Starwood Real Estate Income Trust 10-K 28 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 28, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float	$ 0
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		207,535
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,340,840
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		309,860
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,602,242

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 164,021	$ 200
Restricted cash	900	0
Other assets	42
Total assets	164,963	200
Liabilities and Equity
Accounts payable, accrued expenses, and other liabilities	1,087	36
Due to affiliates	16,754	0
Total liabilities	17,841	36
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2018 and 2017
Additional paid-in capital	148,770	200
Accumulated deficit	(1,729)	(36)
Total equity	147,122	164
Total liabilities and equity	164,963	$ 200
Common Stock Class S
Equity
Common stock value	66
Common Stock Class I
Equity
Common stock value	$ 15

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares issued	8,198,838
Common stock, shares outstanding	8,198,838	10,000
Common Stock Class T
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	483	0
Common stock, shares outstanding	483	0
Common Stock Class S
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	6,610,280	0
Common stock, shares outstanding	6,610,280	0
Common Stock Class D
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	46,075	0
Common stock, shares outstanding	46,075	0
Common Stock Class I
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	1,542,000	10,000
Common stock, shares outstanding	1,542,000	10,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Revenues
Total revenues	$ 0	$ 0
Expenses
General and administrative expenses	36	1,745
Total expenses	36	1,745
Other income
Interest income	0	52
Total other income	0	52
Net loss	$ (36)	$ (1,693)
Net loss per share of common stock — basic and diluted	$ (3.59)	$ (6.59)
Weighted-average shares of common stock outstanding, basic and diluted	10,000	256,787

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common StockCommon Stock Class S	Common StockCommon Stock Class I	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance (Date of Initial Capitalization) at Jul. 13, 2017	$ 200			$ 200
Net loss	(36)				$ (36)
Ending Balance at Dec. 31, 2017	164			200	(36)
Common stock issued	164,674	$ 66	$ 15	164,593
Offering costs	(16,103)			(16,103)
Amortization of restricted stock grants	80			80
Net loss	(1,693)				(1,693)
Ending Balance at Dec. 31, 2018	$ 147,122	$ 66	$ 15	$ 148,770	$ (1,729)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (36)	$ (1,693)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of restricted stock grants	0	80
Change in assets and liabilities:
Increase in other assets	0	(42)
Increase in due to affiliates	0	1,549
Increase in accounts payable, accrued expenses, and other liabilities	36	151
Net cash provided by operating activities	0	45
Cash flows from investing activities:
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of common stock	0	164,674
Offering costs paid	0	(898)
Subscriptions received in advance	0	900
Net cash provided by financing activities	0	164,676
Net change in cash and cash equivalents and restricted cash	0	164,721
Cash and cash equivalents and restricted cash, beginning of period	200	200
Cash and cash equivalents and restricted cash, end of period	200	164,921
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	200	164,021
Restricted cash	0	900
Cash and cash equivalents and restricted cash, end of period	200	164,921
Non-cash financing activities:
Accrued stockholder servicing fee due to affiliate	0	10,830
Accrued offering costs due to affiliate	$ 0	$ 4,375

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Starwood Real Estate Income Trust, Inc. (the “Company”) was formed on June 22, 2017 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). Starwood REIT Special Limited Partner, L.L.C. (the “Special Limited Partner”), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the “Sponsor”), owns a special limited partner interest in the Operating Partnership. The Company was organized to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. The Company’s portfolio principally will be comprised of properties, and debt secured by properties, located in the United States but may also be diversified on a global basis through the acquisition of properties, and debt secured by properties, outside of the United States, with a focus on Europe. To a lesser extent, the Company also may invest in real estate-related securities. Substantially all of the Company’s business will be conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Starwood REIT Advisors, L.L.C. (the “Advisor”), an affiliate of Starwood. The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. As of December 21, 2018, the Company had satisfied the minimum offering requirement and the Company’s board of directors authorized the release of proceeds from escrow. As of December 31, 2018, the Company had issued and sold 8,198,838 shares of the Company’s common stock (consisting of 483 Class T shares, 6,610,280 Class S shares, 46,075 Class D shares and 1,542,000 Class I shares). The Company intends to continue selling shares on a monthly basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions are eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions 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. 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. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2018 and 2017. Restricted Cash As of December 31, 2018, restricted cash consists of $0.9 million of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is primarily held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Organization and Offering Expenses Subsequent to the release of offering proceeds from escrow, organization costs are expensed as incurred and recorded as a component of General and Administrative Expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which escrow was released. The Advisor has also agreed to advance all of the Company’s operating expenses incurred from July 13, 2017 (date of initial capitalization) through December 31, 2018. The Company will reimburse the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019, which is the first anniversary of the date escrow was released. As of December 31, 2018, the Advisor and its affiliates had incurred organization and offering costs on the Company’s behalf of $5.8 million, consisting of offering costs of $4.4 million and organization costs of $1.4 million. Such costs became the Company’s liability on December 21, 2018, the date the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets as of December 31, The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2018, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. 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 total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2019. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax on taxable income that it distributes to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). There were no active TRSs during the period for July 13, 2017 (date of initial capitalization) through December 31, 2017, or for the year ended December 31, 2018. 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 corporate federal income tax. The Company is a taxable corporation for its initial tax year ending December 31, 2018. For the year ended December 31, 2018 the Company generated a net operating loss and as such no income tax provision was required. Net Loss per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for July 13, 2017 (date of initial capitalization) through December 31, 2017, and for the year ended December 31, 2018 for both basic and diluted shares. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09 (ASU 2014-09) “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company has adopted this pronouncement as of January 1, 2018 and will apply this guidance to its consolidated financial statements once significant operations commence. In February 2016, the FASB issued ASU 2016-02, “Leases.” This new guidance, along with subsequent ASUs, was effective January 1, 2019 and requires lessees to record a lease liability and a right-of-use (ROU) asset. A lessee may make an accounting policy election for leases with a term 12 months or less to not recognize a lease liability and corresponding ROU asset. Lessor accounting remains predominately unchanged. The Company has adopted this pronouncement as of January 1, 2019 and will apply this guidance to its consolidated financial statements once significant operations commence. Effective January 1, 2018, the Company adopted FASB ASU No. 2016-15 (“ASU 2016-15”) which provides guidance where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, on a retrospective basis. The adoption of this guidance did not have an impact on our consolidated financial statements or notes to our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) - Targeted Improvements,” which provides "practical expedient" options (a) to implement ASU 2016-02 prospectively by only applying the new rules to leases that are in place as of the effective date on a go-forward basis, and (b) for lessors to combine revenues from lease and non-lease components. The Company anticipates On August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. The Company does not expect the application of this ASU to materially impact the Company.

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Liabilities	3. Other Liabilities The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in December 31, 2018 December 31, 2017 Subscriptions received in advance $ 900 $ — Accounts payable and accrued expenses 187 36 Total $ 1,087 $ 36

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	4. Equity Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock has the same economic and voting As of December 31, 2018, the Company had authority to issue 1,100,000,000 shares, consisting of the Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000 Common Stock As of December 31, 2018, the Company had sold 8.2 million shares of its common stock in the Offering for aggregate net proceeds of approximately $164.0 million. The following table details the movement in the Company’s outstanding shares of common stock: Year Ended December 31, 2018 Class T Class S Class D Class I Total Beginning balance — — — 10,000 10,000 Common stock issued 483 6,610,280 46,075 1,532,000 8,188,838 Ending balance 483 6,610,280 46,075 1,542,000 8,198,838 Share Repurchase Plan 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. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company may modify, suspend or terminate the share repurchase plan. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than clients of participating broker-dealers and residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, North Carolina, New Jersey, Ohio, Oregon and Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of our common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (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 will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	5. On November 7, 2018 the Company renewed the advisory agreement among the Company, Operating Partnership and the Advisor for an additional one-year period ending December 14, 2019. Pursuant to the advisory agreement, the Advisor is responsible for Certain affiliates of the Company, including the Advisor, will receive fees and compensation in connection with the offering and ongoing management of the assets of the Company. The Advisor will be paid a management fee equal to 1.25% of NAV per annum, payable monthly. The management fee will be paid, at the Advisor’s election, in cash, Class I shares or Class I units of the Operating Partnership. The Advisor has agreed to waive its management fee for the three months following December 21, 2018, the date on which The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or The Special Limited Partner holds an interest in the Operating Partnership that entitles it to receive performance In addition, Starwood Capital, L.L.C. (the “Dealer Manager”) serves as the dealer manager for the Offering pursuant to an agreement (the “Dealer Manager Agreement”) with the Company. The Dealer Manager is a registered broker-dealer affiliated with the The Dealer Manager will be entitled to receive selling commissions of up to 3.0%, and dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering. The Dealer Manager will be entitled to receive selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager will also receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate NAV of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. The Dealer Manager anticipates that all or a portion of the upfront selling commissions and all or a portion of the stockholder servicing fees will be retained by or paid to, participating broker dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T shares, Class S shares or Class D shares 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 such shares would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer at the time such Class T shares were issued) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue 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 will not be a stockholder servicing fee with respect to Class I shares. Subject to the terms of the Dealer Manager Agreement, the Company’s obligations to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offering shall survive until such shares are no longer outstanding (including because such shares converted into Class I shares). In addition, the Company will cease paying the stockholder servicing fee on the Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our 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 the Company’s stockholders receive cash or securities listed on a national securities exchange or (iii) the date on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds from the Company’s primary offering. Due to Affiliates The following table details the components of due to affiliates ($ in thousands): December 31, 2018 December 31, 2017 Accrued stockholder servicing fee $ 10,830 $ — Advanced organization and offering costs 5,822 — Advanced expenses 102 — Total $ 16,754 $ — Accrued stockholder servicing As described in Note 2, the Company accrues the full amount of the 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, 2018, the Company accrued $10.8 million of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected Advanced organization and offering costs The Advisor advanced $5.8 million of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 31, 2018. Such amounts will be reimbursed to Advanced expenses As of December 31, 2018 and 2017, the Advisor had advanced approximately $102,000 and $0, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies As of December 31, 2018 and 2017, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	7. Quarterly Financial Information (Unaudited) The following tables present the Company’s quarterly results ($ in thousands): 2018 March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ (16 ) $ (16 ) $ (16 ) $ (1,645 ) Net loss per share, basic and diluted $ (1.55 ) $ (1.60 ) $ (1.60 ) $ (1.66 ) 2017 For the Period July 13, 2017 (date of initial capitalization) through September 30, 2017 December 31 Total revenues $ — $ — Net loss $ — $ (36 ) Net loss per share, basic and diluted $ — $ (3.59 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events Acquisitions Subsequent to December 31, 2018, the Company acquired an aggregate of approximately $423 million of real estate across five separate transactions (as outlined below), exclusive of closing costs and related working capital. The Company acquired multifamily and hotel properties in these acquisitions. Subsequent to December 31, 2018, the Company acquired approximately $94.0 million of real estate related securities. Florida Multifamily Portfolio On January 3, 2019, the Company acquired a multifamily portfolio (the “Florida Multifamily Portfolio”) from an affiliate of the Advisor for approximately $100 million, excluding closing costs. The Florida Multifamily Portfolio is a garden style multifamily portfolio totaling 1,150 units and comprised of two properties located in Jacksonville, Florida and two properties located in Naples, Florida. An affiliate of the Advisor acquired the Florida Multifamily Portfolio on October 5, 2018 from an unaffiliated third party for approximately $100 million, excluding closing costs and related working capital. Phoenix Property On January 3, 2019, the Company acquired a multifamily property (the “Phoenix Property”) from an affiliate of the Advisor for $46 million, excluding closing costs. The Phoenix Property is a garden style multifamily property totaling 256 units and is located in Mesa, Arizona. An affiliate of the Advisor acquired the Phoenix Property on June 29, 2018 from an unaffiliated third party for approximately $46 million, excluding closing costs and related working capital. Savannah Property On January 3, 2019, the Company acquired a multifamily property (the “Savannah Property”) from an affiliate of the Advisor for $36 million, excluding closing costs. The Savannah Property is a new-construction multifamily property totaling 203 units and is located in Savannah, Georgia. An affiliate of the Advisor acquired the Savannah Property on July 19, 2018 from an unaffiliated third party for approximately $36 million, excluding closing costs and related working capital. Hotel Portfolio Acquisition On each of January 10, 2019, January 11, 2019 and January 15, 2019, the Company acquired a fee simple interest in hotel properties which together comprise a U.S.-based select service hotel portfolio (the “Portfolio”) from affiliates of Noble Investment Group, an unrelated third party. The Portfolio is a fully renovated, premium-branded, select service portfolio totaling 1,057 hotel rooms, comprised of eight hotels located primarily in Florida and Colorado. The Portfolio was acquired for $229 million, excluding closing costs and related working capital. Hotel Acquisition On March 13, 2019, through an indirect wholly-owned subsidiary the Company entered into a joint venture with affiliates of Dovehill Capital Management (“Dovehill”), to acquire the Renaissance Fort Lauderdale Cruise Port Hotel (the “Property”), a 236-room hotel located on a 3.31 acre site on 17th Street in Fort Lauderdale, Florida. Following the acquisition of the Property by the joint venture from affiliates of Noble Investment Group, the Company owns a position in the Property for which the Company paid approximately $12.5 million and received a 43% interest in the joint venture. Status of the Offering As of March 28, 2019, the Company had sold an aggregate of 12,460,477 shares of its common stock (consisting of 207,535 Class T shares, 8,340,840 Class S shares, 309,860 Class D shares, and 3,602,242 Class I shares) in the Offering resulting in

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions are eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions 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.
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. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2018 and 2017.
Restricted Cash	Restricted Cash As of December 31, 2018, restricted cash consists of $0.9 million of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is primarily held in a bank account controlled by the Company’s transfer agent but in the name of the Company.
Organization and Offering Expenses	Organization and Offering Expenses Subsequent to the release of offering proceeds from escrow, organization costs are expensed as incurred and recorded as a component of General and Administrative Expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which escrow was released. The Advisor has also agreed to advance all of the Company’s operating expenses incurred from July 13, 2017 (date of initial capitalization) through December 31, 2018. The Company will reimburse the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019, which is the first anniversary of the date escrow was released. As of December 31, 2018, the Advisor and its affiliates had incurred organization and offering costs on the Company’s behalf of $5.8 million, consisting of offering costs of $4.4 million and organization costs of $1.4 million. Such costs became the Company’s liability on December 21, 2018, the date the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets as of December 31, The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2018, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. 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 total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2019. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax on taxable income that it distributes to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). There were no active TRSs during the period for July 13, 2017 (date of initial capitalization) through December 31, 2017, or for the year ended December 31, 2018. 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 corporate federal income tax. The Company is a taxable corporation for its initial tax year ending December 31, 2018. For the year ended December 31, 2018 the Company generated a net operating loss and as such no income tax provision was required.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for July 13, 2017 (date of initial capitalization) through December 31, 2017, and for the year ended December 31, 2018 for both basic and diluted shares.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09 (ASU 2014-09) “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company has adopted this pronouncement as of January 1, 2018 and will apply this guidance to its consolidated financial statements once significant operations commence. In February 2016, the FASB issued ASU 2016-02, “Leases.” This new guidance, along with subsequent ASUs, was effective January 1, 2019 and requires lessees to record a lease liability and a right-of-use (ROU) asset. A lessee may make an accounting policy election for leases with a term 12 months or less to not recognize a lease liability and corresponding ROU asset. Lessor accounting remains predominately unchanged. The Company has adopted this pronouncement as of January 1, 2019 and will apply this guidance to its consolidated financial statements once significant operations commence. Effective January 1, 2018, the Company adopted FASB ASU No. 2016-15 (“ASU 2016-15”) which provides guidance where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, on a retrospective basis. The adoption of this guidance did not have an impact on our consolidated financial statements or notes to our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) - Targeted Improvements,” which provides "practical expedient" options (a) to implement ASU 2016-02 prospectively by only applying the new rules to leases that are in place as of the effective date on a go-forward basis, and (b) for lessors to combine revenues from lease and non-lease components. The Company anticipates On August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. The Company does not expect the application of this ASU to materially impact the Company.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% —

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Schedule 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 December 31, 2018 December 31, 2017 Subscriptions received in advance $ 900 $ — Accounts payable and accrued expenses 187 36 Total $ 1,087 $ 36

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2018, the Company had authority to issue 1,100,000,000 shares, consisting of the Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Year Ended December 31, 2018 Class T Class S Class D Class I Total Beginning balance — — — 10,000 10,000 Common stock issued 483 6,610,280 46,075 1,532,000 8,188,838 Ending balance 483 6,610,280 46,075 1,542,000 8,198,838

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): December 31, 2018 December 31, 2017 Accrued stockholder servicing fee $ 10,830 $ — Advanced organization and offering costs 5,822 — Advanced expenses 102 — Total $ 16,754 $ —

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Company's Quarterly Results	The following tables present the Company’s quarterly results ($ in thousands): 2018 March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ (16 ) $ (16 ) $ (16 ) $ (1,645 ) Net loss per share, basic and diluted $ (1.55 ) $ (1.60 ) $ (1.60 ) $ (1.66 ) 2017 For the Period July 13, 2017 (date of initial capitalization) through September 30, 2017 December 31 Total revenues $ — $ — Net loss $ — $ (36 ) Net loss per share, basic and diluted $ — $ (3.59 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	1 Months Ended
	Oct. 31, 2018Property	Jul. 31, 2018Property	Jun. 30, 2018Property	Dec. 31, 2018USD ($)Classshares	Dec. 31, 2017shares
Organization And Business Activities [Line Items]
Number of classes of common stock | Class				4
Common stock, shares registered, amount | $				$ 5,000,000,000
Common stock, shares issued				8,198,838
Multifamily
Organization And Business Activities [Line Items]
Number of real estate properties acquired by an affiliate of the advisor from third parties | Property	4	1	1
Common Stock Class T
Organization And Business Activities [Line Items]
Common stock, shares issued				483	0
Common Stock Class S
Organization And Business Activities [Line Items]
Common stock, shares issued				6,610,280	0
Common Stock Class D
Organization And Business Activities [Line Items]
Common stock, shares issued				46,075	0
Common Stock Class I
Organization And Business Activities [Line Items]
Common stock, shares issued				1,542,000	10,000
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount | $				$ 4,000,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount | $				$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Restricted cash	$ 900	$ 0
Income tax provision	$ 0
Class T Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Class S Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Class D Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Common Stock Class T, Class S and Class D | Due to Affiliates
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 10,800
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months	60 months
Inception to date organization and offering expenses	$ 5,800
Offering costs	4,400
Organization costs	$ 1,400
Advisor | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Advisor Percentage of stockholder servicing fee on NAV per annum	0.65%
Dealer Manager
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage of gross proceeds limit	8.75%
Dealer Manager | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Upfront dealer manager fee percentage	0.50%
Dealer stockholder servicing fee percentage	0.20%
Dealer Manager | Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.00%
Upfront selling commissions and dealer manager fee percentage	3.50%
Dealer Manager | Class S Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%
Dealer Manager | Class D Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Dealer Manager | Class I Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Dec. 31, 2018
Class T Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class S Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class D Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%

Other Liabilities - Schedule of

Other Liabilities - Schedule of Components of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Subscriptions received in advance	$ 900
Accounts payable and accrued expenses	187	$ 36
Total	$ 1,087	$ 36

Equity - Additional Information

Equity - Additional Information (Details) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018USD ($)Classshares
Equity [Abstract]
Number of classes of common stock | Class		4
Number of shares authorized		1,100,000,000
Common stock, shares issued		8,198,838
Net proceeds from issuance of common stock | $		$ 164
Common stock repurchase limitations of aggregate NAV per month percentage	2.00%	2.00%
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5.00%	5.00%
Minimum hold period for repurchases without a discount	1 year	1 year
Repurchase percentage within one year at a discount	95.00%	95.00%

Equity - Schedule of Company's

Equity - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Preferred stock, authorized shares	100,000,000	100,000,000
Total Number of Shares	1,100,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Outstanding shares (Details)	12 Months Ended
	Dec. 31, 2018shares
Class Of Stock [Line Items]
Beginning balance	10,000
Common stock issued	8,188,838
Ending balance	8,198,838
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	0
Common stock issued	483
Ending balance	483
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	0
Common stock issued	6,610,280
Ending balance	6,610,280
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	0
Common stock issued	46,075
Ending balance	46,075
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	10,000
Common stock issued	1,532,000
Ending balance	1,542,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Period advisor agreed to waive management fee post escrow break	3 months
Due to affiliates	$ 16,754	$ 0
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	10,830	0
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	5,822	0
Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 102	0
Class T Shares (Member)
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class S Shares (Member)
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class D Shares (Member)
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage	0.25%
Advisor
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum	1.25%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 5,800
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 102	$ 0
Special Limited Partner
Related Party Transaction [Line Items]
Annual hurdle percentage	5.00%
Performance participation distribution percentage	12.50%
Dealer Manager
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage of gross proceeds limit	8.75%
Annual stockholder servicing fee percentage of gross proceeds limit (all sources)	10.00%
Dealer Manager | Class T Shares (Member)
Related Party Transaction [Line Items]
Dealer manager fee percentage	0.50%
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class T Shares (Member) | Maximum
Related Party Transaction [Line Items]
Selling commissions percentage	3.00%
Dealer Manager | Class S Shares (Member)
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class S Shares (Member) | Maximum
Related Party Transaction [Line Items]
Selling commissions percentage	3.50%
Dealer Manager | Class D Shares (Member)
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage	0.25%
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	$ 10,800

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 16,754	$ 0
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	10,830	0
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	5,822	0
Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 102	$ 0

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) - Summary of Company's Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					6 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues						$ 0	$ 0
Net loss	$ (1,645)	$ (16)	$ (16)	$ (16)	$ (36)	$ (36)	$ (1,693)
Net loss per share, basic and diluted	$ (1.66)	$ (1.60)	$ (1.60)	$ (1.55)	$ (3.59)	$ (3.59)	$ (6.59)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Mar. 28, 2019USD ($)shares	Mar. 13, 2019USD ($)Room	Jan. 15, 2019USD ($)RoomHotel	Jan. 03, 2019USD ($)PropertyUnit	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares
Subsequent Event [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs | $					$ 423
Acquired real estate related securities | $					$ 94
Common stock, shares issued					8,198,838
Proceeds from issuance of common stock | $					$ 164
Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued					6,610,280	0
Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued					483	0
Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued					46,075	0
Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued					1,542,000	10,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued	12,460,477
Proceeds from issuance of common stock | $	$ 249.5
Subsequent Event | Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued	8,340,840
Subsequent Event | Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued	207,535
Subsequent Event | Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued	309,860
Subsequent Event | Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued	3,602,242
Subsequent Event | Florida Multifamily Portfolio
Subsequent Event [Line Items]
Purchase Price | $				$ 100
Number of units in portfolio | Unit				1,150
Subsequent Event | Phoenix Property
Subsequent Event [Line Items]
Purchase Price | $				$ 46
Subsequent Event | Savannah Property
Subsequent Event [Line Items]
Purchase Price | $				$ 36
Subsequent Event | Portfolio
Subsequent Event [Line Items]
Purchase Price | $			$ 229
Number of hotel rooms in acquired property | Room			1,057
Number of hotels acquired | Hotel			8
Subsequent Event | Renaissance Fort Lauderdale Cruise Port Hotel
Subsequent Event [Line Items]
Purchase Price | $		$ 12.5
Number of hotel rooms in acquired property | Room		236
Interest percentage in joint venture		43.00%
Jacksonville, Florida | Subsequent Event | Florida Multifamily Portfolio
Subsequent Event [Line Items]
Number of Properties | Property				2
Naples, Florida | Subsequent Event | Florida Multifamily Portfolio
Subsequent Event [Line Items]
Number of Properties | Property				2
Mesa, Arizona | Subsequent Event | Phoenix Property
Subsequent Event [Line Items]
Number of units in portfolio | Unit				256
Savannah, Georgia | Subsequent Event | Savannah Property
Subsequent Event [Line Items]
Number of units in portfolio | Unit				203