Starwood Real Estate Income Trust 10-Q 12 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 12, 2019
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	822023409
Entity File Number	000-56046
Entity Address, Address Line One	1601 Washington Avenue
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	305
Local Phone Number	695-5500
Common Stock Class T
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		862,745
Common Stock Class S
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		16,403,971
Common Stock Class D
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		971,673
Common Stock Class I
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,796,281

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Investments in real estate, net	$ 613,565
Investments in real estate-related securities	139,914
Investments in unconsolidated real estate ventures	12,712
Cash and cash equivalents	39,582	$ 164,021
Restricted cash	73,421	900
Other assets	39,578	42
Total assets	918,772	164,963
Liabilities and Equity
Mortgage notes, net	391,466
Repurchase agreements	68,229
Accounts payable, accrued expenses and other liabilities	24,899	187
Subscriptions received in advance	55,464	900
Due to affiliates	32,048	16,754
Total liabilities	572,106	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 June 30, 2019 and December 31, 2018
Additional paid-in capital	357,199	148,770
Accumulated deficit and cumulative distributions	(13,810)	(1,729)
Total stockholders' equity	343,579	147,122
Non-controlling interests in consolidated joint ventures	3,087
Total equity	346,666	147,122
Total liabilities and equity	918,772	164,963
Common Stock Class T
Equity
Common stock value	6
Common Stock Class S
Equity
Common stock value	129	66
Common Stock Class D
Equity
Common stock value	6
Common Stock Class I
Equity
Common stock value	$ 49	$ 15

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	19,096,391
Common stock, shares outstanding	19,096,391	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	644,168	483
Common stock, shares outstanding	644,168	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	12,902,379	6,610,280
Common stock, shares outstanding	12,902,379	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	617,605	46,075
Common stock, shares outstanding	617,605	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	4,932,239	1,542,000
Common stock, shares outstanding	4,932,239	1,542,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 18,745		$ 34,158
Expenses
Operating expenses	8,769		16,034
General and administrative	889	$ 15	1,801	$ 31
Management fees	1,080		1,080
Performance participation allocation	2,358		3,215
Depreciation and amortization	7,050		12,408
Total expenses	20,146	15	34,538	31
Other income (expense)
Earnings from unconsolidated real estate ventures	144		187
Income from real estate-related securities	2,916		3,545
Interest income	164		222
Interest expense	(5,347)		(9,472)
Other expense	(72)		(168)
Total other expense	(2,195)		(5,686)
Net loss	(3,596)	(15)	(6,066)	(31)
Net loss attributable to non-controlling interests in consolidated joint ventures	18		18
Net loss attributable to stockholders	$ (3,578)	$ (15)	$ (6,048)	$ (31)
Net loss per share of common stock, basic and diluted	$ (0.22)	$ (1.50)	$ (0.42)	$ (3.15)
Weighted-average shares of common stock outstanding, basic and diluted	16,578,350	10,000	14,530,777	10,000
Rental revenue
Revenues
Total revenues	$ 7,686		$ 11,970
Hotel revenue
Revenues
Total revenues	10,266		21,142
Other revenue
Revenues
Total revenues	793		1,046
Rental property operating
Expenses
Operating expenses	2,733		4,495
Hotel operating
Expenses
Operating expenses	$ 6,036		$ 11,539

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class T	Common Stock Class S	Common Stock Class D	Common Stock Class I	Total Stockholders' Equity	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	Non-Controlling Interests
Beginning Balance at Dec. 31, 2017	$ 164					$ 164					$ 200	$ (36)
Net loss	(16)					(16)						(16)
Ending Balance at Mar. 31, 2018	148					148					200	(52)
Beginning Balance at Dec. 31, 2017	164					164					200	(36)
Net loss	(31)
Ending Balance at Jun. 30, 2018	133					133					200	(67)
Beginning Balance at Mar. 31, 2018	148					148					200	(52)
Net loss	(15)					(15)						(15)
Ending Balance at Jun. 30, 2018	133					133					200	(67)
Beginning Balance at Dec. 31, 2018	147,122					147,122		$ 66		$ 15	148,770	(1,729)
Common stock issued	85,586					85,586	$ 2	17	$ 3	21	85,543
Offering costs	(4,049)					(4,049)					(4,049)
Distribution reinvestments	396					396					396
Amortization of restricted stock grants	29					29					29
Net loss	(2,468)					(2,468)						(2,468)
Distributions declared on common stock (see note 9)	(1,631)					(1,631)						(1,631)
Ending Balance at Mar. 31, 2019	224,985					224,985	2	83	3	36	230,689	(5,828)
Beginning Balance at Dec. 31, 2018	$ 147,122					147,122		66		15	148,770	(1,729)
Common stock issued,shares	10,773,685	642,315	6,201,187	567,977	3,362,206
Net loss	$ (6,066)
Ending Balance at Jun. 30, 2019	346,666					343,579	6	129	6	49	357,199	(13,810)	$ 3,087
Beginning Balance at Mar. 31, 2019	224,985					224,985	2	83	3	36	230,689	(5,828)
Common stock issued	134,029					134,029	4	45	3	13	133,964
Offering costs	(9,593)					(9,593)					(9,593)
Distribution reinvestments	2,119					2,119		1			2,118
Amortization of restricted stock grants	21					21					21
Net loss	(3,596)					(3,578)						(3,578)	(18)
Contributions from non-controlling interests	3,129												3,129
Distributions to non-controlling interests	(24)												(24)
Distributions declared on common stock (see note 9)	(4,404)					(4,404)						(4,404)
Ending Balance at Jun. 30, 2019	$ 346,666					$ 343,579	$ 6	$ 129	$ 6	$ 49	$ 357,199	$ (13,810)	$ 3,087

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Cash flows from operating activities
Net loss	$ (3,596)	$ (2,468)	$ (15)	$ (16)	$ (6,066)	$ (31)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	1,080				1,080
Performance participation allocation	2,358				3,215
Depreciation and amortization	7,050				12,408
Amortization of deferred financing costs					345
Deferred income amortization					(904)
Unrealized loss on changes in fair value of financial instruments					694
Amortization of restricted stock grants					50
Earnings from unconsolidated joint ventures					(187)
Other items					15
Change in assets and liabilities
(Increase) / decrease in other assets					(7,540)
Increase / (decrease) in due to affiliates					384	51
Increase / (decrease) in accounts payable, accrued expenses and other liabilities					15,301	(20)
Net cash provided by operating activities					18,795
Cash flows from investing activities
Acquisitions of real estate					(448,308)
Capital improvements to real estate					(1,898)
Purchase of real estate-related securities					(239,461)
Proceeds from settlement of real estate-related securities					100,256
Net cash used in investing activities					(589,411)
Cash flows from financing activities
Proceeds from issuance of common stock					218,953
Offering costs paid					(2,369)
Subscriptions received in advance, net					54,564
Borrowings from mortgage notes					182,948
Repayments of mortgage notes					(709)
Borrowings under repurchase agreements, net					68,229
Payment of deferred financing costs					(4,238)
Contributions from non-controlling interests					3,129
Distributions to non-controlling interests					(24)
Distributions					(1,785)
Net cash provided by financing activities					518,698	0
Net change in cash and cash equivalents and restricted cash					(51,918)
Cash and cash equivalents and restricted cash at the beginning of the period		164,921		200	164,921	200
Cash and cash equivalents and restricted cash at the end of the period	113,003		200		113,003	200
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents							$ 39,582	$ 164,021	$ 200
Restricted cash							73,421	900
Total cash and cash equivalents and restricted cash	$ 113,003	$ 164,921	$ 200	$ 200	164,921	$ 200	$ 113,003	$ 164,921	$ 200
Non-cash financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate					220,933
Accrued stockholder servicing fee due to affiliate					10,916
Accrued offering costs due to affiliates					358
Accrued distributions					1,733
Distribution reinvestment					$ 2,515

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 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 commencing with the taxable year ending December 31, 2019. 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. 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. 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 June 30, 2019, the Company had received net proceeds of $383.6 million from selling an aggregate of 19,096,391 shares of the Company’s common stock (consisting of 644,168 Class T shares, 12,902,379 Class S shares, 617,605 Class D shares and 4,932,239 Class I shares). The Company intends to continue selling shares on a monthly basis. As of June 30, 2019, the Company owned 26 investments in real estate and had 42 positions in real estate-related securities. The Company currently operates in four reportable segments: Multifamily, Hotel, Office, and Real Estate-Related Securities. Financial results by segment are reported in Note 13.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. 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. On the Consolidated Statements of Operations, interest expense associated with the Company’s repurchase agreements has been reclassified from “Income from real estate-related securities” to “Interest expense.” 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. The accompanying unaudited consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. 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 for those partially owned entities are accounted for using the equity method of accounting. As of June 30, 2019, the total assets and liabilities of the Company’s consolidated VIEs, were $252.3 million and $139.3 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. There were no assets or liabilities relating to the Company’s consolidated VIEs as of December 31, 2018. 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 Restricted cash primarily consists 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. 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 land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements 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. Derivative 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. Fair Value Measurements 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. Valuation 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 real estate-related securities 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. The Company’s investments in real estate-related securities are classified as Level 2. 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. As of June 30, 2019, the fair value of the Company’s mortgage notes and repurchase agreements were approximately $1.0 million below carrying value. 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 Company’s derivative positions are classified as Level 2. The fair values of the Company’s financial instruments (other than real estate-related securities, mortgage notes payable and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. 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. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. 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. 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 and office 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. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. So long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats these loans as deferred income and records them as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018, deferred income related to these loans amounted to $7.2 million and $0, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue on the 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 June 30, 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 primary 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: 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 June 30, 2019 and December 31, 2018, the Company had accrued $21.7 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 100% of its taxable income to its stockholders and meets certain other requirements for qualifying as a REIT. 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 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 a taxable corporation for its tax year ended December 31, 2018. For the six months ended June 30, 2019 and 2018, the Company recognized an income tax provision of $0.1 million and $0.0 million, respectively, within Other expense on the Company’s Consolidated Statements of Operations. 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. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. 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 June 30, 2019 and 2018, for both basic and diluted shares. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested. 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. In May 2019, the FASB issued ASU No. 2019-05, which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05’s amendments should be applied on a modified-retrospective basis by means of a cumulative effect adjustment to the opening balance of retained earnings balance as of the date that an entity adopted the amendments in ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date in ASU 2016-13. The Company is currently evaluating the impact of adopting this new standard on its Consolidated Financial Statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2019 Building and building improvements $ 469,265 Land and land improvements 127,007 Furniture, fixtures and equipment 25,920 Total 622,192 Accumulated depreciation (8,627 ) Investments in real estate, net $ 613,565 During the six months ended June 30, 2019, the Company acquired interests in 25 properties, which were comprised of six multifamily, eight hotel properties, and eleven office buildings. 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 six months ended June 30, 2019 ($ in thousands): Investment Ownership Interest (1) 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 Florida Office Portfolio 97% 11 Jacksonville, FL Office May 2019 233,287 All other 100% 2 Various Multifamily January 2019 82,988 25 $ 652,522 (1) Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests. The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2019 ($ in thousands): Florida Multifamily Portfolio U.S. Select Service Portfolio Florida Office Portfolio All Other Total Building and building improvements $ 71,054 $ 164,266 $ 158,206 $ 65,974 $ 459,500 Land and land improvements 25,620 42,256 45,809 13,227 126,912 Furniture, fixtures and equipment 1,195 22,377 — 1,742 25,314 In-place lease intangibles 1,756 — 26,286 1,066 29,108 Above-market lease intangibles — — 1,544 — 1,544 Below-market lease intangibles — — (845 ) — (845 ) Other intangibles — 101 — — 101 Total purchase price (1) $ 99,625 $ 229,000 $ 231,000 $ 82,009 $ 641,634 Assumed mortgage notes (2) (79,269 ) (84,013 ) — (57,651 ) (220,933 ) Non-controlling interest — — (2,880 ) — (2,880 ) Net purchase price $ 20,356 $ 144,987 $ 228,120 $ 24,358 $ 417,821 (1) ( 2 ) The weighted-average amortization periods for the acquired below market lease intangibles, in-place lease intangibles and above-market lease intangibles for the properties acquired during the six months ended June 30, 2019 were 3, 3 and 5 years, respectively. 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 $12.7 million as of June 30, 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 $0.2 million for the six months ended June 30, 2019.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 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): June 30, 2019 Intangible assets: In-place lease intangibles $ 29,140 Above-market lease intangibles 1,544 Other 1,200 Total intangible assets 31,884 Accumulated amortization: In-place lease amortization (3,741 ) Above-market lease intangibles (48 ) Other (40 ) Total accumulated amortization (3,829 ) Intangible assets, net $ 28,055 Intangible liabilities: Below-market lease intangibles $ 845 Accumulated amortization (35 ) Intangible liabilities, net $ 810 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2019 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles Other 2019 (remaining) $ 4,008 $ 193 $ (141 ) $ 40 2020 7,821 387 (282 ) 80 2021 6,326 375 (282 ) 80 2022 3,348 205 (87 ) 80 2023 1,748 185 (18 ) 80 Thereafter 2,148 151 — 800 $ 25,399 $ 1,496 $ (810 ) $ 1,160

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	6 Months Ended
	Jun. 30, 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 as of June 30, 2019 ($ in thousands): Instrument Number of Positions Weighted Average Coupon Weighted Average Maturity Date Cost Basis Fair Value RMBS 21 4.38% February 4, 2048 $ 76,709 $ 77,493 CLO 12 4.75% February 3, 2031 32,589 32,436 CRT 5 4.73% August 2, 2031 18,167 18,167 Term Loan 1 4.45% December 20, 2021 5,000 5,000 CMBS 2 4.06% October 10, 2034 4,486 4,487 SFR 1 5.06% August 17, 2035 2,254 2,331 42 $ 139,205 $ 139,914 The majority of the Company’s real estate-related securities portfolio consist of non-agency residential mortgage-backed securities (“RMBS”), collateralized loan obligations (“CLOs”) and credit risk transfer (“CRT”) securitizations. The Company has also invested in commercial mortgage-backed securities (“CMBS”), term loans and single-family rental (“SFR”) securitizations. During the three and six months ended June 30, 2019, the Company recorded net unrealized gains on its real estate-related securities portfolio of $0.8 million and $0.7 million, respectively. During the three and six months ended June 30, 2019, the Company recorded realized gains of $0.4 million on its investments in real estate-related securities and recorded such amounts as a component of income from real estate-related securities on its Consolidated Statements of Operations.

Mortgage Notes

Mortgage Notes	6 Months Ended
	Jun. 30, 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 as of June 30, 2019 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Principal Balance (2) Fixed rate loans Fixed rate mortgages 4.42% 8/18/2026 $ 155,772 Total fixed rate loans 155,772 Variable rate loans Variable rate mortgages L + 1.80% 9/23/2024 240,599 Total variable rate loans 240,599 Total loans secured by our properties 396,371 Deferred financing costs, net (3,893 ) Discount on assumed debt, net (1,012 ) Mortgage notes, net $ 391,466 (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 June 30, 2019 ($ in thousands): Year Amount 2019 (remaining) $ 715 2020 1,477 2021 49,502 2022 1,624 2023 1,697 Thereafter 341,356 Total $ 396,371 Interest paid on the Company’s mortgage notes for the six month period ended June 30, 2019 was $5.0 million.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 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. The carrying amount of the Company’s repurchase agreements approximates fair value due to their short-term maturities or floating rate coupons. Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the borrowing at which time the Company may enter into a new borrowing arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. The fair value of financial instruments pledged as collateral on the Company’s repurchase agreements disclosed in the tables below represent the Company’s fair value of such instruments, which may differ from the fair value assigned to the collateral by its counterparties. 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): June 30, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 3.44 % $ 50,838 $ 39,047 CLO 3.38 % 24,924 19,249 CRT 3.25 % 10,091 8,236 SFR 3.50 % 2,331 1,697 $ 88,184 $ 68,229 (1) Represents the fair value of the Company’s investments in real estate-related securities. Interest paid on the Company’s repurchase agreements for the six month period ended June 30, 2019 was $1.5 million.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 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): June 30, 2019 December 31, 2018 Intangible assets $ 28,055 $ — Acquisition deposits 5,000 — Receivables 3,825 — Prepaid expenses 1,386 — Derivative instruments 530 — Interest receivable 734 8 Other 48 34 Total $ 39,578 $ 42 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): June 30, 2019 December 31, 2018 Accounts payable and accrued expenses $ 8,248 $ 187 Deferred income 7,337 — Real estate taxes payable 2,227 — Distribution payable 1,733 — Tenant security deposits 1,210 — Accrued interest expense 960 — Intangible liabilities 810 — Other 2,374 — Total $ 24,899 $ 187

Equity

Equity	6 Months Ended
	Jun. 30, 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 June 30, 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 The following table details the movement in the Company’s outstanding shares of common stock: Six months ended June 30, 2019 Class T Class S Class D Class I Total January 1, 2019 483 6,610,280 46,075 1,542,000 8,198,838 Common stock issued 642,315 6,201,187 567,977 3,362,206 10,773,685 Distribution reinvestment 1,370 90,912 3,553 28,033 123,868 June 30, 2019 644,168 12,902,379 617,605 4,932,239 19,096,391 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 six months ended June 30, 2019: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.4749 $ 0.4749 $ 0.4749 $ 0.4749 Stockholder servicing fee per share of common stock (0.0710 ) (0.0883 ) (0.0239 ) — Net distributions declared per share of common stock $ 0.4039 $ 0.3866 $ 0.4510 $ 0.4749 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 the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price 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	6 Months Ended
	Jun. 30, 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 a multifamily property (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 located in Mesa, Arizona. The 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 a multifamily property (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. The affiliate of the Advisor acquired the 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 had agreed to waive its management fee through March 31, 2019. During the period from April 1, 2019 to June 30, 2019, the Company incurred management fees of $1.1 million. The Advisor has elected to receive the management fee in shares of the Company’s common stock. The Company issued 32,121 unregistered Class I shares to the Advisor as payment for the management fee and also had a payable of $0.4 million related to the management fee as of June 30, 2019, which is included in Due to affiliates on the Company’s Consolidated Balance Sheets. During July 2019, the Advisor was issued 20,006 unregistered Class I shares as payment for the $0.4 million management fee accrued as of June 30, 2019. The shares issued to the Advisor for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. Additionally, the Special Limited Partner, an affiliate of the Advisor, holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation of the 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 the Operating Partnership, at the election of the Special Limited Partner. During the period ended June 30, 2019, the Company recognized $3.2 million of performance participation allocation in the Company’s Consolidated Statements of Operations. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): June 30, 2019 December 31, 2018 Accrued stockholder servicing fee $ 21,748 $ 10,830 Advanced organization and offering costs 6,180 5,822 Performance participation allocation 3,215 — Accrued management fee 419 — Accrued affiliate service provider expenses 90 — Advanced operating expenses 396 102 Total $ 32,048 $ 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 June 30, 2019 and December 31, 2018, the Company has accrued $21.7 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 June 30, 2019 and December 31, 2018, the Advisor and its affiliates have incurred $6.2 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 June 30, 2019. Such amounts will be reimbursed to the Advisor ratably over 60 months beginning after December 21, 2019. Advanced operating expenses As of June 30, 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 one year anniversary of the release of the proceeds from the Offering from escrow). As of June 30, 2019 and December 31, 2018, the Advisor had advanced approximately $0.2 million and $0.0 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts will be reimbursed to the Advisor one month in arrears, as permitted by the Advisory agreement. 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 is 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 six months ended June 30, 2019, the Company has incurred approximately $0.3 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 Statements of Operations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 1 . Commitments and Contingencies As of June 30, 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.

Five Year Minimum Rental Paymen

Five Year Minimum Rental Payments	6 Months Ended
	Jun. 30, 2019
Lessor Disclosure [Abstract]
Five Year Minimum Rental Payments	12. Five Year Minimum Rental Payments The following table presents the undiscounted future minimum rents the Company expects to receive for its office properties ($ in thousands). Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2019 (remaining) $ 12,331 2020 24,641 2021 22,731 2022 16,682 2023 13,697 Thereafter 29,187 Total $ 119,269

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	1 3 . Segment Reporting The Company operates in four reportable segments: Multifamily properties, Hotel properties, Office 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 total assets by segment ($ in thousands): June 30, 2019 December 31, 2018 Multifamily $ 187,418 $ — Hotel 258,447 — Office 241,804 — Real Estate-Related Securities 159,718 — Other (Corporate) 71,385 164,963 Total Assets $ 918,772 $ 164,963 The following table sets forth the financial results by segment for the three months ended June 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 4,503 $ — $ 3,183 $ — $ 7,686 Hotel revenue — 10,266 — — 10,266 Other revenue 726 58 9 — 793 Total revenues 5,229 10,324 3,192 — 18,745 Expenses: Rental property operating 1,817 — 916 — 2,733 Hotel operating — 6,036 — — 6,036 Total segment expenses 1,817 6,036 916 — 8,769 Income from real estate-related securities — — — 2,916 2,916 Earnings from unconsolidated real estate ventures — 144 — — 144 Segment net operating income $ 3,412 $ 4,432 $ 2,276 $ 2,916 $ 13,036 Depreciation and amortization $ (2,891 ) $ (2,055 ) $ (2,104 ) $ — $ (7,050 ) General and administrative (889 ) Management fee (1,080 ) Performance participation allocation (2,358 ) Interest income 164 Interest expense (5,347 ) Other expense (72 ) Net loss $ (3,596 ) Net loss attributable to non-controlling interests 18 Net loss attributable to stockholders $ (3,578 ) The following table sets forth the financial results by segment for the six months ended June 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 8,788 $ — $ 3,182 $ — $ 11,970 Hotel revenue — 21,142 — — 21,142 Other revenue 950 87 9 — 1,046 Total revenues 9,738 21,229 3,191 — 34,158 Expenses: Rental property operating 3,579 — 916 — 4,495 Hotel operating — 11,539 — — 11,539 Total segment expenses 3,579 11,539 916 — 16,034 Income from real estate-related securities — — — 3,545 3,545 Earnings from unconsolidated real estate ventures — 187 — — 187 Segment net operating income $ 6,159 $ 9,877 $ 2,275 $ 3,545 $ 21,856 Depreciation and amortization $ (6,196 ) $ (4,108 ) $ (2,104 ) $ — $ (12,408 ) General and administrative (1,801 ) Management fee (1,080 ) Performance participation allocation (3,215 ) Interest income 222 Interest expense (9,472 ) Other expense (168 ) Net loss $ (6,066 ) Net loss attributable to non-controlling interests 18 Net loss attributable to stockholders $ (6,048 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	1 4 . Subsequent events Acquisitions Maryland Property On July 25, 2019, the Company acquired a fee simple interest in a multifamily property (the “Concord Park Apartments”) for $86.7 million, excluding closing costs. The Concord Park Apartments is a midrise multifamily property totaling 335 units located in Laurel, Maryland. Status of the Offering As of August 12, 2019, the Company had sold an aggregate of 24,981,533 shares of its common stock (consisting of 862,745 Class T shares, 16,403,971 Class S shares, 971,673 Class D shares, and 6,743,144 Class I shares) in the Offering resulting in net proceeds of approximately $507.0 million to the Company as payment for such shares.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. 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. On the Consolidated Statements of Operations, interest expense associated with the Company’s repurchase agreements has been reclassified from “Income from real estate-related securities” to “Interest expense.” 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. The accompanying unaudited consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. 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 for those partially owned entities are accounted for using the equity method of accounting. As of June 30, 2019, the total assets and liabilities of the Company’s consolidated VIEs, were $252.3 million and $139.3 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. There were no assets or liabilities relating to the Company’s consolidated VIEs as of December 31, 2018. 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 Restricted cash primarily consists
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. 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 land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements 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.
Derivative Instruments	Derivative 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.
Fair Value Measurements	Fair Value Measurements 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.
Valuation	Valuation 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 real estate-related securities 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. The Company’s investments in real estate-related securities are classified as Level 2. 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. As of June 30, 2019, the fair value of the Company’s mortgage notes and repurchase agreements were approximately $1.0 million below carrying value. 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 Company’s derivative positions are classified as Level 2. The fair values of the Company’s financial instruments (other than real estate-related securities, mortgage notes payable and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value.
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. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
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. 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 and office 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. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. So long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats these loans as deferred income and records them as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018, deferred income related to these loans amounted to $7.2 million and $0, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue on the 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 June 30, 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 primary 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: 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 June 30, 2019 and December 31, 2018, the Company had accrued $21.7 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 100% of its taxable income to its stockholders and meets certain other requirements for qualifying as a REIT. 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 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 a taxable corporation for its tax year ended December 31, 2018. For the six months ended June 30, 2019 and 2018, the Company recognized an income tax provision of $0.1 million and $0.0 million, respectively, within Other expense on the Company’s Consolidated Statements of Operations.
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. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. 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 June 30, 2019 and 2018, for both basic and diluted shares. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested.
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. In May 2019, the FASB issued ASU No. 2019-05, which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05’s amendments should be applied on a modified-retrospective basis by means of a cumulative effect adjustment to the opening balance of retained earnings balance as of the date that an entity adopted the amendments in ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date in ASU 2016-13. The Company is currently evaluating the impact of adopting this new standard on its Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements Over lease term
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: 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)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2019 Building and building improvements $ 469,265 Land and land improvements 127,007 Furniture, fixtures and equipment 25,920 Total 622,192 Accumulated depreciation (8,627 ) Investments in real estate, net $ 613,565
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the six months ended June 30, 2019 ($ in thousands): Investment Ownership Interest (1) 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 Florida Office Portfolio 97% 11 Jacksonville, FL Office May 2019 233,287 All other 100% 2 Various Multifamily January 2019 82,988 25 $ 652,522 (1) Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests.
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2019 ($ in thousands): Florida Multifamily Portfolio U.S. Select Service Portfolio Florida Office Portfolio All Other Total Building and building improvements $ 71,054 $ 164,266 $ 158,206 $ 65,974 $ 459,500 Land and land improvements 25,620 42,256 45,809 13,227 126,912 Furniture, fixtures and equipment 1,195 22,377 — 1,742 25,314 In-place lease intangibles 1,756 — 26,286 1,066 29,108 Above-market lease intangibles — — 1,544 — 1,544 Below-market lease intangibles — — (845 ) — (845 ) Other intangibles — 101 — — 101 Total purchase price (1) $ 99,625 $ 229,000 $ 231,000 $ 82,009 $ 641,634 Assumed mortgage notes (2) (79,269 ) (84,013 ) — (57,651 ) (220,933 ) Non-controlling interest — — (2,880 ) — (2,880 ) Net purchase price $ 20,356 $ 144,987 $ 228,120 $ 24,358 $ 417,821 (1) ( 2 )

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2019 Intangible assets: In-place lease intangibles $ 29,140 Above-market lease intangibles 1,544 Other 1,200 Total intangible assets 31,884 Accumulated amortization: In-place lease amortization (3,741 ) Above-market lease intangibles (48 ) Other (40 ) Total accumulated amortization (3,829 ) Intangible assets, net $ 28,055 Intangible liabilities: Below-market lease intangibles $ 845 Accumulated amortization (35 ) Intangible liabilities, net $ 810
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 June 30, 2019 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles Other 2019 (remaining) $ 4,008 $ 193 $ (141 ) $ 40 2020 7,821 387 (282 ) 80 2021 6,326 375 (282 ) 80 2022 3,348 205 (87 ) 80 2023 1,748 185 (18 ) 80 Thereafter 2,148 151 — 800 $ 25,399 $ 1,496 $ (810 ) $ 1,160

Investments in real Estate-Re_2

Investments in real Estate-Related Securities (Tables)	6 Months Ended
	Jun. 30, 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 as of June 30, 2019 ($ in thousands): Instrument Number of Positions Weighted Average Coupon Weighted Average Maturity Date Cost Basis Fair Value RMBS 21 4.38% February 4, 2048 $ 76,709 $ 77,493 CLO 12 4.75% February 3, 2031 32,589 32,436 CRT 5 4.73% August 2, 2031 18,167 18,167 Term Loan 1 4.45% December 20, 2021 5,000 5,000 CMBS 2 4.06% October 10, 2034 4,486 4,487 SFR 1 5.06% August 17, 2035 2,254 2,331 42 $ 139,205 $ 139,914

Mortgage Notes (Tables)

Mortgage Notes (Tables)	6 Months Ended
	Jun. 30, 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 as of June 30, 2019 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Principal Balance (2) Fixed rate loans Fixed rate mortgages 4.42% 8/18/2026 $ 155,772 Total fixed rate loans 155,772 Variable rate loans Variable rate mortgages L + 1.80% 9/23/2024 240,599 Total variable rate loans 240,599 Total loans secured by our properties 396,371 Deferred financing costs, net (3,893 ) Discount on assumed debt, net (1,012 ) Mortgage notes, net $ 391,466 (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 June 30, 2019 ($ in thousands): Year Amount 2019 (remaining) $ 715 2020 1,477 2021 49,502 2022 1,624 2023 1,697 Thereafter 341,356 Total $ 396,371

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2019
Repurchase Agreements [Abstract]
Summary of Repurchase Agreements And Securities Lending Transactions	June 30, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 3.44 % $ 50,838 $ 39,047 CLO 3.38 % 24,924 19,249 CRT 3.25 % 10,091 8,236 SFR 3.50 % 2,331 1,697 $ 88,184 $ 68,229 (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)	6 Months Ended
	Jun. 30, 2019
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): June 30, 2019 December 31, 2018 Intangible assets $ 28,055 $ — Acquisition deposits 5,000 — Receivables 3,825 — Prepaid expenses 1,386 — Derivative instruments 530 — Interest receivable 734 8 Other 48 34 Total $ 39,578 $ 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): June 30, 2019 December 31, 2018 Accounts payable and accrued expenses $ 8,248 $ 187 Deferred income 7,337 — Real estate taxes payable 2,227 — Distribution payable 1,733 — Tenant security deposits 1,210 — Accrued interest expense 960 — Intangible liabilities 810 — Other 2,374 — Total $ 24,899 $ 187

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 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: Six months ended June 30, 2019 Class T Class S Class D Class I Total January 1, 2019 483 6,610,280 46,075 1,542,000 8,198,838 Common stock issued 642,315 6,201,187 567,977 3,362,206 10,773,685 Distribution reinvestment 1,370 90,912 3,553 28,033 123,868 June 30, 2019 644,168 12,902,379 617,605 4,932,239 19,096,391
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 six months ended June 30, 2019: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.4749 $ 0.4749 $ 0.4749 $ 0.4749 Stockholder servicing fee per share of common stock (0.0710 ) (0.0883 ) (0.0239 ) — Net distributions declared per share of common stock $ 0.4039 $ 0.3866 $ 0.4510 $ 0.4749

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): June 30, 2019 December 31, 2018 Accrued stockholder servicing fee $ 21,748 $ 10,830 Advanced organization and offering costs 6,180 5,822 Performance participation allocation 3,215 — Accrued management fee 419 — Accrued affiliate service provider expenses 90 — Advanced operating expenses 396 102 Total $ 32,048 $ 16,754

Five Year Minimum Rental Paym_2

Five Year Minimum Rental Payments (Tables)	6 Months Ended
	Jun. 30, 2019
Lessor Disclosure [Abstract]
Schedule of Future Minimum Rental Payments Receive	The following table presents the undiscounted future minimum rents the Company expects to receive for its office properties ($ in thousands). Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2019 (remaining) $ 12,331 2020 24,641 2021 22,731 2022 16,682 2023 13,697 Thereafter 29,187 Total $ 119,269

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): June 30, 2019 December 31, 2018 Multifamily $ 187,418 $ — Hotel 258,447 — Office 241,804 — Real Estate-Related Securities 159,718 — Other (Corporate) 71,385 164,963 Total Assets $ 918,772 $ 164,963
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended June 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 4,503 $ — $ 3,183 $ — $ 7,686 Hotel revenue — 10,266 — — 10,266 Other revenue 726 58 9 — 793 Total revenues 5,229 10,324 3,192 — 18,745 Expenses: Rental property operating 1,817 — 916 — 2,733 Hotel operating — 6,036 — — 6,036 Total segment expenses 1,817 6,036 916 — 8,769 Income from real estate-related securities — — — 2,916 2,916 Earnings from unconsolidated real estate ventures — 144 — — 144 Segment net operating income $ 3,412 $ 4,432 $ 2,276 $ 2,916 $ 13,036 Depreciation and amortization $ (2,891 ) $ (2,055 ) $ (2,104 ) $ — $ (7,050 ) General and administrative (889 ) Management fee (1,080 ) Performance participation allocation (2,358 ) Interest income 164 Interest expense (5,347 ) Other expense (72 ) Net loss $ (3,596 ) Net loss attributable to non-controlling interests 18 Net loss attributable to stockholders $ (3,578 ) The following table sets forth the financial results by segment for the six months ended June 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 8,788 $ — $ 3,182 $ — $ 11,970 Hotel revenue — 21,142 — — 21,142 Other revenue 950 87 9 — 1,046 Total revenues 9,738 21,229 3,191 — 34,158 Expenses: Rental property operating 3,579 — 916 — 4,495 Hotel operating — 11,539 — — 11,539 Total segment expenses 3,579 11,539 916 — 16,034 Income from real estate-related securities — — — 3,545 3,545 Earnings from unconsolidated real estate ventures — 187 — — 187 Segment net operating income $ 6,159 $ 9,877 $ 2,275 $ 3,545 $ 21,856 Depreciation and amortization $ (6,196 ) $ (4,108 ) $ (2,104 ) $ — $ (12,408 ) General and administrative (1,801 ) Management fee (1,080 ) Performance participation allocation (3,215 ) Interest income 222 Interest expense (9,472 ) Other expense (168 ) Net loss $ (6,066 ) Net loss attributable to non-controlling interests 18 Net loss attributable to stockholders $ (6,048 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	6 Months Ended
	Jun. 30, 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 | $	$ 383,600,000
Common stock, shares issued	19,096,391
Number of investments owned | Investment	26
Number of real estate related securities position | Position	42
Number of reportable segments | Segment	4
Common Stock Class T
Organization And Business Activities [Line Items]
Common stock, shares issued	644,168	483
Common Stock Class S
Organization And Business Activities [Line Items]
Common stock, shares issued	12,902,379	6,610,280
Common Stock Class D
Organization And Business Activities [Line Items]
Common stock, shares issued	617,605	46,075
Common Stock Class I
Organization And Business Activities [Line Items]
Common stock, shares issued	4,932,239	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 Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Consolidated variable interest entity, assets	$ 252,300		$ 0
Consolidated variable interest entity, liabilities	139,300		$ 0
Fair value of mortgage notes and repurchase agreements	1,000
Deferred income	$ 7,337
Minimum REIT distribution percentage	100.00%
Income tax provision	$ 100	$ 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%
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 | 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%
Dealer Manager | Class S Share And T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage of gross proceeds limit	8.75%
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	$ 7,200		$ 0
Due To Affiliates | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 21,700		$ 10,800

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Assets (Details)	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	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 Land Improvements | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Land 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 - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Jun. 30, 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	Jun. 30, 2019USD ($)
Real Estate Investment Property Net [Abstract]
Building and building improvements	$ 469,265
Land and land improvements	127,007
Furniture, fixtures and equipment	25,920
Total	622,192
Accumulated depreciation	(8,627)
Investments in real estate, net	$ 613,565

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Mar. 13, 2019	Jun. 30, 2019USD ($)Property	Jun. 30, 2019USD ($)Property	Dec. 31, 2018Investment
Real Estate Properties [Line Items]
Number of acquired real estate properties		25	25
Number of acquired real estate investments | Investment				0
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $		$ 12,712	$ 12,712
Earnings from unconsolidated joint ventures | $		$ 144	$ 187
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period			3 years
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period			3 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period			5 years
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties		6	6
Hotel
Real Estate Properties [Line Items]
Number of acquired real estate properties		8	8
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties		11	11

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property
Real Estate Properties [Line Items]
Number of Properties	25
Real Estate Acquisition | $	$ 652,522
Multifamily
Real Estate Properties [Line Items]
Number of Properties	6
Hotel
Real Estate Properties [Line Items]
Number of Properties	8
Office Buildings
Real Estate Properties [Line Items]
Number of Properties	11
Jacksonville/Naples, FL | Florida Multifamily Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[1]
Number of Properties	4
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 104,049
Jacksonville/Naples, FL | Florida Office Portfolio | Office Buildings
Real Estate Properties [Line Items]
Ownership Interest	97.00%	[1]
Number of Properties	11
Acquisition Date	May 31, 2019
Real Estate Acquisition | $	$ 233,287
FL, CO, TN, OH, AR | U.S. Select Service Portfolio | Hotel
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[1]
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%	[1]
Number of Properties	2
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 82,988
[1]	Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests.

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Jun. 30, 2019USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 459,500
Land and land improvements	126,912
Furniture, fixtures and equipment	25,314
In-place lease intangibles	29,108
Above-market lease intangibles	1,544
Below-market lease intangibles	(845)
Other intangibles	101
Total purchase price	641,634	[1]
Assumed mortgage notes	(220,933)	[2]
Non-controlling interest	(2,880)
Net purchase price	417,821
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
In-place lease 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
Florida Office Portfolio
Real Estate Properties [Line Items]
Building and building improvements	158,206
Land and land improvements	45,809
In-place lease intangibles	26,286
Above-market lease intangibles	1,544
Below-market lease intangibles	(845)
Total purchase price	231,000	[1]
Non-controlling interest	(2,880)
Net purchase price	228,120
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
In-place lease 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 $10,888.
[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)	6 Months Ended
	Jun. 30, 2019USD ($)
Real Estate Investment Property Net [Abstract]
Acquisition related costs and acquired working capital	$ 10,888

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Intangible assets:
Total intangible assets, gross	$ 31,884
Total accumulated amortization	(3,829)
Intangible assets, net	28,055
Intangible liabilities:
Below-market lease intangibles	845
Accumulated amortization	(35)
Intangible liabilities, net	810
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	29,140
Total accumulated amortization	(3,741)
Intangible assets, net	25,399
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	1,544
Total accumulated amortization	(48)
Intangible assets, net	1,496
Other
Intangible assets:
Total intangible assets, gross	1,200
Total accumulated amortization	(40)
Intangible assets, net	$ 1,160

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) $ in Thousands	Jun. 30, 2019USD ($)
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 28,055
2019 (remaining)	(141)
2020	(282)
2021	(282)
2022	(87)
2023	(18)
Intangible liabilities, net	(810)
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2019 (remaining)	4,008
2020	7,821
2021	6,326
2022	3,348
2023	1,748
Thereafter	2,148
Intangible assets, net	25,399
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2019 (remaining)	193
2020	387
2021	375
2022	205
2023	185
Thereafter	151
Intangible assets, net	1,496
Other
Finite Lived Intangible Assets [Line Items]
2019 (remaining)	40
2020	80
2021	80
2022	80
2023	80
Thereafter	800
Intangible assets, net	$ 1,160

Investments in Real Estate Rela

Investments in Real Estate Related Securities - Summary of Investments in Real Estate-Related Debt Securities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	42
Cost Basis	$ 139,205
Fair Value	$ 139,914
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	21
Weighted Average Coupon	4.38%
Weighted Average Maturity Date	Feb. 4, 2048
Cost Basis	$ 76,709
Fair Value	$ 77,493
CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	12
Weighted Average Coupon	4.75%
Weighted Average Maturity Date	Feb. 3, 2031
Cost Basis	$ 32,589
Fair Value	$ 32,436
CRT
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	5
Weighted Average Coupon	4.73%
Weighted Average Maturity Date	Aug. 2, 2031
Cost Basis	$ 18,167
Fair Value	$ 18,167
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1
Weighted Average Coupon	4.45%
Weighted Average Maturity Date	Dec. 20, 2021
Cost Basis	$ 5,000
Fair Value	$ 5,000
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	2
Weighted Average Coupon	4.06%
Weighted Average Maturity Date	Oct. 10, 2034
Cost Basis	$ 4,486
Fair Value	$ 4,487
SFR
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1
Weighted Average Coupon	5.06%
Weighted Average Maturity Date	Aug. 17, 2035
Cost Basis	$ 2,254
Fair Value	$ 2,331

Investments in Real Estate Re_2

Investments in Real Estate Related Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Investments Schedule [Abstract]
Unrealized gains on investments in real estate-related securities	$ 0.8	$ 0.7
Realized gains investments in real estate-related securities	$ 0.4	$ 0.4

Mortgage Notes - Summary of Mor

Mortgage Notes - Summary of Mortgage Notes Secured by Company's Properties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 396,371
Deferred financing costs, net	(3,893)
Discount on assumed debt, net	(1,012)
Mortgage notes, net	$ 391,466
One-Month LIBOR
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.40%
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 155,772
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 240,599
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.42%
Principal Balance	$ 155,772
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Aug. 18, 2026
Variable Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 240,599
Variable Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Sep. 23, 2024
Variable Rate Mortgages | Variable Rate Loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.80%

Mortgage Notes - Summary of M_2

Mortgage Notes - Summary of Mortgage Notes Secured by Company's Properties (Parenthetical) (Details)	Jun. 30, 2019
One-Month LIBOR
Debt Instrument [Line Items]
Debt weighted average interest rate	2.40%

Mortgage Notes - Summary of Fut

Mortgage Notes - Summary of Future Principal Payment Under Company's Mortgage Notes (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
2019 (remaining)	$ 715
2020	1,477
2021	49,502
2022	1,624
2023	1,697
Thereafter	341,356
Total	$ 396,371

Mortgage Notes - Additional Inf

Mortgage Notes - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
Interest paid on mortgage notes	$ 5

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements And Securities Lending Transactions (Details) $ in Thousands	Jun. 30, 2019USD ($)
Repurchase Agreements [Line Items]
Collateral Assets	$ 88,184	[1]
Outstanding Balance	$ 68,229
RMBS
Repurchase Agreements [Line Items]
Debt weighted average interest rate	3.44%
Collateral Assets	$ 50,838	[1]
Outstanding Balance	$ 39,047
CLO
Repurchase Agreements [Line Items]
Debt weighted average interest rate	3.38%
Collateral Assets	$ 24,924	[1]
Outstanding Balance	$ 19,249
CRT
Repurchase Agreements [Line Items]
Debt weighted average interest rate	3.25%
Collateral Assets	$ 10,091	[1]
Outstanding Balance	$ 8,236
SFR
Repurchase Agreements [Line Items]
Debt weighted average interest rate	3.50%
Collateral Assets	$ 2,331	[1]
Outstanding Balance	$ 1,697
[1]	Represents the fair value of the Company’s investments in real estate-related securities.

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Repurchase Agreements [Abstract]
Repurchase agreements, interest paid	$ 1.5

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other Assets [Abstract]
Intangible assets	$ 28,055
Acquisition deposits	5,000
Receivables	3,825
Prepaid expenses	1,386
Derivative instruments	530
Interest receivable	734	$ 8
Other	48	34
Total	$ 39,578	$ 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	Jun. 30, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 8,248	$ 187
Deferred income	7,337
Real estate taxes payable	2,227
Distribution payable	1,733
Tenant security deposits	1,210
Accrued interest expense	960
Intangible liabilities	810
Other	2,374
Total	$ 24,899	$ 187

Equity - Additional Information

Equity - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019Classshares
Equity [Abstract]
Number of classes of common stock | Class	4
Number of shares authorized | shares	1,100,000,000
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	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2019shares
Class Of Stock [Line Items]
January 1, 2019	8,198,838
Common stock issued	10,773,685
Distribution reinvestment	123,868
June 30, 2019	19,096,391
Common Stock Class T
Class Of Stock [Line Items]
January 1, 2019	483
Common stock issued	642,315
Distribution reinvestment	1,370
June 30, 2019	644,168
Common Stock Class S
Class Of Stock [Line Items]
January 1, 2019	6,610,280
Common stock issued	6,201,187
Distribution reinvestment	90,912
June 30, 2019	12,902,379
Common Stock Class D
Class Of Stock [Line Items]
January 1, 2019	46,075
Common stock issued	567,977
Distribution reinvestment	3,553
June 30, 2019	617,605
Common Stock Class I
Class Of Stock [Line Items]
January 1, 2019	1,542,000
Common stock issued	3,362,206
Distribution reinvestment	28,033
June 30, 2019	4,932,239

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	6 Months Ended
	Jun. 30, 2019$ / shares
Common Stock Class T
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	$ 0.4749
Stockholder servicing fee per share of common stock	(0.0710)
Net distributions declared per share of common stock	0.4039
Common Stock Class S
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.4749
Stockholder servicing fee per share of common stock	(0.0883)
Net distributions declared per share of common stock	0.3866
Common Stock Class D
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.4749
Stockholder servicing fee per share of common stock	(0.0239)
Net distributions declared per share of common stock	0.4510
Common Stock Class I
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.4749
Net distributions declared per share of common stock	$ 0.4749

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Jan. 03, 2019USD ($)PropertyUnit	Jul. 31, 2019USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)shares	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum				1.25%
Management fees			$ 1,080	$ 1,080
Annual hurdle percentage				5.00%
Recognized liabilities for Performance Participation expense			2,358	$ 3,215
Due to affiliates			32,048	32,048	$ 16,754
Operating expenses			8,769	16,034
Rental property operating
Related Party Transaction [Line Items]
Operating expenses			2,733	4,495
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			21,748	21,748	10,830
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates			6,180	6,180	5,822
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates			90	90
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses				$ 300
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%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates			6,200	$ 6,200	5,800
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates			200	$ 200	100
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares				32,121
Management fees, accrued			400	$ 400
Common Stock Class T, Class S and Class D | Dealer Manager | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			$ 21,700	$ 21,700	$ 10,800
Common Stock Class T, Class S and Class D | Dealer Manager | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			8.75%	8.75%
Subsequent Event | Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares		20,006
Management fees, accrued		$ 400
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	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 32,048	$ 16,754
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	21,748	10,830
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	6,180	5,822
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	3,215
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	419
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	90
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 396	$ 102

Five Year Minimum Rental Paym_3

Five Year Minimum Rental Payments - Schedule of Future Minimum Rental Payments Receive (Details) $ in Thousands	Jun. 30, 2019USD ($)
Lessor Disclosure [Abstract]
2019 (remaining)	$ 12,331
2020	24,641
2021	22,731
2022	16,682
2023	13,697
Thereafter	29,187
Total	$ 119,269

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 918,772	$ 164,963
Multifamily
Segment Reporting Information [Line Items]
Total Assets	187,418
Hotel
Segment Reporting Information [Line Items]
Total Assets	258,447
Office
Segment Reporting Information [Line Items]
Total Assets	241,804
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total Assets	159,718
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 71,385	$ 164,963

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 18,745				$ 34,158
Expenses
Operating expenses	8,769				16,034
Income from real estate-related securities	2,916				3,545
Earnings from unconsolidated real estate ventures	144				187
Segment net operating income	13,036				21,856
Segment net operating income	13,036				21,856
Depreciation and amortization	(7,050)				(12,408)
General and administrative	(889)		$ (15)		(1,801)	$ (31)
Management fee	(1,080)				(1,080)
Performance participation allocation	(2,358)				(3,215)
Interest income	164				222
Interest expense	(5,347)				(9,472)
Other expense	(72)				(168)
Net loss	(3,596)	$ (2,468)	(15)	$ (16)	(6,066)	(31)
Net loss attributable to non-controlling interests in consolidated joint ventures	18				18
Net loss attributable to stockholders	(3,578)		$ (15)		(6,048)	$ (31)
Rental
Revenues
Total revenues	7,686				11,970
Expenses
Operating expenses	2,733				4,495
Hotel Revenue / Expenses
Revenues
Total revenues	10,266				21,142
Expenses
Operating expenses	6,036				11,539
Other revenue
Revenues
Total revenues	793				1,046
Operating Segments | Multifamily
Revenues
Total revenues	5,229				9,738
Expenses
Operating expenses	1,817				3,579
Segment net operating income	3,412				6,159
Segment net operating income	3,412				6,159
Depreciation and amortization	(2,891)				(6,196)
Operating Segments | Hotel
Revenues
Total revenues	10,324				21,229
Expenses
Operating expenses	6,036				11,539
Earnings from unconsolidated real estate ventures	144				187
Segment net operating income	4,432				9,877
Segment net operating income	4,432				9,877
Depreciation and amortization	(2,055)				(4,108)
Operating Segments | Office
Revenues
Total revenues	3,192				3,191
Expenses
Operating expenses	916				916
Segment net operating income	2,276				2,275
Segment net operating income	2,276				2,275
Depreciation and amortization	(2,104)				(2,104)
Operating Segments | Real Estate-Related Securities
Expenses
Income from real estate-related securities	2,916				3,545
Segment net operating income	2,916				3,545
Segment net operating income	2,916				3,545
Operating Segments | Rental | Multifamily
Revenues
Total revenues	4,503				8,788
Expenses
Operating expenses	1,817				3,579
Operating Segments | Rental | Office
Revenues
Total revenues	3,183				3,182
Expenses
Operating expenses	916				916
Operating Segments | Hotel Revenue / Expenses | Hotel
Revenues
Total revenues	10,266				21,142
Expenses
Operating expenses	6,036				11,539
Operating Segments | Other revenue | Multifamily
Revenues
Total revenues	726				950
Operating Segments | Other revenue | Hotel
Revenues
Total revenues	58				87
Operating Segments | Other revenue | Office
Revenues
Total revenues	$ 9				$ 9

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	Aug. 12, 2019USD ($)shares	Jul. 25, 2019USD ($)Unit	Jun. 30, 2019USD ($)shares	Dec. 31, 2018shares
Subsequent Event [Line Items]
Common stock, shares issued			19,096,391
Proceeds from issuance of common stock | $			$ 218,953
Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued			644,168	483
Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued			12,902,379	6,610,280
Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued			617,605	46,075
Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued			4,932,239	1,542,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued	24,981,533
Proceeds from issuance of common stock | $	$ 507,000
Subsequent Event | Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued	862,745
Subsequent Event | Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued	16,403,971
Subsequent Event | Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued	971,673
Subsequent Event | Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued	6,743,144
Subsequent Event | Multifamily | Maryland
Subsequent Event [Line Items]
Acquisition Date		Jul. 25, 2019
Real Estate Acquisition | $		$ 86,700
Number of units in real estate properties | Unit		335