Starwood Real Estate Income Trust 10-K 20 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 20, 2020
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Public Float	$ 0
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	000-56046
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2023409
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
Document Annual Report	true
Document Transition Report	false
No Trading Symbol Flag	true
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,016,251
Title of 12(g) Security	Class T Common Stock, $0.01 par value per share
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,762,788
Title of 12(g) Security	Class S Common Stock, $0.01 par value per share
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,293,273
Title of 12(g) Security	Class D Common Stock, $0.01 par value per share
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,066,651
Title of 12(g) Security	Class I Common Stock, $0.01 par value per share

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Investments in real estate, net	$ 1,798,044
Investments in real estate-related securities	277,651
Investments in unconsolidated real estate ventures	12,169
Cash and cash equivalents	48,479	$ 164,021
Restricted cash	140,482	900
Other assets	113,497	42
Total assets	2,390,322	164,963
Liabilities and Equity
Mortgage notes and revolving credit facility, net	1,238,102
Repurchase agreements	81,035
Accounts payable, accrued expenses and other liabilities	47,979	187
Subscriptions received in advance	110,618	900
Due to affiliates	63,341	16,754
Total liabilities	1,541,075	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 December 31, 2019 and December 31, 2018
Additional paid-in capital	883,506	148,770
Accumulated deficit and cumulative distributions	(46,697)	(1,729)
Total stockholders' equity	837,263	147,122
Non-controlling interests in consolidated joint ventures	11,984
Total equity	849,247	147,122
Total liabilities and equity	2,390,322	164,963
Common Stock Class T
Equity
Common stock value	14
Common Stock Class S
Equity
Common stock value	262	66
Common Stock Class D
Equity
Common stock value	17
Common Stock Class I
Equity
Common stock value	$ 161	$ 15

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares outstanding	45,344,735	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	1,412,563	483
Common stock, shares outstanding	1,412,563	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	26,164,794	6,610,280
Common stock, shares outstanding	26,164,794	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	1,653,094	46,075
Common stock, shares outstanding	1,653,094	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	16,114,284	1,542,000
Common stock, shares outstanding	16,114,284	1,542,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues		$ 94,308
Expenses
Operating expenses		41,970
General and administrative	$ 36	4,523	$ 1,745
Management fees		5,469
Performance participation allocation		10,366
Depreciation and amortization		38,896
Total expenses	36	101,224	1,745
Other income (expense)
Earnings from unconsolidated real estate ventures		175
Income from real estate-related securities		10,158
Interest income		1,039	52
Interest expense		(25,311)
Other expense		(123)
Total other (expense) income		(14,062)	52
Net loss	(36)	(20,978)	(1,693)
Net loss attributable to non-controlling interests in consolidated joint ventures		152
Net loss attributable to stockholders	$ (36)	$ (20,826)	$ (1,693)
Net loss per share of common stock, basic and diluted	$ (3.59)	$ (0.91)	$ (6.59)
Weighted-average shares of common stock outstanding, basic and diluted	10,000	23,032,351	256,787
Rental revenue
Revenues
Total revenues		$ 51,790
Hotel revenue
Revenues
Total revenues		40,559
Other revenue
Revenues
Total revenues		1,959
Rental property operating
Expenses
Operating expenses		18,463
Hotel operating
Expenses
Operating expenses		$ 23,507

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	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
Balance (Date of Initial Capitalization) at Jul. 12, 2017	$ 200	$ 200					$ 200
Net loss	(36)	(36)						$ (36)
Ending Balance at Dec. 31, 2017	164	164					200	(36)
Common stock issued	164,674	164,674		$ 66		$ 15	164,593
Offering costs	(16,103)	(16,103)					(16,103)
Amortization of restricted stock grants	80	80					80
Net loss	(1,693)	(1,693)						(1,693)
Ending Balance at Dec. 31, 2018	147,122	147,122		66		15	148,770	(1,729)
Common stock issued	766,173	766,173	$ 14	192	$ 17	145	765,805
Offering costs	(42,156)	(42,156)					(42,156)
Distribution reinvestments	11,227	11,227		4		1	11,222
Amortization of restricted stock grants	71	71					71
Common stock repurchased	(206)	(206)					(206)
Net loss	(20,978)	(20,826)						(20,826)	$ (152)
Contributions from non-controlling interests	12,520								12,520
Distributions to non-controlling interests	(384)								(384)
Distributions declared on common stock (see Note 9)	(24,142)	(24,142)						(24,142)
Ending Balance at Dec. 31, 2019	$ 849,247	$ 837,263	$ 14	$ 262	$ 17	$ 161	$ 883,506	$ (46,697)	$ 11,984

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (36)	$ (20,978)	$ (1,693)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees		5,469
Performance participation allocation		10,366
Depreciation and amortization		38,896
Amortization of deferred financing costs		1,050
Deferred income amortization		(1,566)
Unrealized loss on changes in fair value of financial instruments		256
Gains on sales of real estate-related securities		(600)
Amortization of restricted stock grants		71	80
Distributions from investments in unconsolidated real estate ventures		551
Earnings from unconsolidated real estate ventures		(175)
Other items		20
Change in assets and liabilities
Increase in other assets		(8,779)	(42)
Increase in due to affiliates		460	1,549
Increase in accounts payable, accrued expenses and other liabilities	36	26,064	151
Net cash provided by operating activities		51,105	45
Cash flows from investing activities
Acquisitions of real estate		(1,607,245)
Capital improvements to real estate		(7,610)
Purchase of real estate-related securities		(454,275)
Proceeds from settlement of real estate-related securities		178,696
Net cash used in investing activities		(1,890,434)
Cash flows from financing activities
Proceeds from issuance of common stock		761,712	164,674
Offering costs paid		(7,434)	(898)
Subscriptions received in advance, net		109,718	900
Repurchase of common stock		(206)
Borrowings from mortgage notes and revolving credit facility		996,065
Repayments of mortgage notes and revolving credit facility		(72,906)
Net borrowings under repurchase agreements		81,035
Payment of deferred financing costs		(8,052)
Contributions from non-controlling interests		12,520
Distributions to non-controlling interests		(384)
Distributions		(8,699)
Net cash provided by financing activities		1,863,369	164,676
Net change in cash and cash equivalents and restricted cash		24,040	164,721
Cash and cash equivalents and restricted cash at the beginning of period	200	164,921	200
Cash and cash equivalents and restricted cash at the end of period	200	188,961	164,921
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	200	48,479	164,021
Restricted cash		140,482	900
Cash and cash equivalents and restricted cash at the end of period	$ 200	188,961	164,921
Non-cash financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate		328,664
Accrued stockholder servicing fee due to affiliate		35,640	10,830
Accrued offering costs due to affiliates		1,468	$ 4,375
Accrued distributions		4,216
Distribution reinvestment		$ 11,227

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Starwood Real Estate Income Trust, Inc. (the “Company”) was formed on June 22, 2017 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes 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 is expected to be principally 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. The Company intends to continue selling shares on a monthly basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 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 is 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. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. 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 Shorter of useful life or 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 Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Company’s 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. During the periods presented, no such impairment occurred. Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded 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. 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 an 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 December 31, 2019, the fair value of the Company’s mortgage notes, revolving credit facility and repurchase agreements was approximately $0.1 million above the outstanding principal balance. 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. As of December 31, 2019, the fair value of the Company’s derivatives was approximately $1.7 million below their cost. The fair values of the Company’s financial instruments (other than real estate-related securities, mortgage notes, revolving credit facility 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 and leasing 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 are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s revolving credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. 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 fixed contractual base rent arising from tenant leases at the Company’s multifamily, industrial and office properties under operating leases. Revenue under operating leases that are deemed probable of collection, 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. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. 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. For certain housing development loans, 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 December 31, 2019 and 2018, deferred income related to these loans amounted to $6.6 million and $0.0 million, 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. As of December 31, 2019 and 2018, Other revenue related to these loans amounted to $1.5 million and $0.0 million, respectively. Other revenues and interest income are recorded on an accrual basis. Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are The Advisor advanced organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses 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 December 31, 2019 and 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 based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Class T Shares Class S Shares Class D Shares Class I Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. There is no stockholder servicing fee with respect to Class I 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 the shares held by such stockholder within such account 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 December 31, 2019 and 2018, the Company had accrued $44.1 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 elect to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ending December 31, 2019. If the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to our taxable REIT subsidiaries (“TRSs”) and (3) certain state or local income taxes. In anticipation of the Company’s REIT election, the Company has formed wholly-owned subsidiaries to function as TRS’s. 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, at regular corporate tax rates. 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 filed as a taxable corporation for its tax year ended December 31, 2018. For the years ended December 31, 2019 and 2018, the Company recognized an income tax expense of $0.1 million and $0.0 million, respectively, within Other expense on the Company’s Consolidated Statements of Operations. As of December 31, 2019 and 2018, the Company recorded a deferred tax liability of $0.1 million and $0.0 million respectively, due to its hotel investments within Other Assets on the Company’s Consolidated Balance Sheets. 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 both basic and diluted shares for the years ended December 31, 2019 and 2018. 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 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses Leases—Lessor In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. The Company has determined the application of this ASU does not materially impact the Company. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and also improve consistent application by clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, with the amendments to be applied on a retrospective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the impact of adopting this guidance.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2019 Building and building improvements $ 1,455,204 Land and land improvements 322,520 Furniture, fixtures and equipment 46,268 Total 1,823,992 Accumulated depreciation (25,948 ) Investments in real estate, net $ 1,798,044 During 2019, the Company acquired interests in 71 properties, which were comprised of 16 multifamily properties, eight hotel properties, 12 office buildings, 33 industrial assets and two other properties. As of December 31, 2018, the Company had not commenced its principal operations and had not acquired any real estate investment properties. The following table provides further details of the properties acquired during the year ended December 31, 2019 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Sector Acquisition Date Real Estate Acquisition (2) 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 Columbus Mixed Use Portfolio 96% 5 Columbus, OH Multifamily/Office September-October 2019 279,513 Midwest Industrial Portfolio 95% 33 IL, IN, OH, WI Industrial November 2019 322,451 Savannah Multifamily 100% 1 Savannah, GA Multifamily January 2019 36,847 Phoenix Multifamily 100% 1 Mesa, AZ Multifamily January 2019 46,779 Concord Park Apartments 100% 1 Fort Meade, MD Multifamily July 2019 88,203 Cascades Apartments 100% 1 Charlotte, NC Multifamily October 2019 109,824 Thornton Apartments 100% 1 Alexandria, VA Multifamily October 2019 181,678 Exchange on Erwin 100% 3 Durham, NC Multifamily/Office/Other November 2019 112,385 The Griffin 100% 1 Scottsdale, AZ Multifamily December 2019 96,634 Avida Apartments 100% 1 Salt Lake City, UT Multifamily December 2019 87,381 71 $ 1,931,229 (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. (2) The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ in thousands): Midwest Industrial Portfolio Florida Office Portfolio Thornton Apartments U.S. Select- Service Portfolio Columbus Mixed Use Portfolio All Other Total Building and building improvements $ 233,915 $ 158,206 $ 144,345 $ 164,266 $ 214,109 $ 521,414 $ 1,436,255 Land and land improvements 60,045 45,809 30,472 42,256 17,262 125,014 320,858 Furniture, fixtures and equipment — — 2,581 22,377 9,531 10,769 45,258 In-place lease intangibles 24,061 26,286 2,776 — 11,534 12,948 77,605 Above-market lease intangibles 2,839 1,544 — — 90 909 5,382 Below-market lease intangibles (2,585 ) (846 ) — — (2,549 ) (1,059 ) (7,039 ) Other intangibles 1,350 — — 101 25,023 2,219 28,693 Total purchase price ( 1) $ 319,625 $ 230,999 $ 180,174 $ 229,000 $ 275,000 $ 672,214 $ 1,907,012 Assumed mortgage notes ( 2) — — — (84,013 ) (107,731 ) (136,920 ) (328,664 ) Non-controlling interest (5,480 ) (2,880 ) — — (3,363 ) — (11,723 ) Net purchase price $ 314,145 $ 228,119 $ 180,174 $ 144,987 $ 163,906 $ 535,294 $ 1,566,625 (1) ( 2 ) The weighted-average amortization periods for the acquired below-market lease intangibles, in-place lease intangibles, above-market lease intangibles and other intangibles for the properties acquired during the year ended December 31, 2019 were six years, four years, five years and twelve 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 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 $12.2 million as of December 31, 2019. The Company’s income from its investment in the Joint Venture is presented in Earnings from unconsolidated real estate ventures on the Company’s Consolidated Statements of Operations and totaled $0.2 million for the year ended December 31, 2019.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2019 Intangible assets: (1) In-place lease intangibles $ 77,311 Above-market lease intangibles 5,387 Other 30,801 Total intangible assets 113,499 Accumulated amortization: In-place lease amortization (12,341 ) Above-market lease intangibles (318 ) Other (635 ) Total accumulated amortization (13,294 ) Intangible assets, net $ 100,205 Intangible liabilities: (2) Below-market lease intangibles $ 7,032 Accumulated amortization (331 ) Intangible liabilities, net $ 6,701 (1) Included in other assets on the Company’s Consolidated Balance Sheets. (2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2019 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2020 $ 24,109 $ 1,090 $ 3,240 $ (1,329 ) 2021 14,218 1,039 2,933 (1,301 ) 2022 9,788 782 2,924 (1,050 ) 2023 6,184 695 2,839 (869 ) 2024 4,053 414 2,825 (678 ) Thereafter 6,618 1,049 15,405 (1,474 ) $ 64,970 $ 5,069 $ 30,166 $ (6,701 ) As of December 31, 2018, the Company had not commenced its principal operations and had no intangibles.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2019
Schedule Of Investments [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 December 31, 2019 ($ in thousands): Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 49 3.84% September 29, 2046 $ 185,822 $ 187,226 CLO 12 6.12% May 11, 2031 29,302 29,236 CRT 5 4.03% May 29, 2034 37,000 37,066 SFR 5 3.72% November 26, 2036 12,583 12,552 CMBS 4 3.73% March 13, 2037 11,473 11,571 75 $ 276,180 $ 277,651 (1) As of December 31, 2019, our RMBS securities had floating rate coupons ranging from 0.00% to 7.95%, our CLO securities had floating rate coupons ranging from 4.62% to 8.49%, our CRT securities had floating rate coupons ranging from 3.79% to 4.24%, our SFR securities had floating rate coupons ranging from 3.37% to 4.22%, and our CMBS securities had floating rate coupons ranging from 3.61% to 5.76%. (2) 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 single-family rental (“SFR”) securitizations and commercial mortgage-backed securities (“CMBS”). During the year ended December 31, 2019, the Company recorded net unrealized gains and realized gains on its real estate-related securities portfolio of $1.5 million and $0.6 million, respectively. Such amounts are recorded as a component of Income from real estate-related securities on its Consolidated Statements of Operations.

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Mortgage Notes and Revolving Credit Facility	6. Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of December 31, 2019 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Maximum Facility Size Principal Balance (2) Fixed rate loans Fixed rate mortgages 3.61% 5/5/2029 N/A $ 1,004,423 Total fixed rate loans 1,004,423 Variable rate loans Floating rate mortgages L + 1.80% 9/28/2024 N/A 240,599 Variable rate revolving credit facility (3) L + 2.00% 10/21/2020 $ 200,000 — Total variable rate loans 240,599 Total loans secured by the Company's properties 1,245,022 Deferred financing costs, net (7,136 ) Discount on assumed debt, net 216 Mortgage notes and revolving credit facility, net $ 1,238,102 (1) (2) The majority of the Company’s mortgages contain yield or spread maintenance provisions. ( 3 ) The Company’s revolving credit facility is used as bridge financing and can be drawn upon to fund the acquisition of future real estate investments. The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of December 31, 2019 ($ in thousands): Year Amount 2020 $ 2,962 2021 51,049 2022 3,235 2023 3,931 2024 213,561 Thereafter 970,284 Total $ 1,245,022 Interest paid on the Company’s mortgage notes and revolving credit facility for the year ended December 31, 2019 was $17.4 million. The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of noncompliance with financial covenants as of December 31, 2019.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2019
Repurchase Agreements [Abstract]
Repurchase Agreements	7. 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): December 31, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.64% $ 52,718 $ 43,640 CLO 4.71% 7,962 6,159 CRT 2.48% 37,066 31,236 $ 97,746 $ 81,035 (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 year ended December 31, 2019 was $3.1 million.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2019
Other Assets And Other Liabilities [Abstract]
Other Assets and Liabilities	8. Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): December 31, 2019 December 31, 2018 Intangible assets, net $ 100,205 $ — Acquisition deposits 3,050 — Receivables 7,763 — Prepaid expenses 1,456 — Derivative instruments 203 — Interest receivable — 8 Other 820 34 Total $ 113,497 $ 42 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): December 31, 2019 December 31, 2018 Accounts payable and accrued expenses $ 10,188 $ 187 Deferred income 6,707 — Real estate taxes payable 6,513 — Distributions payable 4,216 — Tenant security deposits 3,547 — Accrued interest expense 1,993 — Intangible liabilities, net 6,701 — Other 8,114 — Total $ 47,979 $ 187

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	9. Equity Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights. As of December 31, 2019, the Company had the authority to issue 1,100,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock: Year ended December 31, 2018 Class T Class S Class D Class I Total January 1, 2018 — — — 10,000 10,000 Common stock issued 483 6,610,280 46,075 1,532,000 8,188,838 December 31, 2018 483 6,610,280 46,075 1,542,000 8,198,838 Year ended December 31, 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 1,401,818 19,176,803 1,584,566 14,448,819 36,612,006 Distribution reinvestment 10,262 383,218 22,453 122,455 538,388 Common stock repurchased — (5,507 ) — (4,843 ) (10,350 ) Independent directors' restricted stock grant (1) — — — 5,853 5,853 December 31, 2019 1,412,563 26,164,794 1,653,094 16,114,284 45,344,735 ( 1) The independent directors’ restricted stock grant represents aggregate $0.2 million of the annual compensation paid to the independent directors for the years ended December 31, 2019. The grant is amortized over the one-year service period of such grant. 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 Code. The following table details the aggregate distributions declared for each applicable class of common stock for the year ended December 31, 2019: Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.0905 $ 1.0905 $ 1.0905 $ 1.0905 Stockholder servicing fee per share of common stock (0.1608 ) (0.1787 ) (0.0503 ) — Net distributions declared per share of common stock $ 0.9297 $ 0.9118 $ 1.0402 $ 1.0905 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. For the year ended December 31, 2019, the Company repurchased 10,350 shares of common stock representing a total of $0.2 million. The Company had no unfulfilled repurchase requests during the year ended December 31, 2019. 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	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Acquisition of Initial Investments On January 3, 2019, the Company acquired a multifamily property portfolio (the “Florida Multifamily Portfolio”) from an affiliate of the Advisor, for approximately $100 million, excluding closing costs. The Florida Multifamily Portfolio is a garden style multifamily portfolio totaling 1,150 units and comprised of two properties located in Jacksonville, Florida and two properties located in Naples, Florida. The affiliate of the Advisor acquired the Florida Multifamily Portfolio on October 5, 2018 from an unaffiliated third party for approximately $100 million, excluding closing costs. On January 3, 2019, the Company acquired 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 waived its management fee through March 31, 2019. During the year ended December 31, 2019, the Company incurred management fees of $5.5 million. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. The Company issued 210,827 unregistered Class I shares to the Advisor as payment for the management fee and also had a payable of $1.0 million related to the management fee as of December 31, 2019, which is included in Due to affiliates on the Company’s Consolidated Balance Sheets. During January 2020, the Advisor was issued 48,049 unregistered Class I shares as payment for the $1.0 million management fee accrued as of December 31, 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 year ended December 31, 2019, the Company recognized $10.4 million of performance participation allocation in the Company’s Consolidated Statements of Operations as the performance hurdle was achieved as of December 31, 2019. The 2019 performance participation allocation became payable on December 31, 2019 and, in January 2020, the Company issued 480,539 Class I units in the Operating Partnership to the Special Limited Partner as payment for the 2019 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2019. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): December 31, 2019 December 31, 2018 Accrued stockholder servicing fee $ 44,086 $ 10,830 Advanced organization and offering costs 7,290 5,822 Performance participation allocation 10,366 — Accrued management fee 1,037 — Accrued affiliate service provider expenses 112 — Advanced operating expenses 450 102 Total $ 63,341 $ 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 December 31, 2019 and 2018, the Company has accrued $44.1 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 December 31, 2019 and 2018, the Advisor and its affiliates have incurred $7.3 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 December 21, 2019. Such amounts will be reimbursed to the Advisor ratably over 60 months beginning after December 21, 2019. Advanced operating expenses As of December 31, 2018, the Advisor had advanced approximately $0.1 million 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 December 31, 2019, the Advisor had advanced approximately $0.3 million 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. As of December 31, 2018, the Advisor had not advanced general corporate expenses on the Company’s behalf. 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 a portion of 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 year ended December 31, 2019, the Company has incurred approximately $0.7 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	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of December 31, 2019 and 2018, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Future Lease Payments

Future Lease Payments	12 Months Ended
	Dec. 31, 2019
Lessor Disclosure [Abstract]
Future Lease Payments	12. Future Lease Payments The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial and 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 2020 $ 52,637 2021 48,964 2022 41,377 2023 35,068 2024 28,287 Thereafter 67,734 Total $ 274,067

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	13. Segment Reporting The Company operates in six reportable segments: Multifamily properties, Hotel properties, Industrial properties, Office properties, Other 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): December 31, 2019 December 31, 2018 Multifamily $ 1,038,777 $ — Hotel 253,273 — Industrial 330,110 — Office 303,396 — Other 39,143 — Real Estate-Related Securities 277,651 — Other (Corporate) 147,972 164,963 Total Assets $ 2,390,322 $ 164,963 The following table sets forth the financial results by segment for the year ended December 31, 2019 ($ in thousands): Multifamily Hotel Industrial Office Other Real Estate Related Securities Total Revenues: Rental revenue $ 29,768 $ — $ 2,489 $ 19,022 $ 511 $ — $ 51,790 Hotel revenue — 40,559 — — — — 40,559 Other revenue 1,669 259 — 31 — — 1,959 Total revenues 31,437 40,818 2,489 19,053 511 — 94,308 Expenses: Rental property operating 11,396 — 583 6,388 96 — 18,463 Hotel operating — 23,507 — — — — 23,507 Total segment expenses 11,396 23,507 583 6,388 96 — 41,970 Income from real estate-related securities — — — — — 10,158 10,158 Earnings from unconsolidated real estate ventures — 175 — — — — 175 Segment net operating income $ 20,041 $ 17,486 $ 1,906 $ 12,665 $ 415 $ 10,158 $ 62,671 Depreciation and amortization $ (17,520 ) $ (8,239 ) $ (1,570 ) $ (11,312 ) $ (255 ) $ — $ (38,896 ) General and administrative (4,523 ) Management fees (5,469 ) Performance participation allocation (10,366 ) Interest income 1,039 Interest expense (25,311 ) Other expense (123 ) Net loss $ (20,978 ) Net loss attributable to non-controlling interests in consolidated joint ventures 152 Net loss attributable to stockholders $ (20,826 )

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	14 . Quarterly Financial Information (Unaudited) The following tables present the Company’s quarterly results ($ in thousands): 2019 March 31 June 30 September 30 December 31 Total revenues $ 15,415 $ 18,745 $ 24,026 $ 36,122 Net loss $ (2,468 ) $ (3,578 ) $ (3,051 ) $ (11,729 ) Net loss per share, basic and diluted $ (0.24 ) $ (0.22 ) $ (0.12 ) $ (0.30 ) 2018 March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ (16 ) $ (16 ) $ (16 ) $ (1,645 ) Net loss per share, basic and diluted $ (1.55 ) $ (1.60 ) $ (1.60 ) $ (1.66 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	15 . Subsequent Events Acquisitions Subsequent to December 31, 2019, the Company acquired an aggregate of approximately $1.5 billion of real estate across four separate transactions, exclusive of closing costs and related working capital. The acquisitions were related to multifamily and office properties. Subsequent to December 31, 2019, the Company acquired approximately $78.4 million of real estate-related securities. Coronavirus Outbreak In December 2019, a novel strain of coronavirus emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions to its economy, it has now spread to several other countries and infections have been reported globally. The World Health Organization has declared the coronavirus outbreak a pandemic, and the Health and Human Services Secretary has declared a public health emergency in the United States in response to the outbreak. Due to the fact the Company’s property portfolio is comprised entirely of real property located in the United States, the coronavirus will impact the Company’s operating results to the extent that its continued spread reduces occupancy, negatively impacts the ability to obtain necessary goods and services or provide adequate staffing, increases the cost of operation or results in limited hours or necessitates the closure of the Company’s properties. The extent to which the coronavirus impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of the coronavirus and the actions taken to contain the coronavirus or treat its impact, among others. At this time, the Company is unable to estimate the impact of this event on its operations. Dealer Manager Agreement On February 3, 2020, the Company and the Dealer Manager entered into the Amended and Restated Dealer Manager Agreement (the “Amended and Restated Dealer Manager Agreement”) that made certain changes to the underwriting compensation paid with respect to the Class D Shares, among other changes. Pursuant to the Amended and Restated Dealer Manager Agreement, the Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D Share sold in the primary portion of the public offering. Status of the Offering As of March 20, 2020, the Company had sold an aggregate of 64,867,752 shares of its common stock (consisting of 2,020,916 Class T shares, 35,793,975 Class S shares, 2,295,861 Class D shares, and 24,757,000 Class I shares) in the Offering resulting in

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2019 ($ in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period (2) Description Location Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation Year Built Year Acquired Depreciable Lives (1) Multifamily properties: Phoenix Property Mesa, AZ $ 32,239 $ 9,472 $ 35,909 $ 33 $ 252 $ 9,505 $ 36,161 $ 45,666 $ (1,743 ) 1997 2019 (1) Savannah Property Savannah, GA 25,412 3,671 31,351 34 20 3,705 31,371 35,076 (1,362 ) 2017 2019 (1) Florida Multifamily Portfolio Lindsey Terrance Jacksonville, FL 20,948 6,828 20,356 80 170 6,908 20,526 27,434 (1,052 ) 2002 2019 (1) Grande Court Jacksonville, FL 15,474 4,746 17,564 2 112 4,748 17,676 22,424 (779 ) 2002 2019 (1) Noah's Landing Jacksonville, FL 16,889 6,517 17,121 54 181 6,571 17,302 23,873 (774 ) 2002 2019 (1) Tuscan Isle Jacksonville, FL 19,157 7,528 19,904 86 257 7,614 20,161 27,775 (926 ) 2001 2019 (1) Concord Park Apartments Fort Meade, MD 61,810 20,082 67,141 11 83 20,093 67,224 87,317 (854 ) 2005 2019 (1) Kaufman Portfolio 80 on the Commons Columbus, OH 17,991 1,723 29,200 — 30 1,723 29,230 30,953 (182 ) 2018 2019 (1) Gramercy Columbus, OH 35,903 6,160 41,175 — — 6,160 41,175 47,335 (318 ) 2013 2019 (1) 250 High Columbus, OH 20,760 1,445 28,018 — 5 1,445 28,023 29,468 (116 ) 2015 2019 (1) 600 Goodale Columbus, OH 27,413 1,943 29,770 — — 1,943 29,770 31,713 (126 ) 2013 2019 (1) 801 Polaris Columbus, OH 33,109 2,930 39,135 — — 2,930 39,135 42,065 (169 ) 2015 2019 (1) Cascades Apartments Charlotte, NC 72,195 12,711 92,689 — 36 12,711 92,725 105,436 (445 ) 2009/2012 2019 (1) Thornton Apartments Alexandria, VA 118,151 30,472 145,504 — — 30,472 145,504 175,976 (633 ) 2018 2019 (1) Exchange on Erwin Durham, NC 50,542 15,051 58,101 — — 15,051 58,101 73,152 (255 ) 2018 2019 (1) The Griffin Scottsdale, AZ 64,686 17,614 74,940 — 17 17,614 74,957 92,571 (94 ) 2019 2019 (1) Avida Apartments Salt Lake City, UT 56,355 7,218 73,744 — 10 7,218 73,754 80,972 (97 ) 2012 2019 (1) Total Multifamily Properties $ 689,034 $ 156,111 $ 821,622 $ 300 $ 1,173 $ 156,411 $ 822,795 $ 979,206 $ (9,925 ) Industrial properties: Midwest Industrial Portfolio 201 Swift Road Addison, IL (3) $ 210,027 $ 1,683 $ 6,592 $ — $ — $ 1,683 $ 6,592 $ 8,275 $ (26 ) 1995 2019 (1) 221 Swift Road Addison, IL (3) — 1,790 7,009 — — 1,790 7,009 8,799 (28 ) 1995 2019 (1) 13005 Hamlin Court Alsip, IL (3) — 1,441 5,644 — — 1,441 5,644 7,085 (22 ) 2014 2019 (1) 1695 Glen Ellyn Drive Glendale Heights, IL (3) — 1,397 5,471 — — 1,397 5,471 6,868 (22 ) 2006 2019 (1) 845 Telser Road Lake Zurich, IL (3) — 885 3,468 — — 885 3,468 4,353 (14 ) 2016 2019 (1) 1245-1247 Lakeside Drive Romeoville, IL (3) — 1,140 4,464 — — 1,140 4,464 5,604 (18 ) 1998 2019 (1) 775 Commerce Parkway West Drive Greenwood, IN (3) — 2,547 9,977 — — 2,547 9,977 12,524 (39 ) 2014 2019 (1) 999 Gerdt Court Greenwood, IN (3) — 1,620 6,345 — — 1,620 6,345 7,965 (25 ) 2001 2019 (1) 1600-1640 Northwind Pkwy Hobart, IN (3) — 735 2,877 — — 735 2,877 3,612 (11 ) 2007 2019 (1) 1650 Northwind Pkwy Hobart, IN (3) — 737 2,885 — — 737 2,885 3,622 (11 ) 2007 2019 (1) 1701-21 Northwind Pkwy Hobart, IN (3) — 1,385 5,423 — — 1,385 5,423 6,808 (21 ) 2005 2019 (1) 1851 Northwind Parkway Hobart, IN (3) — 706 2,767 — — 706 2,767 3,473 (11 ) 2015 2019 (1) 1901-51 Northwind Pkwy Hobart, IN (3) — 1,484 5,810 — — 1,484 5,810 7,294 (23 ) 2006 2019 (1) 6241 Northwind Pkwy Hobart, IN (3) — 2,195 8,596 — — 2,195 8,596 10,791 (34 ) 2008 2019 (1) 6451 Northwind Parkway Hobart, IN (3) — 2,166 8,485 — — 2,166 8,485 10,651 (33 ) 2016 2019 (1) 8401 Bearing Drive Indianapolis, IN (3) — 3,829 14,997 — — 3,829 14,997 18,826 (59 ) 2015 2019 (1) 8411 Bearing Drive Indianapolis, IN (3) — 1,674 6,555 — — 1,674 6,555 8,229 (26 ) 2015 2019 (1) 8461 Bearing Drive Indianapolis, IN (3) — 2,506 9,815 — — 2,506 9,815 12,321 (39 ) 2015 2019 (1) 101 45th Street Munster, IN (3) — 4,522 17,707 — — 4,522 17,707 22,229 (69 ) 1991 2019 (1) 215 45th Street Munster, IN (3) — 904 3,542 — — 904 3,542 4,446 (14 ) 1999 2019 (1) 225 45th Street Munster, IN (3) — 622 2,435 — — 622 2,435 3,057 (10 ) 2000 2019 (1) 235 West 45th Street Munster, IN (3) — 626 2,453 — — 626 2,453 3,079 (10 ) 2000 2019 (1) 333 45th Street Munster, IN (3) — 1,978 7,747 — — 1,978 7,747 9,725 (31 ) 1999 2019 (1) 480 West 45th Street Munster, IN (3) — 1,870 7,323 — — 1,870 7,323 9,193 (29 ) 2003 2019 (1) 3890 Perry Boulevard Whitestown, IN (3) — 1,149 4,501 — — 1,149 4,501 5,650 (18 ) 2008 2019 (1) 4750 S Indianapolis Rd Whitestown, IN (3) — 3,741 14,652 — — 3,741 14,652 18,393 (58 ) 2016 2019 (1) 4990 Indianapolis Road Whitestown, IN (3) — 2,376 9,305 — — 2,376 9,305 11,681 (37 ) 2016 2019 (1) 5701 Meadows Drive Grove City, OH (3) — 2,487 9,739 — — 2,487 9,739 12,226 (38 ) 1997 2019 (1) 5900 Meadows Drive Grove City, OH (3) — 2,637 10,329 — — 2,637 10,329 12,966 (41 ) 1997 2019 (1) 2240 Creekside Parkway Lockbourne, OH (3) — 2,261 8,854 — — 2,261 8,854 11,115 (35 ) 2012 2019 (1) 4410 North 132nd Street Butler, WI (3) — 1,648 6,456 — — 1,648 6,456 8,104 (25 ) 1998 2019 (1) 4700 North Ironwood Drive Butler, WI (3) — 1,606 6,290 — — 1,606 6,290 7,896 (25 ) 2000 2019 (1) W234 N2091 Ridgeview Parkway Court Butler, WI (3) — 1,867 7,312 — — 1,867 7,312 9,179 (29 ) 2002 2019 (1) Total Industrial Properties $ 210,027 $ 60,214 $ 235,825 $ — $ — $ 60,214 $ 235,825 $ 296,039 $ (931 ) Hotel properties: U.S. Select Service Portfolio Hyatt Place Boulder Boulder, CO (4) $ 47,948 $ 13,890 $ 33,673 $ — $ 100 $ 13,890 $ 33,773 $ 47,663 $ (992 ) 2015 2019 (1) Residence Inn Tampa Tampa, FL 22,800 7,826 33,325 — 644 7,826 33,969 41,795 (877 ) 2001 2019 (1) Courtyard by Marriott Fort Myers Fort Myers, FL 15,264 5,522 21,035 — 567 5,522 21,602 27,124 (561 ) 2007 2019 (1) TownePlace Suites Tampa Tampa, FL 12,154 5,064 16,712 — 407 5,064 17,119 22,183 (443 ) 2008 2019 (1) Residence Inn Cleveland Cleveland, OH (4) — 2,867 19,944 — 588 2,867 20,532 23,399 (542 ) 1997 2019 (1) Residence Inn Little Rock Little Rock, AR 13,976 2,410 16,472 — 185 2,410 16,657 19,067 (424 ) 2013 2019 (1) Hampton Inn Knoxville Knoxville, TN 9,561 1,343 12,868 — 570 1,343 13,438 14,781 (357 ) 2011 2019 (1) Springhill Suites Fort Myers Fort Myers, FL 8,834 4,658 7,484 — 519 4,658 8,003 12,661 (219 ) 2006 2019 (1) Total Hotel Properties $ 130,537 $ 43,580 $ 161,513 $ — $ 3,580 $ 43,580 $ 165,093 $ 208,673 $ (4,415 ) Other: Exchange on Erwin - Commercial Durham, NC $ 24,908 $ 13,492 $ 20,157 $ — $ — $ 13,492 $ 20,157 $ 33,649 $ (103 ) 2007 2019 (1) Total Other Properties $ 24,908 $ 13,492 $ 20,157 $ — $ — $ 13,492 $ 20,157 $ 33,649 $ (103 ) Office properties: Florida Office Portfolio JTB Carlton Jacksonville, FL (5) $ 135,000 $ 3,889 $ 14,526 $ — $ 12 $ 3,889 $ 14,538 $ 18,427 $ (500 ) 1999 2019 (1) JTB Deerwood Park Jacksonville, FL (5) — 1,217 1,398 — - 1,217 1,398 2,615 (30 ) 1991 2019 (1) JTB Collier Jacksonville, FL (5) — 3,964 11,626 — 2 3,964 11,628 15,592 (335 ) 2001 2019 (1) Deerwood N 100 Jacksonville, FL (5) — 4,359 18,484 — 68 4,359 18,552 22,911 (588 ) 1999 2019 (1) Deerwood N 200 Jacksonville, FL (5) — 4,352 15,795 — - 4,352 15,795 20,147 (576 ) 2001 2019 (1) Deerwood N 300 Jacksonville, FL (5) — 4,737 17,042 — 79 4,737 17,121 21,858 (503 ) 2004 2019 (1) Deerwood N 400 Jacksonville, FL (5) — 4,574 19,685 — 1 4,574 19,686 24,260 (598 ) 2005 2019 (1) Deerwood S 100 Jacksonville, FL (5) — 4,976 16,275 — 9 4,976 16,284 21,260 (613 ) 1996 2019 (1) Deerwood S 200 Jacksonville, FL (5) — 4,606 16,918 — 22 4,606 16,940 21,546 (642 ) 1996 2019 (1) Deerwood S 300 Jacksonville, FL (5) — 4,422 15,001 — 120 4,422 15,121 19,543 (694 ) 1997 2019 (1) Deerwood S 400 Jacksonville, FL (5) — 4,713 14,085 — 88 4,713 14,173 18,886 (622 ) 1998 2019 (1) Columbus Office Portfolio 250 High Columbus, OH 26,207 1,486 22,615 — 29 1,486 22,644 24,130 (291 ) 2015 2019 (1) 80 on the Commons Columbus, OH 29,309 1,527 27,449 — 5 1,527 27,454 28,981 (177 ) 2018 2019 (1) Total Office Properties $ 190,516 $ 48,822 $ 210,899 $ — $ 435 $ 48,822 $ 211,334 $ 260,156 $ (6,169 ) Portfolio Total $ 1,245,022 $ 322,220 $ 1,450,016 $ 300 $ 5,188 $ 322,520 $ 1,455,204 $ 1,777,724 $ (21,543 ) (1) Refer to Note 2 to our consolidated financial statements for details of depreciable lives. (2) As of December 31, 2019, the aggregate cost basis for tax purposes was $1.8 billion. (3) These properties secure a $210.0 million mortgage note. (4) These properties secure a $47.9 million mortgage note. (5) These properties secure a $135.0 million mortgage note. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $46.3 million. Accumulated Depreciation does not include $4.4 million of accumulated depreciation related to Furniture, Fixtures and Equipment. The following table summarizes activity for real estate and accumulated depreciation for the year ended December 31, 2019 ($ in thousands): December 31, 2019 Real Estate: Balance at the beginning of year $ — Additions during the year: Land and land improvements 322,520 Furniture, fixtures and equipment 46,268 Building and building improvements 1,455,204 Balance at the end of the year $ 1,823,992 Accumulated Depreciation: Balance at the beginning of the year $ — Accumulated depreciation (25,948 ) Balance at the end of the year $ (25,948 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 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 is 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. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.
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 Shorter of useful life or 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 Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Company’s 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. During the periods presented, no such impairment occurred.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities
Derivative Instruments	Derivative Instruments
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 an 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 December 31, 2019, the fair value of the Company’s mortgage notes, revolving credit facility and repurchase agreements was approximately $0.1 million above the outstanding principal balance. 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. As of December 31, 2019, the fair value of the Company’s derivatives was approximately $1.7 million below their cost. The fair values of the Company’s financial instruments (other than real estate-related securities, mortgage notes, revolving credit facility 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 and leasing 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 are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s revolving credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. 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 fixed contractual base rent arising from tenant leases at the Company’s multifamily, industrial and office properties under operating leases. Revenue under operating leases that are deemed probable of collection, 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. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. 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. For certain housing development loans, 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 December 31, 2019 and 2018, deferred income related to these loans amounted to $6.6 million and $0.0 million, 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. As of December 31, 2019 and 2018, Other revenue related to these loans amounted to $1.5 million and $0.0 million, respectively. Other revenues and interest income are recorded on an accrual basis.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are The Advisor advanced organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses 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 December 31, 2019 and 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 based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Class T Shares Class S Shares Class D Shares Class I Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. There is no stockholder servicing fee with respect to Class I 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 the shares held by such stockholder within such account 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 December 31, 2019 and 2018, the Company had accrued $44.1 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 elect to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ending December 31, 2019. If the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to our taxable REIT subsidiaries (“TRSs”) and (3) certain state or local income taxes. In anticipation of the Company’s REIT election, the Company has formed wholly-owned subsidiaries to function as TRS’s. 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, at regular corporate tax rates. 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 filed as a taxable corporation for its tax year ended December 31, 2018. For the years ended December 31, 2019 and 2018, the Company recognized an income tax expense of $0.1 million and $0.0 million, respectively, within Other expense on the Company’s Consolidated Statements of Operations. As of December 31, 2019 and 2018, the Company recorded a deferred tax liability of $0.1 million and $0.0 million respectively, due to its hotel investments within Other Assets on the Company’s Consolidated Balance Sheets.
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 both basic and diluted shares for the years ended December 31, 2019 and 2018. 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 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses Leases—Lessor In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. The Company has determined the application of this ASU does not materially impact the Company. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and also improve consistent application by clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, with the amendments to be applied on a retrospective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the impact of adopting this guidance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Assets	The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 35 - 40 years Building and land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements Shorter of useful life or 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 as of December 31, Class T Shares Class S Shares Class D Shares Class I Shares 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)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2019 Building and building improvements $ 1,455,204 Land and land improvements 322,520 Furniture, fixtures and equipment 46,268 Total 1,823,992 Accumulated depreciation (25,948 ) Investments in real estate, net $ 1,798,044
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the year ended December 31, 2019 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Sector Acquisition Date Real Estate Acquisition (2) 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 Columbus Mixed Use Portfolio 96% 5 Columbus, OH Multifamily/Office September-October 2019 279,513 Midwest Industrial Portfolio 95% 33 IL, IN, OH, WI Industrial November 2019 322,451 Savannah Multifamily 100% 1 Savannah, GA Multifamily January 2019 36,847 Phoenix Multifamily 100% 1 Mesa, AZ Multifamily January 2019 46,779 Concord Park Apartments 100% 1 Fort Meade, MD Multifamily July 2019 88,203 Cascades Apartments 100% 1 Charlotte, NC Multifamily October 2019 109,824 Thornton Apartments 100% 1 Alexandria, VA Multifamily October 2019 181,678 Exchange on Erwin 100% 3 Durham, NC Multifamily/Office/Other November 2019 112,385 The Griffin 100% 1 Scottsdale, AZ Multifamily December 2019 96,634 Avida Apartments 100% 1 Salt Lake City, UT Multifamily December 2019 87,381 71 $ 1,931,229 (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. (2)
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ in thousands): Midwest Industrial Portfolio Florida Office Portfolio Thornton Apartments U.S. Select- Service Portfolio Columbus Mixed Use Portfolio All Other Total Building and building improvements $ 233,915 $ 158,206 $ 144,345 $ 164,266 $ 214,109 $ 521,414 $ 1,436,255 Land and land improvements 60,045 45,809 30,472 42,256 17,262 125,014 320,858 Furniture, fixtures and equipment — — 2,581 22,377 9,531 10,769 45,258 In-place lease intangibles 24,061 26,286 2,776 — 11,534 12,948 77,605 Above-market lease intangibles 2,839 1,544 — — 90 909 5,382 Below-market lease intangibles (2,585 ) (846 ) — — (2,549 ) (1,059 ) (7,039 ) Other intangibles 1,350 — — 101 25,023 2,219 28,693 Total purchase price ( 1) $ 319,625 $ 230,999 $ 180,174 $ 229,000 $ 275,000 $ 672,214 $ 1,907,012 Assumed mortgage notes ( 2) — — — (84,013 ) (107,731 ) (136,920 ) (328,664 ) Non-controlling interest (5,480 ) (2,880 ) — — (3,363 ) — (11,723 ) Net purchase price $ 314,145 $ 228,119 $ 180,174 $ 144,987 $ 163,906 $ 535,294 $ 1,566,625 (1) ( 2 )

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2019 Intangible assets: (1) In-place lease intangibles $ 77,311 Above-market lease intangibles 5,387 Other 30,801 Total intangible assets 113,499 Accumulated amortization: In-place lease amortization (12,341 ) Above-market lease intangibles (318 ) Other (635 ) Total accumulated amortization (13,294 ) Intangible assets, net $ 100,205 Intangible liabilities: (2) Below-market lease intangibles $ 7,032 Accumulated amortization (331 ) Intangible liabilities, net $ 6,701
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 December 31, 2019 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2020 $ 24,109 $ 1,090 $ 3,240 $ (1,329 ) 2021 14,218 1,039 2,933 (1,301 ) 2022 9,788 782 2,924 (1,050 ) 2023 6,184 695 2,839 (869 ) 2024 4,053 414 2,825 (678 ) Thereafter 6,618 1,049 15,405 (1,474 ) $ 64,970 $ 5,069 $ 30,166 $ (6,701 )

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule Of Investments [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 December 31, 2019 ($ in thousands): Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 49 3.84% September 29, 2046 $ 185,822 $ 187,226 CLO 12 6.12% May 11, 2031 29,302 29,236 CRT 5 4.03% May 29, 2034 37,000 37,066 SFR 5 3.72% November 26, 2036 12,583 12,552 CMBS 4 3.73% March 13, 2037 11,473 11,571 75 $ 276,180 $ 277,651 (1) As of December 31, 2019, our RMBS securities had floating rate coupons ranging from 0.00% to 7.95%, our CLO securities had floating rate coupons ranging from 4.62% to 8.49%, our CRT securities had floating rate coupons ranging from 3.79% to 4.24%, our SFR securities had floating rate coupons ranging from 3.37% to 4.22%, and our CMBS securities had floating rate coupons ranging from 3.61% to 5.76%. (2)

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties	The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of December 31, 2019 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Maximum Facility Size Principal Balance (2) Fixed rate loans Fixed rate mortgages 3.61% 5/5/2029 N/A $ 1,004,423 Total fixed rate loans 1,004,423 Variable rate loans Floating rate mortgages L + 1.80% 9/28/2024 N/A 240,599 Variable rate revolving credit facility (3) L + 2.00% 10/21/2020 $ 200,000 — Total variable rate loans 240,599 Total loans secured by the Company's properties 1,245,022 Deferred financing costs, net (7,136 ) Discount on assumed debt, net 216 Mortgage notes and revolving credit facility, net $ 1,238,102 (1) (2) The majority of the Company’s mortgages contain yield or spread maintenance provisions. ( 3 ) The Company’s revolving credit facility is used as bridge financing and can be drawn upon to fund the acquisition of future real estate investments.
Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility	The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of December 31, 2019 ($ in thousands): Year Amount 2020 $ 2,962 2021 51,049 2022 3,235 2023 3,931 2024 213,561 Thereafter 970,284 Total $ 1,245,022

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2019
Repurchase Agreements [Abstract]
Summary of Repurchase Agreements And Securities Lending Transactions	December 31, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.64% $ 52,718 $ 43,640 CLO 4.71% 7,962 6,159 CRT 2.48% 37,066 31,236 $ 97,746 $ 81,035 (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)	12 Months Ended
	Dec. 31, 2019
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): December 31, 2019 December 31, 2018 Intangible assets, net $ 100,205 $ — Acquisition deposits 3,050 — Receivables 7,763 — Prepaid expenses 1,456 — Derivative instruments 203 — Interest receivable — 8 Other 820 34 Total $ 113,497 $ 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): December 31, 2019 December 31, 2018 Accounts payable and accrued expenses $ 10,188 $ 187 Deferred income 6,707 — Real estate taxes payable 6,513 — Distributions payable 4,216 — Tenant security deposits 3,547 — Accrued interest expense 1,993 — Intangible liabilities, net 6,701 — Other 8,114 — Total $ 47,979 $ 187

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2019, the Company had the authority to issue 1,100,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Year ended December 31, 2018 Class T Class S Class D Class I Total January 1, 2018 — — — 10,000 10,000 Common stock issued 483 6,610,280 46,075 1,532,000 8,188,838 December 31, 2018 483 6,610,280 46,075 1,542,000 8,198,838 Year ended December 31, 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 1,401,818 19,176,803 1,584,566 14,448,819 36,612,006 Distribution reinvestment 10,262 383,218 22,453 122,455 538,388 Common stock repurchased — (5,507 ) — (4,843 ) (10,350 ) Independent directors' restricted stock grant (1) — — — 5,853 5,853 December 31, 2019 1,412,563 26,164,794 1,653,094 16,114,284 45,344,735
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 year ended December 31, 2019: Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.0905 $ 1.0905 $ 1.0905 $ 1.0905 Stockholder servicing fee per share of common stock (0.1608 ) (0.1787 ) (0.0503 ) — Net distributions declared per share of common stock $ 0.9297 $ 0.9118 $ 1.0402 $ 1.0905

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): December 31, 2019 December 31, 2018 Accrued stockholder servicing fee $ 44,086 $ 10,830 Advanced organization and offering costs 7,290 5,822 Performance participation allocation 10,366 — Accrued management fee 1,037 — Accrued affiliate service provider expenses 112 — Advanced operating expenses 450 102 Total $ 63,341 $ 16,754

Future Lease Payments (Tables)

Future Lease Payments (Tables)	12 Months Ended
	Dec. 31, 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 industrial and 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 2020 $ 52,637 2021 48,964 2022 41,377 2023 35,068 2024 28,287 Thereafter 67,734 Total $ 274,067

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): December 31, 2019 December 31, 2018 Multifamily $ 1,038,777 $ — Hotel 253,273 — Industrial 330,110 — Office 303,396 — Other 39,143 — Real Estate-Related Securities 277,651 — Other (Corporate) 147,972 164,963 Total Assets $ 2,390,322 $ 164,963
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the year ended December 31, 2019 ($ in thousands): Multifamily Hotel Industrial Office Other Real Estate Related Securities Total Revenues: Rental revenue $ 29,768 $ — $ 2,489 $ 19,022 $ 511 $ — $ 51,790 Hotel revenue — 40,559 — — — — 40,559 Other revenue 1,669 259 — 31 — — 1,959 Total revenues 31,437 40,818 2,489 19,053 511 — 94,308 Expenses: Rental property operating 11,396 — 583 6,388 96 — 18,463 Hotel operating — 23,507 — — — — 23,507 Total segment expenses 11,396 23,507 583 6,388 96 — 41,970 Income from real estate-related securities — — — — — 10,158 10,158 Earnings from unconsolidated real estate ventures — 175 — — — — 175 Segment net operating income $ 20,041 $ 17,486 $ 1,906 $ 12,665 $ 415 $ 10,158 $ 62,671 Depreciation and amortization $ (17,520 ) $ (8,239 ) $ (1,570 ) $ (11,312 ) $ (255 ) $ — $ (38,896 ) General and administrative (4,523 ) Management fees (5,469 ) Performance participation allocation (10,366 ) Interest income 1,039 Interest expense (25,311 ) Other expense (123 ) Net loss $ (20,978 ) Net loss attributable to non-controlling interests in consolidated joint ventures 152 Net loss attributable to stockholders $ (20,826 )

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of Company's Quarterly Results	The following tables present the Company’s quarterly results ($ in thousands): 2019 March 31 June 30 September 30 December 31 Total revenues $ 15,415 $ 18,745 $ 24,026 $ 36,122 Net loss $ (2,468 ) $ (3,578 ) $ (3,051 ) $ (11,729 ) Net loss per share, basic and diluted $ (0.24 ) $ (0.22 ) $ (0.12 ) $ (0.30 ) 2018 March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ (16 ) $ (16 ) $ (16 ) $ (1,645 ) Net loss per share, basic and diluted $ (1.55 ) $ (1.60 ) $ (1.60 ) $ (1.66 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)ClassInvestmentPositionSegment
Organization And Business Activities [Line Items]
Common stock, shares registered, amount	$ 5,000,000,000
Number of classes of common stock | Class	4
Number of investments owned | Investment	72
Number of real estate related securities position | Position	75
Number of reportable segments | Segment	6
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 - Summary of Estimated Useful Life of Assets (Details)	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or 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_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Fair value of mortgage notes and repurchase agreements	$ 100
Fair value of derivatives	1,700
Deferred income	$ 6,707
Minimum REIT distribution percentage	90.00%
Income tax expense	$ 100	$ 0
Deferred tax liability	$ 100	$ 0
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 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 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 S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%
Dealer Manager | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.50%
Dealer stockholder servicing fee percentage	0.20%
Annual stockholder servicing fee percentage	0.85%
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 Share And T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
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 | 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%
Other Revenue
Significant Accounting Policies [Line Items]
Other income	$ 1,500	$ 0
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	6,600	0
Due to Affiliates | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 44,100	$ 10,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Dec. 31, 2019
Class T Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class S Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class D Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) $ in Thousands	Dec. 31, 2019USD ($)
Real Estate Investment Property Net [Abstract]
Building and building improvements	$ 1,455,204
Land and land improvements	322,520
Furniture, fixtures and equipment	46,268
Total	1,823,992
Accumulated depreciation	(25,948)
Investments in real estate, net	$ 1,798,044

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)InvestmentProperty
Real Estate Properties [Line Items]
Number of acquired real estate properties	71
Number of acquired real estate investments | Investment	0
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $	$ 12,169
Earnings from unconsolidated real estate ventures | $	$ 175
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	6 years
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	4 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	5 years
Other Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	12 years
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties	16
Hotel
Real Estate Properties [Line Items]
Number of acquired real estate properties	8
Industrial Assets
Real Estate Properties [Line Items]
Number of acquired real estate properties	33
Other
Real Estate Properties [Line Items]
Number of acquired real estate properties	2
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties	12

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Property
Real Estate Properties [Line Items]
Number of Properties	71
Real Estate Acquisition | $	$ 1,931,229	[1]
Multifamily
Real Estate Properties [Line Items]
Number of Properties	16
Hotel
Real Estate Properties [Line Items]
Number of Properties	8
Office Buildings
Real Estate Properties [Line Items]
Number of Properties	12
Industrial Assets
Real Estate Properties [Line Items]
Number of Properties	33
Jacksonville/Naples, FL | Florida Multifamily Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	4
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 104,049	[1]
Jacksonville/Naples, FL | Florida Office Portfolio | Office Buildings
Real Estate Properties [Line Items]
Ownership Interest	97.00%	[2]
Number of Properties	11
Acquisition Date	May 31, 2019
Real Estate Acquisition | $	$ 233,287	[1]
FL, CO, TN, OH, AR | U.S. Select Service Portfolio | Hotel
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	8
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 232,198	[1]
Columbus, OH | Columbus Multifamily | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	96.00%	[2]
Number of Properties	5
Acquisition Start Date	Sep. 30, 2019
Acquisition End Date	Oct. 31, 2019
Real Estate Acquisition | $	$ 279,513	[1]
IL, IN, OH, WI | Midwest Industrial Portfolio | Industrial Assets
Real Estate Properties [Line Items]
Ownership Interest	95.00%	[2]
Number of Properties	33
Acquisition Date	Nov. 30, 2019
Real Estate Acquisition | $	$ 322,451	[1]
Savannah, GA | Savannah Multifamily | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 36,847	[1]
Mesa, AZ | Phoenix Multifamily | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 46,779	[1]
Fort Meade, MD | Concord Park Apartments | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Jul. 31, 2019
Real Estate Acquisition | $	$ 88,203	[1]
Charlotte N C | Cascades Apartments | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Oct. 31, 2019
Real Estate Acquisition | $	$ 109,824	[1]
Alexandria, VA | Thornton Apartment | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Oct. 31, 2019
Real Estate Acquisition | $	$ 181,678	[1]
Durham, NC | Exchange on Erwin | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	3
Acquisition Date	Nov. 30, 2019
Real Estate Acquisition | $	$ 112,385	[1]
Scottsdale, AZ | The Griffin | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Dec. 31, 2019
Real Estate Acquisition | $	$ 96,634	[1]
Salt Lake City, UT | Avida Apartments | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties	1
Acquisition Date	Dec. 31, 2019
Real Estate Acquisition | $	$ 87,381	[1]
[1]	Purchase price is inclusive of acquisition-related costs.
[2]	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	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 1,436,255
Land and land improvements	320,858
Furniture, fixtures and equipment	45,258
In-place lease intangibles	77,605
Above-market lease intangibles	5,382
Below-market lease intangibles	(7,039)
Other intangibles	28,693
Total purchase price	1,907,012	[1]
Assumed mortgage notes	(328,664)	[2]
Non-controlling interest	(11,723)
Net purchase price	1,566,625
Midwest Industrial Portfolio
Real Estate Properties [Line Items]
Building and building improvements	233,915
Land and land improvements	60,045
In-place lease intangibles	24,061
Above-market lease intangibles	2,839
Below-market lease intangibles	(2,585)
Other intangibles	1,350
Total purchase price	319,625	[1]
Non-controlling interest	(5,480)
Net purchase price	314,145
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	(846)
Total purchase price	230,999	[1]
Non-controlling interest	(2,880)
Net purchase price	228,119
Thornton Apartments
Real Estate Properties [Line Items]
Building and building improvements	144,345
Land and land improvements	30,472
Furniture, fixtures and equipment	2,581
In-place lease intangibles	2,776
Total purchase price	180,174	[1]
Net purchase price	180,174
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
Columbus Mixed Use Portfolio
Real Estate Properties [Line Items]
Building and building improvements	214,109
Land and land improvements	17,262
Furniture, fixtures and equipment	9,531
In-place lease intangibles	11,534
Above-market lease intangibles	90
Below-market lease intangibles	(2,549)
Other intangibles	25,023
Total purchase price	275,000	[1]
Assumed mortgage notes	(107,731)	[2]
Non-controlling interest	(3,363)
Net purchase price	163,906
All Other Real Estate Properties
Real Estate Properties [Line Items]
Building and building improvements	521,414
Land and land improvements	125,014
Furniture, fixtures and equipment	10,769
In-place lease intangibles	12,948
Above-market lease intangibles	909
Below-market lease intangibles	(1,059)
Other intangibles	2,219
Total purchase price	672,214	[1]
Assumed mortgage notes	(136,920)	[2]
Net purchase price	$ 535,294
[1]	Purchase price does not include acquisition related costs and acquired working capital of $24.2 million.
[2]	Includes deferred income reported as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. See Note 2 for additional details on the Company’s deferred income. 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) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate Investment Property Net [Abstract]
Acquisition related costs and acquired working capital	$ 24.2

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible assets:
Total intangible assets, gross	$ 113,499
Total accumulated amortization	(13,294)
Intangible assets, net	100,205	$ 0
Intangible liabilities:
Below-market lease intangibles	7,032
Accumulated amortization	(331)
Intangible liabilities, net	6,701
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	77,311
Total accumulated amortization	(12,341)
Intangible assets, net	64,970
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	5,387
Total accumulated amortization	(318)
Intangible assets, net	5,069
Other
Intangible assets:
Total intangible assets, gross	30,801
Total accumulated amortization	(635)
Intangible assets, net	$ 30,166

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 100,205	$ 0
2020	(1,329)
2021	(1,301)
2022	(1,050)
2023	(869)
2024	(678)
Thereafter	(1,474)
Finite Lived Intangible Assets Net	(6,701)
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2020	24,109
2021	14,218
2022	9,788
2023	6,184
2024	4,053
Thereafter	6,618
Intangible assets, net	64,970
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2020	1,090
2021	1,039
2022	782
2023	695
2024	414
Thereafter	1,049
Intangible assets, net	5,069
Other
Finite Lived Intangible Assets [Line Items]
2020	3,240
2021	2,933
2022	2,924
2023	2,839
2024	2,825
Thereafter	15,405
Intangible assets, net	$ 30,166

Intangibles - Additional Inform

Intangibles - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible assets, Net	$ 100,205	$ 0

Investments in Real Estate Rela

Investments in Real Estate Related Securities - Summary of Investments in Real Estate-Related Debt Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	75
Cost Basis	$ 276,180
Investments in real estate-related securities	$ 277,651
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	49
Weighted Average Coupon	3.84%
Weighted Average Maturity Date	Sep. 29, 2046
Cost Basis	$ 185,822
Investments in real estate-related securities	$ 187,226
CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	12
Weighted Average Coupon	6.12%
Weighted Average Maturity Date	May 11, 2031
Cost Basis	$ 29,302
Investments in real estate-related securities	$ 29,236
CRT
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	5
Weighted Average Coupon	4.03%
Weighted Average Maturity Date	May 29, 2034
Cost Basis	$ 37,000
Investments in real estate-related securities	$ 37,066
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	4
Weighted Average Coupon	3.73%
Weighted Average Maturity Date	Mar. 13, 2037
Cost Basis	$ 11,473
Investments in real estate-related securities	$ 11,571
SFR
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	5
Weighted Average Coupon	3.72%
Weighted Average Maturity Date	Nov. 26, 2036
Cost Basis	$ 12,583
Investments in real estate-related securities	$ 12,552

Investments in Real Estate Re_2

Investments in Real Estate Related Securities - Summary of Investments in Real Estate-Related Debt Securities (Parenthetical) (Details)	Dec. 31, 2019
Minimum [Member] | RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	0.00%
Minimum [Member] | CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	4.62%
Minimum [Member] | CRT
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	3.79%
Minimum [Member] | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	3.61%
Maximum | RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	7.95%
Maximum | CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	8.49%
Maximum | CRT
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	4.24%
Maximum | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	5.76%
SFR | Minimum [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	3.37%
SFR | Maximum
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	4.22%

Investments in Real Estate Re_3

Investments in Real Estate Related Securities - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Schedule Of Investments [Abstract]
Unrealized gains on investments in real estate-related securities	$ 1.5
Realized gains investments in real estate-related securities	$ 0.6

Mortgage Notes and Revolving _3

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 1,245,022
Deferred financing costs, net	(7,136)
Discount on assumed debt, net	216
Mortgage notes and revolving credit facility, net	$ 1,238,102
One-Month LIBOR
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.76%
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 1,004,423
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance	240,599
Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 200,000
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Oct. 21, 2020
Variable Rate Revolving Credit Facilities | Variable Rate Loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.61%
Principal Balance	$ 1,004,423
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	May 5, 2029
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 240,599
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Sep. 28, 2024
Floating 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 and Revolving _4

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Parenthetical) (Details)	Dec. 31, 2019
One-Month LIBOR
Debt Instrument [Line Items]
Debt weighted average interest rate	1.76%

Mortgage Notes and Revolving _5

Mortgage Notes and Revolving Credit Facility - Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 2,962
2021	51,049
2022	3,235
2023	3,931
2024	213,561
Thereafter	970,284
Total	$ 1,245,022

Mortgage Notes and Revolving _6

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
Interest paid on mortgage notes and revolving credit facility	$ 17.4

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements And Securities Lending Transactions (Details) $ in Thousands	Dec. 31, 2019USD ($)
Repurchase Agreements [Line Items]
Collateral Assets	$ 97,746	[1]
Outstanding Balance	$ 81,035
RMBS
Repurchase Agreements [Line Items]
Debt weighted average interest rate	2.64%
Collateral Assets	$ 52,718	[1]
Outstanding Balance	$ 43,640
CLO
Repurchase Agreements [Line Items]
Debt weighted average interest rate	4.71%
Collateral Assets	$ 7,962	[1]
Outstanding Balance	$ 6,159
CRT
Repurchase Agreements [Line Items]
Debt weighted average interest rate	2.48%
Collateral Assets	$ 37,066	[1]
Outstanding Balance	$ 31,236
[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	12 Months Ended
	Dec. 31, 2019USD ($)
Repurchase Agreements [Abstract]
Repurchase agreements, interest paid	$ 3.1

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
Intangible assets, Net	$ 100,205	$ 0
Acquisition deposits	3,050
Receivables	7,763
Prepaid expenses	1,456
Derivative instruments	203
Interest receivable		8
Other	820	34
Total	$ 113,497	$ 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	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 10,188	$ 187
Deferred income	6,707
Real estate taxes payable	6,513
Distributions payable	4,216
Tenant security deposits	3,547
Accrued interest expense	1,993
Intangible liabilities, net	6,701
Other	8,114
Total	$ 47,979	$ 187

Equity - Additional Information

Equity - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Classshares
Equity [Abstract]
Number of classes of common stock | Class	4
Number of shares authorized	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%
Repurchase of common stock	10,350
Payments for repurchase of common stock | $	$ 206

Equity - Schedule of Company's

Equity - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Preferred stock, authorized shares	100,000,000	100,000,000
Total Number of Shares	1,100,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Outstanding shares (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Beginning balance	8,198,838	10,000
Common stock issued	36,612,006	8,188,838
Distribution reinvestment	538,388
Common stock repurchased	(10,350)
Independent directors' restricted stock grant	5,853
Ending balance	45,344,735	8,198,838
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	483
Common stock issued	1,401,818	483
Distribution reinvestment	10,262
Ending balance	1,412,563	483
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	6,610,280
Common stock issued	19,176,803	6,610,280
Distribution reinvestment	383,218
Common stock repurchased	(5,507)
Ending balance	26,164,794	6,610,280
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	46,075
Common stock issued	1,584,566	46,075
Distribution reinvestment	22,453
Ending balance	1,653,094	46,075
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	1,542,000	10,000
Common stock issued	14,448,819	1,532,000
Distribution reinvestment	122,455
Common stock repurchased	(4,843)
Independent directors' restricted stock grant	5,853
Ending balance	16,114,284	1,542,000

Equity - Schedule of Common S_2

Equity - Schedule of Common Stock Outstanding shares (Details) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Equity [Abstract]
Annual compensation paid to the independent directors	$ 0.2
Grant Amortized Period	1 year

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	12 Months Ended
	Dec. 31, 2019$ / shares
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 1.0905
Stockholder servicing fee per share of common stock	(0.1608)
Net distributions declared per share of common stock	0.9297
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.0905
Stockholder servicing fee per share of common stock	(0.1787)
Net distributions declared per share of common stock	0.9118
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.0905
Stockholder servicing fee per share of common stock	(0.0503)
Net distributions declared per share of common stock	1.0402
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.0905
Net distributions declared per share of common stock	$ 1.0905

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Jan. 03, 2019USD ($)PropertyUnit	Jan. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum			1.25%
Management fees			$ 5,469,000
Annual Hurdle Percentage			5.00%
Recognized liabilities for Performance Participation expense			$ 10,366,000
Due to affiliates			63,341,000	$ 16,754,000
Operating expenses			41,970,000
Rental property operating
Related Party Transaction [Line Items]
Operating expenses			18,463,000
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			44,086,000	10,830,000
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates			$ 7,290,000	5,822,000
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			$ 7,300,000	5,800,000
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates			300,000	100,000
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses			$ 700,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares			210,827
Management fees, accrued			$ 1,000,000
Common Stock Class T, Class S and Class D | Dealer Manager | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			$ 44,100	$ 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%
Subsequent Event | Class I Units
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation | shares		480,539
Subsequent Event | Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares		48,049
Management fees, accrued		$ 1,000,000
Florida Multifamily Portfolio
Related Party Transaction [Line Items]
Purchase Price	$ 100,000,000
Number of units in portfolio | Unit	1,150
Phoenix Property
Related Party Transaction [Line Items]
Purchase Price	$ 46,000,000
Savannah Property
Related Party Transaction [Line Items]
Purchase Price	$ 36,000,000
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	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 63,341	$ 16,754
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	44,086	10,830
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	7,290	5,822
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	10,366
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	1,037
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	112
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 450	$ 102

Future Lease Payments - Schedul

Future Lease Payments - Schedule of Future Minimum Rental Payments Receive (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessor Disclosure [Abstract]
2020	$ 52,637
2021	48,964
2022	41,377
2023	35,068
2024	28,287
Thereafter	67,734
Total	$ 274,067

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019Segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 2,390,322	$ 164,963
Multifamily
Segment Reporting Information [Line Items]
Total Assets	1,038,777
Hotel
Segment Reporting Information [Line Items]
Total Assets	253,273
Industrial
Segment Reporting Information [Line Items]
Total Assets	330,110
Office
Segment Reporting Information [Line Items]
Total Assets	303,396
Other
Segment Reporting Information [Line Items]
Total Assets	39,143
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total Assets	277,651
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 147,972	$ 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	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 36,122	$ 24,026	$ 18,745	$ 15,415						$ 94,308
Expenses
Operating expenses										41,970
Income from real estate-related securities										10,158
Earnings from unconsolidated real estate ventures										175
Segment net operating income										62,671
Segment net operating income										62,671
Depreciation and amortization										(38,896)
General and administrative									$ (36)	(4,523)	$ (1,745)
Management fees										(5,469)
Performance participation allocation										(10,366)
Interest income										1,039	52
Interest expense										(25,311)
Other expense										(123)
Net loss									(36)	(20,978)	(1,693)
Net loss attributable to non-controlling interests in consolidated joint ventures										152
Net loss attributable to stockholders	$ (11,729)	$ (3,051)	$ (3,578)	$ (2,468)	$ (1,645)	$ (16)	$ (16)	$ (16)	$ (36)	(20,826)	$ (1,693)
Operating Segments | Multifamily
Revenues:
Total revenues										31,437
Expenses
Operating expenses										11,396
Segment net operating income										20,041
Segment net operating income										20,041
Depreciation and amortization										(17,520)
Operating Segments | Hotel
Revenues:
Total revenues										40,818
Expenses
Operating expenses										23,507
Earnings from unconsolidated real estate ventures										175
Segment net operating income										17,486
Segment net operating income										17,486
Depreciation and amortization										(8,239)
Operating Segments | Industrial
Revenues:
Total revenues										2,489
Expenses
Operating expenses										583
Segment net operating income										1,906
Segment net operating income										1,906
Depreciation and amortization										(1,570)
Operating Segments | Office
Revenues:
Total revenues										19,053
Expenses
Operating expenses										6,388
Segment net operating income										12,665
Segment net operating income										12,665
Depreciation and amortization										(11,312)
Operating Segments | Other
Revenues:
Total revenues										511
Expenses
Operating expenses										96
Segment net operating income										415
Segment net operating income										415
Depreciation and amortization										(255)
Operating Segments | Real Estate-Related Securities
Expenses
Income from real estate-related securities										10,158
Segment net operating income										10,158
Segment net operating income										10,158
Rental
Revenues:
Total revenues										51,790
Expenses
Operating expenses										18,463
Rental | Operating Segments | Multifamily
Revenues:
Total revenues										29,768
Expenses
Operating expenses										11,396
Rental | Operating Segments | Industrial
Revenues:
Total revenues										2,489
Expenses
Operating expenses										583
Rental | Operating Segments | Office
Revenues:
Total revenues										19,022
Expenses
Operating expenses										6,388
Rental | Operating Segments | Other
Revenues:
Total revenues										511
Expenses
Operating expenses										96
Hotel
Revenues:
Total revenues										40,559
Expenses
Operating expenses										23,507
Hotel | Operating Segments | Hotel
Revenues:
Total revenues										40,559
Expenses
Operating expenses										23,507
Other revenue
Revenues:
Total revenues										1,959
Other revenue | Operating Segments | Multifamily
Revenues:
Total revenues										1,669
Other revenue | Operating Segments | Hotel
Revenues:
Total revenues										259
Other revenue | Operating Segments | Office
Revenues:
Total revenues										$ 31

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) - Summary of Company's Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 36,122	$ 24,026	$ 18,745	$ 15,415						$ 94,308
Net loss	$ (11,729)	$ (3,051)	$ (3,578)	$ (2,468)	$ (1,645)	$ (16)	$ (16)	$ (16)	$ (36)	$ (20,826)	$ (1,693)
Net loss per share, basic and diluted	$ (0.30)	$ (0.12)	$ (0.22)	$ (0.24)	$ (1.66)	$ (1.60)	$ (1.60)	$ (1.55)	$ (3.59)	$ (0.91)	$ (6.59)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Mar. 28, 2020	Jan. 31, 2020	Feb. 03, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued				1,653,094	46,075
Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued				26,164,794	6,610,280
Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued				1,412,563	483
Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued				16,114,284	1,542,000
Subsequent Event
Subsequent Event [Line Items]
Aggregate payments to acquire real estate post year end		$ 1,500
Acquired real estate related securities post 12/31		$ 78.4
Common stock, shares issued	64,867,752
Proceeds from issuance of common stock, post 12/31	$ 1,400
Subsequent Event | Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued	2,295,861
Subsequent Event | Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued	35,793,975
Subsequent Event | Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued	2,020,916
Subsequent Event | Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued	24,757,000
Subsequent Event | Maximum | Common Stock Class D
Subsequent Event [Line Items]
Upfront selling commissions percentage			1.50%

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 1,245,022
Initial Cost, Land and Land Improvements	322,220
Initial Cost, Building and Building Improvements	1,450,016
Gross Amounts, Land and Land Improvements	322,520
Gross Amounts, Building and Building Improvements	1,455,204
Total	1,823,992
Total	1,777,724
Accumulated Depreciation	(25,948)
Accumulated Depreciation	(21,543)
Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	300
Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,188
Multifamily
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	689,034
Initial Cost, Land and Land Improvements	156,111
Initial Cost, Building and Building Improvements	821,622
Gross Amounts, Land and Land Improvements	156,411
Gross Amounts, Building and Building Improvements	822,795
Total	979,206
Accumulated Depreciation	(9,925)
Multifamily | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	300
Multifamily | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,173
Multifamily | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Location	Mesa, AZ
Encumbrances	$ 32,239
Initial Cost, Land and Land Improvements	9,472
Initial Cost, Building and Building Improvements	35,909
Gross Amounts, Land and Land Improvements	9,505
Gross Amounts, Building and Building Improvements	36,161
Total	45,666
Accumulated Depreciation	$ (1,743)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Multifamily | Phoenix Property | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 33
Multifamily | Phoenix Property | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 252
Multifamily | Savannah Property
Real Estate And Accumulated Depreciation [Line Items]
Location	Savannah, GA
Encumbrances	$ 25,412
Initial Cost, Land and Land Improvements	3,671
Initial Cost, Building and Building Improvements	31,351
Gross Amounts, Land and Land Improvements	3,705
Gross Amounts, Building and Building Improvements	31,371
Total	35,076
Accumulated Depreciation	$ (1,362)
Year Built	Dec. 31, 2017
Year Acquired	Dec. 31, 2019
Multifamily | Savannah Property | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 34
Multifamily | Savannah Property | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 20
Multifamily | Concord Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Meade, MD
Encumbrances	$ 61,810
Initial Cost, Land and Land Improvements	20,082
Initial Cost, Building and Building Improvements	67,141
Gross Amounts, Land and Land Improvements	20,093
Gross Amounts, Building and Building Improvements	67,224
Total	87,317
Accumulated Depreciation	$ (854)
Year Built	Dec. 31, 2005
Year Acquired	Dec. 31, 2019
Multifamily | Concord Park Apartments | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 11
Multifamily | Concord Park Apartments | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 83
Multifamily | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 72,195
Initial Cost, Land and Land Improvements	12,711
Initial Cost, Building and Building Improvements	92,689
Gross Amounts, Land and Land Improvements	12,711
Gross Amounts, Building and Building Improvements	92,725
Total	105,436
Accumulated Depreciation	$ (445)
Year Acquired	Dec. 31, 2019
Multifamily | Cascades Apartments | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Year Built	Dec. 31, 2009
Multifamily | Cascades Apartments | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year Built	Dec. 31, 2012
Multifamily | Cascades Apartments | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 36
Multifamily | Thornton Apartment
Real Estate And Accumulated Depreciation [Line Items]
Location	Alexandria, VA
Encumbrances	$ 118,151
Initial Cost, Land and Land Improvements	30,472
Initial Cost, Building and Building Improvements	145,504
Gross Amounts, Land and Land Improvements	30,472
Gross Amounts, Building and Building Improvements	145,504
Total	175,976
Accumulated Depreciation	$ (633)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Multifamily | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 50,542
Initial Cost, Land and Land Improvements	15,051
Initial Cost, Building and Building Improvements	58,101
Gross Amounts, Land and Land Improvements	15,051
Gross Amounts, Building and Building Improvements	58,101
Total	73,152
Accumulated Depreciation	$ (255)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Multifamily | The Griffin
Real Estate And Accumulated Depreciation [Line Items]
Location	Scottsdale, AZ
Encumbrances	$ 64,686
Initial Cost, Land and Land Improvements	17,614
Initial Cost, Building and Building Improvements	74,940
Gross Amounts, Land and Land Improvements	17,614
Gross Amounts, Building and Building Improvements	74,957
Total	92,571
Accumulated Depreciation	$ (94)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2019
Multifamily | The Griffin | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 17
Multifamily | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 56,355
Initial Cost, Land and Land Improvements	7,218
Initial Cost, Building and Building Improvements	73,744
Gross Amounts, Land and Land Improvements	7,218
Gross Amounts, Building and Building Improvements	73,754
Total	80,972
Accumulated Depreciation	$ (97)
Year Built	Dec. 31, 2012
Year Acquired	Dec. 31, 2019
Multifamily | Avida Apartments | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 10
Multifamily | Florida Multifamily Portfolio | Lindsey Terrance
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 20,948
Initial Cost, Land and Land Improvements	6,828
Initial Cost, Building and Building Improvements	20,356
Gross Amounts, Land and Land Improvements	6,908
Gross Amounts, Building and Building Improvements	20,526
Total	27,434
Accumulated Depreciation	$ (1,052)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Lindsey Terrance | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 80
Multifamily | Florida Multifamily Portfolio | Lindsey Terrance | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 170
Multifamily | Florida Multifamily Portfolio | Grande Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 15,474
Initial Cost, Land and Land Improvements	4,746
Initial Cost, Building and Building Improvements	17,564
Gross Amounts, Land and Land Improvements	4,748
Gross Amounts, Building and Building Improvements	17,676
Total	22,424
Accumulated Depreciation	$ (779)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Grande Court | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Florida Multifamily Portfolio | Grande Court | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 112
Multifamily | Florida Multifamily Portfolio | Noah S Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 16,889
Initial Cost, Land and Land Improvements	6,517
Initial Cost, Building and Building Improvements	17,121
Gross Amounts, Land and Land Improvements	6,571
Gross Amounts, Building and Building Improvements	17,302
Total	23,873
Accumulated Depreciation	$ (774)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Noah S Landing | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 54
Multifamily | Florida Multifamily Portfolio | Noah S Landing | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 181
Multifamily | Florida Multifamily Portfolio | Tuscan Isle
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 19,157
Initial Cost, Land and Land Improvements	7,528
Initial Cost, Building and Building Improvements	19,904
Gross Amounts, Land and Land Improvements	7,614
Gross Amounts, Building and Building Improvements	20,161
Total	27,775
Accumulated Depreciation	$ (926)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Tuscan Isle | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 86
Multifamily | Florida Multifamily Portfolio | Tuscan Isle | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 257
Multifamily | Kaufman Portfolio | 80 on the Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 17,991
Initial Cost, Land and Land Improvements	1,723
Initial Cost, Building and Building Improvements	29,200
Gross Amounts, Land and Land Improvements	1,723
Gross Amounts, Building and Building Improvements	29,230
Total	30,953
Accumulated Depreciation	$ (182)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Multifamily | Kaufman Portfolio | 80 on the Commons | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 30
Multifamily | Kaufman Portfolio | Gramercy
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 35,903
Initial Cost, Land and Land Improvements	6,160
Initial Cost, Building and Building Improvements	41,175
Gross Amounts, Land and Land Improvements	6,160
Gross Amounts, Building and Building Improvements	41,175
Total	47,335
Accumulated Depreciation	$ (318)
Year Built	Dec. 31, 2013
Year Acquired	Dec. 31, 2019
Multifamily | Kaufman Portfolio | 250 High
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 20,760
Initial Cost, Land and Land Improvements	1,445
Initial Cost, Building and Building Improvements	28,018
Gross Amounts, Land and Land Improvements	1,445
Gross Amounts, Building and Building Improvements	28,023
Total	29,468
Accumulated Depreciation	$ (116)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Multifamily | Kaufman Portfolio | 250 High | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5
Multifamily | Kaufman Portfolio | 600 Goodale
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 27,413
Initial Cost, Land and Land Improvements	1,943
Initial Cost, Building and Building Improvements	29,770
Gross Amounts, Land and Land Improvements	1,943
Gross Amounts, Building and Building Improvements	29,770
Total	31,713
Accumulated Depreciation	$ (126)
Year Built	Dec. 31, 2013
Year Acquired	Dec. 31, 2019
Multifamily | Kaufman Portfolio | 801 Polaris
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 33,109
Initial Cost, Land and Land Improvements	2,930
Initial Cost, Building and Building Improvements	39,135
Gross Amounts, Land and Land Improvements	2,930
Gross Amounts, Building and Building Improvements	39,135
Total	42,065
Accumulated Depreciation	$ (169)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Industrial Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 210,027
Initial Cost, Land and Land Improvements	60,214
Initial Cost, Building and Building Improvements	235,825
Gross Amounts, Land and Land Improvements	60,214
Gross Amounts, Building and Building Improvements	235,825
Total	296,039
Accumulated Depreciation	$ (931)
Industrial Properties | Midwest Industrial Portfolio | 201 Swift Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Addison, IL
Encumbrances	$ 210,027
Initial Cost, Land and Land Improvements	1,683
Initial Cost, Building and Building Improvements	6,592
Gross Amounts, Land and Land Improvements	1,683
Gross Amounts, Building and Building Improvements	6,592
Total	8,275
Accumulated Depreciation	$ (26)
Year Built	Dec. 31, 1995
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 221 Swift Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Addison, IL
Initial Cost, Land and Land Improvements	$ 1,790
Initial Cost, Building and Building Improvements	7,009
Gross Amounts, Land and Land Improvements	1,790
Gross Amounts, Building and Building Improvements	7,009
Total	8,799
Accumulated Depreciation	$ (28)
Year Built	Dec. 31, 1995
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 13005 Hamlin Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Alsip, IL
Initial Cost, Land and Land Improvements	$ 1,441
Initial Cost, Building and Building Improvements	5,644
Gross Amounts, Land and Land Improvements	1,441
Gross Amounts, Building and Building Improvements	5,644
Total	7,085
Accumulated Depreciation	$ (22)
Year Built	Dec. 31, 2014
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1695 Glen Ellyn Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Glendale Heights, IL
Initial Cost, Land and Land Improvements	$ 1,397
Initial Cost, Building and Building Improvements	5,471
Gross Amounts, Land and Land Improvements	1,397
Gross Amounts, Building and Building Improvements	5,471
Total	6,868
Accumulated Depreciation	$ (22)
Year Built	Dec. 31, 2006
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 845 Telser Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Zurich, IL
Initial Cost, Land and Land Improvements	$ 885
Initial Cost, Building and Building Improvements	3,468
Gross Amounts, Land and Land Improvements	885
Gross Amounts, Building and Building Improvements	3,468
Total	4,353
Accumulated Depreciation	$ (14)
Year Built	Dec. 31, 2016
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1245-1247 Lakeside Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Romeoville, IL
Initial Cost, Land and Land Improvements	$ 1,140
Initial Cost, Building and Building Improvements	4,464
Gross Amounts, Land and Land Improvements	1,140
Gross Amounts, Building and Building Improvements	4,464
Total	5,604
Accumulated Depreciation	$ (18)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 775 Commerce Parkway West Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenwood, IN
Initial Cost, Land and Land Improvements	$ 2,547
Initial Cost, Building and Building Improvements	9,977
Gross Amounts, Land and Land Improvements	2,547
Gross Amounts, Building and Building Improvements	9,977
Total	12,524
Accumulated Depreciation	$ (39)
Year Built	Dec. 31, 2014
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 999 Gerdt Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenwood, IN
Initial Cost, Land and Land Improvements	$ 1,620
Initial Cost, Building and Building Improvements	6,345
Gross Amounts, Land and Land Improvements	1,620
Gross Amounts, Building and Building Improvements	6,345
Total	7,965
Accumulated Depreciation	$ (25)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1600-1640 Northwind Pkwy
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 735
Initial Cost, Building and Building Improvements	2,877
Gross Amounts, Land and Land Improvements	735
Gross Amounts, Building and Building Improvements	2,877
Total	3,612
Accumulated Depreciation	$ (11)
Year Built	Dec. 31, 2007
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1650 Northwind Pkwy
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 737
Initial Cost, Building and Building Improvements	2,885
Gross Amounts, Land and Land Improvements	737
Gross Amounts, Building and Building Improvements	2,885
Total	3,622
Accumulated Depreciation	$ (11)
Year Built	Dec. 31, 2007
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1701-21 Northwind Pkwy
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 1,385
Initial Cost, Building and Building Improvements	5,423
Gross Amounts, Land and Land Improvements	1,385
Gross Amounts, Building and Building Improvements	5,423
Total	6,808
Accumulated Depreciation	$ (21)
Year Built	Dec. 31, 2005
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1851 Northwind Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 706
Initial Cost, Building and Building Improvements	2,767
Gross Amounts, Land and Land Improvements	706
Gross Amounts, Building and Building Improvements	2,767
Total	3,473
Accumulated Depreciation	$ (11)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1901-51 Northwind Pkwy
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 1,484
Initial Cost, Building and Building Improvements	5,810
Gross Amounts, Land and Land Improvements	1,484
Gross Amounts, Building and Building Improvements	5,810
Total	7,294
Accumulated Depreciation	$ (23)
Year Built	Dec. 31, 2006
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 6241 Northwind Pkwy
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 2,195
Initial Cost, Building and Building Improvements	8,596
Gross Amounts, Land and Land Improvements	2,195
Gross Amounts, Building and Building Improvements	8,596
Total	10,791
Accumulated Depreciation	$ (34)
Year Built	Dec. 31, 2008
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 6451 Northwind Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 2,166
Initial Cost, Building and Building Improvements	8,485
Gross Amounts, Land and Land Improvements	2,166
Gross Amounts, Building and Building Improvements	8,485
Total	10,651
Accumulated Depreciation	$ (33)
Year Built	Dec. 31, 2016
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 8401 Bearing Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land and Land Improvements	$ 3,829
Initial Cost, Building and Building Improvements	14,997
Gross Amounts, Land and Land Improvements	3,829
Gross Amounts, Building and Building Improvements	14,997
Total	18,826
Accumulated Depreciation	$ (59)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 8411 Bearing Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land and Land Improvements	$ 1,674
Initial Cost, Building and Building Improvements	6,555
Gross Amounts, Land and Land Improvements	1,674
Gross Amounts, Building and Building Improvements	6,555
Total	8,229
Accumulated Depreciation	$ (26)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 8461 Bearing Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land and Land Improvements	$ 2,506
Initial Cost, Building and Building Improvements	9,815
Gross Amounts, Land and Land Improvements	2,506
Gross Amounts, Building and Building Improvements	9,815
Total	12,321
Accumulated Depreciation	$ (39)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 101 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 4,522
Initial Cost, Building and Building Improvements	17,707
Gross Amounts, Land and Land Improvements	4,522
Gross Amounts, Building and Building Improvements	17,707
Total	22,229
Accumulated Depreciation	$ (69)
Year Built	Dec. 31, 1991
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 215 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 904
Initial Cost, Building and Building Improvements	3,542
Gross Amounts, Land and Land Improvements	904
Gross Amounts, Building and Building Improvements	3,542
Total	4,446
Accumulated Depreciation	$ (14)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 225 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 622
Initial Cost, Building and Building Improvements	2,435
Gross Amounts, Land and Land Improvements	622
Gross Amounts, Building and Building Improvements	2,435
Total	3,057
Accumulated Depreciation	$ (10)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 235 West 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 626
Initial Cost, Building and Building Improvements	2,453
Gross Amounts, Land and Land Improvements	626
Gross Amounts, Building and Building Improvements	2,453
Total	3,079
Accumulated Depreciation	$ (10)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 333 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 1,978
Initial Cost, Building and Building Improvements	7,747
Gross Amounts, Land and Land Improvements	1,978
Gross Amounts, Building and Building Improvements	7,747
Total	9,725
Accumulated Depreciation	$ (31)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 480 West 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 1,870
Initial Cost, Building and Building Improvements	7,323
Gross Amounts, Land and Land Improvements	1,870
Gross Amounts, Building and Building Improvements	7,323
Total	9,193
Accumulated Depreciation	$ (29)
Year Built	Dec. 31, 2003
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 3890 Perry Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Whitestown, IN
Initial Cost, Land and Land Improvements	$ 1,149
Initial Cost, Building and Building Improvements	4,501
Gross Amounts, Land and Land Improvements	1,149
Gross Amounts, Building and Building Improvements	4,501
Total	5,650
Accumulated Depreciation	$ (18)
Year Built	Dec. 31, 2008
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 4750 S Indianapolis Rd
Real Estate And Accumulated Depreciation [Line Items]
Location	Whitestown, IN
Initial Cost, Land and Land Improvements	$ 3,741
Initial Cost, Building and Building Improvements	14,652
Gross Amounts, Land and Land Improvements	3,741
Gross Amounts, Building and Building Improvements	14,652
Total	18,393
Accumulated Depreciation	$ (58)
Year Built	Dec. 31, 2016
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 4990 Indianapolis Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Whitestown, IN
Initial Cost, Land and Land Improvements	$ 2,376
Initial Cost, Building and Building Improvements	9,305
Gross Amounts, Land and Land Improvements	2,376
Gross Amounts, Building and Building Improvements	9,305
Total	11,681
Accumulated Depreciation	$ (37)
Year Built	Dec. 31, 2016
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 5701 Meadows Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Grove City, OH
Initial Cost, Land and Land Improvements	$ 2,487
Initial Cost, Building and Building Improvements	9,739
Gross Amounts, Land and Land Improvements	2,487
Gross Amounts, Building and Building Improvements	9,739
Total	12,226
Accumulated Depreciation	$ (38)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 5900 Meadows Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Grove City, OH
Initial Cost, Land and Land Improvements	$ 2,637
Initial Cost, Building and Building Improvements	10,329
Gross Amounts, Land and Land Improvements	2,637
Gross Amounts, Building and Building Improvements	10,329
Total	12,966
Accumulated Depreciation	$ (41)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 2240 Creekside Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Lockbourne, OH
Initial Cost, Land and Land Improvements	$ 2,261
Initial Cost, Building and Building Improvements	8,854
Gross Amounts, Land and Land Improvements	2,261
Gross Amounts, Building and Building Improvements	8,854
Total	11,115
Accumulated Depreciation	$ (35)
Year Built	Dec. 31, 2012
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 4410 North 132nd Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Butler, WI
Initial Cost, Land and Land Improvements	$ 1,648
Initial Cost, Building and Building Improvements	6,456
Gross Amounts, Land and Land Improvements	1,648
Gross Amounts, Building and Building Improvements	6,456
Total	8,104
Accumulated Depreciation	$ (25)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 4700 North Ironwood Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Butler, WI
Initial Cost, Land and Land Improvements	$ 1,606
Initial Cost, Building and Building Improvements	6,290
Gross Amounts, Land and Land Improvements	1,606
Gross Amounts, Building and Building Improvements	6,290
Total	7,896
Accumulated Depreciation	$ (25)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | W234 N2091 Ridgeview Parkway Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Butler, WI
Initial Cost, Land and Land Improvements	$ 1,867
Initial Cost, Building and Building Improvements	7,312
Gross Amounts, Land and Land Improvements	1,867
Gross Amounts, Building and Building Improvements	7,312
Total	9,179
Accumulated Depreciation	$ (29)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2019
Hotel
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 130,537
Initial Cost, Land and Land Improvements	43,580
Initial Cost, Building and Building Improvements	161,513
Gross Amounts, Land and Land Improvements	43,580
Gross Amounts, Building and Building Improvements	165,093
Total	208,673
Accumulated Depreciation	(4,415)
Hotel | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,580
Hotel | U.S. Select Service Portfolio | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Location	Boulder, CO
Encumbrances	$ 47,948
Initial Cost, Land and Land Improvements	13,890
Initial Cost, Building and Building Improvements	33,673
Gross Amounts, Land and Land Improvements	13,890
Gross Amounts, Building and Building Improvements	33,773
Total	47,663
Accumulated Depreciation	$ (992)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Hyatt Place Boulder | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 100
Hotel | U.S. Select Service Portfolio | Residence Inn Tampa
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 22,800
Initial Cost, Land and Land Improvements	7,826
Initial Cost, Building and Building Improvements	33,325
Gross Amounts, Land and Land Improvements	7,826
Gross Amounts, Building and Building Improvements	33,969
Total	41,795
Accumulated Depreciation	$ (877)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Residence Inn Tampa | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 644
Hotel | U.S. Select Service Portfolio | Courtyard by Marriott Fort Myers
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Myers, FL
Encumbrances	$ 15,264
Initial Cost, Land and Land Improvements	5,522
Initial Cost, Building and Building Improvements	21,035
Gross Amounts, Land and Land Improvements	5,522
Gross Amounts, Building and Building Improvements	21,602
Total	27,124
Accumulated Depreciation	$ (561)
Year Built	Dec. 31, 2007
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Courtyard by Marriott Fort Myers | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 567
Hotel | U.S. Select Service Portfolio | TownePlace Suites Tampa
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 12,154
Initial Cost, Land and Land Improvements	5,064
Initial Cost, Building and Building Improvements	16,712
Gross Amounts, Land and Land Improvements	5,064
Gross Amounts, Building and Building Improvements	17,119
Total	22,183
Accumulated Depreciation	$ (443)
Year Built	Dec. 31, 2008
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | TownePlace Suites Tampa | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 407
Hotel | U.S. Select Service Portfolio | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Location	Cleveland, OH
Initial Cost, Land and Land Improvements	$ 2,867
Initial Cost, Building and Building Improvements	19,944
Gross Amounts, Land and Land Improvements	2,867
Gross Amounts, Building and Building Improvements	20,532
Total	23,399
Accumulated Depreciation	$ (542)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Residence Inn Cleveland | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 588
Hotel | U.S. Select Service Portfolio | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Location	Little Rock, AR
Encumbrances	$ 13,976
Initial Cost, Land and Land Improvements	2,410
Initial Cost, Building and Building Improvements	16,472
Gross Amounts, Land and Land Improvements	2,410
Gross Amounts, Building and Building Improvements	16,657
Total	19,067
Accumulated Depreciation	$ (424)
Year Built	Dec. 31, 2013
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Residence Inn Little Rock | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 185
Hotel | U.S. Select Service Portfolio | Hampton Inn Knoxville
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 9,561
Initial Cost, Land and Land Improvements	1,343
Initial Cost, Building and Building Improvements	12,868
Gross Amounts, Land and Land Improvements	1,343
Gross Amounts, Building and Building Improvements	13,438
Total	14,781
Accumulated Depreciation	$ (357)
Year Built	Dec. 31, 2011
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Hampton Inn Knoxville | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 570
Hotel | U.S. Select Service Portfolio | Springhill Suites Fort Myers
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Myers, FL
Encumbrances	$ 8,834
Initial Cost, Land and Land Improvements	4,658
Initial Cost, Building and Building Improvements	7,484
Gross Amounts, Land and Land Improvements	4,658
Gross Amounts, Building and Building Improvements	8,003
Total	12,661
Accumulated Depreciation	$ (219)
Year Built	Dec. 31, 2006
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Springhill Suites Fort Myers | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 519
Other
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	24,908
Initial Cost, Land and Land Improvements	13,492
Initial Cost, Building and Building Improvements	20,157
Gross Amounts, Land and Land Improvements	13,492
Gross Amounts, Building and Building Improvements	20,157
Total	33,649
Accumulated Depreciation	$ (103)
Other | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 24,908
Initial Cost, Land and Land Improvements	13,492
Initial Cost, Building and Building Improvements	20,157
Gross Amounts, Land and Land Improvements	13,492
Gross Amounts, Building and Building Improvements	20,157
Total	33,649
Accumulated Depreciation	$ (103)
Year Built	Dec. 31, 2007
Year Acquired	Dec. 31, 2019
Office Buildings
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 190,516
Initial Cost, Land and Land Improvements	48,822
Initial Cost, Building and Building Improvements	210,899
Gross Amounts, Land and Land Improvements	48,822
Gross Amounts, Building and Building Improvements	211,334
Total	260,156
Accumulated Depreciation	(6,169)
Office Buildings | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 435
Office Buildings | Florida Office Portfolio | J T B Carlton
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 135,000
Initial Cost, Land and Land Improvements	3,889
Initial Cost, Building and Building Improvements	14,526
Gross Amounts, Land and Land Improvements	3,889
Gross Amounts, Building and Building Improvements	14,538
Total	18,427
Accumulated Depreciation	$ (500)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | J T B Carlton | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 12
Office Buildings | Florida Office Portfolio | J T B Deerwood Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 1,217
Initial Cost, Building and Building Improvements	1,398
Gross Amounts, Land and Land Improvements	1,217
Gross Amounts, Building and Building Improvements	1,398
Total	2,615
Accumulated Depreciation	$ (30)
Year Built	Dec. 31, 1991
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | JTB Collier
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 3,964
Initial Cost, Building and Building Improvements	11,626
Gross Amounts, Land and Land Improvements	3,964
Gross Amounts, Building and Building Improvements	11,628
Total	15,592
Accumulated Depreciation	$ (335)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | JTB Collier | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Office Buildings | Florida Office Portfolio | Deerwood N 100
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,359
Initial Cost, Building and Building Improvements	18,484
Gross Amounts, Land and Land Improvements	4,359
Gross Amounts, Building and Building Improvements	18,552
Total	22,911
Accumulated Depreciation	$ (588)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood N 100 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 68
Office Buildings | Florida Office Portfolio | Deerwood N 200
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,352
Initial Cost, Building and Building Improvements	15,795
Gross Amounts, Land and Land Improvements	4,352
Gross Amounts, Building and Building Improvements	15,795
Total	20,147
Accumulated Depreciation	$ (576)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood N 300
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,737
Initial Cost, Building and Building Improvements	17,042
Gross Amounts, Land and Land Improvements	4,737
Gross Amounts, Building and Building Improvements	17,121
Total	21,858
Accumulated Depreciation	$ (503)
Year Built	Dec. 31, 2004
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood N 300 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 79
Office Buildings | Florida Office Portfolio | Deerwood N 400
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,574
Initial Cost, Building and Building Improvements	19,685
Gross Amounts, Land and Land Improvements	4,574
Gross Amounts, Building and Building Improvements	19,686
Total	24,260
Accumulated Depreciation	$ (598)
Year Built	Dec. 31, 2005
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood N 400 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1
Office Buildings | Florida Office Portfolio | Deerwood S 100
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,976
Initial Cost, Building and Building Improvements	16,275
Gross Amounts, Land and Land Improvements	4,976
Gross Amounts, Building and Building Improvements	16,284
Total	21,260
Accumulated Depreciation	$ (613)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood S 100 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9
Office Buildings | Florida Office Portfolio | Deerwood S 200
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,606
Initial Cost, Building and Building Improvements	16,918
Gross Amounts, Land and Land Improvements	4,606
Gross Amounts, Building and Building Improvements	16,940
Total	21,546
Accumulated Depreciation	$ (642)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood S 200 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 22
Office Buildings | Florida Office Portfolio | Deerwood S 300
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,422
Initial Cost, Building and Building Improvements	15,001
Gross Amounts, Land and Land Improvements	4,422
Gross Amounts, Building and Building Improvements	15,121
Total	19,543
Accumulated Depreciation	$ (694)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood S 300 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 120
Office Buildings | Florida Office Portfolio | Deerwood S 400
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,713
Initial Cost, Building and Building Improvements	14,085
Gross Amounts, Land and Land Improvements	4,713
Gross Amounts, Building and Building Improvements	14,173
Total	18,886
Accumulated Depreciation	$ (622)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2019
Office Buildings | Florida Office Portfolio | Deerwood S 400 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 88
Office Buildings | Columbus Portfolio | 80 on the Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 29,309
Initial Cost, Land and Land Improvements	1,527
Initial Cost, Building and Building Improvements	27,449
Gross Amounts, Land and Land Improvements	1,527
Gross Amounts, Building and Building Improvements	27,454
Total	28,981
Accumulated Depreciation	$ (177)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Office Buildings | Columbus Portfolio | 80 on the Commons | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5
Office Buildings | Columbus Portfolio | Two Fifty High
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 26,207
Initial Cost, Land and Land Improvements	1,486
Initial Cost, Building and Building Improvements	22,615
Gross Amounts, Land and Land Improvements	1,486
Gross Amounts, Building and Building Improvements	22,644
Total	24,130
Accumulated Depreciation	$ (291)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Office Buildings | Columbus Portfolio | Two Fifty High | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 29

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Real Estate And Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis	$ 1,800,000
Accumulated Depreciation Furniture Fixtures And Equipment	4,400
Principal Balance	1,245,022
Industrial Properties
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance	210,000
Hotel | U.S. Select Service Portfolio | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance	47,900
Hotel | U.S. Select Service Portfolio | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance	47,900
Office Buildings
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance	135,000
Furniture, Fixtures and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Property, Plant and Equipment, Net	$ 46,300

Activity for real estate and ac

Activity for real estate and accumulated depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate:
Balance at the end of the year	$ 1,823,992
Accumulated Depreciation:
Accumulated depreciation	(25,948)
Balance at the end of the year	(25,948)
Land and Land Improvements
Real Estate:
Additions during the year	322,520
Furniture, Fixtures and Equipment
Real Estate:
Additions during the year	46,268
Building and Building Improvements
Real Estate:
Additions during the year	$ 1,455,204