $ 3,802 $ 1,209 $ 4,260 $ 955 $ 120 $ 34 $ 10,380 Depreciation and amortization $ 4,924 $ 605 $ 3,687 $ 582 $ — $ — $ 9,798 General and administrative expenses (3,950 ) Advisory fee due to affiliate (1,485 ) Interest Income 120 Interest Expense (434 ) Net loss $ (5,167 ) The following table sets forth the financial results by segment for the period May 19, 2017 (date of initial capitalization) through December 31, 2017 (in thousands): Multifamily Industrial Total Revenues: Rental revenue $ 300 $ 74 $ 374 Tenant reimbursement income 3 13 16 Total revenues 303 87 390 Expenses: Rental property operating expenses $ 154 $ 21 $ 175 Total expenses 154 21 175 Segment net operating income $ 149 $ 66 $ 215 Depreciation and amortization $ 214 $ 47 $ 261 General and administrative expenses $ 238 Advisory fee 44 Net loss $ (328 )

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table presents the Company’s quarterly results: 2018 March 31 June 30 September 30 December 31 Total revenues $ 2,822 $ 3,015 $ 4,536 $ 5,505 Net income (loss) $ (1,515 ) $ 287 $ (849 ) $ (3,090 ) Net loss attributable to stockholders $ (1,515 ) $ 287 $ (849 ) $ (3,090 ) Net income (loss) per share $ (0.08 ) $ 0.01 $ (0.04 ) $ (0.11 ) 2017 March 31 May 19, 2017 September 30 December 31 Total revenues $ — $ — $ — $ 390 Net loss $ — $ — $ — $ (328 ) Net loss attributable to stockholders $ — $ — $ — $ (328 ) Net loss per share $ — $ — $ — $ (0.30 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	Dec. 31, 2018Classshares
Organization And Business Activities [Line Items]
Common stock shares authorized	2,100,000,000
Maximum
Organization And Business Activities [Line Items]
Common stock shares authorized	5,000,000,000
Number of classes of common stock | Class	4
Maximum | Primary Offering
Organization And Business Activities [Line Items]
Common stock shares authorized	4,000,000,000
Maximum | Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock shares authorized	1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2018
Real Estate Properties [Line Items]
Lease intangibles	Over lease term
Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Land Improvements
Real Estate Properties [Line Items]
Estimated useful life of asset	15 years
Furniture, Fixtures and Equipment | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	3 years
Furniture, Fixtures and Equipment | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018USD ($)Subsidiary	Dec. 31, 2017USD ($)
Significant Of Accounting Policies [Line Items]
Investments in real-estate related securities	$ 29,228,000	$ 0
Restricted cash	$ 56,000
Percentage of taxable income distributed to stockholders	90.00%
Number of active TRSs | Subsidiary	2
U.S. federal corporate income tax rate	21.00%	35.00%
Income tax provision	$ 0	$ 0
Foreign currency translation adjustments gain (loss)	$ 42,000
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses	60 months
Organizational and offering costs	$ 4,600,000
Offering cost	3,500,000
Organization costs	1,100,000
Subscription Arrangement
Significant Of Accounting Policies [Line Items]
Restricted cash	55,000
Security Deposit
Significant Of Accounting Policies [Line Items]
Restricted cash	1,000
Fair Value, Inputs, Level 1
Significant Of Accounting Policies [Line Items]
Investments in real-estate related securities	$ 29,200,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Real Estate [Abstract]
Unrealized gains on investments in real estate-related securities	$ 0	$ (1,272)
Realized gain on investments in real estate-related securities	0	606
Dividend income	0	786
Total	$ 0	$ 120

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Building and building improvements	$ 249,552
Land and land improvements	46,609
Furniture, fixtures and equipment	3,249
Total	299,410
Accumulated depreciation	(5,036)
Investments in real estate, net	$ 294,374	$ 114,822

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Depreciation expense | $	$ 100	$ 4,375	$ 123
Number of properties acquired | Property		4

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Property
Real Estate Properties [Line Items]
Number of Properties | Property	4
Purchase Price | $	$ 192,487
Defoor Hills
Real Estate Properties [Line Items]
Property Name	Defoor Hills
Ownership Interest	100.00%
Number of Properties | Property	1
Location	Atlanta, GA
Sector	Office
Acquisition Date	2018-06
Purchase Price | $	$ 33,808
Tacara At Steiner Ranch
Real Estate Properties [Line Items]
Property Name	Tacara at Steiner Ranch
Ownership Interest	100.00%
Number of Properties | Property	1
Location	Austin, TX
Sector	Multifamily
Acquisition Date	2018-06
Purchase Price | $	$ 47,909
Main Street At Kingwood
Real Estate Properties [Line Items]
Property Name	Main Street at Kingwood
Ownership Interest	100.00%
Number of Properties | Property	1
Location	Houston, TX
Sector	Retail
Acquisition Date	2018-10
Purchase Price | $	$ 85,696
Henderson Interchange
Real Estate Properties [Line Items]
Property Name	Henderson Interchange
Ownership Interest	100.00%
Number of Properties | Property	1
Location	Henderson, NV
Sector	Industrial
Acquisition Date	2018-12
Purchase Price | $	$ 25,074

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Investment in real estate related securities	$ 29,228	$ 0

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Real Estate [Abstract]
Unrealized gains on investments in real estate-related securities	$ 0	$ (1,272)
Realized gain on investments in real estate-related securities	0	606
Dividend income	0	786
Realized and unrealized income from real estate-related securities	$ 0	$ 120

Investment in International A_2

Investment in International Affiliated Fund - Additional Information (Detail) $ in Thousands, € in Millions	Nov. 09, 2018USD ($)	Dec. 22, 2017USD ($)	Dec. 22, 2017EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)
Schedule Of Investments [Line Items]
Funded amount of investment in ECF using equity method				$ 28,519
ECF
Schedule Of Investments [Line Items]
Subscription agreement investment amount		$ 30,000	€ 25
Funded amount of investment in ECF using equity method				18,600	€ 16.2
Unfunded amount of investment in ECF using equity method				11,400	€ 8.8
Asia Pacific Cities Fund [Member]
Schedule Of Investments [Line Items]
Subscription agreement investment amount	$ 10,000
Funded amount of investment in ECF using equity method				$ 10,000

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Intangible assets:
Total Intangible assets	$ 21,390	$ 7,443
Accumulated amortization:
Total accumulated amortization	(5,023)	(138)
Intangible assets, net	16,367	7,305
Intangible liabilities:
Intangible liabilities, net	(5,759)	(250)
In-place Lease Intangibles
Intangible assets:
Total Intangible assets	14,679	5,808
Accumulated amortization:
Total accumulated amortization	(4,396)	(130)
Intangible assets, net	10,285
Other Intangibles
Intangible assets:
Total Intangible assets	6,557	1,635
Accumulated amortization:
Total accumulated amortization	(624)	(8)
Intangible assets, net	6,082
Below-market Lease Intangibles
Intangible liabilities:
Below-market lease intangibles	(5,876)	(250)
Accumulated amortization	117
Intangible liabilities, net	(5,759)	$ (250)
Above Market Leases [Member]
Intangible assets:
Total Intangible assets	154
Accumulated amortization:
Total accumulated amortization	$ (3)

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 0.1	$ 4.9
Income from amortization of intangible liabilities		$ 0.1
In-place Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		7 years
Below-market Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		20 years
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		9 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 16,367	$ 7,305
Intangible liabilities, net	(5,759)	(250)
In-place Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2019	2,667
2020	1,467
2021	1,227
2022	981
2023	652
Thereafter	3,291
Intangible assets, net	10,285
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2019	974
2020	891
2021	717
2022	641
2023	497
Thereafter	2,362
Intangible assets, net	6,082
Below-market Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2019	(343)
2020	(338)
2021	(328)
2022	(313)
2023	(312)
Thereafter	(4,125)
Intangible liabilities, net	$ (5,759)	$ (250)

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($)	Oct. 24, 2018	Dec. 31, 2018	Dec. 17, 2018
Line of Credit Facility [Line Items]
Credit Facility		$ 70,000,000
Outstanding accrued interest		200,000
Interest expense		$ 434,000
Amended Credit Agreement [Member] | Maximum
Line of Credit Facility [Line Items]
Aggregate commitments amount			$ 150,000,000
Amended Credit Agreement [Member] | Minimum
Line of Credit Facility [Line Items]
Aggregate commitments amount			$ 60,000,000
Unsecured Revolving Loans
Line of Credit Facility [Line Items]
Credit facility maturity period		3 years
Unsecured Revolving Loans | Maximum
Line of Credit Facility [Line Items]
Aggregate commitments amount	$ 60,000,000
Unsecured Revolving Loans | Adjusted LIBOR | Maximum
Line of Credit Facility [Line Items]
LIBOR rate	1.90%
Unsecured Revolving Loans | Adjusted LIBOR | Minimum
Line of Credit Facility [Line Items]
LIBOR rate	1.30%
Unsecured Revolving Loans | Credit Agreement With Accordion Feature | Maximum
Line of Credit Facility [Line Items]
Aggregate commitments amount	$ 500,000,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
Straight-line rent receivable	$ 1,119	$ 14
Deferred financing costs, net	771
Receivables	353	71
Prepaid expenses	288	7
Other	53
Total	$ 2,584	$ 92

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Real estate taxes payable	$ 2,099	$ 1,023
Accounts payable and accrued expenses	1,420	388
Tenant security deposits	587	239
Prepaid rental income	386
Other	578	78
Total	$ 5,070	$ 1,728

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Detail)	12 Months Ended
	Dec. 31, 2018
Class T shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class S shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class D shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class I shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class N shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	0.65%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018USD ($)Affiliate	Dec. 31, 2017USD ($)Affiliate
Related Party Transaction [Line Items]
Number of retained affiliate of Advisor | Affiliate	0	0
Due to affiliates	$ 4,602,000	$ 0
Percent of gross proceeds from primary portion of public offering	10.00%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 23,000	0
Class D shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class D shares | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 22,750
Class N shares | TIAA
Related Party Transaction [Line Items]
Common stock value under purchase agreement	300,000,000
Sale of Stock, Consideration Received on Transaction	300,000,000
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued management fees	$ 157,000	$ 44,000

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Detail)	Dec. 31, 2018
Class T shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	3.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.50%
Stockholder Servicing Fee as a % of NAV	0.85%
Class S shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	3.50%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.85%
Class D shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	0.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.25%
Class I shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	0.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.00%

Related Party Transactions - _2

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Parenthetical) (Detail) - Class T shares	Dec. 31, 2018
Related Party Transaction [Line Items]
Stockholder servicing fee	0.85%
Advisor
Related Party Transaction [Line Items]
Stockholder servicing fee	0.65%
Dealer
Related Party Transaction [Line Items]
Stockholder servicing fee	0.20%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 4,602	$ 0
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	23	0
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 4,579	$ 0

Related Party Transactions - _3

Related Party Transactions - Schedule of Components of Due to Affiliates (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 4,602,000	$ 0
Class D shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class S shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 23,000	$ 0
Accrued stockholder servicing fees | Class D shares
Related Party Transaction [Line Items]
Due to affiliates	$ 22,750

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
Future Minimum Rent, 2019	$ 11,816
Future Minimum Rent, 2020	11,767
Future Minimum Rent, 2021	10,980
Future Minimum Rent, 2022	10,181
Future Minimum Rent, 2023	8,606
Future Minimum Rent, Thereafter	54,180
Future Minimum Rent, Total	$ 107,530

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Equity [Line Items]
Number of shares, authorized to issue	2,200,000,000			2,200,000,000
Common stock, shares authorized	2,100,000,000			2,100,000,000
Common stock, par or stated value per share	$ 0.01			$ 0.01
Preferred stock, authorized	100,000,000			100,000,000
Preferred stock, par value per share	$ 0.01			$ 0.01
Preferred stock sold	0			0
Number of period from commencement of offering for repurchase				2 years
Net asset value to be achieved				$ 1,000,000
Accrued Dividends	$ 2,500	$ 2,500	$ 2,500
Dividend declared and paid				$ 1,905
Maximum
Equity [Line Items]
Common stock, shares authorized	5,000,000,000			5,000,000,000
TIAA
Equity [Line Items]
Number of period shares not outstanding				1 year
Percentage of shares to be repurchased at transaction price				95.00%
Non-employee Directors | Restricted Stock Grants
Equity [Line Items]
Annual compensation fee, percentage				25.00%
Restricted stock, vesting period				1 year
Restricted stock, first annual grant date				Jan. 23, 2019
Non-employee Directors | Restricted Stock Grants | Accounts Payable, Accrued Expenses and Other Liabilities
Equity [Line Items]
Accrued compensation expense				$ 62,000
Class T shares
Equity [Line Items]
Common stock, shares authorized	500,000,000			500,000,000
Common stock, shares issued	0			0
Class D shares
Equity [Line Items]
Common stock, shares authorized	500,000,000			500,000,000	500,000,000
Common stock, par or stated value per share	$ 0.01			$ 0.01	$ 0.01
Common stock, shares issued	25,839			25,839	0
Common stock, shares outstanding	25,839			25,839	0
Class I shares
Equity [Line Items]
Common stock, shares authorized	500,000,000			500,000,000	500,000,000
Common stock, par or stated value per share	$ 0.01			$ 0.01	$ 0.01
Common stock, shares issued	186,474			186,474	0
Common stock, shares outstanding	186,474			186,474	0
Class S shares
Equity [Line Items]
Common stock, shares authorized	500,000,000			500,000,000
Common stock, shares issued	0			0
Class N shares
Equity [Line Items]
Common stock, shares authorized	100,000,000			100,000,000	100,000,000
Common stock, par or stated value per share	$ 0.01			$ 0.01	$ 0.01
Common stock, shares issued	29,730,608			29,730,608	12,425,000
Common stock, shares outstanding	29,730,608			29,730,608	12,425,000
Class N shares | TIAA | Maximum
Equity [Line Items]
Number of shares available for repurchase				4,980,000
Percentage of repurchase of shares per month				0.67%
Percentage of repurchase of shares per quarter				1.67%
Class D and Class S and Class T and Class I | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per month				2.00%
Percentage of repurchase plan limits per quarter				5.00%

Equity - Summary of Sales of Co

Equity - Summary of Sales of Common Stock in Connection with Initial Public Offering (Detail) - USD ($) $ / shares in Units, $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Schedule Of Common Stock [Line Items]
Amount	$ 124,050	$ 174,406
Shares	12,405,000	29,942,921
Class I shares | May 2018
Schedule Of Common Stock [Line Items]
Amount		$ 600
Shares		59,289
Share Price		$ 10.12
Class I shares | July 2018
Schedule Of Common Stock [Line Items]
Amount		$ 200
Shares		19,685
Share Price		$ 10.16
Class I shares | August 2018
Schedule Of Common Stock [Line Items]
Amount		$ 300
Shares		29,240
Share Price		$ 10.26
Class I shares | September 2018
Schedule Of Common Stock [Line Items]
Amount		$ 50
Shares		4,878
Share Price		$ 10.25
Class I shares | October 2018
Schedule Of Common Stock [Line Items]
Amount		$ 550
Shares		53,450
Share Price		$ 10.29
Class I shares | November 2018
Schedule Of Common Stock [Line Items]
Amount		$ 200
Shares		19,474
Share Price		$ 10.27
Class I shares | December 2018
Schedule Of Common Stock [Line Items]
Amount		$ 5
Shares		488
Share Price		$ 10.25
Class D shares | June 2018
Schedule Of Common Stock [Line Items]
Amount		$ 260
Shares		25,641
Share Price		$ 10.14
Class D shares | December 2018
Schedule Of Common Stock [Line Items]
Amount		$ 2
Shares		488
Share Price		$ 10.25

Equity - Summary of Purchase of

Equity - Summary of Purchase of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Schedule Of Common Stock [Line Items]
Amount	$ 124,050	$ 174,406
Shares	12,405,000	29,942,921
TIAA | January 22, 2018
Schedule Of Common Stock [Line Items]
Amount		$ 75,750
Shares		7,575,000
Share Price		$ 10
TIAA | June 1, 2018
Schedule Of Common Stock [Line Items]
Amount		$ 25,000
Shares		2,465,483
Share Price		$ 10.14
TIAA | August 1, 2018
Schedule Of Common Stock [Line Items]
Amount		$ 15,000
Shares		1,457,726
Share Price		$ 10.29
TIAA | October 1 ,2018
Schedule Of Common Stock [Line Items]
Amount		$ 20,000
Shares		1,932,367
Share Price		$ 10.35
TIAA | November 1, 2018
Schedule Of Common Stock [Line Items]
Amount		$ 5,000
Shares		483,559
Share Price		$ 10.34
TIAA | December 1, 2018
Schedule Of Common Stock [Line Items]
Amount		$ 35,000
Shares		3,391,473
Share Price		$ 10.32

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Detail) - USD ($)	Dec. 31, 2018	Nov. 26, 2018
Distribution [Line Items]
Total Distributions Declared	$ 2,484,000
Class I shares
Distribution [Line Items]
Net Distribution		$ 0.0800
Total Distributions Declared		$ 8,955
Class D shares
Distribution [Line Items]
Net Distribution		$ 0.0800
Total Distributions Declared		$ 2,030
Class N shares
Distribution [Line Items]
Net Distribution		$ 0.0800
Total Distributions Declared		$ 1,894,327

Equity - Schedule of Tax Charac

Equity - Schedule of Tax Characterization of Dividends Paid (Detail)	Dec. 31, 2018
Ordinary Income [Member]
Distribution [Line Items]
2018 Tax Year	60.00%	[1]
Capital Gains [Member]
Distribution [Line Items]
2018 Tax Year	0.00%
Unrecaptured One Two Five Zero Gain [Member]
Distribution [Line Items]
2018 Tax Year	0.00%
Return of Capital [Member]
Distribution [Line Items]
2018 Tax Year	40.00%
[1]	100% of the distributions paid in 2018 are non-qualified dividend.

Equity - Schedule of Tax Char_2

Equity - Schedule of Tax Characterization of Dividends Paid (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Percentage of non qualifying income	100.00%

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 376,846	$ 125,900
International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	28,594
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	97,448	54,074
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	89,963	68,145
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	34,134
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	90,881
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	29,228
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 6,598	$ 3,681

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended					7 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018
Revenues:
Total revenues						$ 390	$ 15,878
Expenses:
Rental property operating expenses						175	5,652
Total expenses						175	5,652
Realized and unrealized income from real estate-related securities						0	120
Income from investment in International Affiliated Funds							34
Segment net operating income	$ (3,090)	$ (849)	$ 287	$ (1,515)	$ (328)	215	10,380
Depreciation and amortization						261	9,798
General and administrative expenses						238	3,950
Advisory fee						44	1,485
Interest Income							120
Interest expense							(434)
Net loss						(328)	(5,167)
International Affiliated Funds
Expenses:
Income from investment in International Affiliated Funds							34
Segment net operating income							34
Rental Revenue
Revenues:
Total revenues						374	13,382
Tenant Reimbursement Income
Revenues:
Total revenues						16	2,496
Operating Segments | Multifamily
Revenues:
Total revenues						303	7,197
Expenses:
Rental property operating expenses						154	3,395
Total expenses						154	3,395
Segment net operating income						149	3,802
Depreciation and amortization						214	4,924
Operating Segments | Office
Revenues:
Total revenues							1,483
Expenses:
Rental property operating expenses							274
Total expenses							274
Segment net operating income							1,209
Depreciation and amortization							605
Operating Segments | Industrial
Revenues:
Total revenues						87	6,081
Expenses:
Rental property operating expenses						21	1,821
Total expenses						21	1,821
Segment net operating income						66	4,260
Depreciation and amortization						47	3,687
Operating Segments | Retail
Revenues:
Total revenues							1,117
Expenses:
Rental property operating expenses							162
Total expenses							162
Segment net operating income							955
Depreciation and amortization							582
Operating Segments | Rental Revenue | Multifamily
Revenues:
Total revenues						300	6,934
Operating Segments | Rental Revenue | Office
Revenues:
Total revenues							1,209
Operating Segments | Rental Revenue | Industrial
Revenues:
Total revenues						74	4,241
Operating Segments | Rental Revenue | Retail
Revenues:
Total revenues							998
Operating Segments | Tenant Reimbursement Income | Multifamily
Revenues:
Total revenues						3	263
Operating Segments | Tenant Reimbursement Income | Office
Revenues:
Total revenues							274
Operating Segments | Tenant Reimbursement Income | Industrial
Revenues:
Total revenues						$ 13	1,840
Operating Segments | Tenant Reimbursement Income | Retail
Revenues:
Total revenues							119
Real Estate-Related Securities
Expenses:
Realized and unrealized income from real estate-related securities							120
Segment net operating income							$ 120

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					7 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 5,505	$ 4,536	$ 3,015	$ 2,822	$ 390
Net income (loss)	(3,090)	(849)	287	(1,515)	(328)	$ 215	$ 10,380
Net loss attributable to stockholders	$ (3,090)	$ (849)	$ 287	$ (1,515)	$ (328)	$ (328)	$ (5,167)
Net income (loss) per share	$ (0.11)	$ (0.04)	$ 0.01	$ (0.08)	$ (0.30)	$ (0.30)	$ (0.23)

Subsequent Event - Additional i

Subsequent Event - Additional information (Detail) - USD ($)	Mar. 01, 2019	Feb. 01, 2019	Jan. 04, 2019	Jan. 01, 2019	Dec. 31, 2017	Dec. 31, 2018	Jan. 29, 2019	Jan. 02, 2019	Nov. 26, 2018
Subsequent Event [Line Items]
Issuance of common stock, shares					12,405,000	29,942,921
Dividend Distributions						$ 2,484,000
Total value of shares					$ 124,050,000	$ 174,406,000
Class I shares
Subsequent Event [Line Items]
Dividend Distributions									$ 8,955
Class D shares
Subsequent Event [Line Items]
Dividend Distributions									$ 2,030
Subsequent Event
Subsequent Event [Line Items]
Preferred stock preference percentage								12.00%
Dividend Distributions							$ 2,500,000
Total value of shares	$ 410,000	$ 450,000		$ 55,000
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Issuance of common stock, shares			125
Purchase price per share			$ 1,000
Subsequent Event | Class T shares
Subsequent Event [Line Items]
Issuance of common stock, shares	9,326	37,938		2,347
Purchase price per share	$ 10.41	$ 10.28		$ 10.30
Subsequent Event | Class I shares
Subsequent Event [Line Items]
Issuance of common stock, shares	7,204	3,887		2,912
Purchase price per share	$ 10.41	$ 10.29		$ 10.29
Subsequent Event | Class D shares
Subsequent Event [Line Items]
Issuance of common stock, shares	22,596
Purchase price per share	$ 10.40

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances	$ 0
Initial Costs, Land	46,598
Initial Costs, Building and Improvements	249,281
Cost Capitalized Subsequent to Acquisition	195
Gross Amount at Which Carried at Close of Period, Land	46,598
Gross Amount at Which Carried at Close of Period, Building and Improvements	249,281
Total	296,073	$ 113,103
Accumulated Depreciation	$ 4,498	$ 123
Aurora, IL | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2003
Year Acquired		2017
Related Encumbrances		$ 0
Initial Costs, Land		5,894
Initial Costs, Building and Improvements		44,713
Cost Capitalized Subsequent to Acquisition		76
Gross Amount at Which Carried at Close of Period, Land		5,894
Gross Amount at Which Carried at Close of Period, Building and Improvements		44,713
Total		50,683
Accumulated Depreciation		$ 1,349
Aurora, IL | Minimum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Aurora, IL | Maximum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Phoenix, AZ | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1998
Year Acquired		2017
Related Encumbrances		$ 0
Initial Costs, Land		3,891
Initial Costs, Building and Improvements		11,337
Cost Capitalized Subsequent to Acquisition		15
Gross Amount at Which Carried at Close of Period, Land		3,891
Gross Amount at Which Carried at Close of Period, Building and Improvements		11,337
Total		15,243
Accumulated Depreciation		$ 370
Phoenix, AZ | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Phoenix, AZ | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Denver & Golden, CO | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		Various
Year Acquired		2017
Related Encumbrances		$ 0
Initial Costs, Land		8,773
Initial Costs, Building and Improvements		38,495
Gross Amount at Which Carried at Close of Period, Land		8,773
Gross Amount at Which Carried at Close of Period, Building and Improvements		38,495
Total		47,268
Accumulated Depreciation		$ 1,320
Denver & Golden, CO | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Denver & Golden, CO | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Atlanta, GA | Office [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	1970
Year Acquired	2018
Related Encumbrances	$ 0
Initial Costs, Land	8,385
Initial Costs, Building and Improvements	36,319
Cost Capitalized Subsequent to Acquisition	72
Gross Amount at Which Carried at Close of Period, Land	8,385
Gross Amount at Which Carried at Close of Period, Building and Improvements	36,319
Total	44,776
Accumulated Depreciation	$ 548
Atlanta, GA | Minimum | Office [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta, GA | Maximum | Office [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Austin TX [Member] | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2017
Year Acquired	2018
Related Encumbrances	$ 0
Initial Costs, Land	4,472
Initial Costs, Building and Improvements	25,599
Cost Capitalized Subsequent to Acquisition	32
Gross Amount at Which Carried at Close of Period, Land	4,472
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,599
Total	30,103
Accumulated Depreciation	$ 425
Austin TX [Member] | Minimum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Austin TX [Member] | Maximum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston, TX [Member] | Retail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2016
Year Acquired	2018
Related Encumbrances	$ 0
Initial Costs, Land	10,708
Initial Costs, Building and Improvements	74,501
Gross Amount at Which Carried at Close of Period, Land	10,708
Gross Amount at Which Carried at Close of Period, Building and Improvements	74,501
Total	85,209
Accumulated Depreciation	$ 464
Houston, TX [Member] | Minimum | Retail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Houston, TX [Member] | Maximum | Retail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Henderson, NV | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built	2017
Year Acquired	2018
Related Encumbrances	$ 0
Initial Costs, Land	4,475
Initial Costs, Building and Improvements	18,316
Gross Amount at Which Carried at Close of Period, Land	4,475
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,316
Total	22,791
Accumulated Depreciation	$ 20
Henderson, NV | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Henderson, NV | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions	Dec. 31, 2018USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Federal income tax cost	$ 308.3

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total	$ 296,073	$ 113,103
Accumulated Depreciation	4,498	$ 123
Furniture, Fixtures and Equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total	3,300
Accumulated Depreciation	$ 500

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Rental Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance at beginning of period		$ 113,103
Additions		182,970	$ 113,103
Balance at end of period	$ 113,103	296,073	113,103
Balance at beginning of period		123
Depreciation expense	100	4,375	123
Balance at end of period	$ 123	$ 4,498	$ 123