Starwood Real Estate Income Trust 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 14, 2019
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Common Stock Class T
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		466,188
Common Stock Class S
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,884,175
Common Stock Class D
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		494,298
Common Stock Class I
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		4,241,726

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Investments in real estate, net	$ 410,065
Investments in real estate-related securities	107,195
Investments in unconsolidated real estate ventures	12,568
Cash and cash equivalents	31,038	$ 164,021
Restricted cash	55,515	900
Other assets	8,634	42
Total assets	625,015	164,963
Liabilities and Equity
Mortgage notes, net	257,791
Repurchase agreements	63,567
Accounts payable, accrued expenses and other liabilities	57,553	1,087
Due to affiliates	21,119	16,754
Total liabilities	400,030	17,841
Commitments and contingencies
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of March 31, 2019 and December 31, 2018
Additional paid-in capital	230,689	148,770
Accumulated deficit and cumulative distributions	(5,828)	(1,729)
Total equity	224,985	147,122
Total liabilities and equity	625,015	164,963
Common Stock Class T
Equity
Common stock value	2
Common Stock Class S
Equity
Common stock value	83	66
Common Stock Class D
Equity
Common stock value	3
Common Stock Class I
Equity
Common stock value	$ 36	$ 15

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	12,460,453
Common stock, shares outstanding	12,460,453	8,198,838
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	207,535	483
Common stock, shares outstanding	207,535	483
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	8,340,840	6,610,280
Common stock, shares outstanding	8,340,840	6,610,280
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	309,860	46,075
Common stock, shares outstanding	309,860	46,075
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	3,602,218	1,542,000
Common stock, shares outstanding	3,602,218	1,542,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Total revenues	$ 15,415
Expenses
Operating expenses	7,265
General and administrative expenses	912	$ 16
Performance participation allocation	857
Depreciation and amortization	5,358
Total expenses	14,392	16
Other income (expense)
Earnings from unconsolidated real estate ventures	43
Income from real estate-related securities, net	102
Interest income	58
Interest expense	(3,598)
Other expense	(96)
Total other (expense) income	(3,491)
Net loss	$ (2,468)	$ (16)
Net loss per share of common stock, basic and diluted	$ (0.24)	$ (1.55)
Weighted-average shares of common stock outstanding, basic and diluted	10,089,598	10,000
Rental revenue
Revenues
Total revenues	$ 4,310
Hotel revenue
Revenues
Total revenues	10,852
Other revenue
Revenues
Total revenues	253
Rental property operating
Expenses
Operating expenses	1,762
Hotel operating
Expenses
Operating expenses	$ 5,503

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common StockCommon Stock Class T	Common StockCommon Stock Class S	Common StockCommon Stock Class D	Common StockCommon Stock Class I	Additional Paid-In Capital	Accumulated Deficit and Cumulative Distributions
Beginning Balance at Dec. 31, 2017	$ 164					$ 200	$ (36)
Net loss	(16)						(16)
Ending Balance at Mar. 31, 2018	148					200	(52)
Beginning Balance at Dec. 31, 2018	147,122		$ 66		$ 15	148,770	(1,729)
Common stock issued	85,586	$ 2	17	$ 3	21	85,543
Offering costs	(4,049)					(4,049)
Distribution reinvestments	396					396
Amortization of restricted stock grants	29					29
Net loss	(2,468)						(2,468)
Distributions declared on common stock (see note 9)	(1,631)						(1,631)
Ending Balance at Mar. 31, 2019	$ 224,985	$ 2	$ 83	$ 3	$ 36	$ 230,689	$ (5,828)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (2,468)	$ (16)
Adjustments to reconcile net loss to net cash provided by operating activities
Performance participation allocation	857
Depreciation and amortization	5,358
Amortization of deferred financing costs	156
Unrealized loss on changes in fair value of financial instruments	130
Amortization of restricted stock grants	29
Earnings from unconsolidated joint ventures	(43)
Change in assets and liabilities
(Increase) / decrease in other assets	(10,302)	16
Increase / (decrease) in due to affiliates	189
Increase / (decrease) in accounts payable, accrued expenses and other liabilities	8,256
Net cash provided by operating activities	2,162	0
Cash flows from investing activities
Acquisition of real estate	(205,980)
Capital improvements to real estate	(389)
Purchase of real estate-related securities	(107,325)
Net cash used in investing activities	(313,694)	0
Cash flows from financing activities
Proceeds from issuance of common stock	85,586
Offering costs paid	(730)
Subscriptions received in advance, net	40,354
Borrowings from mortgage notes	47,948
Repayments from mortgage notes	(363)
Borrowings under repurchase agreements	68,362
Settlement of repurchase agreements	(4,795)
Payment of deferred financing costs	(3,020)
Distributions	(178)
Net cash provided by financing activities	233,164	0
Net change in cash and cash equivalents and restricted cash	(78,368)
Cash and cash equivalents at the beginning of the period	164,921	200
Cash and cash equivalents at the end of the period	86,553	200
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	31,038	200
Restricted cash	55,515
Cash and cash equivalents at the end of the period	86,553	$ 200
Non-cash financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate	220,932
Accrued stockholder servicing fee due to affiliate	3,150
Accrued offering costs due to affiliates	159
Accrued distributions	1,058
Distribution reinvestment	$ 396

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2019
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 is 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 invests in real estate-related securities. Substantially all of the Company’s business is 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 the Sponsor. 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 March 31, 2019, the Company had received net proceeds of $249.5 million from selling an aggregate of 12,460,453 shares of the Company’s common stock (consisting of 207,535 Class T shares, 8,340,840 Class S shares, 309,860 Class D shares and 3,602,218 Class I shares). The Company intends to continue selling shares on a monthly basis. As of March 31, 2019, the Company owned 15 investments in real estate and had 30 positions in real estate-related securities. The Company currently operates in three reportable segments: Multifamily, Hotel and Real Estate-Related Securities. Financial results by segment are reported in Note 12 – Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to aggregate certain financial statement line items in the Company’s Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Such reclassifications had no effect on net loss or previously reported totals or subtotals in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. 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. The Operating Partnership and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company's interest in partially owned entities are accounted for using the equity method of accounting. The preparation of 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. Restricted Cash As of March 31, 2019 and December 31, 2018, restricted cash primarily consists of $41.3 million and $0.9 million respectively, of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company. The remaining balance of restricted cash primarily consists of amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of our properties and tenant security deposits. 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. The Company capitalizes acquisition-related costs associated with asset acquisitions. 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 leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. 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 leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. Intangible assets are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 35 - 40 years Building and site improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles Over lease term Repairs and maintenance are expensed to operations as incurred and are included in Rental property operating and Hotel operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. 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, less cost to sell. During the period presented, no such impairment occurred. Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. The Company will record an impairment charge if it determines that a decline in the value below the carrying value of an investment in an unconsolidated joint venture is other-than-temporary. Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of Income from real estate-related securities on the Consolidated Statements of Operations. The Company’s investments in real estate-related securities consist of residential mortgage-backed securities (“RMBS”) and collateralized debt obligations (“CDO”). Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period as a component of interest expense. Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The fair values of the Company’s financial instruments (other than mortgage notes payable and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable, consolidated derivative instruments and investments in real estate-related securities at March 31, 2019 (amounts in thousands): Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Carrying Value Mortgage notes payable, net $ — $ 260,655 $ 261,717 Interest rate caps 740 — 740 Investments in real estate-related securities 107,195 — 107,195 The Company generally determines the fair value of its real estate-related securities by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for mortgage-related securities such as RMBS usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using the appropriate discount rate. Additionally, the Company considers current market rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. The Company’s derivative positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). The fair values disclosed for mortgage notes payable were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable . Deferred Charges The Company’s deferred charges include financing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. As described in recent Accounting Pronouncements elsewhere in Note 2, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs subsequently issued (collectively, “ASC 842”) as of January 1, 2019. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. The Company’s Rental revenue primarily consists of base rent arising from tenant leases at the Company’s multifamily properties under operating leases. Revenue under operating leases is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Consolidated Balance Sheets. The Company’s Hotel revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as rental revenues in the accompanying Consolidated Statements of Operations. Other revenues and interest income are recorded on an accrual basis. Organization and Offering Expenses Organization expenses are expensed as incurred and recorded as a component of General and Administrative Expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which the proceeds from escrow are released. The Company will reimburse the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. There is no stockholder servicing fee with respect to Class I shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of March 31, 2019: 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 price. 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 shares. 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 received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary Offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such share 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) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full 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. As of March 31, 2019 and December 31, 2018, the Company had accrued $14.0 million and $10.8 million respectively, of stockholder servicing fees related to shares sold and recorded such amount as a component of Due to affiliates on the Company’s consolidated balance sheets. 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 to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. In anticipation of the Company’s REIT election, the Company has formed wholly-owned subsidiaries to function 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 or operation of a lodging facility or a health care facility. The TRSs will be subject to taxation at the federal, state and local levels, as applicable. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. The Company intends to file as taxable corporation for its tax year ended December 31, 2018. For the period ended March 31, 2019 and March 31, 2018, recognized an income tax provision of $0.1 million and $0.0 respectively. 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 the periods ended March 31, 2019 and March 31, 2018, for both basic and diluted shares. Recent Accounting Pronouncements On August 2018, the Financial Accounting Standards Board (“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.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2019 Building and building improvements $ 307,242 Land and land improvements 81,030 Furniture, fixtures and equipment 25,442 Total 413,714 Accumulated depreciation (3,649 ) Investments in real estate, net $ 410,065 During the three months ended March 31, 2019, the Company acquired wholly owned interests in fourteen properties, which were comprised of six multifamily and eight hotel properties. As of December 31, 2018, the Company had not commenced its principal operations and had not acquired any real estate investment properties. The following table provides further details of the properties acquired during the three months ended March 31, 2019 ($ in thousands): Investment Ownership Interest Number of Properties Location Sector Acquisition Date Real Estate Acquisition Florida Multifamily Portfolio 100% 4 Jacksonville/Naples, FL Multifamily January 2019 $ 104,049 U.S. Select Service Portfolio 100% 8 FL, CO, TN, OH, AR Hotel January 2019 232,198 All other 100% 2 Various Multifamily January 2019 82,988 14 $ 419,235 The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2019 ($ in thousands): Florida Multifamily Portfolio U.S. Select Service All Other Total Building and building improvements $ 71,054 $ 164,266 $ 65,974 $ 301,294 Land and land improvements 25,620 42,256 13,227 81,103 Furniture, fixtures and equipment 1,195 22,377 1,742 25,314 Other intangibles 1,756 101 1,066 2,923 Total purchase price (1) $ 99,625 $ 229,000 $ 82,009 $ 410,634 Assumed mortgage notes (2) (79,269 ) (84,013 ) (57,651 ) (220,933 ) Net purchase price $ 20,356 $ 144,987 $ 24,358 $ 189,701 (1) ( 2 ) Investments in unconsolidated real estate ventures On March 13, 2019, the Company entered into a joint venture (the "Joint Venture") to acquire a Fort Lauderdale Hotel. The Company owns a 43% interest in the Joint Venture. The Company does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. As a result, the Joint Venture is accounted for using the equity method of accounting and is included in investment in unconsolidated real estate venture in the Company’s consolidated balance sheets. The Company's investment in the Joint Venture totaled $12.6 million as of March 31, 2019. The Company’s earnings from its investment in the Joint Venture is presented in earnings from unconsolidated joint ventures on the Company’s Consolidated Statements of Operations and totaled $0.1 million for the three months ended March 31, 2019.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2019 Intangible assets: In-place lease intangibles $ 2,828 Other 1,200 Total intangible assets 4,028 Accumulated amortization: In-place lease amortization (1,690 ) Other (20 ) Total accumulated amortization (1,710 ) Intangible assets, net $ 2,318 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2019 is as follows ($ in thousands): In-place Lease Intangibles Other 2019 (remaining) $ 1,138 $ 60 2020 — 80 2021 — 80 2022 — 80 2023 — 80 Thereafter — 800 $ 1,138 $ 1,180

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	3 Months Ended
	Mar. 31, 2019
Investments Schedule [Abstract]
Investments in Real Estate-Related Securities	5. Investments in Real Estate-Related Securities The following table details the Company’s investments in real estate-related debt securities, which are comprised of RMBS and CDO ($ in thousands): Instrument Number of Positions Credit Rating (1) Weighted Average Coupon Weighted Average Maturity Date Cost Basis Fair Value RMBS 22 Other 4.25% March 5, 2023 $ 86,985 $ 86,973 CDO 8 BBB 5.89% June 7, 2020 20,340 20,222 30 $ 107,325 $ 107,195 (1) BBB represents credit ratings of BBB+, BBB, and BBB-. Other consists of investments that, as of March 31, 2019, were either not ratable or have not been submitted to ratings agencies. During the three months ended March 31, 2019, the Company recorded an unrealized loss of $0.1 million on its investments in real estate-related securities and recorded such amount as a component of income from real estate-related securities on its Consolidated Statements of Operations. During the three months ended March 31, 2019, the Company did not sell any securities.

Mortgage Notes

Mortgage Notes	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgage Notes	6. Mortgage Notes The following table is a summary of the mortgage notes secured by the Company’s properties ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Principal Balance (2) Fixed rate loans Fixed rate mortgages 4.35% 12/11/2024 $ 156,118 Total fixed rate loans 156,118 Variable rate loans Variable rate mortgages L + 1.98% 6/30/2026 105,599 Total variable rate loans 105,599 Total loans secured by our properties 261,717 Deferred financing costs, net (2,864 ) Discount on assumed debt, net (1,062 ) Mortgage notes, net $ 257,791 ( 1) ( 2 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. The following table presents the future principal payments under the Company’s mortgage notes as of March 31, 2019 ($ in thousands): Year Amount 2019 (remaining) $ 1,061 2020 1,477 2021 49,502 2022 1,624 2023 1,697 Thereafter 206,356 Total $ 261,717

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2019
Repurchase Agreements [Abstract]
Repurchase Agreements	7. Repurchase Agreements Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage of the market value of the pledged collateral. While used as collateral, the Company retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then prevailing financing rate. The Company’s repurchase agreements typically have terms of up to one month at inception, with some having longer terms. For financial statement purposes, the Company does not offset its repurchase agreements and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Consolidated Balance Sheets, these transactions are included in the following table ($ in thousands): March 31, 2019 Security Interest Collateral Assets (1) Outstanding Balance RMBS $ 57,778 $ 48,867 CDO 18,511 14,700 $ 76,289 $ 63,567 (1) Represents the fair value of the Company’s investments in real estate-related securities.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2019
Other Assets And Other Liabilities [Abstract]
Other Assets and Other Liabilities	8 . Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): March 31, 2019 December 31, 2018 Receivables $ 4,182 $ — Real estate intangibles, net 2,318 — Interest rate caps 740 — Interest receivable 662 8 Prepaid expenses 381 — Other 351 34 Total $ 8,634 $ 42 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2019 December 31, 2018 Subscriptions received in advance $ 41,254 $ 900 Deferred income 7,289 — Accounts payable and accrued expenses 5,839 187 Distribution payable 1,058 — Tenant security deposits 652 — Accrued interest expense 464 — Real estate taxes payable 152 — Other 845 — Total $ 57,553 $ 1,087

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity	9 . 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 is subject to the same economic and voting rights. As of March 31, 2019, the Company had the authority to issue 1,100,000,000 shares of capital stock, consisting of the following: 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 March 31, 2019, the Company had sold 12,460,453 shares of its common stock in the Offering for aggregate net proceeds of $249.5 million. The following table details the movement in the Company’s outstanding shares of common stock: Three months ended March 31, 2019 Class T Class S Class D Class I Total December 31, 2018 483 6,610,280 46,075 1,542,000 8,198,838 Common stock issued 206,975 1,717,020 263,697 2,054,214 4,241,906 Distribution reinvestment 77 13,540 88 6,004 19,709 March 31, 2019 207,535 8,340,840 309,860 3,602,218 12,460,453 Distributions The Company intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2019: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.1790 $ 0.1790 $ 0.1790 $ 0.1790 Stockholder servicing fee per share of common stock (0.0277 ) (0.0449 ) (0.0105 ) — Net distributions declared per share of common stock $ 0.1513 $ 0.1341 $ 0.1685 $ 0.1790 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 are 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 may elect not to repurchase some or all of the shares submitted for repurchase in a given period. 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 transaction price before upfront selling commissions and dealer manager fees 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	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	10 . Related Party Transactions Acquisition of Initial Investments On January 3, 2019, the Company acquired a multifamily property 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. The 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. On January 3, 2019, the Company acquired the Phoenix Property from an affiliate of the Advisor for approximately $46 million, excluding closing costs. The Phoenix Property is a garden style multifamily property totaling 256 units and 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. On January 3, 2019, the Company acquired the Savannah Property from an affiliate of the Advisor for approximately $36 million, excluding closing costs. The Savannah Property is a new construction multifamily property located in Savannah, Georgia totaling 203 units. An affiliate of the Advisor acquired Savannah Property on July 19, 2018 from an unaffiliated third party for approximately $36 million, excluding closing costs. Management Fee and Performance Participation Allocation The Advisor is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly as compensation for the services it provides to the Company. The management fee can be paid, at the Advisor’s election, in cash, shares of common stock, or Operating Partnership units. The Advisor has agreed to waive its management fee through March 31, 2019. Additionally, the Special Limited Partner, an affiliate of the Advisor, holds a performance participation interest in Operating Partnership that entitles it to receive an allocation of Operating Partnership’s total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the Operating Partnership agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The annual distribution of the performance participation interest will be paid in cash or Class I units of Operating Partnership, at the election of the Special Limited Partner. During the period ended March 31, 2019, the Company recognized $0.9 million of Performance participation allocation in the Company’s Consolidated Statement of Operations. Due to Affiliate The following table details the components of Due to affiliates ($ in thousands): March 31, 2019 December 31, 2018 Accrued stockholder servicing fee $ 13,980 $ 10,830 Advanced organization and offering costs 5,992 5,822 Performance participation allocation 857 — Accrued affiliate service provider expenses 45 — Advanced expenses 245 102 Total $ 21,119 $ 16,754 Accrued stockholder servicing fee 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% limit at the time such shares are sold. As of March 31, 2019 and December 31, 2018, the Company has accrued $14.0 million and $10.8 million, respectively, of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S shares 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 dealers. Advanced organization and offering costs As of March 31, 2019 and December 31, 2018, The Advisor and its affiliates has incurred $6.0 million and $5.8 million, respectively of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through March 31, 2019. Such amounts will be reimbursed to the Advisor ratably over 60 months beginning after December 21, 2019. Advanced expenses As of March 31, 2019 and December 31, 2018, the Advisor had advanced approximately $0.2 million and $0.1 million respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such amounts will be reimbursed to the Advisor ratably over a 60 month period following December 21, 2019 (the date the proceeds from the Offering were released from escrow). Accrued affiliate service provider expenses The Company has engaged and expects to continue to engage Highmark Residential (formerly Milestone Management), a portfolio company owned by an affiliate of Starwood Capital Group, to provide day-to-day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for the Company’s multifamily properties. The cost for such services are a percentage of the gross receipts and project costs respectively (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the three months ended March 31, 2019, the Company has incurred approximately $0.1 million of expenses due to Highmark Residential services in connection with its investments and such amount is included in rental property operating expenses on the Company’s Consolidated Statement of Operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 1 . Commitments and Contingencies As of March 31, 2019 and December 31, 2018, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	1 2 . Segment Reporting The Company operates in three reportable segments: Multifamily properties, Hotel properties and Real Estate-Related Securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the financial results by segment for the three months ended March 31, 2019 ($ in thousands): Multifamily Hotel Real Estate- Related Securities Other (Corporate) (1) Total Total Assets $ 190,852 $ 258,519 $ 113,141 $ 62,503 $ 625,015 Revenue Rental revenue $ 4,310 $ — $ — $ — $ 4,310 Hotel revenue — 10,852 — — 10,852 Other revenue 199 54 — — 253 Total revenues 4,509 10,906 — — 15,415 Expenses Rental property operating 1,762 — — — 1,762 Hotel operating — 5,503 — — 5,503 Total segment expenses 1,762 5,503 — — 7,265 Income from real estate-related securities — — 102 — 102 Earnings from unconsolidated real estate ventures — 43 — — 43 Segment net operating income $ 2,747 $ 5,446 $ 102 $ — $ 8,295 Depreciation and amortization $ 3,304 $ 2,054 $ — $ — $ 5,358 Other income (expense): General and administrative (912 ) Management fee — Performance participation allocation (857 ) Interest income 58 Interest expense (3,598 ) Other expense (96 ) Net loss $ (2,468 ) (1) The Other (Corporate) segment captures cash and other item not directly identifiable with the other three reporting segments.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	1 3 . Subsequent events Status of the Offering As of May 14, 2019, the Company had sold an aggregate of 16,086,387 shares of its common stock (consisting of 466,188 Class T shares, 10,884,175 Class S shares, 494,298 Class D shares, and 4,241,726 Class I shares) in the Offering resulting in net proceeds of approximately $322.1 million to the Company as payment for such shares.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to aggregate certain financial statement line items in the Company’s Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Such reclassifications had no effect on net loss or previously reported totals or subtotals in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. 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. The Operating Partnership and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company's interest in partially owned entities are accounted for using the equity method of accounting. The preparation of 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.
Restricted Cash	Restricted Cash As of March 31, 2019 and December 31, 2018, restricted cash primarily consists of $41.3 million and $0.9 million respectively, of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company. The remaining balance of restricted cash primarily consists of amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of our properties and tenant security deposits.
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. The Company capitalizes acquisition-related costs associated with asset acquisitions. 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 leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. 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 leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. Intangible assets are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 35 - 40 years Building and site improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles Over lease term Repairs and maintenance are expensed to operations as incurred and are included in Rental property operating and Hotel operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. 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, less cost to sell. During the period presented, no such impairment occurred.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. The Company will record an impairment charge if it determines that a decline in the value below the carrying value of an investment in an unconsolidated joint venture is other-than-temporary.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of Income from real estate-related securities on the Consolidated Statements of Operations. The Company’s investments in real estate-related securities consist of residential mortgage-backed securities (“RMBS”) and collateralized debt obligations (“CDO”).
Fair Value of Financial Instruments, Including Derivative Instruments	Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period as a component of interest expense.
Fair Value Measurement	Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The fair values of the Company’s financial instruments (other than mortgage notes payable and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable, consolidated derivative instruments and investments in real estate-related securities at March 31, 2019 (amounts in thousands): Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Carrying Value Mortgage notes payable, net $ — $ 260,655 $ 261,717 Interest rate caps 740 — 740 Investments in real estate-related securities 107,195 — 107,195 The Company generally determines the fair value of its real estate-related securities by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for mortgage-related securities such as RMBS usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using the appropriate discount rate. Additionally, the Company considers current market rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. The Company’s derivative positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). The fair values disclosed for mortgage notes payable were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable .
Deferred Charges	Deferred Charges The Company’s deferred charges include financing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. As described in recent Accounting Pronouncements elsewhere in Note 2, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs subsequently issued (collectively, “ASC 842”) as of January 1, 2019. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. The Company’s Rental revenue primarily consists of base rent arising from tenant leases at the Company’s multifamily properties under operating leases. Revenue under operating leases is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Consolidated Balance Sheets. The Company’s Hotel revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as rental revenues in the accompanying Consolidated Statements of Operations. Other revenues and interest income are recorded on an accrual basis.
Organization and Offering Expenses	Organization and Offering Expenses Organization expenses are expensed as incurred and recorded as a component of General and Administrative Expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which the proceeds from escrow are released. The Company will reimburse the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. There is no stockholder servicing fee with respect to Class I shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of March 31, 2019: 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 price. 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 shares. 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 received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary Offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such share 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) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full 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. As of March 31, 2019 and December 31, 2018, the Company had accrued $14.0 million and $10.8 million respectively, of stockholder servicing fees related to shares sold and recorded such amount as a component of Due to affiliates on the Company’s consolidated balance sheets.
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 to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. In anticipation of the Company’s REIT election, the Company has formed wholly-owned subsidiaries to function 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 or operation of a lodging facility or a health care facility. The TRSs will be subject to taxation at the federal, state and local levels, as applicable. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. The Company intends to file as taxable corporation for its tax year ended December 31, 2018. For the period ended March 31, 2019 and March 31, 2018, recognized an income tax provision of $0.1 million and $0.0 respectively.
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 the periods ended March 31, 2019 and March 31, 2018, for both basic and diluted shares.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On August 2018, the Financial Accounting Standards Board (“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)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary 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 35 - 40 years Building and site improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles Over lease term
Summary of Carrying and Fair Values for Mortgage Notes Payable, Consolidated Derivative Instruments and Investments in Real Estate-Related Securities	The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable, consolidated derivative instruments and investments in real estate-related securities at March 31, 2019 (amounts in thousands): Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Carrying Value Mortgage notes payable, net $ — $ 260,655 $ 261,717 Interest rate caps 740 — 740 Investments in real estate-related securities 107,195 — 107,195
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 March 31, 2019: 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% —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2019 Building and building improvements $ 307,242 Land and land improvements 81,030 Furniture, fixtures and equipment 25,442 Total 413,714 Accumulated depreciation (3,649 ) Investments in real estate, net $ 410,065
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the three months ended March 31, 2019 ($ in thousands): Investment Ownership Interest Number of Properties Location Sector Acquisition Date Real Estate Acquisition Florida Multifamily Portfolio 100% 4 Jacksonville/Naples, FL Multifamily January 2019 $ 104,049 U.S. Select Service Portfolio 100% 8 FL, CO, TN, OH, AR Hotel January 2019 232,198 All other 100% 2 Various Multifamily January 2019 82,988 14 $ 419,235
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2019 ($ in thousands): Florida Multifamily Portfolio U.S. Select Service All Other Total Building and building improvements $ 71,054 $ 164,266 $ 65,974 $ 301,294 Land and land improvements 25,620 42,256 13,227 81,103 Furniture, fixtures and equipment 1,195 22,377 1,742 25,314 Other intangibles 1,756 101 1,066 2,923 Total purchase price (1) $ 99,625 $ 229,000 $ 82,009 $ 410,634 Assumed mortgage notes (2) (79,269 ) (84,013 ) (57,651 ) (220,933 ) Net purchase price $ 20,356 $ 144,987 $ 24,358 $ 189,701 (1) ( 2 )

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of 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 ($ in thousands): March 31, 2019 Intangible assets: In-place lease intangibles $ 2,828 Other 1,200 Total intangible assets 4,028 Accumulated amortization: In-place lease amortization (1,690 ) Other (20 ) Total accumulated amortization (1,710 ) Intangible assets, net $ 2,318
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2019 is as follows ($ in thousands): In-place Lease Intangibles Other 2019 (remaining) $ 1,138 $ 60 2020 — 80 2021 — 80 2022 — 80 2023 — 80 Thereafter — 800 $ 1,138 $ 1,180

Investments in real Estate-Re_2

Investments in real Estate-Related Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Investments Schedule [Abstract]
Summary of Investments in Real Estate-Related Debt Securities	The following table details the Company’s investments in real estate-related debt securities, which are comprised of RMBS and CDO ($ in thousands): Instrument Number of Positions Credit Rating (1) Weighted Average Coupon Weighted Average Maturity Date Cost Basis Fair Value RMBS 22 Other 4.25% March 5, 2023 $ 86,985 $ 86,973 CDO 8 BBB 5.89% June 7, 2020 20,340 20,222 30 $ 107,325 $ 107,195 (1) BBB represents credit ratings of BBB+, BBB, and BBB-. Other consists of investments that, as of March 31, 2019, were either not ratable or have not been submitted to ratings agencies.

Mortgage Notes (Tables)

Mortgage Notes (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Mortgage Notes Secured by Company's Properties	The following table is a summary of the mortgage notes secured by the Company’s properties ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Principal Balance (2) Fixed rate loans Fixed rate mortgages 4.35% 12/11/2024 $ 156,118 Total fixed rate loans 156,118 Variable rate loans Variable rate mortgages L + 1.98% 6/30/2026 105,599 Total variable rate loans 105,599 Total loans secured by our properties 261,717 Deferred financing costs, net (2,864 ) Discount on assumed debt, net (1,062 ) Mortgage notes, net $ 257,791 ( 1) ( 2 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions.
Summary of Future Principal Payment Under Company's Mortgage Notes	The following table presents the future principal payments under the Company’s mortgage notes as of March 31, 2019 ($ in thousands): Year Amount 2019 (remaining) $ 1,061 2020 1,477 2021 49,502 2022 1,624 2023 1,697 Thereafter 206,356 Total $ 261,717

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Repurchase Agreements [Abstract]
Summary of Repurchase Agreements And Securities Lending Transactions	For financial statement purposes, the Company does not offset its repurchase agreements and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Consolidated Balance Sheets, these transactions are included in the following table ($ in thousands): March 31, 2019 Security Interest Collateral Assets (1) Outstanding Balance RMBS $ 57,778 $ 48,867 CDO 18,511 14,700 $ 76,289 $ 63,567 (1) Represents the fair value of the Company’s investments in real estate-related securities.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): March 31, 2019 December 31, 2018 Receivables $ 4,182 $ — Real estate intangibles, net 2,318 — Interest rate caps 740 — Interest receivable 662 8 Prepaid expenses 381 — Other 351 34 Total $ 8,634 $ 42
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 thousands): March 31, 2019 December 31, 2018 Subscriptions received in advance $ 41,254 $ 900 Deferred income 7,289 — Accounts payable and accrued expenses 5,839 187 Distribution payable 1,058 — Tenant security deposits 652 — Accrued interest expense 464 — Real estate taxes payable 152 — Other 845 — Total $ 57,553 $ 1,087

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2019, the Company had the authority to issue 1,100,000,000 shares of capital stock, consisting of the following: 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 Three months ended March 31, 2019 Class T Class S Class D Class I Total December 31, 2018 483 6,610,280 46,075 1,542,000 8,198,838 Common stock issued 206,975 1,717,020 263,697 2,054,214 4,241,906 Distribution reinvestment 77 13,540 88 6,004 19,709 March 31, 2019 207,535 8,340,840 309,860 3,602,218 12,460,453
Schedule of Aggregate Distributions Declared for Each Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2019: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.1790 $ 0.1790 $ 0.1790 $ 0.1790 Stockholder servicing fee per share of common stock (0.0277 ) (0.0449 ) (0.0105 ) — Net distributions declared per share of common stock $ 0.1513 $ 0.1341 $ 0.1685 $ 0.1790

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): March 31, 2019 December 31, 2018 Accrued stockholder servicing fee $ 13,980 $ 10,830 Advanced organization and offering costs 5,992 5,822 Performance participation allocation 857 — Accrued affiliate service provider expenses 45 — Advanced expenses 245 102 Total $ 21,119 $ 16,754

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended March 31, 2019 ($ in thousands): Multifamily Hotel Real Estate- Related Securities Other (Corporate) (1) Total Total Assets $ 190,852 $ 258,519 $ 113,141 $ 62,503 $ 625,015 Revenue Rental revenue $ 4,310 $ — $ — $ — $ 4,310 Hotel revenue — 10,852 — — 10,852 Other revenue 199 54 — — 253 Total revenues 4,509 10,906 — — 15,415 Expenses Rental property operating 1,762 — — — 1,762 Hotel operating — 5,503 — — 5,503 Total segment expenses 1,762 5,503 — — 7,265 Income from real estate-related securities — — 102 — 102 Earnings from unconsolidated real estate ventures — 43 — — 43 Segment net operating income $ 2,747 $ 5,446 $ 102 $ — $ 8,295 Depreciation and amortization $ 3,304 $ 2,054 $ — $ — $ 5,358 Other income (expense): General and administrative (912 ) Management fee — Performance participation allocation (857 ) Interest income 58 Interest expense (3,598 ) Other expense (96 ) Net loss $ (2,468 ) (1) The Other (Corporate) segment captures cash and other item not directly identifiable with the other three reporting segments.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019USD ($)ClassInvestmentPositionSegmentshares	Dec. 31, 2018shares
Organization And Business Activities [Line Items]
Common stock, shares registered, amount | $	$ 5,000,000,000
Number of classes of common stock | Class	4
Net proceeds from issuance of common stock | $	$ 249,500,000
Common stock, shares issued	12,460,453
Number of investments owned | Investment	15
Number of real estate related securities position | Position	30
Number of reportable segments | Segment	3
Common Stock Class T
Organization And Business Activities [Line Items]
Common stock, shares issued	207,535	483
Common Stock Class S
Organization And Business Activities [Line Items]
Common stock, shares issued	8,340,840	6,610,280
Common Stock Class D
Organization And Business Activities [Line Items]
Common stock, shares issued	309,860	46,075
Common Stock Class I
Organization And Business Activities [Line Items]
Common stock, shares issued	3,602,218	1,542,000
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 Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Cash received for subscriptions in advance	$ 41.3		$ 0.9
Minimum REIT distribution percentage	90.00%
Income tax provision	$ 0.1	$ 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	$ 14		$ 10.8
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months		60 months
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	0.85%
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 - Summary of Estimated Useful Life of Assets (Details)	3 Months Ended
	Mar. 31, 2019
Property Plant And Equipment [Line Items]
Lease intangibles	Over lease term
Building | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	35 years
Building | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	40 years
Building and Site Improvements | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Site Improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures and Equipment | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Furniture, Fixtures and Equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Carrying and Fair Values for Mortgage Notes Payable, Consolidated Derivative Instruments and Investments in Real Estate-Related Securities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Investments in real estate-related securities	$ 107,195
Estimated Fair Value | Level 2
Significant Accounting Policies [Line Items]
Investments in real estate-related securities	107,195
Estimated Fair Value | Level 3
Significant Accounting Policies [Line Items]
Mortgage notes payable, net	260,655
Estimated Fair Value | Interest Rate Cap [Member] | Level 2
Significant Accounting Policies [Line Items]
Interest rate caps	740
Carrying Value
Significant Accounting Policies [Line Items]
Mortgage notes payable, net	261,717
Investments in real estate-related securities	107,195
Carrying Value | Interest Rate Cap [Member]
Significant Accounting Policies [Line Items]
Interest rate caps	$ 740

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Mar. 31, 2019
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%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) $ in Thousands	Mar. 31, 2019USD ($)
Real Estate Investment Property Net [Abstract]
Building and building improvements	$ 307,242
Land and land improvements	81,030
Furniture, fixtures and equipment	25,442
Total	413,714
Accumulated depreciation	(3,649)
Investments in real estate, net	$ 410,065

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Mar. 13, 2019	Mar. 31, 2019USD ($)Property	Dec. 31, 2018Investment
Real Estate Properties [Line Items]
Number of acquired real estate properties		14
Number of acquired real estate investments | Investment			0
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $		$ 12,568
Earnings from unconsolidated joint ventures | $		$ 43
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties		6
Hotel
Real Estate Properties [Line Items]
Number of acquired real estate properties		8

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property
Real Estate Properties [Line Items]
Number of Properties	14
Real Estate Acquisition | $	$ 419,235
Multifamily
Real Estate Properties [Line Items]
Number of Properties	6
Hotel
Real Estate Properties [Line Items]
Number of Properties	8
Jacksonville/Naples, FL | Florida Multifamily Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	4
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 104,049
FL, CO, TN, OH, AR | U.S. Select Service Portfolio | Hotel
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	8
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 232,198
Various | All Other | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	2
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 82,988

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Mar. 31, 2019USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 301,294
Land and land improvements	81,103
Furniture, fixtures and equipment	25,314
Other intangibles	2,923
Total purchase price	410,634	[1]
Assumed mortgage notes	(220,933)	[2]
Net purchase price	189,701
Florida Multifamily Portfolio
Real Estate Properties [Line Items]
Building and building improvements	71,054
Land and land improvements	25,620
Furniture, fixtures and equipment	1,195
Other intangibles	1,756
Total purchase price	99,625	[1]
Assumed mortgage notes	(79,269)	[2]
Net purchase price	20,356
U.S. Select Service Portfolio
Real Estate Properties [Line Items]
Building and building improvements	164,266
Land and land improvements	42,256
Furniture, fixtures and equipment	22,377
Other intangibles	101
Total purchase price	229,000	[1]
Assumed mortgage notes	(84,013)	[2]
Net purchase price	144,987
All Other
Real Estate Properties [Line Items]
Building and building improvements	65,974
Land and land improvements	13,227
Furniture, fixtures and equipment	1,742
Other intangibles	1,066
Total purchase price	82,009	[1]
Assumed mortgage notes	(57,651)	[2]
Net purchase price	$ 24,358
[1]	Purchase price does not include acquisition related costs and acquired working capital of $8,600.
[2]	See Note 6 for additional details on the Company’s mortgage notes.

Investments - Schedule of Pur_2

Investments - Schedule of Purchase Price Allocation of Properties (Details) (Parenthetical)	3 Months Ended
	Mar. 31, 2019USD ($)
Real Estate Investment Property Net [Abstract]
Acquisition related costs and acquired working capital	$ 8,600

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Intangible assets:
Total intangible assets, gross	$ 4,028
Total accumulated amortization	(1,710)
Intangible assets, net	2,318
In-place lease intangibles
Intangible assets:
Total intangible assets, gross	2,828
Total accumulated amortization	(1,690)
Intangible assets, net	1,138
Other
Intangible assets:
Total intangible assets, gross	1,200
Total accumulated amortization	(20)
Intangible assets, net	$ 1,180

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) $ in Thousands	Mar. 31, 2019USD ($)
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 2,318
In-place lease intangibles
Finite Lived Intangible Assets [Line Items]
2019 (remaining)	1,138
Intangible assets, net	1,138
Other
Finite Lived Intangible Assets [Line Items]
2019 (remaining)	60
2020	80
2021	80
2022	80
2023	80
Thereafter	800
Intangible assets, net	$ 1,180

Investments in Real Estate Rela

Investments in Real Estate Related Securities - Summary of Investments in Real Estate-Related Debt Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	30
Cost Basis	$ 107,325
Fair Value	$ 107,195
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	22
Credit Rating	Other
Weighted Average Coupon	4.25%
Weighted Average Maturity Date	Mar. 5, 2023
Cost Basis	$ 86,985
Fair Value	$ 86,973
CDO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	8
Credit Rating	BBB
Weighted Average Coupon	5.89%
Weighted Average Maturity Date	Jun. 7, 2020
Cost Basis	$ 20,340
Fair Value	$ 20,222

Investments in Real Estate Re_2

Investments in Real Estate Related Securities - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Investments Schedule [Abstract]
Unrealized loss on investments in real estate-related securities	$ 0.1

Mortgage Notes - Summary of Mor

Mortgage Notes - Summary of Mortgage Notes Secured by Company's Properties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 261,717
Deferred financing costs, net	(2,864)
Discount on assumed debt, net	(1,062)
Mortgage notes, net	257,791
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance	156,118
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 105,599
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.35%
Principal Balance	$ 156,118
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Dec. 11, 2024
Variable Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 105,599
Variable Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 30, 2026
Variable Rate Mortgages | Variable Rate Loans | One-Month LIBOR
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.98%

Mortgage Notes - Summary of M_2

Mortgage Notes - Summary of Mortgage Notes Secured by Company's Properties (Parenthetical) (Details)	Mar. 31, 2019
One-Month LIBOR
Debt Instrument [Line Items]
Debt instrument, Interest rate	2.50%

Mortgage Notes - Summary of Fut

Mortgage Notes - Summary of Future Principal Payment Under Company's Mortgage Notes (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
2019 (remaining)	$ 1,061
2020	1,477
2021	49,502
2022	1,624
2023	1,697
Thereafter	206,356
Total	$ 261,717

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements And Securities Lending Transactions (Details) $ in Thousands	Mar. 31, 2019USD ($)
Repurchase Agreements [Line Items]
Collateral Assets	$ 76,289
Outstanding Balance	63,567
RMBS
Repurchase Agreements [Line Items]
Collateral Assets	57,778
Outstanding Balance	48,867
CDO
Repurchase Agreements [Line Items]
Collateral Assets	18,511
Outstanding Balance	$ 14,700

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
Receivables	$ 4,182
Real estate intangibles, net	2,318
Interest rate caps	740
Interest receivable	662	$ 8
Prepaid expenses	381
Other	351	34
Total	$ 8,634	$ 42

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Subscriptions received in advance	$ 41,254	$ 900
Deferred income	7,289
Accounts payable and accrued expenses	5,839	187
Distribution payable	1,058
Tenant security deposits	652
Accrued interest expense	464
Real estate taxes payable	152
Other	845
Total	$ 57,553	$ 1,087

Equity - Additional Information

Equity - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)Classshares
Equity [Abstract]
Number of classes of common stock | Class	4
Number of shares authorized	1,100,000,000
Common stock, shares issued	12,460,453
Net proceeds from issuance of common stock | $	$ 249.5
Common stock repurchase limitations of aggregate NAV per month percentage	2.00%
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5.00%
Minimum hold period for repurchases without a discount	1 year
Repurchase percentage within one year at a discount	95.00%

Equity - Schedule of Company's

Equity - Schedule of Company's Authorized Capital (Details) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	3 Months Ended
	Mar. 31, 2019shares
Class Of Stock [Line Items]
December 31, 2018	8,198,838
Common stock issued	4,241,906
Distribution reinvestment	19,709
March 31, 2019	12,460,453
Common Stock Class T
Class Of Stock [Line Items]
December 31, 2018	483
Common stock issued	206,975
Distribution reinvestment	77
March 31, 2019	207,535
Common Stock Class S
Class Of Stock [Line Items]
December 31, 2018	6,610,280
Common stock issued	1,717,020
Distribution reinvestment	13,540
March 31, 2019	8,340,840
Common Stock Class D
Class Of Stock [Line Items]
December 31, 2018	46,075
Common stock issued	263,697
Distribution reinvestment	88
March 31, 2019	309,860
Common Stock Class I
Class Of Stock [Line Items]
December 31, 2018	1,542,000
Common stock issued	2,054,214
Distribution reinvestment	6,004
March 31, 2019	3,602,218

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	3 Months Ended
	Mar. 31, 2019$ / shares
Common Stock Class T
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	$ 0.1790
Stockholder servicing fee per share of common stock	(0.0277)
Net distributions declared per share of common stock	0.1513
Common Stock Class S
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.1790
Stockholder servicing fee per share of common stock	(0.0449)
Net distributions declared per share of common stock	0.1341
Common Stock Class D
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.1790
Stockholder servicing fee per share of common stock	(0.0105)
Net distributions declared per share of common stock	0.1685
Common Stock Class I
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.1790
Net distributions declared per share of common stock	$ 0.1790

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Jan. 03, 2019USD ($)PropertyUnit	Mar. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Number of Properties | Property		14
Percentage of management fee on NAV per annum		1.25%
Annual hurdle percentage		5.00%
Recognized liabilities for Performance Participation expense		$ 857
Due to affiliates		21,119	$ 16,754
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates		13,980	10,830
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates		5,992	5,822
Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates		245	102
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates		$ 45
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return		12.50%
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return		87.50%
Dealer Manager
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		0.85%
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		8.75%
Due to affiliates		$ 14,000	10,800
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates		6,000	5,800
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates		$ 200	$ 100
Florida Multifamily Portfolio
Related Party Transaction [Line Items]
Purchase Price	$ 100,000
Number of units in portfolio | Unit	1,150
Phoenix Property
Related Party Transaction [Line Items]
Purchase Price	$ 46,000
Savannah Property
Related Party Transaction [Line Items]
Purchase Price	$ 36,000
Jacksonville, Florida | Florida Multifamily Portfolio
Related Party Transaction [Line Items]
Number of Properties | Property	2
Naples, Florida | Florida Multifamily Portfolio
Related Party Transaction [Line Items]
Number of Properties | Property	2
Mesa, Arizona | Phoenix Property
Related Party Transaction [Line Items]
Number of units in portfolio | Unit	256
Savannah, Georgia | Savannah Property
Related Party Transaction [Line Items]
Number of units in portfolio | Unit	203

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 21,119	$ 16,754
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	13,980	10,830
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	5,992	5,822
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	857
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	45
Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 245	$ 102

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting - Summary of

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 625,015		$ 164,963
Revenue
Total revenues	15,415
Expenses
Operating expenses	7,265
Income from real estate-related securities, net	102
Earnings from unconsolidated real estate ventures	43
Segment net operating income	8,295
Depreciation and amortization	5,358
Other income (expense)
General and administrative	(912)	$ (16)
Performance participation allocation	(857)
Interest income	58
Interest expense	(3,598)
Other expense	(96)
Net loss	(2,468)	$ (16)
Rental
Revenue
Total revenues	4,310
Expenses
Operating expenses	1,762
Hotel Revenue / Expenses
Revenue
Total revenues	10,852
Expenses
Operating expenses	5,503
Other revenue
Revenue
Total revenues	253
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total Assets	190,852
Revenue
Total revenues	4,509
Expenses
Operating expenses	1,762
Segment net operating income	2,747
Depreciation and amortization	3,304
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Total Assets	258,519
Revenue
Total revenues	10,906
Expenses
Operating expenses	5,503
Earnings from unconsolidated real estate ventures	43
Segment net operating income	5,446
Depreciation and amortization	2,054
Operating Segments | Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total Assets	113,141
Expenses
Income from real estate-related securities, net	102
Segment net operating income	102
Operating Segments | Rental | Multifamily
Revenue
Total revenues	4,310
Expenses
Operating expenses	1,762
Operating Segments | Hotel Revenue / Expenses | Hotel
Revenue
Total revenues	10,852
Expenses
Operating expenses	5,503
Operating Segments | Other revenue | Multifamily
Revenue
Total revenues	199
Operating Segments | Other revenue | Hotel
Revenue
Total revenues	54
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 62,503

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	May 14, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Common stock, shares issued		12,460,453
Proceeds from issuance of common stock		$ 85,586
Scenario, Forecast
Subsequent Event [Line Items]
Common stock, shares issued	16,086,387
Proceeds from issuance of common stock	$ 322,100
Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued		207,535	483
Common Stock Class T | Scenario, Forecast
Subsequent Event [Line Items]
Common stock, shares issued	466,188
Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued		8,340,840	6,610,280
Common Stock Class S | Scenario, Forecast
Subsequent Event [Line Items]
Common stock, shares issued	10,884,175
Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued		309,860	46,075
Common Stock Class D | Scenario, Forecast
Subsequent Event [Line Items]
Common stock, shares issued	494,298
Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued		3,602,218	1,542,000
Common Stock Class I | Scenario, Forecast
Subsequent Event [Line Items]
Common stock, shares issued	4,241,726