Nuveen Global Cities REIT (NUVEEN) 10-K 1 Apr 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Sep. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-56273
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1419222
Entity Address, Address Line One	730 Third Avenue, 3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	490-9000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Entity Public Float			$ 0
ICFR Auditor Attestation Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Charlotte, North Carolina, USA
Class T shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,654,344
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,255,309
Class I shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,575,771
Class N shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608
Class S shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,576,669

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Investments in real estate, net	$ 909,832	$ 439,927
Investment in commercial mortgage loans, at fair value	140,512	0
Investments in international affiliated funds	131,046	51,008
Investments in real estate-related securities, at fair value	93,970	40,052
Investments in real estate debt, at fair value	14,183
Intangible assets, net	57,473	32,728
Restricted cash	94,413	5,945
Cash and cash equivalents	36,163	9,726
Other assets	20,545	7,137
Total assets	1,498,137	586,523
Liabilities and Equity
Credit facility	238,000	129,277
Mortgages payable, net	105,614	47,574
Subscriptions received in advance	100,778	5,945
Intangible liabilities, net	22,522	8,501
Due to affiliates	30,006	9,374
Accounts payable, accrued expenses, and other liabilities	14,810	7,010
Distributions payable	5,323	2,065
Total liabilities	517,053	209,746
Redeemable non-controlling interest	258
Equity
Series A Preferred stock	126	250
Additional paid-in capital	1,043,073	416,348
Accumulated deficit and cumulative distributions	(63,958)	(42,406)
Accumulated other comprehensive (loss) income	(239)	2,168
Total stockholders' equity	979,991	376,777
Non-controlling interest attributable to third party joint venture	835
Total equity	980,826	376,777
Total liabilities and equity	1,498,137	586,523
Class T shares
Equity
Common stock	92	33
Class S shares
Equity
Common stock	238	28
Class D shares
Equity
Common stock	46	13
Class I shares
Equity
Common stock	316	46
Class N shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Jan. 13, 2021	Dec. 31, 2020
Common stock, shares authorized	5,000,000,000	5,000,000,000
Class T shares
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	500,000,000		500,000,000
Common stock, shares issued	9,201,452		3,248,104
Common stock, shares outstanding	9,201,452		3,248,104
Class S shares
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	500,000,000		500,000,000
Common stock, shares issued	23,809,171		2,832,107
Common stock, shares outstanding	23,809,171		2,832,107
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	4,648,665		1,405,968
Common stock, shares outstanding	4,648,665		1,405,968
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	31,460,729		4,461,507
Common stock, shares outstanding	31,460,729		4,461,507
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		29,730,608
Common stock, shares outstanding	29,730,608		29,730,608

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental revenue	$ 56,607	$ 38,357	$ 30,808
Income from commercial mortgage loan	1,913	890	1,455
Total revenues	58,520	39,247	32,263
Expenses
Rental property operating	18,163	11,923	9,979
General and administrative	3,796	3,538	3,502
Advisory fee due to affiliate	8,781	3,326	2,100
Depreciation and amortization	29,088	17,478	14,171
Total expenses	59,828	36,265	29,752
Other (expense) income
Realized and unrealized income (loss) from real estate-related securities	22,471	(485)	7,296
Unrealized income from real estate debt	3
Income from equity investment in unconsolidated international affiliated funds	2,435	1,851	270
Interest income	207	155	161
Interest expense	(4,705)	(3,778)	(4,534)
Total other income (expense)	20,411	(2,257)	3,193
Net income	19,103	725	5,704
Net income attributable to non-controlling interest in third party joint venture	5	0	0
Net income attributable to Series A preferred stock	19	18	15
Net income attributable to common stockholders	$ 19,079	$ 707	$ 5,689
Net income per share of common stock - basic and diluted	$ 0.29	$ 0.02	$ 0.18
Weighted-average shares of common stock outstanding, basic and diluted	65,739,279	38,834,536	31,231,622

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income and (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 19,103	$ 725	$ 5,704
Other comprehensive income (loss):
Foreign currency translation adjustment	(2,407)	2,538	(412)
Comprehensive income	16,696	3,263	5,292
Comprehensive income attributable to non-controlling interest in third party joint venture	5	0	0
Comprehensive income attributable to preferred stock	19	18	15
Comprehensive income attributable to common stockholders	$ 16,672	$ 3,245	$ 5,277

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Par Value Common StockPreferred Stock	Par Value Common StockClass T shares	Par Value Common StockCommon Class S		Par Value Common StockClass D shares		Par Value Common StockClass I shares	Par Value Common StockClass N shares	Additional Paid-in Capital	Accumulated Deficit And Cumulative Distributions	Accumulated Other Comprehensive Income	Non-controlling Interest Attributable to Third Party Joint Venture	Parent [Member]
Beginning balance at Dec. 31, 2018	$ 288,876	$ 0	$ 0	$ 0		$ 0		$ 2	$ 297	$ 298,419	$ (9,884)	$ 42		$ 288,876
Issuance of shares of Common Stock	37,660		14	1		5		18		37,622				37,660
Distribution reinvestment	142									142				142
Common stock repurchased	(104)									(104)				(104)
Amortization of restricted stock grants	68									68				68
Net income	5,704	15									5,689			5,704
Distributions on common stock	(15,779)										(15,779)			(15,779)
Contribution from Series A preferred stock	125	125												125
Distribution to series A preferred stock	(15)	(15)												(15)
Foreign currency translation adjustment	(412)											(412)		(412)
Ending balance at Dec. 31, 2019	316,265	125	14	1		5		20	297	336,147	(19,974)	(370)		316,265
Issuance of shares of Common Stock	80,090		18	27		8		26		80,011				80,090
Distribution reinvestment	2,029		1					1		2,027				2,029
Common stock repurchased	(1,906)							(1)		(1,905)				(1,906)
Amortization of restricted stock grants	68									68				68
Net income	725	18									707			725
Distributions on common stock	(23,139)										(23,139)			(23,139)
Contribution from Series A preferred stock	125	125												125
Distribution to series A preferred stock	(18)	(18)												(18)
Foreign currency translation adjustment	2,538											2,538		2,538
Ending balance at Dec. 31, 2020	376,777	250	33	28		13		46	297	416,348	(42,406)	2,168		376,777
Beginning balance at Dec. 31, 2020	622,998
Issuance of shares of Common Stock			59	208		32		269		622,430				622,998
Distribution reinvestment	7,687		1	2		1		3		7,680				7,687
Preferred stock redemption	(125)	(125)						0						(125)
Common stock repurchased	(3,204)		(1)	0	[1]	0	[1]	(2)		(3,201)				(3,204)
Amortization of restricted stock grants	74									74				74
Net income	19,103	19									19,079		$ 5	19,103
Distributions on common stock	(40,631)	0									(40,631)			(40,631)
Contribution from non-controlling interest	830												830
Distribution to series A preferred stock	(18)	(18)												(18)
Foreign currency translation adjustment	(2,407)											(2,407)		(2,407)
Allocation to redeemable non-controlling interest										(258)				(258)
Ending balance at Dec. 31, 2021	$ 980,826	$ 126	$ 92	$ 238		$ 46		$ 316	$ 297	$ 1,043,073	$ (63,958)	$ (239)	$ 835	$ 979,991
[1]	Shares amount is not presented due to rounding: see Note 15.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, shares	57,172,330	7,961,372	3,774,001
Net of offering costs	$ 735	$ 594	$ 772

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 19,103	$ 725	$ 5,704
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,088	17,478	14,171
Unrealized gain on changes in fair value of real estate-related securities	(16,844)	(2,246)	(3,440)
Realized (gain) loss on sale of real estate-related securities	(3,692)	3,933	(2,740)
Unrealized gain on real estate debt	(3)
Income from equity investment in unconsolidated international affiliated funds	(2,435)	(1,851)	(270)
Income distribution from equity investment in unconsolidated international affiliated funds	1,109	970	573
Straight line rent adjustment	(2,255)	(1,861)	(1,217)
Amortization of below-market lease intangibles	(2,070)	(742)	(495)
Amortization of above-market lease intangibles	39	18	17
Amortization of deferred financing costs	622	518	394
Amortization of restricted stock grants	74	68	68
Change in assets and liabilities:
Increase in other assets	(9,249)	(1,413)	(516)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	7,345	948	(173)
Net cash provided by operating activities	20,832	16,545	12,076
Cash flows from investing activities:
Acquisitions of real estate	(500,176)	(85,127)	(99,650)
Origination and fundings of commercial mortgage loans	(140,512)	(1,642)	(46,997)
Proceeds from sale of commercial mortgage loan			34,264
Proceeds from payoff of commercial mortgage loan		14,375
Fundings for investment in international affiliated funds	(81,116)	(9,855)	(9,890)
Capital improvements to real estate	(7,054)	(2,567)	(1,139)
Deposit on real estate	(566)
Return of capital from real estate-related securities			49
Purchases of investments in real estate-related securities	(60,129)	(29,722)	(29,117)
Proceeds from sale of real estate-related securities	26,747	23,223	29,236
Purchases of investments in real estate debt	(14,180)
Net cash used in investing activities	(776,986)	(91,315)	(123,244)
Cash flows from financing activities:
Proceeds from issuance of common stock	638,104	75,908	40,018
Repurchase of common stock	(2,873)	(1,906)	(104)
Offering costs paid	(752)	(574)	(687)
Borrowings from credit facility	532,723	103,500	148,277
Repayments on credit facility	(424,000)	(82,000)	(110,500)
Borrowings from mortgages payable	58,250		48,000
Payment of deferred financing costs	(2,175)	(34)	(900)
Contributions from non-controlling interest in third party joint venture	830
Proceeds from issuance of preferred stock		125	125
Repurchase of preferred stock	(125)
Distributions to preferred stockholders	(18)	(18)	(15)
Subscriptions received in advance	100,778	5,945	10,087
Distributions	(29,683)	(26,176)	(13,161)
Net cash provided by financing activities	871,059	74,770	121,140
Net increase in cash and cash equivalents and restricted cash during the period	114,905	0	9,972
Cash and cash equivalents and restricted cash, beginning of period	15,671	15,671	5,699
Cash and cash equivalents and restricted cash, end of period	130,576	15,671	15,671
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	36,163	9,726	5,584
Restricted cash	94,413	5,945	10,087
Total Cash and cash equivalents and restricted cash	130,576	15,671	15,671
Supplemental disclosures:
Interest paid	3,783	3,296	4,533
Preferred stock costs		3	15
Non-cash investing activities:
Assumption of other (liabilities) and assets in conjunction with acquisitions of real estate	(785)	(378)	(715)
Accrued capital expenditures	455	114	121
Non-cash financing activities:
Accrued distributions	(3,258)	3,037	2,618
Accrued stockholder servicing fees	20,632	4,726	1,388
Distribution reinvestments	7,687	$ 2,027	135
Accrued offering costs due to affiliate			$ 1,160
Allocation to redeemable non-controlling interest	$ 258

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2021
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 elected 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 and intends to continue to qualify as a REIT. 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 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 and an investment advisory affiliate of Nuveen Real Estate (“Nuveen Real Estate”). Pursuant to a registration statement on Form S-11, (the “Initial Public Offering”). On January 13, 2021, the Company filed a Registration Statement on Form S-11 No. 333-252077) ( “Follow-on “Follow-on Follow-on Follow-on

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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. 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. All property acquisitions to date have been accounted for as asset acquisitions. 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 Intangible assets and intangible liabilities are recorded as separate components on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and 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 adjustments, 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 40 years Building, land and site improvements 15- Furniture, fixtures and equipment 3-7 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 of 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 periods presented, no such impairment occurred. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata The Company holds interest in a joint venture that is considered to be a VIE. The Company consolidated this entity because it has the ability to direct the most significant activities of the joint venture, including unilateral decision making on the disposition of the investment. For select joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in noncontrolling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within redeemable non-controlling interests. As of December 31, 2021, the total assets and liabilities of the Company’ s s The Company has limited contractual rights to obtain the financial records of its consolidated single family housing portfolio from the operating partner. The operating partner does not prepare separate GAAP financial statements; therefore, the Company compiles GAAP financial information for them based on reports prepared by and received from the operating partner. Such reports are not available to the Company until approximately 25 days after the end of any given period. The time required to perform an adequate reconciliation and analysis of the information in these reports results in a one month lag in reporting of the single family rental activities. As a result of lag in reporting, the Company looks to record significant activity that has occurred subsequent to the month lag date. Investments in Real Estate-Related Securities The Company reports its investments in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with 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 real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange. Investments in Real Estate Debt The Company’s investments in real estate debt consists of commercial mortgage-backed securities (“CMBS”). The Company is classifying the securities as trading securities and will record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of income (loss) from investments in real estate debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s 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 (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes 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), and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company’s Consolidated Balance Sheets. Investment in Commercial Mortgage Loans The Company has originated three commercial mortgage loans, one of which has already been sold, and elected the fair value option for each. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans were stated at fair value and were initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans were valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value was based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value The income from the commercial mortgage loan represents interest income and origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations. Deferred Charges The Company’s deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized on a straight-line basis over the term of the credit facility. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Fair Value Measurements 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. Investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and were classified as Level 1. The Company’s investments in real estate debt are reported at fair value. As of December 31, 2021, the Company’s investments in real estate debt consisted of commercial mortgage-backed securities (“CMBS”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available and has classified as Level 2. The Company’s investment in commercial mortgage loans consists of floating rate senior and mezzanine loans the Company originated and has classified as Level 3. The commercial mortgage loans are carried at fair value based on significant unobservable inputs. 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. Certain of the Company’s consolidated joint venture arrangements, excluding the Signature at Hartwell joint venture, have profit participation based on certain internal rate of return hurdles and are measured at fair value as of the reporting date and will be reported within Redeemable non-controlling interests. F 3 The following table details the Company’s assets measured at fair value on a recurring basis ($ in thousands): December 31, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 93,970 $ — $ — $ 93,970 $ 40,052 $ — $ — $ 40,052 Investments in real estate debt — 14,183 — 14,183 — — — — Investments in commercial mortgage loans — — 140,512 140,512 — — — — Total $ 93,970 $ 14,183 $ 140,512 $ 248,665 $ 40,052 $ — $ — $ 40,052 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Loan Originations 140,512 Unrealized Gain/(Loss) — Balance as of December 31, 2021 $ 140,512 The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in commercial mortgage loans as of December 31, 2021. Type Asset Valuation technique Unobservable Weighted Average Commercial Mortgage Loans Various Cash Equivalency Method Discount Rate LIBOR (1) (1) (1) LIBOR as of December 31, 2021 was 0.1%. As of December 31, 2021 and 2020, the carrying value of the Credit Facility (defined below) approximated fair value and the carrying value of the International Affiliated Funds also approximated fair value given the underlying books and records of the affiliates report at fair value. The fair value of the Company’s mortgages payable was loan-to-value Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental Revenue Income from Commercial Mortgage Loans Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company’s leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off. Cash and Cash Equivalents Cash and cash equivalents represent 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 Restricted Cash As of December 31, 2021, restricted cash consisted of $94.2 million 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. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company must distribute annually at least of its taxable income (determined without regard to the dividends-paid deduction and excluding any net capital gains) to its shareholders. A REIT is subject to U.S. federal income tax on undistributed REIT taxable income and net capital gains, and may be subject to 21% corporate income tax and a 4% excise tax. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company 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 estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 2021, the Company had active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and uses one domestic TRS to hold the senior portion of the commercial mortgage loans. No income tax provision was included in the consolidated financial statements as there was no income tax expense due to the timing of acquisition. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. 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. Federal legislation intended to ameliorate the economic impact of the COVID-19 Management has evaluated the effects of TCJA, as modified by the CARES Act and concluded that the TCJA will not materially impact its Consolidated Financial Statements. The Company also estimates that the new taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments. Organization and Offering Expenses The Advisor advanced 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 will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reaches $1.0 billion or January 31, 2023. As of December 31, 2021, 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 Initial Public 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, 2021 and 2020. Offering costs are currently charged to equity as such amounts are incurred. For the years ended December 31, 2021, 2020 and 2019, the Company incurred $0.7 million, $0.6 million and $0.8 million, respectively, in offering costs to equity. 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. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has 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 accumulated other comprehensive income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive income (loss) of approximately $ (2.4 ) , (0.4 ) million , respectively, for the years ended December 31, 2021, 2020 and 2019. The financial position and results of operations of APCF are measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. Earnings Per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) Recent Accounting Pronouncements In July 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-05—Leases 2021-05”). 2021-05 2016-05 20 16-02 In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 COVID-19 In March 2020, the FASB issued ASU 2020-04, 2020-04”). The amendments in ASU 2020-04 The amendments in this ASU 2020-04

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
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, December 31, Building and building improvements $ 778,324 $ 383,093 Land and land improvements 166,944 79,813 Furniture, fixtures and equipment 9,976 3,692 Total 955,244 466,598 Accumulated depreciation (45,412 ) (26,671 ) Investments in real estate, net $ 909,832 $ 439,927 For the years ended December 31, 2021, 2020 and 2019, Depreciation Expense was $18.7 million, $12.0 million and $9.6 million, respectively. During the year ended December 31, 2021, the Company acquired 274 interest s in real property investments, which were comprised of housing investments. These property acquisitions have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands) : Property Name Ownership Interest Number of Properties Location Sector Acquisition Date Purchase Price 2945 Wilderness Place 100% 1 Boulder, CO Healthcare January , 12,523 Pacific Court 100% 1 San Diego, CA Healthcare May , 45,858 Hillcroft Medical Clinic 100% 1 Sugarland, TX Healthcare June , 12,079 Brookson Flats 100% 1 Huntersville, NC Multifamily June , 72,158 Bucks Town Medical Campus I 100% 5 Philadelphia, PA Healthcare September , 25,817 Perimeter’s Edge 100% 1 Raleigh, NC Office September , 21,431 Bucks Town Medical Campus II 100% 2 Langhorne , PA Healthcare October , 15,767 620 Roseville Parkway 100% 1 Roseville, CA Healthcare October , 32,901 Signature at Hartwell 97% 1 Seneca, SC Multifamily November, 2021 53,155 10850 Train Court 100% 1 Houston, TX Industrial December , 13,697 5501 Mid Cities Parkway 100% 1 San Antonio, TX Industrial December , 11,842 The Reserve at Stonebridge Ranch 100% 1 McKinney, TX Multifamily December , 91,241 Single Family Rentals 100% 257 Various Single Family Housing Various 91,707 274 500,176 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table provides details of the properties acquired during the year ended December 31, 2020 ($ in thousands): Property Name Ownership Interest Number of Properties Location Sector Acquisition Date Acquisition Price (1) National Street 100% 1 Boston, MA Industrial November 2020 $52,880 Locust Grove 100% 1 Atlanta, GA Healthcare November 2020 10,157 Linden Oaks 100% 1 Chicago, IL Healthcare November 2020 11,299 Rittiman West 6 and 7 100% 2 San Antonio, TX Industrial December 2020 11,171 5 $85,507 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. During the year ended December 31, 20 20 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2021 and 2020 ($ in thousands): 2021 2020 Building and building improvements $ 388,116 $ 58,669 Land and land improvements 86,838 18,716 In-place 22,522 5,429 Furniture, fixtures, equipment 6,092 — Leasing commissions 8,548 1,749 Other intangibles (11,940 ) 944 Total purchase price $ 500,176 $ 85,507 Assumed debt (1) (29,500 — Net purchase price $ 470,676 $ 85,507 (1) Refer to Note 9 for additional details on the Company’s debt, which includes mortgages payable.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Investments in Real Estate-Related Securities	Note 4. Investments in Real Estate-Related Securities As of December 31, 2021 and 2020, the Company’s investments in real estate-related securities consisted of shares of common stock of publicly-traded REITs. 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 Investments in Real-Estate-Related Securities as of December 31, 2021 ($ in thousands): Investments in Balance as of December 31, 2020 $ 40,052 Additions 60,129 Disposals (26,747 ) Unrealized gains 16,844 Realized gains 3,692 Balance as of December 31, 2021 $ 93,970 The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the years ended December 31, 2021, 2020 and 2019 ($ in thousands): For the Year Ended December 31, 2021 2020 2019 Unrealized gains $ 16,844 $ 2,246 $ 3,440 Realized gains (losses) 3,692 (3,933 ) 2,740 Dividend income 1,935 1,202 1,116 Realized and unrealized income (loss) from real estate-related securities $ 22,471 $ (485 ) $ 7,296

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate Debt	Note 5 . The following tables detail the Company’s Investments in real estate debt ($ in thousands): 12/31/2021 Type of Security / Loan Weighted Average Weighted Average Face Amount Cost Basis Fair Value CMBS - Fixed 4.02 % 5/13/2042 3,219 3,300 3,300 CMBS - Floating 2.10 % 1/16/2037 10,976 10,880 10,883 Total 2.54 % 4/2/2038 14,195 14,180 14,183 (1) weighted by face amount (2) stated legal maturity; expected maturity is earlier and not the same The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): December 31, 2021 Collateral Cost Basis Fair Value Percentage based on Fair Value Office 2,497 2,496 17.6 % Industrial 5,163 5,163 36.4 % Retail 1,791 1,792 12.6 % NNN 1,513 1,511 10.7 % Life Science 1,428 1,426 10.1 % Diversified 1,788 1,795 12.6 % Total 14,180 14,183 100.0 % The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): December 31, 2021 Credit Rating Cost Basis Fair Value Percentage based AAA 1,788 1,795 12.6 % A 996 996 7.0 % BBB 11,396 11,392 80.4 % Total 14,180 14,183 100.0 % Investments in Balance as of December 31, 2020 $ — Additions 14,180 Unrealized gains 3 Balance as of December 31, 2021 $ 14,183

Investment in International Aff

Investment in International Affiliated Fund	12 Months Ended
	Dec. 31, 2021
Schedule of Investments [Abstract]
Investment in International Affiliated Fund	Note 6. Investment in International Affiliated Funds Investment in ECF ECF was formed in March 2016 as an open-end, On December 22, 2017, the Company entered into a subscription agreement to invest approximately $28.4 million (€25.0 million) into ECF. Subsequently on December 3, 2021 the Company increased its commitment by $51.0 million (€45.0 million). As of December 31, 2021, the Company has fully satisfied both commitments. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While ECF has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of December 31, 2021 ($ in thousands): Investment in ECF Balance as of December 31, 2020 $ 29,803 Contribution 50,971 Income distributions (795 ) Income from equity investment in unconsolidated international affiliated fund 1,525 Foreign currency translation adjustment (2,407 ) Balance as of December 31, 2021 $ 79,097 Income (Loss) from Equity Investments in Unconsolidated International Affiliated Funds from ECF for the years ended December 31, 2021, 2020 and 2019, was $ million, ($ ) million, and $ million, respectively. Investment in APCF: APCF was launched in November 2018 as an open-end, On November 9, 2018 the Company entered into a subscription agreement to invest $10.0 million into APCF. Subsequently, on September 11, 2019 and January 6, 2021 the Company increased its commitment by $20.0 million each, bringing its total commitment to $50.0 million. As of December 31, 2021, the Company has fully funded its total commitment of $50.0 million. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of December 31, 2021 ($ in thousands): Investment Balance as of December 31, 2020 $ 21,205 Contributions 30,145 Income distribution s (314 ) Income from equity investment in unconsolidated international affiliated fund 912 Balance as of December 31, 2021 $ 51,948 Income (Loss) from Equity Investments in Unconsolidated International Affiliated Funds from APCF for the years ended December 31, 2021 and 2020 and 2019 was $ millio n , $ million and ($ ) million, respectively.

Investment in Commercial Mortga

Investment in Commercial Mortgage Asset	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Investment in Commercial Mortgage Loan	Note 7 On March 28, 2019, the Company originated a loan to finance the acquisition and renovation of an industrial property in Maspeth, New York on a 60% loan-to-cost On November 9, 2021 we originated a floating rate senior mortgage and mezzanine loan to finance the acquisition of an office property in Farmington, Massachusetts, amounting to $63.0 million and have committed to fund an additional $30.4 million for future renovations of the property. On November 16, 2021 we originated a second floating rate senior mortgage and mezzanine loan in the amount of $77.5 million to finance the acquisition of a multi-family property in Seattle, Washington, with additional commitments to fund $11.1 million for future renovations. For the year ended December, 31, 2021 and 2020 the Company recognized interest income from its investment in its commercial mortgage loan of $1.9 million and $ 0.8 million respectively. For the years ended December 31, 2021 and 2020, the Company did no t record any unrealized gains or losses on its commercial mortgage loan. The following is a reconciliation of the beginning and ending balances for the Company’s investment in commercial mortgage loan s 21 Investment s Balance as of January 1, 202 1 $ — Loan originations 140,512 Balance as of December 31, 202 1 $ 140,512 The estimated fair value of the commercial mortgage loan is based on models developed by an independent valuation advisor with additional oversight being performed by the Advisor’s internal valuation department that primarily use market based or independently sourced market data, including interest rate yield curves and market spreads. Valuation adjustments may be made to reflect credit quality, liquidity, and other observable

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Note 8 The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following for the years ended December 31, 2021 and 2020 ($ in thousands): December 31, December 31, Intangible assets: In-place $ 53,031 $ 31,393 Above-market lease intangibles 493 167 Leasing commissions 20,559 12,877 Other intangibles 5,666 2,085 Total intangible assets 79,749 46,522 Accumulated amortization: In-place (16,282 ) (10,402 ) Above-market lease intangibles (77 ) (38 ) Leasing commissions (5,055 ) (3,070 ) Other intangibles (862 ) (284 ) Total accumulated amortization (22,276 ) (13,794 ) Intangible assets, net $ 57,473 $ 32,728 Intangible liabilities: Below-market lease intangibles $ (25,841 ) $ (9,750 ) Accumulated amortization 3,319 1,249 Intangible liabilities, net $ (22,522 ) $ (8,501 ) Amortization expense relating to intangible assets was $8.5 million, $4.3 million and $4.4 million, respectively, for the years ended December 31, 2021, 2020, and 2019. Amortization expense recorded against rental revenue was $2.1 million $0.7 million, and $0.5 million, respectively, for the years ended December 31, 2021, 2020, and 2019. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-Place Lease Above-Lease Market Leasing Commissions Other Intangibles Below-Market Lease Intangibles 2022 $ 11,534 $ 57 $ 2,326 $ 889 $ (2,935 ) 2023 5,306 54 2,471 847 (2,846 ) 2024 5,122 54 2,406 829 (2,788 ) 2025 3,922 54 1,986 623 (2,458 ) 2026 2,444 54 1,518 370 (2,216 ) Thereafter 8,421 143 4,797 1,246 (9,279 ) Total $ 36,749 $ 416 $ 15,504 $ 4,804 $ (22,522 ) The weighted-average amortization periods for the acquired in-place 6,

Credit Facility and Mortgages P

Credit Facility and Mortgages Payable	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Credit Facility and Mortgage Payable	Note 9 Credit Facility On October 24, 2018, the Company entered into a credit agreement (“ Credit 30-day one-month On September 30, 2021, the borrower and the Company and Nuveen OP amended the Credit Agreement to increase the Credit Facility to $335.0 million in aggregate commitments, comprised of a $235.0 million revolving facility, and a senior delayed draw term loan facility in the aggregate amount of up to $100.0 million (the “DDTL Facility”). Loans under the DDTL Facility may be borrowed in up to three advances, each in a minimum amount of $30.0 million. The Credit Facility will terminate, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2024 (the “Revolving Termination Date”), with two additional one-year In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to USD-LIBOR USD-LIBOR. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Indebtedness Interest Rate Maturity Date Maximum December 31, December 31, Revolving facility L+applicable margin (1) September 30, 202 4 $ 235,000 $ 163,000 $ 129,277 DDTL Facility L+applicable margin (1) September 30, 2026 100,000 75,000 — Totals $ 335,000 $ 238,000 $ 129,277 (1) 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 Nuveen OP and its subsidiaries. The weighted-average interest rate for the years ended December 31, 2021 and 2020, was 1.9 % and 3.0 %, respectively. The rate as of December 31, 2021 was 1.37%. As of December 31, 2021 and 2020, the Company had $238.0 million and $129.3 million, respectively, in borrowings and had an outstanding accrued interest of $0.2 million and $0.1 million, respectively. For the years ended December 31, 2021, 2020 and 2019, the Company incurred $1.9 million, $1.7 million and $3.9 million, respectively, in Interest Expense. As of December 31, 2021, the Company was in compliance with all loan covenants. Mortgages Payable The following table is a summary of the Company’s Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Indebtedness Lender Interest Maturity Maximum December 31, December 31, Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance 3.15 % 12/01/26 $ 48,000 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62 % 06/01/28 28,750 28,750 — Signature at Hartwell Allstate/American Heritage 3.01 % 12/01/28 29,500 29,500 Total fixed rate mortgages 106,250 48,000 Deferred financing costs, net (636 ) (426 ) Mortgages payable, net $ 105,614 $ 47,574 For each of the years ended December 31, 2021, 2020 and 2019, the Company incurred , $1.5 million The following table presents the future principal payments due under the Credit Facility and Mortgages Payable as of December 31, 2021 ($ in thousands): Year Credit Facility Mortgage Payable Total 2022 $ — $ — $ — 2023 — — — 2024 163,000 — 163,000 2025 — — — 2026 75,000 48,000 123,000 Thereafter — 58,250 58,250 Total $ 238,000 $ 106,250 $ 344,250

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Other Assets and Other Liabilities	Note 1 0 The following table summarizes the components December 31, December 31, Straight-line rent receivable $ 6,451 $ 4,196 Receivables 3,245 2,072 Prepaid expenses 1,154 407 Deferred financing costs on credit facility, net 1,710 368 Other 7,985 94 Total $ 20,545 $ 7,137 The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): December 31, December 31, Accounts payable and accrued expenses $ 5,733 $ 1,598 Real estate taxes payable 3,072 1,996 Prepaid rental income 2,213 1,440 Tenant security deposits 2,010 1,117 Accrued interest expense 462 247 Other 1,320 612 Total $ 14,810 $ 7,010

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 1 1 Fees Due to Related Party Pursuant to the advisory agreement between the Company, Nuveen OP, 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 Annual 1.25 % 1.25 % 1.25 % 1.25 % 0.65 % As of December 31, 2021 and 2020, the Company had accrued advisory fees of approximately $1.2 million and $0.3 million, respectively, which has been included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets. For the years ended December 31, 2021, 2020 and 2019, the Company had incurred advisory fee expense of $7.0 million, $2.9 million and , 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. During the year ended December 31, 2020, the Company engaged NexCore Companies LLC (“NexCore”), an affiliate of TIAA, to provide property management, accounting and leasing services for certain of its investments in healthcare properties. NexCore is a real estate development company focused exclusively on development, acquisition, and management of healthcare real estate. The Company paid approximately $0.1 million in management fees to NexCore during the year ended December 31, 2021. The Company did not pay any management fees to NexCore during the year ended December 31, 2020. Additionally, as part of this engagement, the Company may pay acquisition fees to NexCore for sourcing deals. The Company paid approximately $ 0.4 year December 1 year December 1 three joint venture arrangements with NexCore during the year ended December 31, 2021 and have not incurred any promote payments. On July 27, 2021, the Company entered in an agreement with Imajn Homes Holdings (“Sparrow”), an affiliate of TIAA, to assist the Company in acquiring and managing single family housing in the United States. Sparrow is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with Sparrow, if certain internal rate of return hurdles are met, Sparrow will participate in the profits based on a set criteria at the crystallization event. Additionally, Sparrow has the ability to exercise the crystallization event between the fifth and sixth anniversaries from the effective date of the agreement. Subsequent to entering in the agreement, the Company committed $100.0 million to acquire single family rentals identified by Sparrow. The Company incurred approximately $111,200 and $30,800 in asset and property management fees, respectively, related to Sparrow during the year ended December 31, 2021. On August 23, 2021, the Company entered into a master services agreement with Nuveen Real Estate Project Management Services, LLC (“Nuveen RE PMS”), an affiliate of the Advisor, for the purpose of Nuveen RE PMS providing professional services described below in connection with certain of our real estate investments (the “Agreement”). For project management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees determined by the estimated total cost of the project; provided that such fees shall not exceed 6% of project costs. For development and management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees to be determined by the complexity and size of the project; provided that such fees shall not exceed 4% of project costs. No fees have been incurred by the Company as of December 31, 2021. In addition, Nuveen Securities, LLC (the “Dealer Manager”) serves as the dealer manager for the Initial Public Offering and Follow-on 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: Class T Class S Class D Class I Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50% — — — Stockholder Servicing Fee (% of NAV) 0.85% ( 1) 0.85% 0.25% — (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 stockholder servicing fee with respect to Class I shares or Class N 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 public offering in which the shares were sold, 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 such 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. Other Related Party Transactions The following table summarizes the components of Due to Affiliates for the years ended December 31, 2021 and 2020 ($ in thousands): December 31, December 31, Accrued stockholder servicing fees (1) $ 25,358 $ 4,726 Advanced organization and offering costs 4,648 4,648 Total $ 30,006 $ 9,374 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2021, the Company accrued approximately $ 25.4 million re-allowance 35-year See “Note 1 5 See “Note 6

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Economic Dependency	Note 1 2 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.

Risks and Contingencies

Risks and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Risks and Contingencies	Note 1 3 The outbreak of COVID-19 and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the first half of 2020. The worldwide spread of the COVID-19 pandemic has created significant uncertainty in the global economy. At this time, tenants have requested certain rent relief and lease modifications from this unprecedented event; however, such requests have not been significant as of December 31, 2021 for the Company’s direct real estate investments. Requests have generally been comprised of deferrals, with payments postponed for a brief period (i.e., less than twelve months) and then repaid over the remaining duration of the contract. 1 0.4 Other than that, the Company does not have any other material exposure to r e ncessi COVID-19 COVID-19 COVID-19 Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Company’s rent, or if tenants are concentrated in a particular industry. As of December 31, 2021, the Company had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Company. Moreover, the Company’s tenants have no notable concentration present in any one industry. There are no significant lease expirations scheduled to occur over the next twelve months. Based on the Company’s assessment, no triggers have been met for the impairment of its investments as of December 31, 2021. The Company’s investment in the International Affiliated Funds have been similarly and negatively impacted by C OVID-19 COVID-19 COVID-19 COVID-19 The Company’s investments in real estate-related securities may also be negatively impacted by uncertainty surrounding the COVID-19 COVID-19 COVID-19 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, 2021
Leases [Abstract]
Tenant Leases	Note 1 4 The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Rental income for the years ended December 31, 2021, 2020 and 2019, was $56.6 million, $38.4 million and $30.8 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments through the non-cancelable Year Future Minimum Rent 2022 $ 38,303 2023 37,285 2024 36,877 2025 31,355 2026 23,193 Thereafter 70,264 Total $ 237,277 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume as defined in the lease agreement. During the years ended December 31, 2021 and 2020 the Company did not have material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Federal Home Loan Banks [Abstract]
Equity	Note 1 5 Authorized Capital As of December 31, 2021, the Company had authority to issue a total of 2,200,000,000 shares of capital stock, consisting of the following: Classification Number of Shares (in thousands) Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000 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 On January 2, 2019, the Company filed Articles Supplementary to the charter, which set forth the rights, preferences and privileges of the Company’s 12.0% Series A cumulative non-voting On October 8, 2020, a subsidiary of the Operating Partnership sold 125 shares of preferred stock in a private placement to effectuate the formation of a REIT established to hold our industrial property located in Massachusetts for tax management purposes. Common Stock As of December 31, 2021, the Company had issued and outstanding 9,201,452 shares of Class T common stock, 23,809,171 shares of Class S common stock, 4,648,665 shares of Class D common stock, 31,460,729 shares of Class I common stock, and 29,730,608 shares of Class N common stock. The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) for the years ended December 31, 2021, 2020 and 2019: Class T Class S Class D Class I Class N Total January 1, 2019 — — 26 186 29,731 29,943 Common Stock Issued 1,375 70 544 1,774 — 3,763 Distribution Reinvestment 2 — 3 9 — 14 Vested Stock — — — 7 — 7 Common Stock Repurchased — — — (10 ) — (10 ) December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,818 2,734 819 2,577 — 7,948 Distribution Reinvestment 68 30 36 60 — 194 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (15 ) (2 ) (22 ) (148 ) — (187 ) December 31, 2020 3,248 2,832 1,406 4,461 29,731 41,678 Common Stock Issued 5,862 20,802 3,219 26,890 — 56,773 Distribution Reinvestment 114 223 54 283 — 674 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (23 ) (48 ) (30 ) (180 ) — (281 ) December 31, 202 1 9,201 23,809 4,649 31,460 29,731 98,850 TIAA has purchased $300 million of the Company’s Class N shares of common stock through its wholly owned subsidiary. Per the terms of the agreement between the Company and TIAA, beginning on January 31, 2023, TIAA may submit a portion of its Class N shares for repurchase, provided that after taking into account the repurchase, the total value of TIAA’s aggregate ownership of our class N shares shall not be less than $300 million. Beginning on January 31, 2025, TIAA may submit all of its remaining shares for repurchase, provided that provided that TIAA must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. Restricted Stock Grants The Company’s independent directors are compensated with an annual retainer, of which 25.0% is paid in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock is granted on the first business day following the annual meeting of stockholders (the “Annual Meeting”). The restricted stock generally vests one year from the date of grant . On May 6, 2021, the Company’s board of directors approved changes in the Company’s independent director compensation plan, effective July 1, 2021. As revised, the independent directors will receive a $75,000 annual retainer and the chairperson of the audit committee will receive an additional $15,000 annual retainer. The Company pays 75% of this compensation in cash in quarterly installments and the remaining 25% in the form of an annual grant of restricted stock based on the most recent transaction price that generally vests one year from the date of grant. 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, Class I 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 30 days following quarter end. On January 17, 2020, the Company’s board of directors amended the Company’s distribution policy to reflect that the Company intends to pay distributions monthly rather than quarterly going forward, subject to the discretion of the board of directors. Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. As of December 31, 202 1 Each class of common stock receives the same gross distribution per share, which was $0.7447 per share for the year ended December 31, 202 1 The following table details the net distribution for each of our share classes for the year ended December 31, 2021: Year Ended December 31, 2021 Class T Class S Class D Class I Class N Gross distribution per share of common stock $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 Advisory fee per share of common stock (0.1321 ) (0.1311 ) (0.1330 ) (0.1328 ) (0.0708 ) Stockholder servicing fee per share of common stock (0.0978 ) (0.0971 ) (0.0289 ) — — Net distribution per share of common stock $ 0.5148 $ 0.5165 $ 0.5828 $ 0.6119 $ 0.6739 The following table details the net distribution for each of our share classes for the year ended December 31, 2020: Year Ended December 31, 2020 Class T Class S Class D Class I Class N Gross distribution per share of common stock $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 Advisory fee per share of common stock (0.1143 ) (0.1214 ) (0.1120 ) (0.1081 ) (0.0569 ) Stockholder servicing fee per share of common stock (0.0919 ) (0.0845 ) (0.0324 ) — — Net distribution per share of common stock $ 0.4778 $ 0.4781 $ 0.5396 $ 0.5759 $ 0.6271 The following table details the net distribution for each of our share classes for the year ended December 31, 2019: Year Ended December 31, 2019 Class T Class S Class D Class I Class N Gross distribution per share of common stock (1) $ 0.5689 $ 0.0579 $ 0.5689 $ 0.5689 $ 0.5689 Advisory fee per share of common stock (0.1190 ) (0.0102 ) (0.1200 ) (0.1202 ) (0.0632 ) Stockholder servicing fee per share of common stock (0.0898 ) (0.0078 ) (0.0265 ) — — Net distribution per share of common stock $ 0.3601 $ 0.0399 $ 0.4224 $ 0.4487 $ 0.5057 (1) The Company did not sell any Class T or Class S shares prior to January 2019 and December 2019, respectively, thus no distributions were declared for Class T or Class S prior to such date. 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 T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. In addition, if during any consecutive 24-month For year ended December 31, 2021, the Company repurchased shares for $3.2 million. The C no Redeemable Non-controlling The Company’s affiliated partner has a redeemable non-controlling Non-controlling

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Note 1 6 The Company operates in ten retail properties, office properties, healthcare properties real estate-related securities, International Affiliated Funds, commercial mortgage loans, single family housing and other (corporate). 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, 2021 and 2020 ($ in thousands): December 31, 2021 December 31, 2020 Multifamily $ 303,852 $ 91,355 Industrial 186,502 167,518 Healthcare 185,953 61,397 Office 125,563 72,810 Single Family Housing 100,039 — Retail 82,791 86,154 Commercial Mortgage Loan 140,512 — International Affiliated Funds 131,046 51,008 Real Estate-Related Securities 108,153 40,052 Other (Corporate) 133,726 16,229 Total assets $ 1,498,137 $ 586,523 The following table sets forth the financial results by segment for the years ended December 31, 2021, 2020 and 2019 ($ in thousands): For the Year Ended December 31, 2021 2020 2019 Rental revenues Multifamily $ 13,314 $ 9,351 $ 9,215 Industrial 14,830 10,381 8,464 Healthcare 11,788 4,372 146 Office 9,229 7,470 6,071 Retail 7,215 6,783 6,912 Single Family Housing 231 — — Total rental revenues 56,607 38,357 30,808 Property operating expenses Multifamily 5,765 4,520 4,555 Industrial 4,769 2,915 2,578 Healthcare 2,760 1,010 23 Office 2,611 2,123 1,585 Retail 1,480 1,355 1,238 Single Family Housing 778 — — Total property operating expenses 18,163 11,923 9,979 D A 29,088 17,478 14,171 Income from commercial mortgage loans 1,913 890 1,455 Realized and unrealized income from real estate-related securities 22,474 (485 ) 7,296 Income from equity investment in unconsolidated international affiliated funds 2,435 1,851 270 General and administrative expenses (3,796 ) (3,538 ) (3,502 ) Advisory fee due to affiliate (8,781 ) (3,326 ) (2,100 ) Interest income 207 155 161 Interest expense (4,705 ) (3,778 ) (4,534 ) Net income $ 19,103 $ 725 $ 5,704 Net income attributable to non-controlling interest in third party joint venture 5 — — Net income attributable to Series A preferred stock 19 18 15 Net income attributable to common stockholders $ 19,079 $ 707 $ 5,689

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events Distributions Status of the Offering On January 1, 202 2 On February 1, 202 2 , ( Class D shares and 2,526,183 Class I shares) at a purchase price of for Class D and $12.59 for Class I. On March 1, 202 2 , ( Class D shares and 5,383,133 Class I shares) at a purchase price of for Class D and $12.66 for Class I. Investment Activity In January 2022, the Company acquired a 100% interest in the Lakeland Industrial portfolio, a core-plus portfolio of five Class A and B infill industrial assets, well located in the high-growth Sun Belt markets of Tampa and Lakeland, Florida for a purchase price of $54.9 million. In March 2022, the Company acquired a 100% interest in 610 Loop, a five property in-fill industrial portfolio in Houston, for a purchase price of In March 2022, the Company sold the senior portion of our commercial mortgage loan used to finance the acquisition of an office property in Massachusetts for $47.4 million. In March 2022, the Company originated a floating-rate senior mortgage and mezzanine loan amounting to $91.7 million, to finance the acquisition of five garden-style apartment communities located in Tucson, Arizona.

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - Real Estate and Accumulated Depreciation	Initial Costs Gross Amount at (a) Property Location Property Type Year Built Year Land Building and Costs Capitalized Land Building and Total Accumulated Depreciable Aurora IL Multi-Family 2013 2017 5,894 44,713 721 5,965 45,364 51,328 (5,179 ) 15 - Phoenix, AZ Industrial 1998 2017 3,891 11,337 202 3,891 11,539 15,430 (1,401 ) 15 - 40 years Denver & Golden, CO Industrial Various 2017 8,773 38,496 735 8,773 39,231 48,004 (5,065 ) 15 - 40 years Austin, TX Multi-Family 2017 2018 4,472 25,598 118 4,472 25,716 30,188 (2,784 ) 15 - 40 years Atlanta, GA Office 1970 2018 8,385 36,319 580 8,385 36,899 45,284 (3,750 ) 15 - 40 years Houston, TX Retail 2016 2018 10,708 74,419 234 10,708 74,653 85,361 (8,129 ) 15 - 40 years Henderson, NV Industrial 2017 2018 4,475 18,316 — 4,538 18,096 22,635 (1,754 ) 15 - 40 years Salt Lake City, UT Office 2017 2019 3,964 32,945 108 3,964 33,054 37,017 (3,251 ) 15 - 40 years Moreno Valley, CA Industrial 1993 2019 4,376 13,157 520 4,376 13,677 18,053 (1,230 ) 15 - 40 years San Antonio, TX Healthcare 1972 2019 6,124 26,338 819 6,124 27,157 33,281 (2,602 ) 15 - 40 years Boston, MA Industrial 1973 2020 11,612 36,842 4 11,612 36,846 48,458 (1,492 ) 15 - 40 years Atlanta, GA (Other) Healthcare 2017 2020 1,422 7,795 4 1,422 7,799 9,221 (395 ) 15 - 40 years Chicago, IL Healthcare 1986 2020 2,867 6,903 9 2,867 6,912 9,779 (496 ) 15 - 40 years San Antonio, TX (Industrial) Industrial 1983 2020 2,815 7,129 54 2,815 7,183 9,998 (303 ) 15 - 40 years Boulder, CO Healthcare 1984 2021 3,645 7,895 13 3,645 7,908 11,553 (395 ) 15 - 40 years Sugar Land, TX Healthcare 2007 2021 3,129 9,200 — 3,129 9,200 12,329 (208 ) 15 - 40 years Huntersville, NC Multi-Family 2016 2021 6,552 61,509 143 6,552 61,653 68,204 (888 ) 15 - 40 years San Diego, CA Healthcare 1996 2021 10,586 36,814 3,656 10,586 40,470 51,056 (1,173 ) 15 - 40 years Morrisville, NC Office 1990 2021 3,953 16,390 — 3,953 15,675 19,628 (320 ) 15 - 40 years Langhome, PA Healthcare 1987 2021 6,918 16,947 1,040 6,918 17,987 24,905 (606 ) 15 - 40 years Langhome, PA Healthcare 1988 2021 3,714 9,830 52 3,714 9,883 13,597 (110 ) 15 - 40 years Roseville, CA Healthcare 1996 2021 3,464 24,439 530 3,464 24,969 28,433 (322 ) 15 - 40 years McKinney, TX Multi-Family 2002 2021 7,903 78,125 — 7,903 78,125 86,028 (90 ) 15 - 40years Houston, TX Industrial 2003 2021 2,056 11,315 — 2,056 11,315 13,372 (49 ) 15 - 40 Schertz, TX Industrial 2007 2021 3,037 7,856 — 3,037 7,856 10,893 (40 ) 15 - 40 years Seneca, SC Multi-Family 2021 2021 5,004 42,994 — 5,004 42,994 47,998 (128 ) 15 - 40 years Various Single-Family Various 2021 26,878 64,797 1,561 27,071 66,163 93,235 (397 ) 15 - 40 years (a) The aggregate cost for federal income tax purposes at December 31, 2021 was approximately $979.6 million. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $10.0 million. Accumulated Depreciation does not include $2.9 million of accumulated depreciation related to Furniture, Fixtures and Equipment. Changes in rental properties and accumulated depreciation for the periods ended December 31, 2021, 2020 and 2019, are as follows ($ in thousands): Rental Properties 202 1 20 20 201 9 Balance at beginning of period $ 462,849 $ 384,260 $ 296,073 Additions 482,419 78,589 88,187 Balance at end of period $ 945,268 $ 462,849 $ 384,260 Accumulated Depreciation 202 1 20 20 201 9 Balance at beginning of period $ 24,737 $ 13,431 $ 4,498 Additions 17,820 11,306 8,933 Balance at end of period $ 42,557 $ 24,737 $ 13,431

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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. 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. All property acquisitions to date have been accounted for as asset acquisitions. 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 Intangible assets and intangible liabilities are recorded as separate components on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and 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 adjustments, 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 40 years Building, land and site improvements 15- Furniture, fixtures and equipment 3-7 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 of 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 periods presented, no such impairment occurred.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata The Company holds interest in a joint venture that is considered to be a VIE. The Company consolidated this entity because it has the ability to direct the most significant activities of the joint venture, including unilateral decision making on the disposition of the investment. For select joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in noncontrolling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within redeemable non-controlling interests. As of December 31, 2021, the total assets and liabilities of the Company’ s s The Company has limited contractual rights to obtain the financial records of its consolidated single family housing portfolio from the operating partner. The operating partner does not prepare separate GAAP financial statements; therefore, the Company compiles GAAP financial information for them based on reports prepared by and received from the operating partner. Such reports are not available to the Company until approximately 25 days after the end of any given period. The time required to perform an adequate reconciliation and analysis of the information in these reports results in a one month lag in reporting of the single family rental activities. As a result of lag in reporting, the Company looks to record significant activity that has occurred subsequent to the month lag date.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company reports its investments in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with 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 real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of commercial mortgage-backed securities (“CMBS”). The Company is classifying the securities as trading securities and will record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of income (loss) from investments in real estate debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s 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 (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes 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), and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company’s Consolidated Balance Sheets.
Investment in Commercial Mortgage Loans	Investment in Commercial Mortgage Loans The Company has originated three commercial mortgage loans, one of which has already been sold, and elected the fair value option for each. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans were stated at fair value and were initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans were valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value was based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value The income from the commercial mortgage loan represents interest income and origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations.
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized on a straight-line basis over the term of the credit facility. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
Fair Value Measurements	Fair Value Measurements 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. Investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and were classified as Level 1. The Company’s investments in real estate debt are reported at fair value. As of December 31, 2021, the Company’s investments in real estate debt consisted of commercial mortgage-backed securities (“CMBS”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available and has classified as Level 2. The Company’s investment in commercial mortgage loans consists of floating rate senior and mezzanine loans the Company originated and has classified as Level 3. The commercial mortgage loans are carried at fair value based on significant unobservable inputs. 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. Certain of the Company’s consolidated joint venture arrangements, excluding the Signature at Hartwell joint venture, have profit participation based on certain internal rate of return hurdles and are measured at fair value as of the reporting date and will be reported within Redeemable non-controlling interests.
Investments in Joint Ventures	F 3 The following table details the Company’s assets measured at fair value on a recurring basis ($ in thousands): December 31, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 93,970 $ — $ — $ 93,970 $ 40,052 $ — $ — $ 40,052 Investments in real estate debt — 14,183 — 14,183 — — — — Investments in commercial mortgage loans — — 140,512 140,512 — — — — Total $ 93,970 $ 14,183 $ 140,512 $ 248,665 $ 40,052 $ — $ — $ 40,052 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Loan Originations 140,512 Unrealized Gain/(Loss) — Balance as of December 31, 2021 $ 140,512 The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in commercial mortgage loans as of December 31, 2021. Type Asset Valuation technique Unobservable Weighted Average Commercial Mortgage Loans Various Cash Equivalency Method Discount Rate LIBOR (1) (1) (1) LIBOR as of December 31, 2021 was 0.1%. As of December 31, 2021 and 2020, the carrying value of the Credit Facility (defined below) approximated fair value and the carrying value of the International Affiliated Funds also approximated fair value given the underlying books and records of the affiliates report at fair value. The fair value of the Company’s mortgages payable was loan-to-value
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 Income from Commercial Mortgage Loans
Leases	Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company’s leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent 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
Restricted Cash	Restricted Cash As of December 31, 2021, restricted cash consisted of $94.2 million 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.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company must distribute annually at least of its taxable income (determined without regard to the dividends-paid deduction and excluding any net capital gains) to its shareholders. A REIT is subject to U.S. federal income tax on undistributed REIT taxable income and net capital gains, and may be subject to 21% corporate income tax and a 4% excise tax. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company 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 estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 2021, the Company had active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and uses one domestic TRS to hold the senior portion of the commercial mortgage loans. No income tax provision was included in the consolidated financial statements as there was no income tax expense due to the timing of acquisition. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. 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. Federal legislation intended to ameliorate the economic impact of the COVID-19 Management has evaluated the effects of TCJA, as modified by the CARES Act and concluded that the TCJA will not materially impact its Consolidated Financial Statements. The Company also estimates that the new taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments.
Organization and Offering Expenses	Organization and Offering Expenses The Advisor advanced 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 will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reaches $1.0 billion or January 31, 2023. As of December 31, 2021, 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 Initial Public 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, 2021 and 2020. Offering costs are currently charged to equity as such amounts are incurred. For the years ended December 31, 2021, 2020 and 2019, the Company incurred $0.7 million, $0.6 million and $0.8 million, respectively, in offering costs to equity.
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. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has 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 accumulated other comprehensive income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive income (loss) of approximately $ (2.4 ) , (0.4 ) million , respectively, for the years ended December 31, 2021, 2020 and 2019. The financial position and results of operations of APCF are measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF.
Earnings per Share	Earnings Per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss)
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-05—Leases 2021-05”). 2021-05 2016-05 20 16-02 In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 COVID-19 In March 2020, the FASB issued ASU 2020-04, 2020-04”). The amendments in ASU 2020-04 The amendments in this ASU 2020-04

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	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 40 years Building, land and site improvements 15- Furniture, fixtures and equipment 3-7 Lease intangibles Over lease term
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	December 31, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 93,970 $ — $ — $ 93,970 $ 40,052 $ — $ — $ 40,052 Investments in real estate debt — 14,183 — 14,183 — — — — Investments in commercial mortgage loans — — 140,512 140,512 — — — — Total $ 93,970 $ 14,183 $ 140,512 $ 248,665 $ 40,052 $ — $ — $ 40,052
Summary of Assets Measured At Fair Value On Recurring Basis	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Loan Originations 140,512 Unrealized Gain/(Loss) — Balance as of December 31, 2021 $ 140,512
Summary Of Quantitative Information About Unobservable Inputs Related To The Level 3 Fair Value Measurements Comprising The Investments In Commercial Mortgage Loans	The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in commercial mortgage loans as of December 31, 2021. Type Asset Valuation technique Unobservable Weighted Average Commercial Mortgage Loans Various Cash Equivalency Method Discount Rate LIBOR (1) (1) (1) LIBOR as of December 31, 2021 was 0.1%.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, December 31, Building and building improvements $ 778,324 $ 383,093 Land and land improvements 166,944 79,813 Furniture, fixtures and equipment 9,976 3,692 Total 955,244 466,598 Accumulated depreciation (45,412 ) (26,671 ) Investments in real estate, net $ 909,832 $ 439,927
Summary of Properties Acquired	The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands) : Property Name Ownership Interest Number of Properties Location Sector Acquisition Date Purchase Price 2945 Wilderness Place 100% 1 Boulder, CO Healthcare January , 12,523 Pacific Court 100% 1 San Diego, CA Healthcare May , 45,858 Hillcroft Medical Clinic 100% 1 Sugarland, TX Healthcare June , 12,079 Brookson Flats 100% 1 Huntersville, NC Multifamily June , 72,158 Bucks Town Medical Campus I 100% 5 Philadelphia, PA Healthcare September , 25,817 Perimeter’s Edge 100% 1 Raleigh, NC Office September , 21,431 Bucks Town Medical Campus II 100% 2 Langhorne , PA Healthcare October , 15,767 620 Roseville Parkway 100% 1 Roseville, CA Healthcare October , 32,901 Signature at Hartwell 97% 1 Seneca, SC Multifamily November, 2021 53,155 10850 Train Court 100% 1 Houston, TX Industrial December , 13,697 5501 Mid Cities Parkway 100% 1 San Antonio, TX Industrial December , 11,842 The Reserve at Stonebridge Ranch 100% 1 McKinney, TX Multifamily December , 91,241 Single Family Rentals 100% 257 Various Single Family Housing Various 91,707 274 500,176 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table provides details of the properties acquired during the year ended December 31, 2020 ($ in thousands): Property Name Ownership Interest Number of Properties Location Sector Acquisition Date Acquisition Price (1) National Street 100% 1 Boston, MA Industrial November 2020 $52,880 Locust Grove 100% 1 Atlanta, GA Healthcare November 2020 10,157 Linden Oaks 100% 1 Chicago, IL Healthcare November 2020 11,299 Rittiman West 6 and 7 100% 2 San Antonio, TX Industrial December 2020 11,171 5 $85,507 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed.
Summary of Purchase Price Allocation for the Properties Acquired During the Period	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2021 and 2020 ($ in thousands): 2021 2020 Building and building improvements $ 388,116 $ 58,669 Land and land improvements 86,838 18,716 In-place 22,522 5,429 Furniture, fixtures, equipment 6,092 — Leasing commissions 8,548 1,749 Other intangibles (11,940 ) 944 Total purchase price $ 500,176 $ 85,507 Assumed debt (1) (29,500 — Net purchase price $ 470,676 $ 85,507 (1) Refer to Note 9 for additional details on the Company’s debt, which includes mortgages payable.

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Summary of Components of Realized and Unrealized Income From Real Estate Related Securities	The following table summarizes the Investments in Real-Estate-Related Securities as of December 31, 2021 ($ in thousands): Investments in Balance as of December 31, 2020 $ 40,052 Additions 60,129 Disposals (26,747 ) Unrealized gains 16,844 Realized gains 3,692 Balance as of December 31, 2021 $ 93,970
Summary of Investments in Real-Estate Securities	The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the years ended December 31, 2021, 2020 and 2019 ($ in thousands): For the Year Ended December 31, 2021 2020 2019 Unrealized gains $ 16,844 $ 2,246 $ 3,440 Realized gains (losses) 3,692 (3,933 ) 2,740 Dividend income 1,935 1,202 1,116 Realized and unrealized income (loss) from real estate-related securities $ 22,471 $ (485 ) $ 7,296

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s Investments in real estate debt ($ in thousands): 12/31/2021 Type of Security / Loan Weighted Average Weighted Average Face Amount Cost Basis Fair Value CMBS - Fixed 4.02 % 5/13/2042 3,219 3,300 3,300 CMBS - Floating 2.10 % 1/16/2037 10,976 10,880 10,883 Total 2.54 % 4/2/2038 14,195 14,180 14,183 (1) weighted by face amount (2) stated legal maturity; expected maturity is earlier and not the same
Summary of Collateral Type of Properties Securing The Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): December 31, 2021 Collateral Cost Basis Fair Value Percentage based on Fair Value Office 2,497 2,496 17.6 % Industrial 5,163 5,163 36.4 % Retail 1,791 1,792 12.6 % NNN 1,513 1,511 10.7 % Life Science 1,428 1,426 10.1 % Diversified 1,788 1,795 12.6 % Total 14,180 14,183 100.0 %
Summary of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): December 31, 2021 Credit Rating Cost Basis Fair Value Percentage based AAA 1,788 1,795 12.6 % A 996 996 7.0 % BBB 11,396 11,392 80.4 % Total 14,180 14,183 100.0 %
Summary Of Investments In Commercial Mortgage Backed Securities	Investments in Balance as of December 31, 2020 $ — Additions 14,180 Unrealized gains 3 Balance as of December 31, 2021 $ 14,183

Investment in International A_2

Investment in International Affiliated Funds (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of Investments [Abstract]
Equity Method Investments [Table Text Block]	The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of December 31, 2021 ($ in thousands): Investment in ECF Balance as of December 31, 2020 $ 29,803 Contribution 50,971 Income distributions (795 ) Income from equity investment in unconsolidated international affiliated fund 1,525 Foreign currency translation adjustment (2,407 ) Balance as of December 31, 2021 $ 79,097 The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of December 31, 2021 ($ in thousands): Investment Balance as of December 31, 2020 $ 21,205 Contributions 30,145 Income distribution s (314 ) Income from equity investment in unconsolidated international affiliated fund 912 Balance as of December 31, 2021 $ 51,948

Investment in Commercial Mort_2

Investment in Commercial Mortgage Asset (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Summary of Loans Terms	The following is a reconciliation of the beginning and ending balances for the Company’s investment in commercial mortgage loan s 21 Investment s Balance as of January 1, 202 1 $ — Loan originations 140,512 Balance as of December 31, 202 1 $ 140,512

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
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 the years ended December 31, 2021 and 2020 ($ in thousands): December 31, December 31, Intangible assets: In-place $ 53,031 $ 31,393 Above-market lease intangibles 493 167 Leasing commissions 20,559 12,877 Other intangibles 5,666 2,085 Total intangible assets 79,749 46,522 Accumulated amortization: In-place (16,282 ) (10,402 ) Above-market lease intangibles (77 ) (38 ) Leasing commissions (5,055 ) (3,070 ) Other intangibles (862 ) (284 ) Total accumulated amortization (22,276 ) (13,794 ) Intangible assets, net $ 57,473 $ 32,728 Intangible liabilities: Below-market lease intangibles $ (25,841 ) $ (9,750 ) Accumulated amortization 3,319 1,249 Intangible liabilities, net $ (22,522 ) $ (8,501 )
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 Above-Lease Market Leasing Commissions Other Intangibles Below-Market Lease Intangibles 2022 $ 11,534 $ 57 $ 2,326 $ 889 $ (2,935 ) 2023 5,306 54 2,471 847 (2,846 ) 2024 5,122 54 2,406 829 (2,788 ) 2025 3,922 54 1,986 623 (2,458 ) 2026 2,444 54 1,518 370 (2,216 ) Thereafter 8,421 143 4,797 1,246 (9,279 ) Total $ 36,749 $ 416 $ 15,504 $ 4,804 $ (22,522 )

Credit Facility and Mortgages_2

Credit Facility and Mortgages Payable - (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of the Credit Facility ($ in thousands): Principal Balance Indebtedness Interest Rate Maturity Date Maximum December 31, December 31, Revolving facility L+applicable margin (1) September 30, 202 4 $ 235,000 $ 163,000 $ 129,277 DDTL Facility L+applicable margin (1) September 30, 2026 100,000 75,000 — Totals $ 335,000 $ 238,000 $ 129,277 (1) 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 Nuveen OP and its subsidiaries. The weighted-average interest rate for the years ended December 31, 2021 and 2020, was 1.9 % and 3.0 %, respectively. The rate as of December 31, 2021 was 1.37%. The following table is a summary of the Company’s Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Indebtedness Lender Interest Maturity Maximum December 31, December 31, Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance 3.15 % 12/01/26 $ 48,000 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62 % 06/01/28 28,750 28,750 — Signature at Hartwell Allstate/American Heritage 3.01 % 12/01/28 29,500 29,500 Total fixed rate mortgages 106,250 48,000 Deferred financing costs, net (636 ) (426 ) Mortgages payable, net $ 105,614 $ 47,574
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under the Credit Facility and Mortgages Payable as of December 31, 2021 ($ in thousands): Year Credit Facility Mortgage Payable Total 2022 $ — $ — $ — 2023 — — — 2024 163,000 — 163,000 2025 — — — 2026 75,000 48,000 123,000 Thereafter — 58,250 58,250 Total $ 238,000 $ 106,250 $ 344,250

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Summary of Components of Other Assets	The following table summarizes the components December 31, December 31, Straight-line rent receivable $ 6,451 $ 4,196 Receivables 3,245 2,072 Prepaid expenses 1,154 407 Deferred financing costs on credit facility, net 1,710 368 Other 7,985 94 Total $ 20,545 $ 7,137
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, December 31, Accounts payable and accrued expenses $ 5,733 $ 1,598 Real estate taxes payable 3,072 1,996 Prepaid rental income 2,213 1,440 Tenant security deposits 2,010 1,117 Accrued interest expense 462 247 Other 1,320 612 Total $ 14,810 $ 7,010

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
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 Annual 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: Class T Class S Class D Class I Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50% — — — Stockholder Servicing Fee (% of NAV) 0.85% ( 1) 0.85% 0.25% — (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	The following table summarizes the components of Due to Affiliates for the years ended December 31, 2021 and 2020 ($ in thousands): December 31, December 31, Accrued stockholder servicing fees (1) $ 25,358 $ 4,726 Advanced organization and offering costs 4,648 4,648 Total $ 30,006 $ 9,374 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2021, the Company accrued approximately $ 25.4 million re-allowance 35-year

Tenant Leases (Tables)

Tenant Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses	Aggregate minimum annual rentals for wholly-owned real estate investments through the non-cancelable Year Future Minimum Rent 2022 $ 38,303 2023 37,285 2024 36,877 2025 31,355 2026 23,193 Thereafter 70,264 Total $ 237,277

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of Capital Stock	As of December 31, 2021, the Company had authority to issue a total of 2,200,000,000 shares of capital stock, consisting of the following: Classification Number of Shares (in thousands) Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) for the years ended December 31, 2021, 2020 and 2019: Class T Class S Class D Class I Class N Total January 1, 2019 — — 26 186 29,731 29,943 Common Stock Issued 1,375 70 544 1,774 — 3,763 Distribution Reinvestment 2 — 3 9 — 14 Vested Stock — — — 7 — 7 Common Stock Repurchased — — — (10 ) — (10 ) December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,818 2,734 819 2,577 — 7,948 Distribution Reinvestment 68 30 36 60 — 194 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (15 ) (2 ) (22 ) (148 ) — (187 ) December 31, 2020 3,248 2,832 1,406 4,461 29,731 41,678 Common Stock Issued 5,862 20,802 3,219 26,890 — 56,773 Distribution Reinvestment 114 223 54 283 — 674 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (23 ) (48 ) (30 ) (180 ) — (281 ) December 31, 202 1 9,201 23,809 4,649 31,460 29,731 98,850
Summary of Declared Distributions	The following table details the net distribution for each of our share classes for the year ended December 31, 2021: Year Ended December 31, 2021 Class T Class S Class D Class I Class N Gross distribution per share of common stock $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 $ 0.7447 Advisory fee per share of common stock (0.1321 ) (0.1311 ) (0.1330 ) (0.1328 ) (0.0708 ) Stockholder servicing fee per share of common stock (0.0978 ) (0.0971 ) (0.0289 ) — — Net distribution per share of common stock $ 0.5148 $ 0.5165 $ 0.5828 $ 0.6119 $ 0.6739 The following table details the net distribution for each of our share classes for the year ended December 31, 2020: Year Ended December 31, 2020 Class T Class S Class D Class I Class N Gross distribution per share of common stock $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 Advisory fee per share of common stock (0.1143 ) (0.1214 ) (0.1120 ) (0.1081 ) (0.0569 ) Stockholder servicing fee per share of common stock (0.0919 ) (0.0845 ) (0.0324 ) — — Net distribution per share of common stock $ 0.4778 $ 0.4781 $ 0.5396 $ 0.5759 $ 0.6271 The following table details the net distribution for each of our share classes for the year ended December 31, 2019: Year Ended December 31, 2019 Class T Class S Class D Class I Class N Gross distribution per share of common stock (1) $ 0.5689 $ 0.0579 $ 0.5689 $ 0.5689 $ 0.5689 Advisory fee per share of common stock (0.1190 ) (0.0102 ) (0.1200 ) (0.1202 ) (0.0632 ) Stockholder servicing fee per share of common stock (0.0898 ) (0.0078 ) (0.0265 ) — — Net distribution per share of common stock $ 0.3601 $ 0.0399 $ 0.4224 $ 0.4487 $ 0.5057 (1) The Company did not sell any Class T or Class S shares prior to January 2019 and December 2019, respectively, thus no distributions were declared for Class T or Class S prior to such date.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of December 31, 2021 and 2020 ($ in thousands): December 31, 2021 December 31, 2020 Multifamily $ 303,852 $ 91,355 Industrial 186,502 167,518 Healthcare 185,953 61,397 Office 125,563 72,810 Single Family Housing 100,039 — Retail 82,791 86,154 Commercial Mortgage Loan 140,512 — International Affiliated Funds 131,046 51,008 Real Estate-Related Securities 108,153 40,052 Other (Corporate) 133,726 16,229 Total assets $ 1,498,137 $ 586,523
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the years ended December 31, 2021, 2020 and 2019 ($ in thousands): For the Year Ended December 31, 2021 2020 2019 Rental revenues Multifamily $ 13,314 $ 9,351 $ 9,215 Industrial 14,830 10,381 8,464 Healthcare 11,788 4,372 146 Office 9,229 7,470 6,071 Retail 7,215 6,783 6,912 Single Family Housing 231 — — Total rental revenues 56,607 38,357 30,808 Property operating expenses Multifamily 5,765 4,520 4,555 Industrial 4,769 2,915 2,578 Healthcare 2,760 1,010 23 Office 2,611 2,123 1,585 Retail 1,480 1,355 1,238 Single Family Housing 778 — — Total property operating expenses 18,163 11,923 9,979 D A 29,088 17,478 14,171 Income from commercial mortgage loans 1,913 890 1,455 Realized and unrealized income from real estate-related securities 22,474 (485 ) 7,296 Income from equity investment in unconsolidated international affiliated funds 2,435 1,851 270 General and administrative expenses (3,796 ) (3,538 ) (3,502 ) Advisory fee due to affiliate (8,781 ) (3,326 ) (2,100 ) Interest income 207 155 161 Interest expense (4,705 ) (3,778 ) (4,534 ) Net income $ 19,103 $ 725 $ 5,704 Net income attributable to non-controlling interest in third party joint venture 5 — — Net income attributable to Series A preferred stock 19 18 15 Net income attributable to common stockholders $ 19,079 $ 707 $ 5,689

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	Dec. 31, 2021Affiliateshares	Jan. 13, 2021shares
Organization And Business Activities [Line Items]
Common stock shares authorized	5,000,000,000	5,000,000,000
Number of classes of common stock | Affiliate	4
Primary Offering
Organization And Business Activities [Line Items]
Common stock shares authorized	4,000,000,000	4,000,000,000
Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock shares authorized	1,000,000,000	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, 2021
Building
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Building, land and site improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	15 years
Building, land and site improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	40 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 - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Investments in commercial mortgage loans	$ 140,512	$ 0
Fair Value, Recurring
Assets:
Investments in real estate-related securities	93,970	40,052
Investments in real estate debt	14,183	0
Investments in commercial mortgage loans	140,512	0
Total	248,665	40,052
Fair Value, Recurring | Level I
Assets:
Investments in real estate-related securities	93,970	40,052
Investments in real estate debt	0	0
Total	93,970	40,052
Fair Value, Recurring | Level 2
Assets:
Investments in real estate debt	14,183	0
Investments in commercial mortgage loans	0	0
Total	14,183	0
Fair Value, Recurring | Level 3
Assets:
Investments in real estate debt		0
Investments in commercial mortgage loans	140,512	0
Total	$ 140,512	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Detail) - Fair Value, Recurring [Member] - Real Estate Investment Debt [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2020
Loan Originations	140,512
Unrealized Gain/(Loss)
Balance as of December 31, 2021	$ 140,512

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary Of Quantitative Information About Unobservable Inputs Related To The Level 3 Fair Value Measurements Comprising The Investments In Commercial Mortgage Loans (Detail) - London Interbank Offered Rate (LIBOR) [Member] - Commercial Mortgage Loan [Member]	12 Months Ended
	Dec. 31, 2021
Measurement Input, Discount Rate [Member] | Variable Interest Rate Spread On Loans Receivable One [Member]
Disclosure Details Of Significant Unobservable Input Used In Measurement Of Commercial Mortgage Loans [Line Items]
Loan receivable variable interest rate spread	1.52%
Measurement Input, Discount Rate [Member] | Variable Interest Rate Spread On Loans Receivable Two [Member]
Disclosure Details Of Significant Unobservable Input Used In Measurement Of Commercial Mortgage Loans [Line Items]
Loan receivable variable interest rate spread	5.25%
Measurement Input, Discount Rate [Member] | Various Asset Class [Member]
Disclosure Details Of Significant Unobservable Input Used In Measurement Of Commercial Mortgage Loans [Line Items]
Description of Valuation technique	Discount Rate
Cash Equivalency Method [Member] | Various Asset Class [Member]
Disclosure Details Of Significant Unobservable Input Used In Measurement Of Commercial Mortgage Loans [Line Items]
Description of Valuation technique	Cash Equivalency Method

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary Of Quantitative Information About Unobservable Inputs Related To The Level 3 Fair Value Measurements Comprising The Investments In Commercial Mortgage Loans (Parenthetical) (Detail)	Dec. 31, 2021
Measurement Input, Discount Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Commercial Mortgage Loan
Disclosure Details Of Significant Unobservable Input Used In Measurement Of Commercial Mortgage Loans [Line Items]
Loan receivable base rate percentage	0.10%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Subsidiary	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Significant Of Accounting Policies [Line Items]
Restricted cash	$ 94,413	$ 5,945
Percentage of taxable income distributed to stockholders	90.00%
Number of active TRSs | Subsidiary	3
U.S. federal corporate income tax rate	21.00%
Foreign currency translation adjustments losses	$ (2,407)	2,538	$ (412)
Deferred Offering Costs	$ 700	600	$ 800
Excise Tax	4.00%
Assets	$ 1,498,137	586,523
Liabilities	517,053	209,746
Variable Interest Entity [Member]
Significant Of Accounting Policies [Line Items]
Assets	53,500
Liabilities	29,700
Advisor
Significant Of Accounting Policies [Line Items]
Restricted cash	$ 94,200
Period for reimbursement of advance expenses	60 months
Organizational and offering costs	$ 4,600
Offering cost	3,500
Organization costs	1,100
Advisor | Minimum [Member]
Significant Of Accounting Policies [Line Items]
Net asset value threshold	1,000,000
Fair Value, Inputs, Level 3 [Member] | Secured Debt [Member] | Mortgages Payable [Member]
Significant Of Accounting Policies [Line Items]
Mortgages payable, net	$ 106,300	$ 47,600

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Investments In Real Estate [Line Items]
Depreciation expense | $	$ 18.7	$ 12	$ 9.6
Number of properties acquired	274	5
Office
Investments In Real Estate [Line Items]
Number of properties acquired	1
Industrial
Investments In Real Estate [Line Items]
Number of properties acquired	2
Multifamily
Investments In Real Estate [Line Items]
Number of properties acquired	3
Healthcare
Investments In Real Estate [Line Items]
Number of properties acquired	11
Single Family Residences
Investments In Real Estate [Line Items]
Number of properties acquired	257

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Building and building improvements	$ 778,324	$ 383,093
Land and land improvements	166,944	79,813
Furniture, fixtures and equipment	9,976	3,692
Total	955,244	466,598
Accumulated depreciation	(45,412)	(26,671)
Investments in real estate, net	$ 909,832	$ 439,927

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Real Estate Properties [Line Items]
Number of Properties | property		274	5
Purchase Price | $	[1]	$ 500,176	$ 85,507
2945 Wilderness Place
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Healthcare
Purchase Price | $	[1]	$ 12,523
Pacific Court
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Healthcare
Purchase Price | $	[1]	$ 45,858
Hillcroft Medical Clinic
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Healthcare
Purchase Price | $	[1]	$ 12,079
Brookson Flats
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Multifamily
Purchase Price | $	[1]	$ 72,158
Bucks Town Medical Campus I
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		5
Sector		Healthcare
Purchase Price | $	[1]	$ 25,817
Perimeter's Edge
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Office
Purchase Price | $	[1]	$ 21,431
Bucks Town Medical Campus II
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		2
Sector		Healthcare
Purchase Price | $	[1]	$ 15,767
620 Roseville Parkway
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Healthcare
Purchase Price | $	[1]	$ 32,901
10850 Train Court
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Industrial
Purchase Price | $	[1]	$ 13,697
5501 Mid Cities Parkway
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Sector		Industrial
Purchase Price | $	[1]	$ 11,842
The Reserve at Stonebridge Ranch
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase Price | $	[1]	$ 91,241
National Street
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase Price | $	[1]		$ 52,880
Locust Grove
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase Price | $	[1]		$ 10,157
Linden Oaks
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase Price | $	[1]		$ 11,299
Rittiman West 6 and 7
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			2
Purchase Price | $	[1]		$ 11,171
Signature at Hartwell
Real Estate Properties [Line Items]
Ownership Interest		97.00%
Number of Properties | property		1
Sector		Multifamily
Purchase Price | $	[1]	$ 53,155
Single Family Rentals
Real Estate Properties [Line Items]
Number of Properties | property		257
Sector		Single Family Housing
Purchase Price | $	[1]	$ 91,707
[1]	Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed.

Investments in Real Estate - _2

Investments in Real Estate - Summary of Purchase Price Allocation for the Properties Acquired During the Period (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Building and building improvements		$ 388,116	$ 58,669
Land and land improvements		86,838	18,716
In-place lease intangibles		22,522	5,429
Furniture, fixtures and equipment		6,092
Leasing Commissions		8,548	1,749
Other intangibles		(11,940)	944
Total purchase price		500,176	85,507
Assumed debt	[1]	(29,500)
Net purchase price		$ 470,676	$ 85,507
[1]	Refer to Note 9 for additional details on the Company’s debt, which includes mortgages payable.

Investments in Real Estate - Re

Investments in Real Estate - Related Securities - Summary of Investments in Real - Estate Securities (Details) - Investments in Real Estate-Related Securities $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Net Investment Income [Line Items]
Balance as of December 31, 2020	$ 40,052
Additions	60,129
Disposals	(26,747)
Unrealized gains	16,844
Realized gains	3,692
Balance as of December 31, 2021	$ 93,970

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Unrealized gains	$ 16,844	$ 2,246	$ 3,440
Realized gains (losses)	3,692	(3,933)	2,740
Dividend income	1,935	1,202	1,116
Realized and unrealized income (loss) from real estate-related securities	$ 22,471	$ (485)	$ 7,296

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	2.54%
Weighted Average Maturity Date	Apr. 2, 2038	[1],[2]
Face Amount	$ 14,195
Cost Basis	14,180
Fair Value	$ 14,183
CMBS - Fixed [Member]
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	4.02%
Weighted Average Maturity Date	May 13, 2042	[1],[2]
Face Amount	$ 3,219
Cost Basis	3,300
Fair Value	$ 3,300
CMBS - Floating [Member]
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	2.10%
Weighted Average Maturity Date	Jan. 16, 2037	[1],[2]
Face Amount	$ 10,976
Cost Basis	10,880
Fair Value	$ 10,883
[1]	stated legal maturity; expected maturity is earlier and not the same
[2]	weighted by face amount

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing The Investments in Real Estate Debt (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 14,180
Fair Value	$ 14,183
Percentage based on Fair Value	100.00%
Office
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 2,497
Fair Value	$ 2,496
Percentage based on Fair Value	17.60%
Industrial
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 5,163
Fair Value	$ 5,163
Percentage based on Fair Value	36.40%
Retail
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 1,791
Fair Value	$ 1,792
Percentage based on Fair Value	12.60%
NNN
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 1,513
Fair Value	$ 1,511
Percentage based on Fair Value	10.70%
Life Science
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 1,428
Fair Value	$ 1,426
Percentage based on Fair Value	10.10%
Diversified
Debt Securities Collateral Type of Properties Securing The Investments in Real Estate Debt [Line Items]
Cost Basis	$ 1,788
Fair Value	$ 1,795
Percentage based on Fair Value	12.60%

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 14,180
Fair Value	$ 14,183
Percentage based on Fair Value	100.00%
AAA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 1,788
Fair Value	$ 1,795
Percentage based on Fair Value	12.60%
A
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 996
Fair Value	$ 996
Percentage based on Fair Value	7.00%
BBB
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 11,396
Fair Value	$ 11,392
Percentage based on Fair Value	80.40%

Investments in Real Estate De_6

Investments in Real Estate Debt - Summary Of Investments In Commercial Mortgage Backed Securities (Detail) - Real Estate Related Commercial Mortagage Backed Securities [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Investment In Commercial Mortgage Loan Backed Securities Held To Maturity [Line Items]
Balance as of December 31, 2020	$ 0
Additions	14,180
Unrealized gains	3
Balance as of December 31, 2021	$ 14,183

Investment in International A_3

Investment in International Affiliated Fund - Additional Information (Detail) $ in Thousands, € in Millions	Dec. 03, 2021USD ($)	Dec. 03, 2021EUR (€)	Jan. 06, 2021USD ($)	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Dec. 22, 2017USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule Of Investments [Line Items]
Income (loss) from investment in International affiliated Funds							$ 2,435		$ 1,851	$ 270
European Cities Fund [Member]
Schedule Of Investments [Line Items]
Income (loss) from investment in International affiliated Funds							1,525
Equity method investment,increase in investment commitment amount	$ 51,000	€ 45
ECF
Schedule Of Investments [Line Items]
Subscription agreement investment amount						$ 28,400
Funded amount of investment in ECF using equity method | €								€ 25
Income (loss) from investment in International affiliated Funds							1,500		(200)	500
Asia Pacific Cities Fund [Member]
Schedule Of Investments [Line Items]
Income (loss) from investment in International affiliated Funds							900		$ 2,000	$ (300)
Equity method investment, investment commitment amount			$ 50,000		$ 10,000		$ 50,000
Equity Method Investment Additional Investment Commitment Amount				$ 20,000

Investment in International A_4

Investment in International Affiliated Fund - Summary of Components of Income from Equity Method Investment (Detail)) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments RollForward [Abstract]
Income distributions	$ (1,109)	$ (970)	$ (573)
Income from equity investment in unconsolidated international affiliated fund	2,435	1,851	$ 270
ECF
Schedule Of Equity Method Investments RollForward [Abstract]
Beginning Balance	29,803
Contributions	50,971
Income distributions	(795)
Income from equity investment in unconsolidated international affiliated fund	1,525
Foreign currency translation adjustment	(2,407)
Ending Balance	79,097	29,803
APCF
Schedule Of Equity Method Investments RollForward [Abstract]
Beginning Balance	21,205
Contributions	30,145
Income distributions	(314)
Income from equity investment in unconsolidated international affiliated fund	912
Ending Balance	$ 51,948	$ 21,205

Investment in Commercial Mort_3

Investment in Commercial Mortgage Loan - Summary of Mezzanine Loan Terms (Detail) - Unitranche Debt [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Balance as of January 1, 2021
Loan originations	140,512
Balance as of December 31, 2021	$ 140,512

Investment in Commercial Mort_4

Investment in Commercial Mortgage Loan - Additional information (Detail) - USD ($)	Jun. 06, 2019	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 16, 2021	Nov. 09, 2021
Origination and fundings of commercial mortgage loan			$ 140,512,000	$ 1,642,000	$ 46,997,000
Proceeds from payoff of commercial mortgage loan				14,375,000
Floating Rate Senior Mortgage And Mezzanine Loan [Member]
Property renovations, commitment							$ 30,400,000
Floating Rate Senior Mortgage And Mezzanine Loan [Member] | Mortgages [Member]
Aggregate principle amount							$ 63,000,000
Second Floating Rate Senior Mortgage And Mezzanine Loan [Member]
Property renovations, commitment						$ 11,100,000
Second Floating Rate Senior Mortgage And Mezzanine Loan [Member] | Mortgages [Member]
Aggregate principle amount						$ 77,500,000
Unitranche Debt [Member]
Net proceeds from sale of senior loan	$ 34,000,000
Interest income and origination fee from investment in commercial mortgage loan			$ 1,900,000	800,000
Loan to cost percentage			60.00%
Origination and fundings of commercial mortgage loan			$ 46,000,000
Proceeds from payoff of commercial mortgage loan		$ 14,400,000
Proceeds From Sale Of Loans Held For Investment, Gross	$ 34,300,000
Unrealized gain (loss) on commercial mortgage loan			$ 0	$ 0

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible assets:
Total Intangible assets	$ 79,749	$ 46,522
Accumulated amortization:
Total accumulated amortization	(22,276)	(13,794)
Intangible assets, net	57,473	32,728
Intangible liabilities:
Intangible liabilities, net	(22,522)	(8,501)
In-place Lease Intangibles
Intangible assets:
Total Intangible assets	53,031	31,393
Accumulated amortization:
Total accumulated amortization	(16,282)	(10,402)
Intangible assets, net	36,749
Other Intangibles
Intangible assets:
Total Intangible assets	5,666	2,085
Accumulated amortization:
Total accumulated amortization	(862)	(284)
Intangible assets, net	4,804
Below-market Lease Intangibles
Accumulated amortization:
Intangible assets, net	22,522
Intangible liabilities:
Below-market lease intangibles	(25,841)	(9,750)
Accumulated amortization	3,319	1,249
Intangible liabilities, net	(22,522)	(8,501)
Above-market lease intangibles
Intangible assets:
Total Intangible assets	493	167
Accumulated amortization:
Total accumulated amortization	(77)	(38)
Intangible assets, net	416
Leasing Commissions
Intangible assets:
Total Intangible assets	20,559	12,877
Accumulated amortization:
Total accumulated amortization	(5,055)	$ (3,070)
Intangible assets, net	$ 15,504

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 8.5	$ 4.3	$ 4.4
Income from amortization of intangible liabilities	$ 2.1	$ 0.7	$ 0.5
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	13 years
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Above-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Leasing Commissions
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	7 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 57,473	$ 32,728
In-place Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2022	11,534
2023	5,306
2024	5,122
2025	3,922
2026	2,444
Thereafter	8,421
Intangible assets, net	36,749
Above-Lease Market Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2022	57
2023	54
2024	54
2025	54
2026	54
Thereafter	143
Intangible assets, net	416
Leasing Commissions
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2022	2,326
2023	2,471
2024	2,406
2025	1,986
2026	1,518
Thereafter	4,797
Intangible assets, net	15,504
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2022	889
2023	847
2024	829
2025	623
2026	370
Thereafter	1,246
Intangible assets, net	4,804
Below-market Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2022	2,935
2023	2,846
2024	2,788
2025	2,458
2026	2,216
Thereafter	9,279
Intangible assets, net	$ 22,522

Credit Facility and Mortgages_3

Credit Facility and Mortgages Payable - Additional Information (Detail) $ in Thousands	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)Affiliate	Dec. 31, 2020USD ($)	Dec. 31, 2019	Oct. 24, 2018USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 11, 2019USD ($)	Dec. 17, 2018USD ($)
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 335,000					$ 335,000
Credit Facility	$ 238,000		$ 129,277			$ 238,000	$ 129,277
Outstanding accrued interest			129,300				129,300
Debt, Weighted Average Interest Rate	1.37%					1.37%
September 2021 Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 335,000								$ 150,000
Outstanding accrued interest	$ 200		$ 100			$ 200	$ 100
Number of term extension options | Affiliate		2
Extension term		1 year
Extension fee, percentage		0.125%
Debt, Weighted Average Interest Rate	1.90%		3.00%			1.90%	3.00%
Interest Expense, Debt						$ 1,900		$ 3,900
September 2021 Amended Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Maximum Facility Size									$ 210,000
September 2021 Amended Credit Agreement | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 235,000	$ 235,000				235,000
September 2021 Amended Credit Agreement | Delayed Draw Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 100,000
Minimum amount of advance | Affiliate		3
Unused fee, percentage		0.15%
Minimum threshold to trigger minimum unused fee, percentage of aggregate commitments		50.00%
Maximum threshold to trigger maximum unused fee, percentage of aggregate commitments		50.00%
Upfront fee (in basis points)		40.00%
Line Of Credit Minimum Borrowing Capacity		$ 30,000
September 2021 Amended Credit Agreement | Delayed Draw Term Loan Facility [Member] | Maximum
Line of Credit Facility [Line Items]
Unused fee, percentage		0.25%
September 2021 Amended Credit Agreement | Delayed Draw Term Loan Facility [Member] | Minimum
Line of Credit Facility [Line Items]
Unused fee, percentage		0.15%
September 2021 Amended Credit Agreement | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Maximum
Line of Credit Facility [Line Items]
LIBOR rate		1.90%
September 2021 Amended Credit Agreement | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Minimum
Line of Credit Facility [Line Items]
LIBOR rate		1.30%
September 2021 Amended Credit Agreement | London Interbank Offered Rate (LIBOR) [Member] | Delayed Draw Term Loan Facility [Member] | Maximum
Line of Credit Facility [Line Items]
LIBOR rate		1.85%
September 2021 Amended Credit Agreement | London Interbank Offered Rate (LIBOR) [Member] | Delayed Draw Term Loan Facility [Member] | Minimum
Line of Credit Facility [Line Items]
LIBOR rate		1.25%
September 2021 Amended Credit Agreement | Base Rate [Member] | Revolving Credit Facility [Member] | Maximum
Line of Credit Facility [Line Items]
LIBOR rate		0.90%
September 2021 Amended Credit Agreement | Base Rate [Member] | Revolving Credit Facility [Member] | Minimum
Line of Credit Facility [Line Items]
LIBOR rate		0.30%
September 2021 Amended Credit Agreement | Base Rate [Member] | Delayed Draw Term Loan Facility [Member] | Maximum
Line of Credit Facility [Line Items]
LIBOR rate		0.85%
September 2021 Amended Credit Agreement | Base Rate [Member] | Delayed Draw Term Loan Facility [Member] | Minimum
Line of Credit Facility [Line Items]
LIBOR rate		0.25%
Mortgages Payable [Member] | Tranche Two [Member]
Line of Credit Facility [Line Items]
Interest Expense, Debt						$ 1,900	$ 1,500	$ 200
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]
Maximum Facility Size					$ 60,000
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]
Maximum Facility Size					$ 500,000
Unsecured Revolving Loans | September 2021 Amended Credit Agreement | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
LIBOR rate			0.10%	1.80%

Credit Facility and Mortgages_4

Credit Facility and Mortgages Payable - Summary of Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 17, 2018
Debt Instrument [Line Items]
Maximum Facility Size	$ 335,000
Principal Balance Outstanding	344,250
Debt [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	238,000		$ 129,277
September 2021 Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum Facility Size		$ 335,000		$ 150,000
September 2021 Amended Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum Facility Size	235,000	$ 235,000
Principal Balance Outstanding	163,000		$ 129,277
September 2021 Amended Credit Agreement [Member] | Delayed Draw Term Loan Facility Member [Member]
Debt Instrument [Line Items]
Maximum Facility Size	100,000
Principal Balance Outstanding	$ 75,000

Credit Facility and Mortgages_5

Credit Facility and Mortgages Payable - Summary of Mortgage Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgages Payable [Member]
Debt Instrument [Line Items]
Total fixed rate mortgages payable	$ 106,250	$ 48,000
Deferred financing costs, net	(636)	(426)
Total	$ 105,614	47,574
Mortgages Payable Maturing December 2026 [Member]
Debt Instrument [Line Items]
Interest Rate	3.15%
Maximum Principal Amount	$ 48,000
Total fixed rate mortgages payable	$ 48,000	$ 48,000
Mortgages Payable Maturing June 2028 [Member]
Debt Instrument [Line Items]
Interest Rate	2.62%
Maximum Principal Amount	$ 28,750
Total fixed rate mortgages payable	$ 28,750
Mortgages Payable Maturing December 2028 [Member]
Debt Instrument [Line Items]
Interest Rate	3.01%
Maximum Principal Amount	$ 29,500
Total fixed rate mortgages payable	$ 29,500

Credit Facility and Mortgages_6

Credit Facility and Mortgages Payable - Long-term Debt Maturities (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2023
2024	163,000
2025
2026	123,000
Thereafter	58,250
Total	344,250
Credit Facility
Debt Instrument [Line Items]
2022
2023
2024	163,000
2026	75,000
Thereafter	0
Total	238,000
Mortgages Payable
Debt Instrument [Line Items]
2024
2026	48,000
Thereafter	58,250
Total	$ 106,250

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Straight-line rent receivable	$ 6,451	$ 4,196
Receivables	3,245	2,072
Deferred financing costs on credit facility, net	1,710	368
Prepaid expenses	1,154	407
Other	7,985	94
Total	$ 20,545	$ 7,137

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, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 5,733	$ 1,598
Real estate taxes payable	3,072	1,996
Prepaid rental income	2,213	1,440
Tenant security deposits	2,010	1,117
Accrued interest expense	462	247
Other	1,320	612
Total	$ 14,810	$ 7,010

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, 2021
Class T shares
Related Party Transaction [Line Items]
Annual Advisory Fee (% of NAV)	1.25%
Class S shares
Related Party Transaction [Line Items]
Annual Advisory Fee (% of NAV)	1.25%
Class D shares
Related Party Transaction [Line Items]
Annual Advisory Fee (% of NAV)	1.25%
Class I shares
Related Party Transaction [Line Items]
Annual Advisory Fee (% of NAV)	1.25%
Class N shares
Related Party Transaction [Line Items]
Annual Advisory Fee (% of NAV)	0.65%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2021USD ($)jointVenture	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 23, 2021	Jul. 27, 2021USD ($)
Related Party Transaction [Line Items]
Due to affiliates	$ 30,006,000			$ 30,006,000	$ 9,374,000
Percent of gross proceeds from primary portion of public offering				10.00%
NexCore
Related Party Transaction [Line Items]
Number Of Joint Venture Arrangements | jointVenture				3
Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Single family housing project investments, commitment								$ 100,000,000
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	25,358,000			$ 25,358,000	4,726,000
Advisory Fees
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction				7,000,000	2,900,000	$ 2,100,000
Management fees | NexCore
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction				100,000	0
Acquisition fees | NexCore
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction				400,000	0
Asset management fees | Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 111,200,000
Project management fees | Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 30,800,000
Project management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs							6.00%
Development And Management Fees [Member] | Nuveen RE PMS
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	0
Maximum amount of transaction, percentage of project costs							4.00%
Class D shares | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	25,400,000			$ 25,400,000
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares				8.75%
Class T shares | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates					4,700,000
Class S shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares				8.75%
Common Class N [Member] | TIAA
Related Party Transaction [Line Items]
Common stock value under purchase agreement	300,000,000			$ 300,000,000
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued Advisory Fees	$ 1,200,000			$ 1,200,000	$ 300,000

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, 2021
Class T shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class S shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.25%
Class I shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% 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, 2021
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to affiliates	$ 30,006	$ 9,374
Percent of gross proceeds from primary portion of public offering	10.00%
Period from date of issuance for future shares issued	7 years
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Stockholder servicing fee per share of common stock
Related Party Transaction [Line Items]
Due to affiliates	$ 25,358	4,726
Stockholder servicing fee per share of common stock | Class T shares
Related Party Transaction [Line Items]
Due to affiliates		4,700
Stockholder servicing fee per share of common stock | Class D shares
Related Party Transaction [Line Items]
Due to affiliates	$ 25,400
Period from date of issuance for future shares issued	35 years
Advanced organization and offering costs
Related Party Transaction [Line Items]
Due to affiliates	$ 4,648	$ 4,648

Risks and Contingencies- Additi

Risks and Contingencies- Additional Information (Details) $ in Millions	Sep. 01, 2021USD ($)installment	Dec. 31, 2021USD ($)
Loss Contingencies [Line Items]
Amount awarded from other party | $	$ 0.5	$ 0.4
Number of equal installments of amount awarded from other party | installment	36

Tenant Leases - Schedule of Min

Tenant Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Future Minimum Rent	$ 237,277
2022
Future Minimum Rent	38,303
2023
Future Minimum Rent	37,285
2024
Future Minimum Rent	36,877
2025
Future Minimum Rent	31,355
2026
Future Minimum Rent	23,193
Thereafter
Future Minimum Rent	$ 70,264

Tenant Leases - Additional Info

Tenant Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Rental income	$ 56,607	$ 38,357	$ 30,808

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2021	Mar. 31, 2021	Oct. 08, 2020	Jan. 04, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Jan. 31, 2025	Jan. 31, 2023	Dec. 31, 2019		Jan. 02, 2019
Equity [Line Items]
Number of shares, authorized to issue					2,200,000,000		2,200,000,000
Preferred stock preference percentage												12.00%
Distribution payable					$ 5,323,000	$ 2,065,000	$ 5,323,000
Percentage of repurchase requests to be fullfilled					100.00%
Period for complying with the repurchase request					24 months
Quarterly Distribution Payable Period							30 days
Shares repurchased, value					$ 3,200,000		$ 3,200,000
Additional Paid-in Capital
Equity [Line Items]
Increase in carrying amount of redeemable preferred stock					(258,000)
Private Placement [Member]
Equity [Line Items]
Sale of stock (in shares)				125
Private Placement [Member] | Additional Paid-in Capital
Equity [Line Items]
Increase in carrying amount of redeemable preferred stock					$ 300,000
Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)					$ 0.7447		$ 0.7447
Minimum [Member] | Forecast [Member]
Equity [Line Items]
Threshold Total Value Of Aggregate Ownership Of Common Stock Value For Repurchase									$ 300,000,000
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
Equity [Line Items]
Restricted stock, vesting period	1 year
Annual retainer	$ 75,000,000
Percent of annual compensation paid in share-based payment	25.00%
Non-employee Directors | Restricted Stock Grants
Equity [Line Items]
Annual compensation fee, percentage					25.00%
Restricted stock, vesting period					1 year
Non-employee Directors | Restricted Stock Grants | Accounts Payable, Accrued Expenses and Other Liabilities
Equity [Line Items]
Accrued compensation expense					$ 67,500	$ 61,875
Audit Committee Chairperson
Equity [Line Items]
Annual compensation fee, percentage	15000.00%
Percent of annual compensation paid in cash	75.00%
Class T shares
Equity [Line Items]
Common stock, shares issued					9,201,452	3,248,104	9,201,452
Common stock, shares outstanding					9,201,452	3,248,104	9,201,452
Distributions per share of common stock (in USD per share)					$ 0.5148	$ 0.4778	$ 0.5148			$ 0.3601
Class T shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)					$ 0.7447	$ 0.6840	$ 0.7447			0.5689	[1]
Class D shares
Equity [Line Items]
Common stock, shares issued					4,648,665	1,405,968	4,648,665
Common stock, shares outstanding					4,648,665	1,405,968	4,648,665
Distributions per share of common stock (in USD per share)					$ 0.5828	$ 0.5396	$ 0.5828			0.4224
Class D shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)					$ 0.7447	$ 0.6840	$ 0.7447			0.5689	[1]
Class I shares
Equity [Line Items]
Common stock, shares issued					31,460,729	4,461,507	31,460,729
Common stock, shares outstanding					31,460,729	4,461,507	31,460,729
Distributions per share of common stock (in USD per share)					$ 0.6119	$ 0.5759	$ 0.6119			0.4487
Class I shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)					$ 0.7447	$ 0.6840	$ 0.7447			0.5689	[1]
Class S shares
Equity [Line Items]
Common stock, shares issued					23,809,171	2,832,107	23,809,171
Common stock, shares outstanding					23,809,171	2,832,107	23,809,171
Distributions per share of common stock (in USD per share)					$ 0.5165	$ 0.4781	$ 0.5165			0.0399
Class S shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)					$ 0.7447	$ 0.6840	$ 0.7447			0.0579	[1]
Class N shares
Equity [Line Items]
Common stock, shares issued					29,730,608	29,730,608	29,730,608
Common stock, shares outstanding					29,730,608	29,730,608	29,730,608
Distributions per share of common stock (in USD per share)					$ 0.6739	$ 0.6271	$ 0.6739			0.5057
Class N shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)					$ 0.7447	$ 0.6840	$ 0.7447			$ 0.5689	[1]
Class N shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement					$ 300,000,000		$ 300,000,000
Class N shares | TIAA | Forecast [Member]
Equity [Line Items]
Initial investment threshold								$ 200,000
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%
Preferred Stock | Private Placement [Member]
Equity [Line Items]
Sale of stock (in shares)			125
Sale of Stock, Price Per Share				$ 1,000
Shares redeemed (in shares)		125
[1]	The Company did not sell any Class T or Class S shares prior to January 2019 and December 2019, respectively, thus no distributions were declared for Class T or Class S prior to such date.

Equity - Summary of Capital Sto

Equity - Summary of Capital Stock Issuable (Details) - $ / shares	Dec. 31, 2021	Jan. 13, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock shares authorized (in shares)	5,000,000,000	5,000,000,000
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, par value per share (in dollars per share)	$ 0.01
Number of shares, authorized to issue (in shares)	2,200,000,000
Common Class T [Member]
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000		500,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common Class S
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000		500,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common Class D [Member]
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000		500,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common Class I [Member]
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000		500,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common Class N [Member]
Class of Stock [Line Items]
Common stock shares authorized (in shares)	100,000,000		100,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01

Equity - Summary of Outstanding

Equity - Summary of Outstanding Shares of Common Stock (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Common Stock [Line Items]
Shares, Outstanding	41,678	33,717	29,943
Common Stock Issued	56,773	7,948	3,763
Distribution Reinvestment	674	194	14
Vested Stock	6	6	7
Common Stock Repurchased	(281)	(187)	(10)
Shares, Outstanding	98,850	41,678	33,717
Class T shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding	3,248	1,377	0
Common Stock Issued	5,862	1,818	1,375
Distribution Reinvestment	114	68	2
Vested Stock		0	0
Common Stock Repurchased	(23)	(15)	0
Shares, Outstanding	9,201	3,248	1,377
Class S shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding	2,832	70	0
Common Stock Issued	20,802	2,734	70
Distribution Reinvestment	223	30	0
Vested Stock	0	0	0
Common Stock Repurchased	(48)	(2)	0
Shares, Outstanding	23,809	2,832	70
Class D shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding	1,406	573	26
Common Stock Issued	3,219	819	544
Distribution Reinvestment	54	36	3
Vested Stock	0	0	0
Common Stock Repurchased	(30)	(22)	0
Shares, Outstanding	4,649	1,406	573
Class I shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding	4,461	1,966	186
Common Stock Issued	26,890	2,577	1,774
Distribution Reinvestment	283	60	9
Vested Stock	6	6	7
Common Stock Repurchased	(180)	(148)	(10)
Shares, Outstanding	31,460	4,461	1,966
Class N shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding	29,731	29,731	29,731
Common Stock Issued	0	0	0
Distribution Reinvestment	0	0	0
Vested Stock	0	0	0
Common Stock Repurchased	0	0	0
Shares, Outstanding	29,731	29,731	29,731

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Detail) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross distribution per share of common stock
Distribution [Line Items]
Net Distribution	$ 0.7447
Class I shares
Distribution [Line Items]
Net Distribution	0.6119	$ 0.5759	$ 0.4487
Class I shares | Gross distribution per share of common stock
Distribution [Line Items]
Net Distribution	0.7447	0.6840	0.5689	[1]
Class I shares | Advisory fee per share of common stock
Distribution [Line Items]
Net Distribution	0.1328	0.1081	0.1202
Class I shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net Distribution			0
Class D shares
Distribution [Line Items]
Net Distribution	0.5828	0.5396	0.4224
Class D shares | Gross distribution per share of common stock
Distribution [Line Items]
Net Distribution	0.7447	0.6840	0.5689	[1]
Class D shares | Advisory fee per share of common stock
Distribution [Line Items]
Net Distribution	0.1330	0.1120	0.1200
Class D shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net Distribution	0.0289	0.0324	0.0265
Class N shares
Distribution [Line Items]
Net Distribution	0.6739	0.6271	0.5057
Class N shares | Gross distribution per share of common stock
Distribution [Line Items]
Net Distribution	0.7447	0.6840	0.5689	[1]
Class N shares | Advisory fee per share of common stock
Distribution [Line Items]
Net Distribution	0.0708	0.0569	0.0632
Class N shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net Distribution			0
Class T shares
Distribution [Line Items]
Net Distribution	0.5148	0.4778	0.3601
Class T shares | Gross distribution per share of common stock
Distribution [Line Items]
Net Distribution	0.7447	0.6840	0.5689	[1]
Class T shares | Advisory fee per share of common stock
Distribution [Line Items]
Net Distribution	0.1321	0.1143	0.1190
Class T shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net Distribution	0.0978	0.0919	0.0898
Class S shares
Distribution [Line Items]
Net Distribution	0.5165	0.4781	0.0399
Class S shares | Gross distribution per share of common stock
Distribution [Line Items]
Net Distribution	0.7447	0.6840	0.0579	[1]
Class S shares | Advisory fee per share of common stock
Distribution [Line Items]
Net Distribution	0.1311	0.1214	0.0102
Class S shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net Distribution	$ 0.0971	$ 0.0845	$ 0.0078
[1]	The Company did not sell any Class T or Class S shares prior to January 2019 and December 2019, respectively, thus no distributions were declared for Class T or Class S prior to such date.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	10

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 1,498,137	$ 586,523
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	303,852	91,355
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	186,502	167,518
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	125,563	72,810
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	82,791	86,154
Operating Segments | International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	131,046	51,008
Operating Segments | Commercial Mortgage Loan Segment
Segment Reporting Information [Line Items]
Total assets	140,512	0
Operating Segments | Healthcare Segment [Member]
Segment Reporting Information [Line Items]
Total assets	185,953	61,397
Operating Segments | Single Family Housing [Member]
Segment Reporting Information [Line Items]
Total assets	100,039	0
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	108,153	40,052
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 133,726	$ 16,229

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental revenue	$ 56,607	$ 38,357	$ 30,808
Expenses:
Depreciation and Amortization	29,088	17,478	14,171
Income from equity investment in unconsolidated international affiliated funds	2,435	1,851	270
General and administrative expenses	(3,796)	(3,538)	(3,502)
Advisory fee due to affiliate	(8,781)	(3,326)	(2,100)
Interest expense	(4,705)	(3,778)	(4,534)
Net income	19,103	725	5,704
Net income attributable to non-controlling interest in third party joint venture	5	0	0
Net income attributable to Series A preferred stock	19	18	15
Net income attributable to common stockholders	19,079	707	5,689
Operating Segments
Expenses:
Depreciation and Amortization	29,088	17,478	14,171
Income from commercial mortgage loans	1,913	890	1,455
Realized and unrealized income (loss) from real estate-related securities	22,474	(485)	7,296
Income from equity investment in unconsolidated international affiliated funds	2,435	1,851	270
General and administrative expenses	(3,796)	(3,538)	(3,502)
Advisory fee due to affiliate	(8,781)	(3,326)	(2,100)
Interest income	207	155	161
Interest expense	(4,705)	(3,778)	(4,534)
Net income	19,103	725	5,704
Net income attributable to non-controlling interest in third party joint venture	5
Net income attributable to Series A preferred stock	19	18	15
Net income attributable to common stockholders	19,079	707	5,689
Operating Segments | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	18,163	11,923	9,979
Operating Segments | Multifamily | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	5,765	4,520	4,555
Operating Segments | Industrial | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	4,769	2,915	2,578
Operating Segments | Office | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	2,611	2,123	1,585
Operating Segments | Retail | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	1,480	1,355	1,238
Operating Segments | Healthcare Segment [Member] | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	2,760	1,010	23
Operating Segments | Single Family Housing [Member] | Property Operating Expenses [Member]
Expenses:
Operating Costs and Expenses	778
Operating Segments | Rental Revenue
Revenues:
Rental revenue	56,607	38,357	30,808
Operating Segments | Rental Revenue | Multifamily
Revenues:
Rental revenue	13,314	9,351	9,215
Operating Segments | Rental Revenue | Industrial
Revenues:
Rental revenue	14,830	10,381	8,464
Operating Segments | Rental Revenue | Office
Revenues:
Rental revenue	9,229	7,470	6,071
Operating Segments | Rental Revenue | Retail
Revenues:
Rental revenue	7,215	6,783	6,912
Operating Segments | Rental Revenue | Healthcare Segment [Member]
Revenues:
Rental revenue	11,788	$ 4,372	$ 146
Operating Segments | Rental Revenue | Single Family Housing [Member]
Revenues:
Rental revenue	$ 231

Subsequent Events - Additional

Subsequent Events - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Mar. 01, 2022	Feb. 01, 2022	Jan. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 09, 2021
Subsequent Event [Line Items]
Total value of shares							$ 80,090	$ 37,660
Issuance of common stock, shares						57,172,330	7,961,372	3,774,001
Floating Rate Senior Mortgage And Mezzanine Loan [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt instrument face amount									$ 63,000
Subsequent Event
Subsequent Event [Line Items]
Total value of shares		$ 119,896,158	$ 75,846,392		$ 99,117,005
Proceeds From Sale Of Loans Held For Investment, Gross	$ 47,400
Subsequent Event | Floating Rate Senior Mortgage And Mezzanine Loan [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt instrument face amount	91,700
Subsequent Event | Lakeland Industrial Portfolio [Member]
Subsequent Event [Line Items]
Total purchase price				$ 54,900
Percentage of Interest acquired				100.00%
Subsequent Event | Six One Zero Loop [Member]
Subsequent Event [Line Items]
Total purchase price	$ 76,100
Percentage of Interest acquired	100.00%
Subsequent Event | Class T shares
Subsequent Event [Line Items]
Issuance of common stock, shares		2,357,547	2,787,920		819,187
Purchase price per share		$ 12.65	$ 12.57		$ 12.21
Subsequent Event | Class D shares
Subsequent Event [Line Items]
Issuance of common stock, shares		409,976	484,402		753,020
Purchase price per share		$ 12.68	$ 12.63		$ 12.25
Subsequent Event | Class I shares
Subsequent Event [Line Items]
Issuance of common stock, shares		5,383,133	2,526,183		4,241,263
Purchase price per share		$ 12.66	$ 12.59		$ 12.22
Subsequent Event | Class S shares
Subsequent Event [Line Items]
Issuance of common stock, shares		1,165,682	613,377		2,324,937
Purchase price per share		$ 12.52	$ 12.44		$ 12.07

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total		$ 945,268	$ 462,849	$ 384,260	$ 296,073
Accumulated Depreciation		(42,557)	$ (24,737)	$ (13,431)	$ (4,498)
Federal income tax cost		$ 979,600
Aurora | IL | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2013
Year Acquired		2017
Initial Cost of Land		$ 5,894
Initial Cost of Building and Improvements		44,713
Costs Capitalized Subsequent to Acquisition		721
Gross Amount at Which Carried at Close of Period, Land	[1]	5,965
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	45,364
Total	[1]	51,328
Accumulated Depreciation		$ (5,179)
Aurora | IL | Multi-family | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Aurora | IL | Multi-family | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Phoenix | 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
Initial Cost of Land		$ 3,891
Initial Cost of Building and Improvements		11,337
Costs Capitalized Subsequent to Acquisition		202
Gross Amount at Which Carried at Close of Period, Land	[1]	3,891
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	11,539
Total	[1]	15,430
Accumulated Depreciation		$ (1,401)
Phoenix | Phoenix, AZ | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Phoenix | Phoenix, AZ | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Denver & Golden | CO | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired		2017
Initial Cost of Land		$ 8,773
Initial Cost of Building and Improvements		38,496
Costs Capitalized Subsequent to Acquisition		735
Gross Amount at Which Carried at Close of Period, Land	[1]	8,773
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	39,231
Total	[1]	48,004
Accumulated Depreciation		$ (5,065)
Denver & Golden | CO | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Denver & Golden | CO | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Austin | TX | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2017
Year Acquired		2018
Initial Cost of Land		$ 4,472
Initial Cost of Building and Improvements		25,598
Costs Capitalized Subsequent to Acquisition		118
Gross Amount at Which Carried at Close of Period, Land	[1]	4,472
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	25,716
Total	[1]	30,188
Accumulated Depreciation		$ (2,784)
Austin | TX | Multi-family | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Austin | TX | Multi-family | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Atlanta | GA | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1970
Year Acquired		2018
Initial Cost of Land		$ 8,385
Initial Cost of Building and Improvements		36,319
Costs Capitalized Subsequent to Acquisition		580
Gross Amount at Which Carried at Close of Period, Land	[1]	8,385
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	36,899
Total	[1]	45,284
Accumulated Depreciation		$ (3,750)
Atlanta | GA | Office | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Atlanta | GA | Office | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Houston | TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2016
Year Acquired		2018
Initial Cost of Land		$ 10,708
Initial Cost of Building and Improvements		74,419
Costs Capitalized Subsequent to Acquisition		234
Gross Amount at Which Carried at Close of Period, Land	[1]	10,708
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	74,653
Total	[1]	85,361
Accumulated Depreciation		$ (8,129)
Houston | TX | Retail | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Houston | TX | Retail | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 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
Initial Cost of Land		$ 4,475
Initial Cost of Building and Improvements		18,316
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	4,538
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	18,096
Total	[1]	22,635
Accumulated Depreciation		$ (1,754)
Henderson | NV | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Henderson | NV | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Salt Lake City | UT | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2017
Year Acquired		2019
Initial Cost of Land		$ 3,964
Initial Cost of Building and Improvements		32,945
Costs Capitalized Subsequent to Acquisition		108
Gross Amount at Which Carried at Close of Period, Land	[1]	3,964
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	33,054
Total	[1]	37,017
Accumulated Depreciation		$ (3,251)
Salt Lake City | UT | Office | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Salt Lake City | UT | Office | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Moreno Valley | CA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1993
Year Acquired		2019
Initial Cost of Land		$ 4,376
Initial Cost of Building and Improvements		13,157
Costs Capitalized Subsequent to Acquisition		520
Gross Amount at Which Carried at Close of Period, Land	[1]	4,376
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	13,677
Total	[1]	18,053
Accumulated Depreciation		$ (1,230)
Moreno Valley | CA | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Moreno Valley | CA | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
San Antonio One | TX | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1972
Year Acquired		2019
Initial Cost of Land		$ 6,124
Initial Cost of Building and Improvements		26,338
Costs Capitalized Subsequent to Acquisition		819
Gross Amount at Which Carried at Close of Period, Land	[1]	6,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	27,157
Total	[1]	33,281
Accumulated Depreciation		$ (2,602)
San Antonio One | TX | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
San Antonio One | TX | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Boston | Boston, MA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1973
Year Acquired		2020
Initial Cost of Land		$ 11,612
Initial Cost of Building and Improvements		36,842
Costs Capitalized Subsequent to Acquisition		4
Gross Amount at Which Carried at Close of Period, Land	[1]	11,612
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	36,846
Total	[1]	48,458
Accumulated Depreciation		$ (1,492)
Boston | Boston, MA | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Boston | Boston, MA | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Atlanta One | GA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2017
Year Acquired		2020
Initial Cost of Land		$ 1,422
Initial Cost of Building and Improvements		7,795
Costs Capitalized Subsequent to Acquisition		4
Gross Amount at Which Carried at Close of Period, Land	[1]	1,422
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	7,799
Total	[1]	9,221
Accumulated Depreciation		$ (395)
Atlanta One | GA | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Atlanta One | GA | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Chicago | IL | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1986
Year Acquired		2020
Initial Cost of Land		$ 2,867
Initial Cost of Building and Improvements		6,903
Costs Capitalized Subsequent to Acquisition		9
Gross Amount at Which Carried at Close of Period, Land	[1]	2,867
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	6,912
Total	[1]	9,779
Accumulated Depreciation		$ (496)
Chicago | IL | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Chicago | IL | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
San Antonio Two | TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1983
Year Acquired		2020
Initial Cost of Land		$ 2,815
Initial Cost of Building and Improvements		7,129
Costs Capitalized Subsequent to Acquisition		54
Gross Amount at Which Carried at Close of Period, Land	[1]	2,815
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	7,183
Total	[1]	9,998
Accumulated Depreciation		$ (303)
San Antonio Two | TX | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
San Antonio Two | TX | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Boulder | CO | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1984
Year Acquired		2021
Initial Cost of Land		$ 3,645
Initial Cost of Building and Improvements		7,895
Costs Capitalized Subsequent to Acquisition		13
Gross Amount at Which Carried at Close of Period, Land	[1]	3,645
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	7,908
Total	[1]	11,553
Accumulated Depreciation		$ (395)
Boulder | CO | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Boulder | CO | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Sugar Land | TX | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2007
Year Acquired		2021
Initial Cost of Land		$ 3,129
Initial Cost of Building and Improvements		9,200
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	3,129
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	9,200
Total	[1]	12,329
Accumulated Depreciation		$ (208)
Sugar Land | TX | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Sugar Land | TX | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Huntersville | NC | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2016
Year Acquired		2021
Initial Cost of Land		$ 6,552
Initial Cost of Building and Improvements		61,509
Costs Capitalized Subsequent to Acquisition		143
Gross Amount at Which Carried at Close of Period, Land	[1]	6,552
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	61,653
Total	[1]	68,204
Accumulated Depreciation		$ (888)
Huntersville | NC | Multi-family | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Huntersville | NC | Multi-family | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
San Diego | CA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1996
Year Acquired		2021
Initial Cost of Land		$ 10,586
Initial Cost of Building and Improvements		36,814
Costs Capitalized Subsequent to Acquisition		3,656
Gross Amount at Which Carried at Close of Period, Land	[1]	10,586
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	40,470
Total	[1]	51,056
Accumulated Depreciation		$ (1,173)
San Diego | CA | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
San Diego | CA | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Morrisville | NC | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1990
Year Acquired		2021
Initial Cost of Land		$ 3,953
Initial Cost of Building and Improvements		16,390
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	3,953
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	15,675
Total	[1]	19,628
Accumulated Depreciation		$ (320)
Morrisville | NC | Office | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Morrisville | NC | Office | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Langhorne One | PA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1987
Year Acquired		2021
Initial Cost of Land		$ 6,918
Initial Cost of Building and Improvements		16,947
Costs Capitalized Subsequent to Acquisition		1,040
Gross Amount at Which Carried at Close of Period, Land	[1]	6,918
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	17,987
Total	[1]	24,905
Accumulated Depreciation		$ (606)
Langhorne One | PA | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Langhorne One | PA | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Langhorne Two | PA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1988
Year Acquired		2021
Initial Cost of Land		$ 3,714
Initial Cost of Building and Improvements		9,830
Costs Capitalized Subsequent to Acquisition		52
Gross Amount at Which Carried at Close of Period, Land	[1]	3,714
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	9,883
Total	[1]	13,597
Accumulated Depreciation		$ (110)
Langhorne Two | PA | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Langhorne Two | PA | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Roseville | CA | Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		1996
Year Acquired		2021
Initial Cost of Land		$ 3,464
Initial Cost of Building and Improvements		24,439
Costs Capitalized Subsequent to Acquisition		530
Gross Amount at Which Carried at Close of Period, Land	[1]	3,464
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	24,969
Total	[1]	28,433
Accumulated Depreciation		$ (322)
Roseville | CA | Healthcare | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Roseville | CA | Healthcare | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Mckinney | TX | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2002
Year Acquired		2021
Initial Cost of Land		$ 7,903
Initial Cost of Building and Improvements		78,125
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	7,903
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	78,125
Total	[1]	86,028
Accumulated Depreciation		$ (90)
Mckinney | TX | Multi-family | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Mckinney | TX | Multi-family | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Houston One | TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2003
Year Acquired		2021
Initial Cost of Land		$ 2,056
Initial Cost of Building and Improvements		11,315
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	2,056
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	11,315
Total	[1]	13,372
Accumulated Depreciation		$ (49)
Houston One | TX | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Houston One | TX | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Schertz | TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2007
Year Acquired		2021
Initial Cost of Land		$ 3,037
Initial Cost of Building and Improvements		7,856
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	3,037
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	7,856
Total	[1]	10,893
Accumulated Depreciation		$ (40)
Schertz | TX | Industrial | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Schertz | TX | Industrial | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Seneca | SC | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Built		2021
Year Acquired		2021
Initial Cost of Land		$ 5,004
Initial Cost of Building and Improvements		42,994
Costs Capitalized Subsequent to Acquisition		0
Gross Amount at Which Carried at Close of Period, Land	[1]	5,004
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	42,994
Total	[1]	47,998
Accumulated Depreciation		$ (128)
Seneca | SC | Multi-family | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Seneca | SC | Multi-family | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Various | Single-Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Year Acquired		2021
Initial Cost of Land		$ 26,878
Initial Cost of Building and Improvements		64,797
Costs Capitalized Subsequent to Acquisition		1,561
Gross Amount at Which Carried at Close of Period, Land	[1]	27,071
Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	66,163
Total	[1]	93,235
Accumulated Depreciation		$ (397)
Various | Single-Family | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Various | Single-Family | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
[1]	The aggregate cost for federal income tax purposes at December 31, 2021 was approximately $897.1 million.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investment in real estate, gross	$ 945,268	$ 462,849	$ 384,260	$ 296,073
Accumulated Depreciation	42,557	$ 24,737	$ 13,431	$ 4,498
Furniture and Fixtures [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investment in real estate, gross	10,000
Accumulated Depreciation	$ 2,900

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Rental Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 462,849	$ 384,260	$ 296,073
Additions	482,419	78,589	88,187
Balance at end of period	945,268	462,849	384,260
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	24,737	13,431	4,498
Additions	17,820	11,306	8,933
Balance at end of period	$ 42,557	$ 24,737	$ 13,431