Starwood Real Estate Income Trust 10-K 26 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 26, 2021
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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		2,674,868
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		60,490,804
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		4,609,087
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		51,272,962
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, 2020	Dec. 31, 2019
Assets
Investments in real estate, net		$ 4,597,054	$ 1,798,044
Investments in real estate-related securities		218,225	277,651
Investments in unconsolidated real estate ventures		10,991	12,169
Cash and cash equivalents		128,650	48,479
Restricted cash		164,761	140,482
Other assets		211,135	113,497
Total assets		5,330,816	2,390,322
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	3,278,762	1,238,102
Repurchase agreements		108,254	81,035
Accounts payable, accrued expenses and other liabilities		117,072	47,979
Subscriptions received in advance		113,532	110,618
Due to affiliates		96,371	63,341
Total liabilities		3,713,991	1,541,075
Commitments and contingencies
Redeemable non-controlling interest		10,409
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2020 and 2019
Additional paid-in capital		1,819,526	883,506
Accumulated deficit and cumulative distributions		(224,198)	(46,697)
Total stockholders' equity		1,596,237	837,263
Non-controlling interests in consolidated joint ventures		10,179	11,984
Total equity		1,606,416	849,247
Total liabilities and equity		5,330,816	2,390,322
Common Stock Class T
Equity
Common stock value		25	14
Common Stock Class S
Equity
Common stock value		464	262
Common Stock Class D
Equity
Common stock value		28	17
Common Stock Class I
Equity
Common stock value		$ 392	$ 161
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	90,894,853	45,344,735
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	2,463,182	1,412,563
Common stock, shares outstanding	2,463,182	1,412,563
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	46,431,661	26,164,794
Common stock, shares outstanding	46,431,661	26,164,794
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	2,847,097	1,653,094
Common stock, shares outstanding	2,847,097	1,653,094
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	39,152,913	16,114,284
Common stock, shares outstanding	39,152,913	16,114,284

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues	$ 298,423	$ 94,308
Expenses
Operating expenses	113,184	41,970
General and administrative	8,624	4,523	$ 1,745
Management fees	19,423	5,469
Performance participation allocation	15,061	10,366
Depreciation and amortization	155,864	38,896
Total expenses	312,156	101,224	1,745
Other income (expense)
(Loss) earnings from unconsolidated real estate ventures	(1,462)	175
Income from real estate-related securities, net	7,206	10,158
Interest expense	(88,918)	(25,311)
Other (expense) income, net	(1,293)	916	52
Total other (expense) income	(84,467)	(14,062)	52
Net loss	(98,200)	(20,978)	(1,693)
Net loss attributable to non-controlling interests in consolidated joint ventures	1,300	152
Net loss attributable to non-controlling interests in Operating Partnership	642
Net loss attributable to stockholders	$ (96,258)	$ (20,826)	$ (1,693)
Net loss per share of common stock, basic and diluted	$ (1.35)	$ (0.91)	$ (6.59)
Weighted-average shares of common stock outstanding, basic and diluted	71,502,374	23,032,351	256,787
Rental revenue
Revenues
Total revenues	$ 273,847	$ 51,790
Hotel revenue
Revenues
Total revenues	22,200	40,559
Other revenue
Revenues
Total revenues	2,376	1,959
Rental property operating
Expenses
Operating expenses	96,942	18,463
Hotel operating
Expenses
Operating expenses	$ 16,242	$ 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
Beginning 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 10)	(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
Common stock issued	982,179	982,179	12	201	11	233	981,722
Offering costs	(42,390)	(42,390)					(42,390)
Distribution reinvestments	41,551	41,551		11		6	41,534
Amortization of restricted stock grants	128	128					128
Common stock repurchased	(43,711)	(43,711)	(1)	(10)		(8)	(43,692)
Net loss	(98,200)
Net loss (allocated to redeemable non- controlling interest)	(97,558)	(96,258)						(96,258)	(1,300)
Contributions from non-controlling interests	60,192								60,192
Distributions to non-controlling interests	(1,860)								(1,860)
Repurchase of non-controlling interests	(58,837)								(58,837)
Distributions declared on common stock (see Note 10)	(81,243)	(81,243)						(81,243)
Allocation to redeemable non-controlling interest	(1,282)	(1,282)					(1,282)
Ending Balance at Dec. 31, 2020	$ 1,606,416	$ 1,596,237	$ 25	$ 464	$ 28	$ 392	$ 1,819,526	$ (224,198)	$ 10,179

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Statement Of Stockholders Equity [Abstract]
Net loss allocated to redeemable non controlling interest	$ 642

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (32,302)	$ (11,838)	$ (1,645)	$ (98,200)	$ (20,978)	$ (1,693)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees				19,423	5,469
Performance participation allocation				15,061	10,366
Depreciation and amortization				155,864	38,896
Amortization of deferred financing costs				3,183	1,050
Straight-line rent amortization				(8,668)	(829)
Deferred income amortization				(1,309)	(1,566)
Unrealized loss on changes in fair value of financial instruments				9,026	256
Loss (gain) on sales of real estate-related securities				5,789	(600)
Amortization of restricted stock grants				128	71	80
Contributions to investments in unconsolidated real estate ventures				(560)
Distributions from investments in unconsolidated real estate ventures				276	551
Loss (earnings) from unconsolidated real estate ventures				1,462	(175)
Other items				8	20
Change in assets and liabilities
Increase in other assets				(16,806)	(7,950)	(42)
(Decrease) increase in due to affiliates				(355)	460	1,549
Increase in accounts payable, accrued expenses and other liabilities				28,522	26,064	151
Net cash provided by operating activities				112,844	51,105	45
Cash flows from investing activities
Acquisitions of real estate				(2,977,499)	(1,607,245)
Capital improvements to real estate				(20,385)	(7,610)
Purchase of real estate-related securities				(73,271)	(454,275)
Proceeds from paydown of principal and settlement of real estate-related securities				126,729	178,696
Net cash used in investing activities				(2,944,426)	(1,890,434)
Cash flows from financing activities
Proceeds from issuance of common stock, net				853,205	761,712	164,674
Offering costs paid				(14,768)	(7,434)	(898)
Subscriptions received in advance				113,532	109,718	900
Repurchase of common stock				(43,711)	(206)
Borrowings from mortgage notes and revolving credit facility				2,053,047	996,065
Repayments of mortgage notes and revolving credit facility				(2,385)	(72,906)
(Repayments) borrowings under repurchase agreements, short term net				(38,478)	81,035
Borrowings under repurchase agreements				115,796
Settlement of repurchase agreements				(50,099)
Payment of deferred financing costs				(13,779)	(8,052)
Contributions from non-controlling interests				60,192	12,520
Repurchase of non-controlling interests				(58,837)
Distributions to non-controlling interests				(1,860)	(384)
Distributions				(35,823)	(8,699)
Net cash provided by financing activities				2,936,032	1,863,369	164,676
Net change in cash and cash equivalents and restricted cash				104,450	24,040	164,721
Cash and cash equivalents and restricted cash, beginning of year				188,961	164,921	200
Cash and cash equivalents and restricted cash, end of year	293,411	188,961	164,921	293,411	188,961	164,921
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	128,650	48,479	164,021	128,650	48,479	164,021
Restricted cash	164,761	140,482	900	164,761	140,482	900
Cash and cash equivalents and restricted cash, end of year	$ 293,411	$ 188,961	$ 164,921	293,411	188,961	164,921
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate					328,664
Accrued stockholder servicing fee due to affiliate				36,260	35,640	10,830
Accrued offering costs due to affiliates					1,468	$ 4,375
Right of use asset/liability				6,408
Redeemable non-controlling interest issued as settlement for performance participation allocation				10,366
Accrued distributions				8,682	4,216
Distribution reinvestment				41,551	$ 11,227
Allocation to redeemable non-controlling interest				$ 1,282

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2020
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 has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ended 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 principally comprised of properties located in the United States. The Company may diversify its portfolio on a global basis through the acquisition of properties outside of the United States, with a focus on Europe. To a lesser extent, the Company invests in debt secured by commercial real estate and 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 is selling in the Offering any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount. 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. On October 29, 2020, the Company filed a registration statement on Form S-11 with the SEC for its follow-on public offering, which the Company anticipates will become effective in 2021. As of December 31, 2020, the Company owned 144 real estate properties, one investment in an unconsolidated real estate venture

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. 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. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Accounts payable, accrued expenses, and other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. The amortization of the below-market ground lease 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 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 Company’s 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, net on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in real estate-related securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Such items are recorded as components of Investments in real estate-related securities on the Company’s Consolidated Balance Sheets. 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 Company’s 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, the 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. On April 1, 2020 the entire Investments in real estate-related securities portfolio was transferred into Level 2 from Level 3 primarily due to increased price transparency. As of December 31, 2020 and December 31, 2019, 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, 2020, the fair value of the Company’s mortgage notes, revolving credit facility and repurchase agreements was approximately $24.3 million below the outstanding principal balance. The Company’s interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company’s nonperformance risk. The Company’s interest rate cap 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, 2020, the fair value of the Company’s interest rate caps were approximately $5.4 million below their cost. As of December 31, 2020, the Company’s interest rate swaps had an aggregate fair value liability of $5.2 million. 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 and its unsecured 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 commissions, are recorded as a component of Other assets 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 or acquisition of a 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 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 Company’s 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 Company’s 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, 2020 and 2019, deferred income related to these loans amounted to $5.8 million and $6.6 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 Company’s Consolidated Statements of Operations. For the year ended December 31, 2020 and 2019, Other revenue related to these loans amounted to $0.8 million and $1.5 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 $7.3 million of 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, 2020 and 2019. 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 following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2020: 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% up to 1.5% — 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. For Class D shares the Dealer Manager is entitled to 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, 2020 and 2019, the Company had accrued $73.2 million and $44.1 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 elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as 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 its TRSs and (3) certain state or local income taxes. The Company has formed wholly owned subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. 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 are subject to taxation at the federal, state and local levels, as applicable, at the 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. For the years ended December 31, 2020 and 2019, the Company recognized an income tax expense of $1.2 million and $0.1 million, respectively, within Other (expense) income, net on the Company’s Consolidated Statements of Operations. As of December 31, 2020 and 2019, the Company recorded a net deferred tax liability of $1.2 million and $0.1 million, respectively, due to its hotel investments within Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. Net Loss per Share Basic net loss per share is computed by dividing net loss attributable to stockholders 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 attributable to stockholders 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, 2020 and 2019. 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 Financial Accounting Standards Board (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 and was adopted as of January 1, 2020. 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, 2020
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2020 December 31, 2019 Building and building improvements $ 3,860,297 $ 1,455,204 Land and land improvements 689,107 322,520 Furniture, fixtures and equipment 76,808 46,268 Right of use asset - operating lease (1) 101,382 — Total 4,727,594 1,823,992 Accumulated depreciation and amortization (130,540 ) (25,948 ) Investments in real estate, net $ 4,597,054 $ 1,798,044 (1) Refer to Note 13 for additional details on the Company’s leases. During the year ended December 31, 2020, the Company acquired interests in 73 properties, which were comprised of 60 multifamily properties, 10 industrial properties, two office buildings, The following table provides further details of the properties acquired during the years ended December 31, 2020 and 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 Savannah Multifamily 100% 1 Savannah, GA Multifamily January 2019 36,847 Phoenix Multifamily 100% 1 Mesa, AZ Multifamily January 2019 46,779 Florida Office Portfolio 97% 11 Jacksonville, FL Office May 2019 233,287 Concord Park Apartments 100% 1 Fort Meade, MD Multifamily July 2019 88,203 Columbus Mixed Use Portfolio 96% 5 Columbus, OH Multifamily/Office September-October 2019 279,513 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/Medical Office November 2019 112,385 Midwest Industrial Portfolio 95% 33 IL, IN, OH, WI Industrial November 2019 322,451 The Griffin 100% 1 Scottsdale, AZ Multifamily December 2019 96,634 Avida Apartments 100% 1 Salt Lake City, UT Multifamily December 2019 87,381 Southeast Affordable Housing Portfolio 100% 22 Various (3) Multifamily Various 2020 597,160 Nashville Office 100% 1 Nashville, TN Office February 2020 265,404 Barlow Building 100% 1 Chevy Chase, MD Medical Office March 2020 162,212 60 State Street 100% 1 Boston, MA Office March 2020 613,052 Highlands Portfolio 96% 3 Columbus, OH Multifamily June 2020 103,228 The Baxter Decatur 100% 1 Atlanta, GA Multifamily August 2020 82,199 Airport Logistics Park 100% 6 Nashville, TN Industrial September 2020 62,806 Mid-Atlantic Affordable Housing Portfolio 100% 28 Various (4) Multifamily October 2020 537,899 Marshfield Industrial Portfolio 100% 4 Baltimore, MD Industrial October 2020 166,800 Florida Affordable Housing Portfolio II 100% 4 Jacksonville, FL Multifamily October 2020 114,492 Acadia 100% 1 Ashburn, VA Multifamily December 2020 191,372 Kalina Way 100% 1 Salt Lake City, UT Multifamily December 2020 84,281 144 $ 4,912,134 (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) Purchase price is inclusive of acquisition-related costs. (3) The Southeast Affordable Housing Portfolio is primarily concentrated in Jacksonville, FL (26% of units), Orlando, FL (25%), Newport News, VA (11%), Tucson, AZ (8%), Charlotte, NC (6%) and Raleigh, NC (6%). (4) The Mid-Atlantic Affordable Portfolio is primarily concentrated in Washington, D.C. (35% of units), Norfolk/Newport, VA (22%) and Raleigh-Durham, NC (7%). The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2020 ($ in thousands): 60 State Street Southeast Affordable Housing Portfolio Mid-Atlantic Affordable Housing Portfolio Nashville Office Acadia All Other Total Building and building improvements $ 479,534 $ 459,398 $ 430,271 $ 228,180 $ 167,516 $ 626,162 $ 2,391,061 Land and land improvements 473 114,954 85,327 21,636 18,337 101,529 342,256 Furniture, fixtures and equipment — 8,269 7,816 — 2,224 9,721 28,030 Below-market ground lease (1) 95,201 — — — — — 95,201 In-place lease intangibles 47,736 8,118 7,886 18,791 2,073 29,795 114,399 Above-market lease intangibles 10,369 — — 410 — 5,910 16,689 Below-market lease intangibles (19,063 ) — — (4,917 ) — (5,217 ) (29,197 ) Total purchase price (2) $ 614,250 $ 590,739 $ 531,300 $ 264,100 $ 190,150 $ 767,900 $ 2,958,439 Non-controlling interest — — — — — (1,178 ) (1,178 ) Net purchase price $ 614,250 $ 590,739 $ 531,300 $ 264,100 $ 190,150 $ 766,722 $ 2,957,261 (1) The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Company’s Consolidated Balance Sheet. Refer to Note 13 for additional details on the Company’s leases. (2) Purchase price does not include acquisition related costs of $22.5 million. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and below-market ground lease for the properties acquired during the year ended December 31, 2020 were six years, seven years, eight years and 47 years, respectively. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ 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) Purchase price does not include acquisition related costs of $24.2 million. (2) Includes deferred income reported as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. See Note 2 for additional details on the Company’s deferred income. See Note 6 for additional details on the Company’s mortgage notes. The weighted-average amortization periods for the acquired below-market lease intangibles, in-place lease intangibles, above-market lease intangibles and other intangibles for the properties acquired during the year ended December 31, 2019 were six years, four years, five years and twelve years, respectively. The estimated future amortization on the Company’s below-market ground lease for each of the next five years and thereafter as of December 31, 2020 is as follows ($ in thousands): Year Below-market Ground Lease 2021 $ 2,036 2022 2,036 2023 2,036 2024 2,036 2025 2,036 Thereafter 83,492 Total $ 93,672 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 $11.0 million and $12.2 million as of December 31, 2020 and 2019, respectively. The Company’s (loss) income from its investment in the Joint Venture is presented in (Loss) earnings from unconsolidated real estate ventures on the Company’s Consolidated Statements of Operations and totaled ($1.5) million and $0.2 million for the years ended December 31, 2020 and 2019, respectively.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Intangible assets: (1) In-place lease intangibles $ 194,003 $ 77,311 Above-market lease intangibles 22,132 5,387 Other 31,019 30,801 Total intangible assets 247,154 113,499 Accumulated amortization: In-place lease amortization (60,142 ) (12,341 ) Above-market lease intangibles (3,506 ) (318 ) Other (3,650 ) (635 ) Total accumulated amortization (67,298 ) (13,294 ) Intangible assets, net $ 179,856 $ 100,205 Intangible liabilities: (2) Below-market lease intangibles $ 36,190 $ 7,032 Accumulated amortization (3,534 ) (331 ) Intangible liabilities, net $ 32,656 $ 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, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2021 $ 39,432 $ 3,782 $ 2,747 $ (3,944 ) 2022 22,828 3,301 2,738 (3,662 ) 2023 17,289 2,868 2,653 (3,354 ) 2024 12,885 1,883 2,639 (3,023 ) 2025 10,138 1,492 2,507 (2,740 ) Thereafter 31,289 5,300 14,085 (15,933 ) $ 133,861 $ 18,626 $ 27,369 $ (32,656 )

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2020
Schedule Of Investments [Abstract]
Investments in Real Estate-Related Securities	5. Investments in Real Estate-Related Securities The following tables detail the Company’s investments in real estate-related securities as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 55 3.22% March 22, 2047 $ 213,863 $ 215,358 CMBS 1 6.26% July 25, 2039 3,066 2,867 56 $ 216,929 $ 218,225 December 31, 2019 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 59 3.76% October 17, 2040 $ 235,405 $ 236,844 CLO 12 6.12% May 11, 2031 29,302 29,236 CMBS 4 3.73% March 13, 2037 11,473 11,571 75 $ 276,180 $ 277,651 (1) As of December 31, 2020, the Company’s RMBS investments had floating rate coupons ranging from 0.00% to 7.95% and its CMBS investment had a floating rate coupon of 6.26%. (2) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. The majority of the Company’s real estate-related securities portfolio consist of non-agency residential mortgage-backed securities (“RMBS”). The Company also has an investment in commercial mortgage-backed securities (“CMBS”). We owned 12 positions in collateralized loan obligations (“CLO”) as of December 31, 2019. During the year ended December 31, 2020, the Company recorded net unrealized losses and realized losses on its real estate-related securities portfolio of $0.2 million and $5.8 million, respectively. 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, net on the Company’s Consolidated Statements of Operations.

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size December 31, 2020 December 31, 2019 Fixed rate loans Fixed rate mortgages 3.11% 2/3/2030 N/A $ 2,236,290 $ 1,004,423 Total fixed rate loans 2,236,290 1,004,423 Variable rate loans Floating rate mortgages L + 1.81% 3/30/2025 N/A 886,594 240,599 Variable rate revolving credit facility (4) L + 2.00% 10/21/2021 $ 200,000 172,800 — Total variable rate loans 1,059,394 240,599 Total loans secured by the Company's properties 3,295,684 1,245,022 Deferred financing costs, net (17,208 ) (7,136 ) Discount on assumed debt, net 286 216 Mortgage notes and revolving credit facility, net $ 3,278,762 $ 1,238,102 (1) (2) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. ( 3 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. ( 4 ) The Company’s revolving credit facility 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, 2020 ($ in thousands): Year Amount 2021 $ 175,901 2022 51,183 2023 3,931 2024 215,201 2025 647,091 Thereafter 2,202,377 Total $ 3,295,684 Interest paid on the Company’s mortgage notes and revolving credit facility for the years ended December 31, 2020 and 2019 was $67.3 million and $17.4 million, respectively. 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, 2020.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2020
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 one month to six months at inception. The carrying amount of the Company’s repurchase agreements approximates fair value due to their short-term maturities and floating rate coupons. Interest rates on these borrowings are determined 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 Company’s Consolidated Balance Sheets, these transactions are included in the following tables ($ in thousands): December 31, 2020 Security Interest Weighted Average Maturity Date Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 3/17/2021 1.93% $ 155,538 $ 105,804 CMBS 1/6/2021 2.10% 2,867 2,450 $ 158,405 $ 108,254 December 31, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.62% $ 89,784 $ 74,876 CLO 4.71% 7,962 6,159 $ 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 years ended December 31, 2020 and 2019 was $3.4 million and $3.1 million, respectively.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facility	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facility	8. Unsecured Revolving Credit Facility On December 16, 2020, the Company entered into an unsecured line of credit (the “Line of Credit”) for $100 million with multiple banks. The line of credit expires on December 16, 2023 and commencing on the third anniversary of the closing date, may request additional one year extensions thereafter. Interest under the line of credit is determined based on one-month U.S. dollar-denominated LIBOR plus 3.0%. As of December 31, 2020, the capacity of the unsecured line of credit was $100 million. There were no outstanding borrowings on the line of credit as of December 31, 2020.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Other Assets And Other Liabilities [Abstract]
Other Assets and Liabilities	9. Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): December 31, 2020 December 31, 2019 Intangible assets, net $ 179,856 $ 100,205 Receivables 23,692 6,735 Prepaid expenses 4,047 1,456 Derivative instruments 1,410 203 Deferred financing costs, net 1,268 674 Interest receivable 548 1,028 Acquisition deposits 7 3,050 Other 307 146 Total $ 211,135 $ 113,497 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): December 31, 2020 December 31, 2019 Intangible liabilities, net $ 32,656 $ 6,701 Accounts payable and accrued expenses 19,651 10,188 Real estate taxes payable 14,842 6,513 Deferred income 11,111 6,707 Tenant security deposits 9,842 3,547 Distributions payable 8,682 4,216 Accrued interest expense 7,309 1,993 Right of use liability - operating lease 6,390 — Derivative instruments 5,167 — Other 1,422 8,114 Total $ 117,072 $ 47,979

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	10 . Equity and Redeemable Non-controlling Interest 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, 2020, 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: Class T Class S Class D Class I Total January 1, 2018 — — — 10,000 10,000 Common stock shares 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 Common stock shares issued 1,401,818 19,176,803 1,584,566 14,448,819 36,612,006 Distribution reinvestment plan shares issued 10,262 383,218 22,453 122,455 538,388 Common stock shares 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 Common stock shares issued 1,137,269 20,138,235 1,190,809 23,197,333 45,663,646 Distribution reinvestment plan shares issued 56,484 1,188,342 87,505 611,538 1,943,869 Common stock shares repurchased (143,134 ) (1,059,710 ) (84,311 ) (774,476 ) (2,061,631 ) Independent directors' restricted stock grant (1) — — — 4,234 4,234 December 31, 2020 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 (1) The independent directors’ restricted stock grant represents an aggregate $0.1 million and $0.1 million of the annual compensation paid to the independent directors for the years ended December 31, 2020 and 2019, respectively. Each grant is amortized over the one-year service period of such grant. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2020 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock (0.1808 ) (0.1821 ) (0.0533 ) — Net distributions declared per share of common stock $ 1.0612 $ 1.0599 $ 1.1887 $ 1.2420 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 The Company did not declare distributions during the year ended December 31, 2018. Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 11 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for cash, at its election, the Company has classified these Class I units as Redeemable non-controlling interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The Redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. As the redemption value was greater than the adjusted carrying value at December 31, 2020, the Company recorded an allocation adjustment of $1.3 million between Additional paid-in capital and Redeemable non-controlling interest. The following table summarizes the Redeemable non-controlling interest activity for the year ended December 31, 2020 ($ in thousands): December 31, 2019 $ — Settlement of 2019 performance participation allocation 10,366 GAAP income (loss) allocation (642 ) Distributions (597 ) Fair value allocation 1,282 December 31, 2020 $ 10,409 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 (excluding any early repurchase deduction) is limited to 2% of the aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and 5% of the aggregate NAV per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding 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 are 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 make exceptions to modify, suspend or terminate the share repurchase plan. For the years ended December 31, 2020 and 2019, the Company repurchased 2,061,631 and 10,350 shares of common stock representing a total of $43.7 million and $0.2 million, respectively. The Company had no unfulfilled repurchase requests during the years ended December 31, 2020 and 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. Stockholders who (i) reside in a state or jurisdiction that requires affirmative enrollment in the distribution reinvestment plan or (ii) are clients of a participating broker-dealer that requires affirmative 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, 2020
Related Party Transactions [Abstract]
Related Party Transactions	1 1 . Related Party Transactions Acquisition of 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. On March 20, 2020, the Company acquired a 75% interest in 60 State Street, a 911,000-square-foot office building in Boston, Massachusetts through a joint venture, between the Company and the Sponsor. The Sponsor purchased a 25% interest (the “60 State Street Membership Interests”) alongside the Company with the intent of subsequently selling it to an unaffiliated buyer. The Sponsor subsequently exercised its right to put the 60 State Street Membership Interests to the Company. During the second quarter of 2020, the Company acquired the 60 State Street Membership Interests in three transactions at a cost of $59.0 million plus interest equal to one month LIBOR plus 2.40% or $0.3 million. As a result of this transaction, the Company wholly owns the On October 29, 2020, the Company borrowed $22 million from the Sponsor to fund an acquisition. The borrowing was repaid on November 3, 2020 plus interest equal to one month LIBOR plus 3.00%. 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 years ended December 31, 2020 and 2019, the Company incurred management fees of $19.4 million and $5.5 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. The Company issued 811,757 and 210,827 unregistered Class I shares to the Advisor as payment for the 2020 and 2019 management fees, respectively, and also had a payable of $2.1 million and $1.0 million related to the management fees as of December 31, 2020 and 2019, respectively, which are included in Due to affiliates on the Company’s Consolidated Balance Sheets. During January 2021, the Advisor was issued 97,097 unregistered Class I shares as payment for the $2.1 million management fee accrued as of December 31, 2020. 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. During 2020 the Advisor submitted 8,787 Class I shares for repurchase resulting in a total repurchase of $0.2 million. During 2019, the Advisor did not submit any requests for share redemptions. 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 years ended December 31, 2020 and 2019, the Company recognized $15.1 million and $10.4 million, respectively, of performance participation allocation in the Company’s Consolidated Statements of Operations. The 2020 performance participation allocation became payable on December 31, 2020 and, in January 2021, the Company caused the Operating Partnership to issue 695,320 Class I units in the Operating Partnership to the Special Limited Partner as payment for the 2020 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2020. The 2019 performance participation allocation became payable on December 31, 2019 and, in January 2020, the Company caused the Operating Partnership to issue 480,539 Class I units in the Operating Partnership to the Special Limited Partner as payment for the 2019 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2019. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): December 31, 2020 December 31, 2019 Accrued stockholder servicing fee $ 73,170 $ 44,086 Performance participation allocation 15,061 10,366 Advanced organization and offering costs 5,830 7,290 Accrued management fee 2,103 1,037 Accrued affiliate service provider expenses — 112 Advanced operating expenses 207 450 Total $ 96,371 $ 63,341 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, 2020 and 2019, the Company has accrued $73.2 million and $44.1 million, respectively, of stockholder servicing fees payable to the Dealer Manager related to the Class T shares, 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 The Advisor and its affiliates incurred $7.3 million, 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 amount is being reimbursed to the Advisor ratably over 60 months, which commenced in January 2020. Advanced operating expenses As of December 31, 2020 and 2019, the Advisor had advanced approximately $0.1 million and $0.1 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such amounts (incurred prior to 2019) are being reimbursed to the Advisor ratably over a 60 month period, which commenced in January 2020. As of December 31, 2020 and 2019, the Advisor had incurred approximately $2.7 million and $1.0 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are being reimbursed to the Advisor one month in arrears. 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 the Sponsor, 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 years ended December 31, 2020 and 2019, the Company has incurred approximately $2.8 million and $0.7 million, respectively, of expenses due to Highmark Residential services in connection with its investments and such amounts are included in Rental property operating expenses on the Company’s Consolidated Statements of Operations. The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. (“RFF”), a law firm owned and controlled by Ellis F. Rinaldi, Co-General Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. For the years ended December 31, 2020 and 2019, the amounts incurred for services provided by RFF were $0.3 million and $0.2 million, respectively. The Company has engaged Essex Title, LLC (“Essex”), a title agent company majority owned by the Sponsor. Essex acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Starwood and their affiliates and related parties and third parties. Essex focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. Essex will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Starwood receives distributions from Essex in connection with investments by the Company based on its equity interest in Essex. In each case, there will be no related offset to the Company. During the year ended December 31, 2020, the Company paid Essex $0.2 million, for title services related to two investments and such costs were capitalized to Investments in real estate, net, on the Company’s Consolidated Balance Sheets. The Company did not engage Essex during the year ended December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . Commitments and Contingencies As of December 31, 2020 and 2019, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	1 3 . Leases Lessee Certain of the Company’s investments in real estate are subject to a ground lease. The Company’s ground lease is classified as an operating lease based on the characteristics of the lease. The ground lease was acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground lease. The Company’s ground lease is non-cancelable and does not contain any additional renewal options. The following table presents the future lease payments due under the Company’s ground lease as of December 31, 2020 ($ in thousands): Year Operating Leases 2021 $ 399 2022 399 2023 399 2024 399 2025 399 Thereafter 16,354 Total undiscounted future lease payments 18,349 Difference between undiscounted cash flows and discounted cash flows 11,959 Total lease liability $ 6,390 The Company utilized its incremental borrowing rate of 6% to determine its lease liabilities. As of December 31, 2020, the weighted average remaining lease term of the Company’s operating lease was 46 years. Payments under the Company’s ground lease contain fixed payment components. The Company’s ground lease contained escalations prior to the Company’s hold period. Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, industrial, office and medical office properties. Leases at the Company’s industrial and office properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company’s operating leases at its industrial, office and medical office properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Leases at the Company’s industrial, office and medical office properties are generally longer term and may contain extension and termination options at the lessee’s election. The Company’s rental revenue earned from leases at the Company’s multifamily properties primarily consists of a fixed base rent and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Leases at the Company’s multifamily properties are short term in nature, generally not greater than 12 months in length. The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Year Ended December 31, 2020 2019 Fixed lease payments $ 238,897 $ 46,908 Variable lease payments 34,950 4,882 Rental revenue $ 273,847 $ 51,790 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and medical office properties as of December 31, 2020 ($ 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 2021 $ 129,004 2022 120,778 2023 112,706 2024 99,018 2025 86,304 Thereafter 341,118 Total $ 888,928

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	1 4 . Segment Reporting The Company operates in six reportable segments: Multifamily properties, Hotel properties, Industrial properties, Office properties, Medical office properties and Real estate-related securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): December 31, 2020 December 31, 2019 Multifamily $ 2,738,210 $ 1,038,777 Hotel 244,065 253,273 Industrial 551,898 330,110 Office 1,186,328 303,396 Medical office 196,559 39,143 Real estate-related securities 218,225 277,651 Other (Corporate) 195,531 147,972 Total Assets $ 5,330,816 $ 2,390,322 The following table sets forth the financial results by segment for the year ended December 31, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 132,835 $ — $ 30,203 $ 97,078 $ 13,731 $ — $ 273,847 Hotel revenue — 22,200 — — — — 22,200 Other revenue 2,045 146 — 145 40 — 2,376 Total revenues 134,880 22,346 30,203 97,223 13,771 — 298,423 Expenses: Rental property operating 51,878 — 7,261 32,895 4,908 — 96,942 Hotel operating — 16,242 — — — — 16,242 Total segment expenses 51,878 16,242 7,261 32,895 4,908 — 113,184 Income from real estate-related securities, net — — — — — 7,206 7,206 Loss from unconsolidated real estate ventures — (1,462 ) — — — — (1,462 ) Segment net operating income $ 83,002 $ 4,642 $ 22,942 $ 64,328 $ 8,863 $ 7,206 $ 190,983 Depreciation and amortization $ (73,365 ) $ (8,403 ) $ (18,323 ) $ (48,477 ) $ (7,296 ) $ — $ (155,864 ) General and administrative (8,624 ) Management fees (19,423 ) Performance participation allocation (15,061 ) Interest expense (88,918 ) Other expense, net (1,293 ) Net loss $ (98,200 ) Net loss attributable to non- controlling interests in consolidated joint ventures 1,300 Net loss attributable to non- controlling interests in Operating Partnership 642 Net loss attributable to stockholders $ (96,258 ) The following table sets forth the financial results by segment for the year ended December 31, 2019 ($ in thousands): Multifamily Hotel Industrial Office Medical Office 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, net — — — — — 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 expense (25,311 ) Other income, net 916 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, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	1 5 . Quarterly Financial Information (Unaudited) The following tables present the Company’s quarterly results ($ in thousands, except per share data): 2020 March 31 June 30 September 30 December 31 Total revenues $ 57,037 $ 71,465 $ 76,920 $ 93,001 Net loss (40,647 ) (14,754 ) (10,497 ) (32,302 ) Net loss attributable to stockholders (39,677 ) (14,262 ) (10,315 ) (32,004 ) Net loss per share, basic and diluted (0.69 ) (0.21 ) (0.14 ) (0.38 ) 2019 March 31 June 30 September 30 December 31 Total revenues $ 15,415 $ 18,745 $ 24,026 $ 36,122 Net loss (2,468 ) (3,596 ) (3,076 ) (11,838 ) Net loss attributable to stockholders (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, 2020
Subsequent Events [Abstract]
Subsequent Events	1 6 . Subsequent Events Acquisitions / New Investments Subsequent to December 31, 2020, the Company acquired a real estate investment for approximately $134.8 million, exclusive of closing costs, and originated one loan for $500.4 million. Status of the Offering As of March 26, 2021, the Company had sold an aggregate of 120,404,905 shares of its common stock (consisting of 2,850,070 Class T shares, 61,954,369 Class S shares, 4,699,738 Class D shares, and 50,900,728 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, 2020
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, 2020 ($ 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 $ 44 $ 396 $ 9,516 $ 36,305 $ 45,821 $ (3,417 ) 1997 2019 (1) Savannah Property Savannah, GA 25,412 3,671 31,351 64 69 3,735 31,420 35,155 (2,590 ) 2017 2019 (1) Florida Multifamily Portfolio Lindsey Terrance Jacksonville, FL 20,948 6,828 20,356 181 426 7,009 20,782 27,791 (2,074 ) 2002 2019 (1) Grande Court Jacksonville, FL 15,474 4,746 17,564 55 232 4,801 17,796 22,597 (1,525 ) 2002 2019 (1) Noah's Landing Naples FL 16,889 6,517 17,121 60 339 6,577 17,460 24,037 (1,520 ) 2002 2019 (1) Tuscan Isle Naples FL 19,157 7,528 19,904 93 494 7,621 20,398 28,019 (1,828 ) 2001 2019 (1) Concord Park Apartments Fort Meade, MD 61,810 20,082 67,141 40 424 20,122 67,565 87,687 (3,135 ) 2005 2019 (1) Columbus Multifamily Portfolio 80 on the Commons Columbus, OH 17,991 1,723 29,200 30 — 1,753 29,200 30,953 (915 ) 2018 2019 (1) Gramercy Columbus, OH 35,903 12,065 35,270 54 — 12,119 35,270 47,389 (1,590 ) 2013 2019 (1) 250 High Columbus, OH 20,344 1,440 27,818 — — 1,440 27,818 29,258 (812 ) 2015 2019 (1) 600 Goodale Columbus, OH 26,853 2,537 29,176 152 — 2,689 29,176 31,865 (901 ) 2013 2019 (1) 801 Polaris Columbus, OH 33,109 2,930 39,135 834 (834 ) 3,764 38,301 42,065 (1,181 ) 2015 2019 (1) Cascades Apartments Charlotte, NC 72,195 12,711 92,689 28 160 12,739 92,849 105,588 (3,070 ) 2009/2012 2019 (1) Thornton Apartments Alexandria, VA 118,151 30,472 145,504 — 17 30,472 145,521 175,993 (4,391 ) 2018 2019 (1) Exchange on Erwin Durham, NC 50,542 18,313 54,839 2 37 18,315 54,876 73,191 (2,023 ) 2018 2019 (1) The Griffin Scottsdale, AZ 64,686 17,614 74,940 44 55 17,658 74,995 92,653 (2,349 ) 2018 2019 (1) Avida Apartments Salt Lake City, UT 56,355 8,018 73,763 410 107 8,428 73,870 82,298 (2,362 ) 2012 2019 (1) Highlands Portfolio Graham Park Columbus, OH 23,124 3,440 27,150 — — 3,440 27,150 30,590 (439 ) 2019 2020 (1) Luxe Columbus, OH 23,972 2,170 30,051 — — 2,170 30,051 32,221 (390 ) 2019 2020 (1) Harper House Columbus, OH 25,465 3,285 30,573 — — 3,285 30,573 33,858 (416 ) 2019 2020 (1) The Baxter Decatur Atlanta, GA 53,462 8,603 69,963 28 1 8,631 69,964 78,595 (816 ) 2019 2020 (1) Kalina Way Salt Lake City, UT 57,928 7,101 74,739 — — 7,101 74,739 81,840 (100 ) 2017 2020 (1) Acadia Ashburn, VA 134,338 18,337 168,734 — — 18,337 168,734 187,071 (228 ) 1999 2020 (1) Southeast Affordable Housing Portfolio Arboretum Place Newport News, VA 14,663 4,339 15,528 3 72 4,342 15,600 19,942 (510 ) 1995 2020 (1) Courtney Manor Jacksonville, FL 26,163 9,049 25,981 — 108 9,049 26,089 35,138 (452 ) 2000 2020 (1) Creekside at Bellemeade High Point, NC 4,640 2,031 4,415 1 21 2,032 4,436 6,468 (260 ) 1999 2020 (1) Falcon Trace Orlando, FL 38,926 9,022 41,818 44 194 9,066 42,012 51,078 (1,270 ) 1999 2020 (1) Hatteras Sound Sanford, FL 24,859 5,354 27,465 24 32 5,378 27,497 32,875 (340 ) 2001 2020 (1) Las Villas de Kino I Tucson, AZ 18,108 6,561 16,745 5 110 6,566 16,855 23,421 (590 ) 1999 2020 (1) Las Villas de Kino II Tucson, AZ 8,147 2,952 7,533 2 103 2,954 7,636 10,590 (266 ) 1999 2020 (1) Lexington Club Vero Beach, FL 14,738 2,972 19,583 3 51 2,975 19,634 22,609 (653 ) 1999 2020 (1) Madelyn Oaks Jacksonville, FL 27,394 8,881 28,528 1 97 8,882 28,625 37,507 (438 ) 2002 2020 (1) Oak Crest Kannapolis, NC 9,373 2,137 10,411 22 75 2,159 10,486 12,645 (381 ) 1999 2020 (1) Overlook at Simms Creek Raleigh, NC 25,691 7,189 23,030 31 97 7,220 23,127 30,347 (850 ) 2002 2020 (1) Parkside Royal Poinciana West Palm Beach, FL 10,045 4,624 8,889 54 104 4,678 8,993 13,671 (370 ) 1996 2020 (1) Patriots Pointe Concord, NC 7,760 1,564 7,904 4 34 1,568 7,938 9,506 (275 ) 2000 2020 (1) Ponce Harbor St. Augustine, FL 15,601 3,294 18,870 — — 3,294 18,870 22,164 (90 ) 2002 2020 (1) Reserves at Arboretum Newport News, VA 18,750 3,449 25,920 — 60 3,449 25,980 29,429 (756 ) 2009 2020 (1) River Reach Orlando, FL 33,525 10,491 33,546 75 151 10,566 33,697 44,263 (1,130 ) 1996 2020 (1) Riverwalk Brighton, CO 19,015 3,280 20,932 18 43 3,298 20,975 24,273 (636 ) 1998 2020 (1) Silver Hill Newport News, VA 9,920 3,381 9,549 — 38 3,381 9,587 12,968 (300 ) 1995 2020 (1) Spinnaker Reach Jacksonville, FL 28,485 6,248 35,599 5 217 6,253 35,816 42,069 (1,079 ) 1999 2020 (1) Stone Creek Mooresville, NC 8,364 1,844 7,492 — 38 1,844 7,530 9,374 (288 ) 1997 2020 (1) Villa Biscayne Homestead, FL 20,339 4,575 23,600 17 104 4,592 23,704 28,296 (748 ) 1995 2020 (1) Vista Haven Sanford, FL 40,994 9,562 47,788 64 141 9,626 47,929 57,555 (1,509 ) 2001 2020 (1) Willow Ridge Greensboro, NC 5,200 2,157 4,656 3 28 2,160 4,684 6,844 (210 ) 1999 2020 (1) Mid-Atlantic Affordable Housing Portfolio Autumn Ridge Memphis, TN 7,547 2,591 7,180 — 11 2,591 7,191 9,782 (62 ) 1997 2020 (1) Autumn Wind Winchester, VA 9,840 2,724 10,005 — 3 2,724 10,008 12,732 (83 ) 1999 2020 (1) Bridgeport Hampton, VA 17,130 4,285 18,075 — 7 4,285 18,082 22,367 (137 ) 1998 2020 (1) Cascade Village Holland, MI 13,680 3,389 14,530 — 2 3,389 14,532 17,921 (113 ) 2000 2020 (1) Chestnut Ridge I Harrisonburg, VA 7,920 2,694 7,540 — 5 2,694 7,545 10,239 (66 ) 1998 2020 (1) Chestnut Ridge II Harrisonburg, VA 3,840 1,328 3,682 — 5 1,328 3,687 5,015 (33 ) 1999 2020 (1) Columbia Hills Columbia, TN 9,740 2,871 9,816 — 10 2,871 9,826 12,697 (81 ) 1997 2020 (1) Crestview Fredericksburg, VA 26,720 4,358 30,470 — 16 4,358 30,486 34,844 (217 ) 1999 2020 (1) Dominion Pines Chesapeake, VA 11,755 2,896 12,516 — 8 2,896 12,524 15,420 (95 ) 1994 2020 (1) Falcon Pointe Rosenberg, TX 9,440 1,876 10,461 — 3 1,876 10,464 12,340 (80 ) 1998 2020 (1) Foxridge Durham, NC 10,333 2,524 10,986 — 6 2,524 10,992 13,516 (85 ) 1998 2020 (1) Genito Glen Midlothian, VA 10,960 2,703 11,559 — 8 2,703 11,567 14,270 (90 ) 1998 2020 (1) Kings Ridge Newport News, VA 15,572 4,729 15,539 — 13 4,729 15,552 20,281 (128 ) 1996 2020 (1) Las Villas de Leon San Antonio, TX 7,560 2,347 7,458 — 2 2,347 7,460 9,807 (64 ) 2000 2020 (1) Landing at Markhams Grant I Woodbridge, VA 12,556 1,827 14,664 — — 1,827 14,664 16,491 (103 ) 1998 2020 (1) Landing at Markhams Grant II Woodbridge, VA 18,107 3,198 20,424 — 2 3,198 20,426 23,624 (147 ) 2000 2020 (1) Landing at Markhams Grant III Woodbridge, VA 24,580 3,592 28,539 — 9 3,592 28,548 32,140 (197 ) 2002 2020 (1) Ocean Gate Virginia Beach, VA 20,080 4,347 21,957 — 3 4,347 21,960 26,307 (162 ) 1997 2020 (1) Parkview Huntersville, NC 11,191 1,876 12,739 — 3 1,876 12,742 14,618 (91 ) 1996 2020 (1) River Birch Raleigh, NC 19,411 4,168 21,150 — 19 4,168 21,169 25,337 (155 ) 1996 2020 (1) River Park Place Vero Beach, FL 8,538 2,662 8,425 — 2 2,662 8,427 11,089 (71 ) 1998 2020 (1) Soldiers Ridge Manassas, VA 20,092 2,746 23,544 — 3 2,746 23,547 26,293 (161 ) 1996 2020 (1) South Main Manassas, VA 11,241 2,001 12,687 — 2 2,001 12,689 14,690 (92 ) 1999 2020 (1) Sterling Crest Saginaw, MI 8,800 4,176 7,229 — 4 4,176 7,233 11,409 (73 ) 1999 2020 (1) Stonegate Stafford, VA 28,880 3,963 33,721 — 4 3,963 33,725 37,688 (231 ) 1998 2020 (1) Woodbridge Chesapeake, VA 15,125 3,571 16,250 — 9 3,571 16,259 19,830 (121 ) 1994 2020 (1) Woodburn I Manassas, VA 24,112 3,365 28,215 — 9 3,365 28,224 31,589 (195 ) 1998 2020 (1) Woodburn II Manassas, VA 15,250 2,525 17,409 — 2 2,525 17,411 19,936 (124 ) 1998 2020 (1) Florida Affordable Housing Portfolio II Leigh Meadows Jacksonville, FL 24,172 4,743 26,758 — 11 4,743 26,769 31,512 (193 ) 1997 2020 (1) Holly Cove Jacksonville, FL 20,619 3,854 23,149 — 8 3,854 23,157 27,011 (168 ) 1996 2020 (1) Thomas Chase Jacksonville, FL 24,203 4,307 27,346 — 8 4,307 27,354 31,661 (193 ) 2004 2020 (1) Camri Green Jacksonville, FL 16,846 3,695 18,200 — 6 3,695 18,206 21,901 (137 ) 2004 2020 (1) Total Multifamily Properties $ 1,922,887 $ 426,491 $ 2,210,895 $ 2,495 $ 4,044 $ 428,986 $ 2,214,939 $ 2,643,925 $ (55,421 ) Industrial properties: Midwest Industrial Portfolio 201 Swift Road Addison, IL (3) $ 210,027 $ 2,134 $ 5,578 $ — $ — $ 2,134 $ 5,578 $ 7,712 $ (258 ) 1995 2019 (1) 221 Swift Road Addison, IL (3) — 2,230 7,553 — — 2,230 7,553 9,783 (321 ) 1995 2019 (1) 13005 Hamlin Court Alsip, IL (3) — 1,813 4,623 — — 1,813 4,623 6,436 (233 ) 2014 2019 (1) 1695 Glen Ellyn Drive Glendale Heights, IL (3) — 2,206 4,769 — — 2,206 4,769 6,975 (216 ) 2006 2019 (1) 845 Telser Road Lake Zurich, IL (3) — 1,370 2,325 — — 1,370 2,325 3,695 (118 ) 2016 2019 (1) 1245-1247 Lakeside Drive Romeoville, IL (3) — 1,461 4,059 — — 1,461 4,059 5,520 (209 ) 1998 2019 (1) 775 Commerce Parkway West Drive Greenwood, IN (3) — 1,314 10,189 — — 1,314 10,189 11,503 (338 ) 2014 2019 (1) 999 Gerdt Court Greenwood, IN (3) — 1,268 6,364 — — 1,268 6,364 7,632 (284 ) 2001 2019 (1) 1600-1640 Northwind Pkwy Hobart, IN (3) — 879 3,010 — — 879 3,010 3,889 (150 ) 2007 2019 (1) 1650 Northwind Pkwy Hobart, IN (3) — 860 2,954 — — 860 2,954 3,814 (160 ) 2007 2019 (1) 1701-21 Northwind Pkwy Hobart, IN (3) — 1,264 5,974 — — 1,264 5,974 7,238 (263 ) 2005 2019 (1) 1851 Northwind Parkway Hobart, IN (3) — 1,477 2,077 — — 1,477 2,077 3,554 (137 ) 2015 2019 (1) 1901-51 Northwind Pkwy Hobart, IN (3) — 1,800 9,550 — — 1,800 9,550 11,350 (435 ) 2006 2019 (1) 6241 Northwind Pkwy Hobart, IN (3) — 1,946 8,402 114 — 2,060 8,402 10,462 (394 ) 2008 2019 (1) 6451 Northwind Parkway Hobart, IN (3) — 2,782 8,375 — — 2,782 8,375 11,157 (376 ) 2016 2019 (1) 8401 Bearing Drive Indianapolis, IN (3) — 3,159 13,189 — — 3,159 13,189 16,348 (513 ) 2015 2019 (1) 8411 Bearing Drive Indianapolis, IN (3) — 1,448 6,515 — — 1,448 6,515 7,963 (242 ) 2015 2019 (1) 8461 Bearing Drive Indianapolis, IN (3) — 1,337 10,188 — — 1,337 10,188 11,525 (342 ) 2015 2019 (1) 101 45th Street Munster, IN (3) — 3,968 20,213 86 29 4,054 20,242 24,296 (958 ) 1991 2019 (1) 215 45th Street Munster, IN (3) — 1,209 3,473 — — 1,209 3,473 4,682 (193 ) 1999 2019 (1) 225 45th Street Munster, IN (3) — 1,112 2,741 — 42 1,112 2,783 3,895 (138 ) 2000 2019 (1) 235 West 45th Street Munster, IN (3) — 1,163 1,847 — — 1,163 1,847 3,010 (123 ) 2000 2019 (1) 333 45th Street Munster, IN (3) — 3,378 7,839 — — 3,378 7,839 11,217 (440 ) 1999 2019 (1) 480 West 45th Street Munster, IN (3) — 1,542 6,356 — — 1,542 6,356 7,898 (284 ) 2003 2019 (1) 3890 Perry Boulevard Whitestown, IN (3) — 698 4,491 — — 698 4,491 5,189 (175 ) 2008 2019 (1) 4750 S Indianapolis Rd Whitestown, IN (3) — 3,167 14,293 — — 3,167 14,293 17,460 (608 ) 2016 2019 (1) 4990 Indianapolis Road Whitestown, IN (3) — 1,668 8,319 — — 1,668 8,319 9,987 (322 ) 2016 2019 (1) 5701 Meadows Drive Grove City, OH (3) — 2,166 10,542 — — 2,166 10,542 12,708 (493 ) 1997 2019 (1) 5900 Meadows Drive Grove City, OH (3) — 2,369 11,916 — — 2,369 11,916 14,285 (555 ) 1997 2019 (1) 2240 Creekside Parkway Lockbourne, OH (3) — 2,300 7,010 — — 2,300 7,010 9,310 (312 ) 2012 2019 (1) 4410 North 132nd Street Butler, WI (3) — 1,248 6,383 — 251 1,248 6,634 7,882 (278 ) 1998 2019 (1) 4700 North Ironwood Drive Butler, WI (3) — 1,510 7,222 — 295 1,510 7,517 9,027 (305 ) 2000 2019 (1) W234 N2091 Ridgeview Parkway Court Butler, WI (3) — 1,965 7,508 — — 1,965 7,508 9,473 (324 ) 2002 2019 (1) Marshfield Industrial Portfolio Baltimore, MD 106,698 21,720 139,433 — — 21,720 139,433 161,153 (890 ) Various 2020 (1) Airport Logistics Park Nashville, TN 35,000 7,031 53,728 — — 7,031 53,728 60,759 (504 ) Various 2020 (1) Total Industrial Properties $ 351,725 $ 88,962 $ 429,008 $ 200 $ 617 $ 89,162 $ 429,625 $ 518,787 $ (11,891 ) Hotel properties: U.S. Select Service Portfolio Hyatt Place Boulder Boulder, CO (4) $ 47,948 $ 13,890 $ 33,673 $ 7 $ 128 $ 13,897 $ 33,801 $ 47,698 $ (1,900 ) 2015 2019 (1) Residence Inn Tampa Tampa, FL 22,392 7,826 33,325 644 64 8,470 33,389 41,859 (1,755 ) 2001 2019 (1) Courtyard by Marriott Fort Myers Fort Myers, FL 14,991 5,522 21,035 567 43 6,089 21,078 27,167 (1,124 ) 2007 2019 (1) TownePlace Suites Tampa Tampa, FL 11,937 5,064 16,712 407 35 5,471 16,747 22,218 (886 ) 2008 2019 (1) Residence Inn Cleveland Cleveland, OH (4) — 2,867 19,944 181 446 3,048 20,390 23,438 (1,086 ) 1997 2019 (1) Residence Inn Little Rock Little Rock, AR 13,726 2,410 16,472 185 34 2,595 16,506 19,101 (847 ) 2013 2019 (1) Hampton Inn Knoxville Knoxville, TN 9,390 1,343 12,868 570 26 1,913 12,894 14,807 (714 ) 2011 2019 (1) Springhill Suites Fort Myers Fort Myers, FL 8,676 4,658 7,484 519 22 5,177 7,506 12,683 (438 ) 2006 2019 (1) Total Hotel Properties $ 129,060 $ 43,580 $ 161,513 $ 3,080 $ 798 $ 46,660 $ 162,311 $ 208,971 $ (8,750 ) Medical Office: Exchange on Erwin - Commercial Durham, NC $ 24,908 $ 13,492 $ 20,157 $ — $ 34 $ 13,492 $ 20,191 $ 33,683 $ (931 ) 2007 2019 (1) Barlow Building Chevy Chase, MD 108,160 31,902 112,291 208 184 32,110 112,475 144,585 (3,002 ) 2019 2020 (1) Total Medical Office Properties $ 133,068 $ 45,394 $ 132,448 $ 208 $ 218 $ 45,602 $ 132,666 $ 178,268 $ (3,933 ) Office properties: Florida Office Portfolio JTB Carlton Jacksonville, FL (5) $ 136,640 $ 4,510 $ 13,905 $ — $ 89 $ 4,510 $ 13,994 $ 18,504 $ (1,304 ) 1999 2019 (1) JTB Deerwood Park Jacksonville, FL (5) — 1,303 1,298 — 3 1,303 1,301 2,604 (76 ) 1991 2019 (1) JTB Collier Jacksonville, FL (5) — 4,540 11,050 — 21 4,540 11,071 15,611 (854 ) 2001 2019 (1) Deerwood N 100 Jacksonville, FL (5) — 5,173 17,670 — 131 5,173 17,801 22,974 (1,540 ) 1999 2019 (1) Deerwood N 200 Jacksonville, FL (5) — 5,152 14,995 — 24 5,152 15,019 20,171 (1,439 ) 2001 2019 (1) Deerwood N 300 Jacksonville, FL (5) — 5,723 16,056 — 192 5,723 16,248 21,971 (1,269 ) 2004 2019 (1) Deerwood N 400 Jacksonville, FL (5) — 5,535 18,722 — 29 5,535 18,751 24,286 (1,490 ) 2005 2019 (1) Deerwood S 100 Jacksonville, FL (5) — 5,761 15,490 — 183 5,761 15,673 21,434 (1,580 ) 1996 2019 (1) Deerwood S 200 Jacksonville, FL (5) — 5,548 15,976 — 57 5,548 16,033 21,581 (1,595 ) 1996 2019 (1) Deerwood S 300 Jacksonville, FL (5) — 5,158 14,265 — 651 5,158 14,916 20,074 (1,728 ) 1997 2019 (1) Deerwood S 400 Jacksonville, FL (5) — 5,062 13,736 — 758 5,062 14,494 19,556 (1,446 ) 1998 2019 (1) Columbus Office Portfolio 250 High Columbus, OH 25,698 1,527 27,449 68 - 1,595 27,449 29,044 (1,246 ) 2015 2019 (1) 80 on the Commons Columbus, OH 29,309 1,486 22,615 29 1,100 1,515 23,715 25,230 (1,522 ) 2018 2019 (1) 60 State Street Boston, MA 394,497 - 478,150 475 6,574 475 484,724 485,199 (13,938 ) 1978 2020 (1) Nashville Office Nashville, TN 172,800 21,647 229,183 — 384 21,647 229,567 251,214 (5,944 ) 2017 2020 (1) Total Office Properties $ 758,944 $ 78,125 $ 910,560 $ 572 $ 10,196 $ 78,697 $ 920,756 $ 999,453 $ (36,971 ) Portfolio Total $ 3,295,684 $ 682,552 $ 3,844,424 $ 6,555 $ 15,873 $ 689,107 $ 3,860,297 $ 4,549,404 $ (116,966 ) (1) Refer to Note 2 to our consolidated financial statements for details of depreciable lives. (2) As of December 31, 2020, the aggregate cost basis for tax purposes was $4.7 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 $136.6 million mortgage note. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $76.8 million. Accumulated Depreciation does not include $13.5 million of accumulated depreciation related to Furniture, Fixtures and Equipment. The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Real Estate: Balance at the beginning of year $ 1,823,992 $ — Additions during the year: Land and land improvements 366,587 322,520 Furniture, fixtures and equipment 30,540 46,268 Building and building improvements 2,405,093 1,455,204 Balance at the end of the year $ 4,626,212 $ 1,823,992 Accumulated Depreciation: Balance at the beginning of the year $ (25,948 ) $ — Accumulated depreciation (104,592 ) (25,948 ) Balance at the end of the year $ (130,540 ) $ (25,948 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. 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. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Accounts payable, accrued expenses, and other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. The amortization of the below-market ground lease 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 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 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, net on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in real estate-related securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Such items are recorded as components of Investments in real estate-related securities on the Company’s Consolidated Balance Sheets.
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, the 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. On April 1, 2020 the entire Investments in real estate-related securities portfolio was transferred into Level 2 from Level 3 primarily due to increased price transparency. As of December 31, 2020 and December 31, 2019, 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, 2020, the fair value of the Company’s mortgage notes, revolving credit facility and repurchase agreements was approximately $24.3 million below the outstanding principal balance. The Company’s interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company’s nonperformance risk. The Company’s interest rate cap 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, 2020, the fair value of the Company’s interest rate caps were approximately $5.4 million below their cost. As of December 31, 2020, the Company’s interest rate swaps had an aggregate fair value liability of $5.2 million. 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 and its unsecured 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 commissions, are recorded as a component of Other assets 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 or acquisition of a 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 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 Company’s 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 Company’s 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, 2020 and 2019, deferred income related to these loans amounted to $5.8 million and $6.6 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 Company’s Consolidated Statements of Operations. For the year ended December 31, 2020 and 2019, Other revenue related to these loans amounted to $0.8 million and $1.5 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 $7.3 million of 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, 2020 and 2019. 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 following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2020: 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% up to 1.5% — 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. For Class D shares the Dealer Manager is entitled to 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, 2020 and 2019, the Company had accrued $73.2 million and $44.1 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 elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as 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 its TRSs and (3) certain state or local income taxes. The Company has formed wholly owned subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. 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 are subject to taxation at the federal, state and local levels, as applicable, at the 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. For the years ended December 31, 2020 and 2019, the Company recognized an income tax expense of $1.2 million and $0.1 million, respectively, within Other (expense) income, net on the Company’s Consolidated Statements of Operations. As of December 31, 2020 and 2019, the Company recorded a net deferred tax liability of $1.2 million and $0.1 million, respectively, due to its hotel investments within Accounts payable, accrued expenses and other liabilities 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 attributable to stockholders 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 attributable to stockholders 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, 2020 and 2019. 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 Financial Accounting Standards Board (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 and was adopted as of January 1, 2020. 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. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of December 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. In April 2020, FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. The Lease Modification Q&A allows the Company, if certain criteria have been met, to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief to avoid performing a lease-by-lease analysis for any potential lease concessions granted as relief due to the COVID-19 pandemic that result in the cash flows remaining under the lease to be substantially the same or less. The Lease Modification Q&A did not have a material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. It is not possible at this time to accurately project the nature or extent of any such possible concessions.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020: 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% up to 1.5% — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% —

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2020 December 31, 2019 Building and building improvements $ 3,860,297 $ 1,455,204 Land and land improvements 689,107 322,520 Furniture, fixtures and equipment 76,808 46,268 Right of use asset - operating lease (1) 101,382 — Total 4,727,594 1,823,992 Accumulated depreciation and amortization (130,540 ) (25,948 ) Investments in real estate, net $ 4,597,054 $ 1,798,044 (1) Refer to Note 13 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the years ended December 31, 2020 and 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 Savannah Multifamily 100% 1 Savannah, GA Multifamily January 2019 36,847 Phoenix Multifamily 100% 1 Mesa, AZ Multifamily January 2019 46,779 Florida Office Portfolio 97% 11 Jacksonville, FL Office May 2019 233,287 Concord Park Apartments 100% 1 Fort Meade, MD Multifamily July 2019 88,203 Columbus Mixed Use Portfolio 96% 5 Columbus, OH Multifamily/Office September-October 2019 279,513 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/Medical Office November 2019 112,385 Midwest Industrial Portfolio 95% 33 IL, IN, OH, WI Industrial November 2019 322,451 The Griffin 100% 1 Scottsdale, AZ Multifamily December 2019 96,634 Avida Apartments 100% 1 Salt Lake City, UT Multifamily December 2019 87,381 Southeast Affordable Housing Portfolio 100% 22 Various (3) Multifamily Various 2020 597,160 Nashville Office 100% 1 Nashville, TN Office February 2020 265,404 Barlow Building 100% 1 Chevy Chase, MD Medical Office March 2020 162,212 60 State Street 100% 1 Boston, MA Office March 2020 613,052 Highlands Portfolio 96% 3 Columbus, OH Multifamily June 2020 103,228 The Baxter Decatur 100% 1 Atlanta, GA Multifamily August 2020 82,199 Airport Logistics Park 100% 6 Nashville, TN Industrial September 2020 62,806 Mid-Atlantic Affordable Housing Portfolio 100% 28 Various (4) Multifamily October 2020 537,899 Marshfield Industrial Portfolio 100% 4 Baltimore, MD Industrial October 2020 166,800 Florida Affordable Housing Portfolio II 100% 4 Jacksonville, FL Multifamily October 2020 114,492 Acadia 100% 1 Ashburn, VA Multifamily December 2020 191,372 Kalina Way 100% 1 Salt Lake City, UT Multifamily December 2020 84,281 144 $ 4,912,134 (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) Purchase price is inclusive of acquisition-related costs. (3) The Southeast Affordable Housing Portfolio is primarily concentrated in Jacksonville, FL (26% of units), Orlando, FL (25%), Newport News, VA (11%), Tucson, AZ (8%), Charlotte, NC (6%) and Raleigh, NC (6%). (4) The Mid-Atlantic Affordable Portfolio is primarily concentrated in Washington, D.C. (35% of units), Norfolk/Newport, VA (22%) and Raleigh-Durham, NC (7%).
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, 2020 ($ in thousands): 60 State Street Southeast Affordable Housing Portfolio Mid-Atlantic Affordable Housing Portfolio Nashville Office Acadia All Other Total Building and building improvements $ 479,534 $ 459,398 $ 430,271 $ 228,180 $ 167,516 $ 626,162 $ 2,391,061 Land and land improvements 473 114,954 85,327 21,636 18,337 101,529 342,256 Furniture, fixtures and equipment — 8,269 7,816 — 2,224 9,721 28,030 Below-market ground lease (1) 95,201 — — — — — 95,201 In-place lease intangibles 47,736 8,118 7,886 18,791 2,073 29,795 114,399 Above-market lease intangibles 10,369 — — 410 — 5,910 16,689 Below-market lease intangibles (19,063 ) — — (4,917 ) — (5,217 ) (29,197 ) Total purchase price (2) $ 614,250 $ 590,739 $ 531,300 $ 264,100 $ 190,150 $ 767,900 $ 2,958,439 Non-controlling interest — — — — — (1,178 ) (1,178 ) Net purchase price $ 614,250 $ 590,739 $ 531,300 $ 264,100 $ 190,150 $ 766,722 $ 2,957,261 (1) The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Company’s Consolidated Balance Sheet. Refer to Note 13 for additional details on the Company’s leases. (2) Purchase price does not include acquisition related costs of $22.5 million. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ 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) Purchase price does not include acquisition related costs of $24.2 million. (2) Includes deferred income reported as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. See Note 2 for additional details on the Company’s deferred income. See Note 6 for additional details on the Company’s mortgage notes.
Estimated Future Amortization on the Company's Below-Market Ground Lease	The estimated future amortization on the Company’s below-market ground lease for each of the next five years and thereafter as of December 31, 2020 is as follows ($ in thousands): Year Below-market Ground Lease 2021 $ 2,036 2022 2,036 2023 2,036 2024 2,036 2025 2,036 Thereafter 83,492 Total $ 93,672

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Intangible assets: (1) In-place lease intangibles $ 194,003 $ 77,311 Above-market lease intangibles 22,132 5,387 Other 31,019 30,801 Total intangible assets 247,154 113,499 Accumulated amortization: In-place lease amortization (60,142 ) (12,341 ) Above-market lease intangibles (3,506 ) (318 ) Other (3,650 ) (635 ) Total accumulated amortization (67,298 ) (13,294 ) Intangible assets, net $ 179,856 $ 100,205 Intangible liabilities: (2) Below-market lease intangibles $ 36,190 $ 7,032 Accumulated amortization (3,534 ) (331 ) Intangible liabilities, net $ 32,656 $ 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.
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, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2021 $ 39,432 $ 3,782 $ 2,747 $ (3,944 ) 2022 22,828 3,301 2,738 (3,662 ) 2023 17,289 2,868 2,653 (3,354 ) 2024 12,885 1,883 2,639 (3,023 ) 2025 10,138 1,492 2,507 (2,740 ) Thereafter 31,289 5,300 14,085 (15,933 ) $ 133,861 $ 18,626 $ 27,369 $ (32,656 )

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule Of Investments [Abstract]
Summary of Investments in Real Estate-Related Debt Securities	The following tables detail the Company’s investments in real estate-related securities as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 55 3.22% March 22, 2047 $ 213,863 $ 215,358 CMBS 1 6.26% July 25, 2039 3,066 2,867 56 $ 216,929 $ 218,225 December 31, 2019 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 59 3.76% October 17, 2040 $ 235,405 $ 236,844 CLO 12 6.12% May 11, 2031 29,302 29,236 CMBS 4 3.73% March 13, 2037 11,473 11,571 75 $ 276,180 $ 277,651 (1) As of December 31, 2020, the Company’s RMBS investments had floating rate coupons ranging from 0.00% to 7.95% and its CMBS investment had a floating rate coupon of 6.26%. (2) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size December 31, 2020 December 31, 2019 Fixed rate loans Fixed rate mortgages 3.11% 2/3/2030 N/A $ 2,236,290 $ 1,004,423 Total fixed rate loans 2,236,290 1,004,423 Variable rate loans Floating rate mortgages L + 1.81% 3/30/2025 N/A 886,594 240,599 Variable rate revolving credit facility (4) L + 2.00% 10/21/2021 $ 200,000 172,800 — Total variable rate loans 1,059,394 240,599 Total loans secured by the Company's properties 3,295,684 1,245,022 Deferred financing costs, net (17,208 ) (7,136 ) Discount on assumed debt, net 286 216 Mortgage notes and revolving credit facility, net $ 3,278,762 $ 1,238,102 (1) (2) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. ( 3 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. ( 4 ) The Company’s revolving credit facility 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, 2020 ($ in thousands): Year Amount 2021 $ 175,901 2022 51,183 2023 3,931 2024 215,201 2025 647,091 Thereafter 2,202,377 Total $ 3,295,684

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Repurchase Agreements [Abstract]
Summary of Repurchase Agreements And Securities Lending Transactions	For financial statement purposes, the Company does not offset its repurchase agreements and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Consolidated Balance Sheets, these transactions are included in the following tables ($ in thousands): December 31, 2020 Security Interest Weighted Average Maturity Date Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 3/17/2021 1.93% $ 155,538 $ 105,804 CMBS 1/6/2021 2.10% 2,867 2,450 $ 158,405 $ 108,254 December 31, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.62% $ 89,784 $ 74,876 CLO 4.71% 7,962 6,159 $ 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, 2020
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, 2020 December 31, 2019 Intangible assets, net $ 179,856 $ 100,205 Receivables 23,692 6,735 Prepaid expenses 4,047 1,456 Derivative instruments 1,410 203 Deferred financing costs, net 1,268 674 Interest receivable 548 1,028 Acquisition deposits 7 3,050 Other 307 146 Total $ 211,135 $ 113,497
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, 2020 December 31, 2019 Intangible liabilities, net $ 32,656 $ 6,701 Accounts payable and accrued expenses 19,651 10,188 Real estate taxes payable 14,842 6,513 Deferred income 11,111 6,707 Tenant security deposits 9,842 3,547 Distributions payable 8,682 4,216 Accrued interest expense 7,309 1,993 Right of use liability - operating lease 6,390 — Derivative instruments 5,167 — Other 1,422 8,114 Total $ 117,072 $ 47,979

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2020, 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: Class T Class S Class D Class I Total January 1, 2018 — — — 10,000 10,000 Common stock shares 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 Common stock shares issued 1,401,818 19,176,803 1,584,566 14,448,819 36,612,006 Distribution reinvestment plan shares issued 10,262 383,218 22,453 122,455 538,388 Common stock shares 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 Common stock shares issued 1,137,269 20,138,235 1,190,809 23,197,333 45,663,646 Distribution reinvestment plan shares issued 56,484 1,188,342 87,505 611,538 1,943,869 Common stock shares repurchased (143,134 ) (1,059,710 ) (84,311 ) (774,476 ) (2,061,631 ) Independent directors' restricted stock grant (1) — — — 4,234 4,234 December 31, 2020 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 (1) The independent directors’ restricted stock grant represents an aggregate $0.1 million and $0.1 million of the annual compensation paid to the independent directors for the years ended December 31, 2020 and 2019, respectively. Each grant is amortized over the one-year service period of such grant.
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: Year Ended December 31, 2020 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock (0.1808 ) (0.1821 ) (0.0533 ) — Net distributions declared per share of common stock $ 1.0612 $ 1.0599 $ 1.1887 $ 1.2420 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
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the Redeemable non-controlling interest activity for the year ended December 31, 2020 ($ in thousands): December 31, 2019 $ — Settlement of 2019 performance participation allocation 10,366 GAAP income (loss) allocation (642 ) Distributions (597 ) Fair value allocation 1,282 December 31, 2020 $ 10,409

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Accrued stockholder servicing fee $ 73,170 $ 44,086 Performance participation allocation 15,061 10,366 Advanced organization and offering costs 5,830 7,290 Accrued management fee 2,103 1,037 Accrued affiliate service provider expenses — 112 Advanced operating expenses 207 450 Total $ 96,371 $ 63,341

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground lease as of December 31, 2020 ($ in thousands): Year Operating Leases 2021 $ 399 2022 399 2023 399 2024 399 2025 399 Thereafter 16,354 Total undiscounted future lease payments 18,349 Difference between undiscounted cash flows and discounted cash flows 11,959 Total lease liability $ 6,390
Summary of Fixed and Variable Components of Operating Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Year Ended December 31, 2020 2019 Fixed lease payments $ 238,897 $ 46,908 Variable lease payments 34,950 4,882 Rental revenue $ 273,847 $ 51,790
Schedule of Undiscounted Future Minimum Rents Income Receivables	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and medical office properties as of December 31, 2020 ($ 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 2021 $ 129,004 2022 120,778 2023 112,706 2024 99,018 2025 86,304 Thereafter 341,118 Total $ 888,928

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): December 31, 2020 December 31, 2019 Multifamily $ 2,738,210 $ 1,038,777 Hotel 244,065 253,273 Industrial 551,898 330,110 Office 1,186,328 303,396 Medical office 196,559 39,143 Real estate-related securities 218,225 277,651 Other (Corporate) 195,531 147,972 Total Assets $ 5,330,816 $ 2,390,322
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the year ended December 31, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 132,835 $ — $ 30,203 $ 97,078 $ 13,731 $ — $ 273,847 Hotel revenue — 22,200 — — — — 22,200 Other revenue 2,045 146 — 145 40 — 2,376 Total revenues 134,880 22,346 30,203 97,223 13,771 — 298,423 Expenses: Rental property operating 51,878 — 7,261 32,895 4,908 — 96,942 Hotel operating — 16,242 — — — — 16,242 Total segment expenses 51,878 16,242 7,261 32,895 4,908 — 113,184 Income from real estate-related securities, net — — — — — 7,206 7,206 Loss from unconsolidated real estate ventures — (1,462 ) — — — — (1,462 ) Segment net operating income $ 83,002 $ 4,642 $ 22,942 $ 64,328 $ 8,863 $ 7,206 $ 190,983 Depreciation and amortization $ (73,365 ) $ (8,403 ) $ (18,323 ) $ (48,477 ) $ (7,296 ) $ — $ (155,864 ) General and administrative (8,624 ) Management fees (19,423 ) Performance participation allocation (15,061 ) Interest expense (88,918 ) Other expense, net (1,293 ) Net loss $ (98,200 ) Net loss attributable to non- controlling interests in consolidated joint ventures 1,300 Net loss attributable to non- controlling interests in Operating Partnership 642 Net loss attributable to stockholders $ (96,258 ) The following table sets forth the financial results by segment for the year ended December 31, 2019 ($ in thousands): Multifamily Hotel Industrial Office Medical Office 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, net — — — — — 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 expense (25,311 ) Other income, net 916 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, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Company's Quarterly Results	The following tables present the Company’s quarterly results ($ in thousands, except per share data): 2020 March 31 June 30 September 30 December 31 Total revenues $ 57,037 $ 71,465 $ 76,920 $ 93,001 Net loss (40,647 ) (14,754 ) (10,497 ) (32,302 ) Net loss attributable to stockholders (39,677 ) (14,262 ) (10,315 ) (32,004 ) Net loss per share, basic and diluted (0.69 ) (0.21 ) (0.14 ) (0.38 ) 2019 March 31 June 30 September 30 December 31 Total revenues $ 15,415 $ 18,745 $ 24,026 $ 36,122 Net loss (2,468 ) (3,596 ) (3,076 ) (11,838 ) Net loss attributable to stockholders (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, 2020USD ($)ClassPropertyPositionSegment	Dec. 31, 2019Position
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 properties owned | Property	144
Number of real estate related securities position | Position	56	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, 2020
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or lease term
Building | Minimum
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
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
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, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Fair value of mortgage notes and repurchase agreements	$ 24,300
Fair value of derivatives	5,400
Derivative liability, fair value, gross liability	5,200
Deferred income	11,111	$ 6,707
Organization and offering expenses	$ 96,371	63,341
Minimum REIT distribution percentage	90.00%
Income tax expense	$ 1,200	100
Deferred tax liability, net	$ 1,200	$ 100
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%
Class D Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months	60 months
Organization and offering expenses	$ 7,300
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 D Shares (Member)
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.00%
Annual stockholder servicing fee percentage	0.25%
Dealer Manager | Class D Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	1.50%
Dealer Manager | Class S Share And T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
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	$ 800	$ 1,500
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	5,800	6,600
Due to Affiliates | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 73,200	$ 44,100

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Dec. 31, 2020
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%
Class D Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	1.50%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Real Estate Investment Property Net [Abstract]
Building and building improvements		$ 3,860,297	$ 1,455,204
Land and land improvements		689,107	322,520
Furniture, fixtures and equipment		76,808	46,268
Right of use asset - operating lease	[1]	101,382
Total		4,727,594	1,823,992
Accumulated depreciation and amortization		(130,540)	(25,948)
Investments in real estate, net		$ 4,597,054	$ 1,798,044
[1]	Refer to Note 13 for additional details on the Company’s leases.

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property
Real Estate Properties [Line Items]
Number of real estate properties acquired during the year	73	71
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $	$ 10,991	$ 12,169
Income (loss) from Unconsolidated Real Estate Ventures | $	$ (1,500)	$ 200
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	8 years	6 years
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	6 years	4 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	7 years	5 years
Below Market Ground Lease
Real Estate Properties [Line Items]
Weighted-average amortization period	47 years
Other Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		12 years
Multifamily
Real Estate Properties [Line Items]
Number of real estate properties acquired during the year	60	16
Industrial
Real Estate Properties [Line Items]
Number of real estate properties acquired during the year	10	33
Hotel
Real Estate Properties [Line Items]
Number of real estate properties acquired during the year		8
Office Building
Real Estate Properties [Line Items]
Number of real estate properties acquired during the year	2	12
Medical Office Building
Real Estate Properties [Line Items]
Number of real estate properties acquired during the year	1	2

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Property
Real Estate Properties [Line Items]
Number of Properties | Property	144
Real Estate Acquisition | $	$ 4,912,134	[1]
Jacksonville/Naples, FL | Florida Multifamily Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	4
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 104,049	[1]
Jacksonville/Naples, FL | Florida Office Portfolio | Office Building
Real Estate Properties [Line Items]
Ownership Interest	97.00%	[2]
Number of Properties | Property	11
Acquisition Date	May 31, 2019
Real Estate Acquisition | $	$ 233,287	[1]
Jacksonville/Naples, FL | Florida Affordable Housing Portfolio I I | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	4
Acquisition Date	Oct. 31, 2020
Real Estate Acquisition | $	$ 114,492	[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 | Property	8
Acquisition Date	Jan. 31, 2019
Real Estate Acquisition | $	$ 232,198	[1]
Columbus, OH | Columbus Mixed Use Portfolio | Multifamily/Office
Real Estate Properties [Line Items]
Ownership Interest	96.00%	[2]
Number of Properties | Property	5
Acquisition End Date	Oct. 31, 2019
Acquisition Start Date	Sep. 30, 2019
Real Estate Acquisition | $	$ 279,513	[1]
Columbus, OH | Highlands Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	96.00%	[2]
Number of Properties | Property	3
Acquisition Date	Jun. 30, 2020
Real Estate Acquisition | $	$ 103,228	[1]
IL, IN, OH, WI | Midwest Industrial Portfolio | Industrial
Real Estate Properties [Line Items]
Ownership Interest	95.00%	[2]
Number of Properties | Property	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 | Property	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 | Property	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 | Property	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 | Property	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 | Property	1
Acquisition Date	Oct. 31, 2019
Real Estate Acquisition | $	$ 181,678	[1]
Durham, NC | Exchange on Erwin | Multifamily/Medical Office
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	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 | Property	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 | Property	1
Acquisition Date	Dec. 31, 2019
Real Estate Acquisition | $	$ 87,381	[1]
Salt Lake City, UT | Kalina Way | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	1
Acquisition Date	Dec. 31, 2020
Real Estate Acquisition | $	$ 84,281	[1]
Various Other States | Southeast Affordable Housing Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	22
Real Estate Acquisition | $	$ 597,160	[1]
Various Other States | Mid Atlantic Affordable Housing Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	28
Acquisition Date	Oct. 31, 2020
Real Estate Acquisition | $	$ 537,899	[1]
Nashville T N | Nashville Office | Office Building
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	1
Acquisition Date	Feb. 29, 2020
Real Estate Acquisition | $	$ 265,404	[1]
Nashville T N | Airport Logistics Park | Industrial
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	6
Acquisition Date	Sep. 30, 2020
Real Estate Acquisition | $	$ 62,806	[1]
Chevy Chase M D | Barlow Building | Medical Office
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	1
Acquisition Date	Mar. 31, 2020
Real Estate Acquisition | $	$ 162,212	[1]
Boston M A | 60 State Street | Office Building
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	1
Acquisition Date	Mar. 31, 2020
Real Estate Acquisition | $	$ 613,052	[1]
Atlanta G A | The Baxter Decatur | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	1
Acquisition Date	Aug. 31, 2020
Real Estate Acquisition | $	$ 82,199	[1]
Baltimore, MD | Marshfield Industrial Portfolio | Industrial
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	4
Acquisition Date	Oct. 31, 2020
Real Estate Acquisition | $	$ 166,800	[1]
Ashburn V A | Acadia | Multifamily
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[2]
Number of Properties | Property	1
Acquisition Date	Dec. 31, 2020
Real Estate Acquisition | $	$ 191,372	[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 Det_2

Investments - Schedule of Details of Properties Acquired (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2020
Southeast Affordable Housing Portfolio | Orlando, FL
Real Estate Properties [Line Items]
Percentage of number of units acquired	25.00%
Southeast Affordable Housing Portfolio | Jacksonville, FL
Real Estate Properties [Line Items]
Percentage of number of units acquired	26.00%
Southeast Affordable Housing Portfolio | Newport News, VA
Real Estate Properties [Line Items]
Percentage of number of units acquired	11.00%
Southeast Affordable Housing Portfolio | Tucson, AZ
Real Estate Properties [Line Items]
Percentage of number of units acquired	8.00%
Southeast Affordable Housing Portfolio | Charlotte, NC
Real Estate Properties [Line Items]
Percentage of number of units acquired	6.00%
Southeast Affordable Housing Portfolio | Raleigh, NC
Real Estate Properties [Line Items]
Percentage of number of units acquired	6.00%
Mid Atlantic Affordable Housing Portfolio | Washington, D.C.
Real Estate Properties [Line Items]
Percentage of number of units acquired	35.00%
Mid Atlantic Affordable Housing Portfolio | Norfolk/Newport, VA
Real Estate Properties [Line Items]
Percentage of number of units acquired	22.00%
Mid Atlantic Affordable Housing Portfolio | Raleigh-Durham, NC
Real Estate Properties [Line Items]
Percentage of number of units acquired	7.00%

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) - USD ($) $ in Thousands		Dec. 31, 2020		Dec. 31, 2019
Real Estate Properties [Line Items]
Building and building improvements		$ 2,391,061		$ 1,436,255
Land and land improvements		342,256		320,858
Furniture, fixtures and equipment		28,030		45,258
Below-market ground lease	[1]	95,201
In-place lease intangibles		114,399		77,605
Above-market lease intangibles		16,689		5,382
Below-market lease intangibles		(29,197)		(7,039)
Other intangibles				28,693
Total purchase price		2,958,439	[2]	1,907,012	[3]
Assumed mortgage notes	[4]			(328,664)
Non-controlling interest		(1,178)		(11,723)
Net purchase price		2,957,261		1,566,625
60 State Street
Real Estate Properties [Line Items]
Building and building improvements		479,534
Land and land improvements		473
Below-market ground lease	[1]	95,201
In-place lease intangibles		47,736
Above-market lease intangibles		10,369
Below-market lease intangibles		(19,063)
Total purchase price	[2]	614,250
Net purchase price		614,250
Southeast Affordable Housing Portfolio
Real Estate Properties [Line Items]
Building and building improvements		459,398
Land and land improvements		114,954
Furniture, fixtures and equipment		8,269
In-place lease intangibles		8,118
Total purchase price	[2]	590,739
Net purchase price		590,739
Mid Atlantic Affordable Housing Portfolio
Real Estate Properties [Line Items]
Building and building improvements		430,271
Land and land improvements		85,327
Furniture, fixtures and equipment		7,816
In-place lease intangibles		7,886
Total purchase price	[2]	531,300
Net purchase price		531,300
Nashville Office
Real Estate Properties [Line Items]
Building and building improvements		228,180
Land and land improvements		21,636
In-place lease intangibles		18,791
Above-market lease intangibles		410
Below-market lease intangibles		(4,917)
Total purchase price	[2]	264,100
Net purchase price		264,100
Acadia
Real Estate Properties [Line Items]
Building and building improvements		167,516
Land and land improvements		18,337
Furniture, fixtures and equipment		2,224
In-place lease intangibles		2,073
Total purchase price	[2]	190,150
Net purchase price		190,150
All Other Real Estate Properties
Real Estate Properties [Line Items]
Building and building improvements		626,162		521,414
Land and land improvements		101,529		125,014
Furniture, fixtures and equipment		9,721		10,769
In-place lease intangibles		29,795		12,948
Above-market lease intangibles		5,910		909
Below-market lease intangibles		(5,217)		(1,059)
Other intangibles				2,219
Total purchase price		767,900	[2]	672,214	[3]
Assumed mortgage notes	[4]			(136,920)
Non-controlling interest		(1,178)
Net purchase price		$ 766,722		535,294
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	[3]			319,625
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	[3]			230,999
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	[3]			180,174
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	[3]			229,000
Assumed mortgage notes	[4]			(84,013)
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	[3]			275,000
Assumed mortgage notes	[4]			(107,731)
Non-controlling interest				(3,363)
Net purchase price				$ 163,906
[1]	The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Company’s Consolidated Balance Sheet. Refer to Note 13 for additional details on the Company’s leases.
[2]	Purchase price does not include acquisition related costs of $22.5 million.
[3]	Purchase price does not include acquisition related costs of $24.2 million.
[4]	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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate Investment Property Net [Abstract]
Acquisition related costs	$ 22.5	$ 24.2

Investments - Estimated Future

Investments - Estimated Future Amortization on the Company's Below-Market Ground Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
2021	$ 3,944
2022	3,662
2023	3,354
2024	3,023
2025	2,740
Thereafter	15,933
Below Market Lease Net	32,656	$ 6,701
Below Market Ground Lease
Real Estate [Line Items]
2021	2,036
2022	2,036
2023	2,036
2024	2,036
2025	2,036
Thereafter	83,492
Below Market Lease Net	$ 93,672

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets, gross	$ 247,154	$ 113,499
Total accumulated amortization	(67,298)	(13,294)
Intangible assets, net	179,856	100,205
Intangible liabilities:
Below-market lease intangibles	36,190	7,032
Accumulated amortization	(3,534)	(331)
Below Market Lease Net	32,656	6,701
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	194,003	77,311
Total accumulated amortization	(60,142)	(12,341)
Intangible assets, net	133,861
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	22,132	5,387
Total accumulated amortization	(3,506)	(318)
Intangible assets, net	18,626
Other
Intangible assets:
Total intangible assets, gross	31,019	30,801
Total accumulated amortization	(3,650)	$ (635)
Intangible assets, net	$ 27,369

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 179,856	$ 100,205
Below-market Lease Intangibles
2021	(3,944)
2022	(3,662)
2023	(3,354)
2024	(3,023)
2025	(2,740)
Thereafter	(15,933)
Finite Lived Intangible Assets Net	(32,656)	$ (6,701)
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2021	39,432
2022	22,828
2023	17,289
2024	12,885
2025	10,138
Thereafter	31,289
Intangible assets, net	133,861
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2021	3,782
2022	3,301
2023	2,868
2024	1,883
2025	1,492
Thereafter	5,300
Intangible assets, net	18,626
Other
Finite Lived Intangible Assets [Line Items]
2021	2,747
2022	2,738
2023	2,653
2024	2,639
2025	2,507
Thereafter	14,085
Intangible assets, net	$ 27,369

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, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of real estate related securities position | Position		56	75
Cost Basis		$ 216,929	$ 276,180
Investments in real estate-related securities		$ 218,225	$ 277,651
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of real estate related securities position | Position		55	59
Weighted Average Coupon	[1]	3.22%	3.76%
Weighted Average Maturity Date	[2]	Mar. 22, 2047	Oct. 17, 2040
Cost Basis		$ 213,863	$ 235,405
Investments in real estate-related securities		$ 215,358	$ 236,844
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of real estate related securities position | Position		1	4
Weighted Average Coupon	[1]	6.26%	3.73%
Weighted Average Maturity Date	[2]	Jul. 25, 2039	Mar. 13, 2037
Cost Basis		$ 3,066	$ 11,473
Investments in real estate-related securities		$ 2,867	$ 11,571
CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of real estate related securities position | Position			12
Weighted Average Coupon	[1]		6.12%
Weighted Average Maturity Date	[2]		May 11, 2031
Cost Basis			$ 29,302
Investments in real estate-related securities			$ 29,236
[1]	As of December 31, 2020, the Company’s RMBS investments had floating rate coupons ranging from 0.00% to 7.95% and its CMBS investment had a floating rate coupon of 6.26%.
[2]	Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.

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, 2020
RMBS | Minimum
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	0.00%
RMBS | Maximum
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	7.95%
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	6.26%

Investments in Real Estate Re_3

Investments in Real Estate Related Securities - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)Position
Schedule Of Investments [Abstract]
Number of owed collateralized loan obligations positions | Position		12
Unrealized losses on investments in real estate-related securities	$ 0.2
Realized losses investments in real estate-related securities	$ 5.8
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) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.40%
Principal Balance Outstanding	[1]		$ 3,295,684	$ 1,245,022
Deferred financing costs, net	[1]		(17,208)	(7,136)
Discount on assumed debt, net	[1]		286	216
Mortgage notes and revolving credit facility, net	[1]		3,278,762	$ 1,238,102
One-Month LIBOR
Debt Instrument [Line Items]
Weighted Average Interest Rate				0.14%
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]		2,236,290	$ 1,004,423
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]		1,059,394	240,599
Revolving Credit Facility | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[2]		200,000
Principal Balance Outstanding	[1],[2]		$ 172,800
Revolving Credit Facility | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[2]		Oct. 21, 2021
Revolving Credit Facility | Variable Rate Loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[2],[3]		2.00%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[4]		3.11%
Principal Balance Outstanding	[1]		$ 2,236,290	1,004,423
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date			Feb. 3, 2030
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]		$ 886,594	$ 240,599
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date			Mar. 30, 2025
Floating Rate Mortgages | Variable Rate Loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[3]		1.81%
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.
[2]	The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments
[3]	For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.
[4]	The term “L” refers to the one-month LIBOR. As of December 31, 2020, one-month LIBOR was equal to 0.14%.

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	0.14%

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) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021		$ 175,901
2022		51,183
2023		3,931
2024		215,201
2025		647,091
Thereafter		2,202,377
Total	[1]	$ 3,295,684	$ 1,245,022
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Mortgage Notes and Revolving _6

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest paid on mortgage notes and revolving credit facility	$ 67.3	$ 17.4

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements And Securities Lending Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Repurchase Agreements [Line Items]
Collateral Assets	[1]	$ 158,405	$ 97,746
Outstanding Balance		$ 108,254	$ 81,035
RMBS
Repurchase Agreements [Line Items]
Weighted Average Maturity Date		Mar. 17, 2021
Debt weighted average interest rate		1.93%	2.62%
Collateral Assets	[1]	$ 155,538	$ 89,784
Outstanding Balance		$ 105,804	$ 74,876
CMBS
Repurchase Agreements [Line Items]
Weighted Average Maturity Date		Jan. 6, 2021
Debt weighted average interest rate		2.10%
Collateral Assets	[1]	$ 2,867
Outstanding Balance		$ 2,450
CLO
Repurchase Agreements [Line Items]
Debt weighted average interest rate			4.71%
Collateral Assets	[1]		$ 7,962
Outstanding Balance			$ 6,159
[1]	Represents the fair value of the Company’s investments in real estate-related securities.

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Repurchase Agreements [Abstract]
Repurchase agreements, interest paid	$ 3.4	$ 3.1

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facility - Additional Information (Details) - Revolving Credit Facility - USD ($) $ in Thousands	Dec. 16, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Uncommitted line of credit	$ 100,000
Line of Credit Facility, Expiration Date	Dec. 16, 2023
Line of Credit Facility, Description	The line of credit expires on December 16, 2023 and commencing on the third anniversary of the closing date, may request additional one year extensions thereafter. Interest under the line of credit is determined based on one-month U.S. dollar-denominated LIBOR plus 3.0%.
Maximum Facility Size		$ 100,000
Line of Credit Facility, Interest Rate Description	one-month U.S. dollar-denominated LIBOR plus 3.0%
Outstanding borrowings		$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Intangible assets, net	$ 179,856	$ 100,205
Receivables	23,692	6,735
Prepaid expenses	4,047	1,456
Derivative instruments	1,410	203
Deferred financing costs, net	1,268	674
Interest receivable	548	1,028
Acquisition deposits	7	3,050
Other	307	146
Total	$ 211,135	$ 113,497

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, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Intangible liabilities, net	$ 32,656	$ 6,701
Accounts payable and accrued expenses	19,651	10,188
Real estate taxes payable	14,842	6,513
Deferred income	11,111	6,707
Tenant security deposits	9,842	3,547
Distributions payable	8,682	4,216
Accrued interest expense	7,309	$ 1,993
Right of use liability - operating lease	$ 6,390
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Derivative instruments	$ 5,167
Other	1,422	$ 8,114
Total	$ 117,072	$ 47,979

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Classshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018$ / shares
Equity [Abstract]
Number of classes of common stock | Class	4
Number of shares authorized | shares	1,100,000,000
Distributions declared | $ / shares			$ 0
Fair value allocation | $	$ 1,282
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 | shares	2,061,631	10,350
Payments for repurchase of common stock | $	$ 43,700	$ 200

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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 and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding shares (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Beginning balance	45,344,735	8,198,838	10,000
Common stock shares issued	45,663,646	36,612,006	8,188,838
Distribution reinvestment plan shares issued	1,943,869	538,388
Common stock shares repurchased	(2,061,631)	(10,350)
Independent directors' restricted stock grant	4,234	5,853
Ending balance	90,894,853	45,344,735	8,198,838
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	1,412,563	483
Common stock shares issued	1,137,269	1,401,818	483
Distribution reinvestment plan shares issued	56,484	10,262
Common stock shares repurchased	(143,134)
Ending balance	2,463,182	1,412,563	483
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	26,164,794	6,610,280
Common stock shares issued	20,138,235	19,176,803	6,610,280
Distribution reinvestment plan shares issued	1,188,342	383,218
Common stock shares repurchased	(1,059,710)	(5,507)
Ending balance	46,431,661	26,164,794	6,610,280
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	1,653,094	46,075
Common stock shares issued	1,190,809	1,584,566	46,075
Distribution reinvestment plan shares issued	87,505	22,453
Common stock shares repurchased	(84,311)
Ending balance	2,847,097	1,653,094	46,075
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	16,114,284	1,542,000	10,000
Common stock shares issued	23,197,333	14,448,819	1,532,000
Distribution reinvestment plan shares issued	611,538	122,455
Common stock shares repurchased	(774,476)	(4,843)
Independent directors' restricted stock grant	4,234	5,853
Ending balance	39,152,913	16,114,284	1,542,000

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding shares (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Annual compensation paid to the independent directors	$ 0.1	$ 0.1
Grant amortized period	1 year	1 year

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock			$ 0
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 1.2420	$ 1.0905
Stockholder servicing fee per share of common stock	(0.1808)	(0.1608)
Net distributions declared per share of common stock	1.0612	0.9297
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.2420	1.0905
Stockholder servicing fee per share of common stock	(0.1821)	(0.1787)
Net distributions declared per share of common stock	1.0599	0.9118
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.2420	1.0905
Stockholder servicing fee per share of common stock	(0.0533)	(0.0503)
Net distributions declared per share of common stock	1.1887	1.0402
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.2420	1.0905
Net distributions declared per share of common stock	$ 1.2420	$ 1.0905

Equity and Redeemable Non-con_8

Equity and Redeemable Non-controlling Interest - Schedule of Redeemable Noncontrolling Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Equity [Abstract]
Settlement of 2019 performance participation allocation	$ 10,366
GAAP income (loss) allocation	(642)
Distributions	(597)
Fair value allocation	1,282
Ending balance	$ 10,409

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Oct. 29, 2020USD ($)	Jan. 03, 2019USD ($)PropertyUnit	Jul. 19, 2018USD ($)	Jan. 31, 2021USD ($)shares	Jan. 31, 2020shares	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)Investmentshares	Dec. 31, 2019USD ($)shares	Mar. 20, 2020
Related Party Transaction [Line Items]
Purchase Price						$ 59,000
Acquired interest rate on property										75.00%
Acquired interest rate on property by related party										25.00%
Description of variable rate basis							one month LIBOR plus 2.40%
Debt Instrument, Basis Spread on Variable Rate							2.40%
Principle amount						$ 300	$ 300
Percentage of management fee on NAV per annum								1.25%
Management fees								$ 19,423	$ 5,469
Annual hurdle percentage								5.00%
Recognized liabilities for Performance Participation expense								$ 15,061	10,366
Due to affiliates								96,371	63,341
Operating expenses								113,184	41,970
Rental property operating
Related Party Transaction [Line Items]
Operating expenses								96,942	18,463
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates								73,170	44,086
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates								5,830	7,290
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates									112
Cost of legal services								300	200
Title service related cost								$ 200
Number of investment | Investment								2
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses								$ 2,800	$ 700
Class I Units
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation | shares					480,539
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares					48,049			811,757	210,827
Management fees, accrued								$ 2,100	$ 1,000
Class I Shares (Member)
Related Party Transaction [Line Items]
Number of shares authorized for repurchase | shares								8,787
Share repurchase program, authorized amount								$ 200
Subsequent Event
Related Party Transaction [Line Items]
Purchase Price				$ 134,800
Subsequent Event | Class I Units
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation | shares				695,320
Subsequent Event | Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares				97,097
Sponsor
Related Party Transaction [Line Items]
Description of variable rate basis	one month LIBOR plus 3.00%
Borrowings to fund acquisition	$ 22,000
Borrowing repayment date	Nov. 3, 2020
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return								12.50%
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return								87.50%
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates								$ 73,200	44,100
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage								8.75%
Advisor
Related Party Transaction [Line Items]
Due to affiliates								$ 7,300
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates									7,300
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates								2,700	1,000
Advisor | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates								$ 100	$ 100
Florida Multifamily Portfolio
Related Party Transaction [Line Items]
Purchase Price		$ 100,000
Number of units in portfolio | Unit		1,150
Florida Multifamily Portfolio | Jacksonville, Florida
Related Party Transaction [Line Items]
Number of Properties | Property		2
Florida Multifamily Portfolio | Naples, Florida
Related Party Transaction [Line Items]
Number of Properties | Property		2
Phoenix Property
Related Party Transaction [Line Items]
Purchase Price		$ 46,000
Phoenix Property | Mesa, Arizona
Related Party Transaction [Line Items]
Number of units in portfolio | Unit		256
Savannah Property
Related Party Transaction [Line Items]
Purchase Price		$ 36,000	$ 36,000
Savannah Property | Savannah, Georgia
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, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 96,371	$ 63,341
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	73,170	44,086
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	5,830	7,290
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	15,061	10,366
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	2,103	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	$ 207	$ 450

Leases - Additional Information

Leases - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Leases [Abstract]
Lessee, operating lease acquisition, incremental cost	$ 0
Incremental borrowing rate to determine lease liabilities	6.00%
Operating lease, weighted average remaining lease term	46 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 399
2022	399
2023	399
2024	399
2025	399
Thereafter	16,354
Total undiscounted future lease payments	18,349
Difference between undiscounted cash flows and discounted cash flows	11,959
Total lease liability	$ 6,390

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed lease payments	$ 238,897	$ 46,908
Variable lease payments	34,950	4,882
Rental revenue	$ 273,847	$ 51,790

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 129,004
2022	120,778
2023	112,706
2024	99,018
2025	86,304
Thereafter	341,118
Total	$ 888,928

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020Segment
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, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 5,330,816	$ 2,390,322
Multifamily
Segment Reporting Information [Line Items]
Total Assets	2,738,210	1,038,777
Hotel
Segment Reporting Information [Line Items]
Total Assets	244,065	253,273
Industrial
Segment Reporting Information [Line Items]
Total Assets	551,898	330,110
Office
Segment Reporting Information [Line Items]
Total Assets	1,186,328	303,396
Medical Office
Segment Reporting Information [Line Items]
Total Assets	196,559	39,143
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total Assets	218,225	277,651
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 195,531	$ 147,972

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 93,001	$ 76,920	$ 71,465	$ 57,037	$ 36,122	$ 24,026	$ 18,745	$ 15,415					$ 298,423	$ 94,308
Expenses
Operating expenses													113,184	41,970
Income from real estate-related securities, net													7,206	10,158
(Loss) earnings from unconsolidated real estate ventures													(1,462)	175
Segment net operating income													190,983	62,671
Depreciation and amortization													(155,864)	(38,896)
General and administrative													(8,624)	(4,523)	$ (1,745)
Management fees													(19,423)	(5,469)
Performance participation allocation													(15,061)	(10,366)
Interest expense													(88,918)	(25,311)
Other expense, net													(1,293)
Net loss	(32,302)	(10,497)	(14,754)	(40,647)	(11,838)	(3,076)	(3,596)	(2,468)	$ (1,645)	$ (16)	$ (16)	$ (16)	(98,200)	(20,978)	(1,693)
Net loss attributable to non-controlling interests in consolidated joint ventures													1,300	152
Net loss attributable to non-controlling interests in Operating Partnership													642
Net loss attributable to stockholders	$ (32,004)	$ (10,315)	$ (14,262)	$ (39,677)	$ (11,729)	$ (3,051)	$ (3,578)	$ (2,468)					(96,258)	(20,826)	$ (1,693)
Other income, net														916
Operating Segments | Multifamily
Revenues:
Total revenues													134,880	31,437
Expenses
Operating expenses													51,878	11,396
Segment net operating income													83,002	20,041
Depreciation and amortization													(73,365)	(17,520)
Operating Segments | Hotel
Revenues:
Total revenues													22,346	40,818
Expenses
Operating expenses													16,242	23,507
(Loss) earnings from unconsolidated real estate ventures													(1,462)	175
Segment net operating income													4,642	17,486
Depreciation and amortization													(8,403)	(8,239)
Operating Segments | Industrial
Revenues:
Total revenues													30,203	2,489
Expenses
Operating expenses													7,261	583
Segment net operating income													22,942	1,906
Depreciation and amortization													(18,323)	(1,570)
Operating Segments | Office
Revenues:
Total revenues													97,223	19,053
Expenses
Operating expenses													32,895	6,388
Segment net operating income													64,328	12,665
Depreciation and amortization													(48,477)	(11,312)
Operating Segments | Medical Office
Revenues:
Total revenues													13,771	511
Expenses
Operating expenses													4,908	96
Segment net operating income													8,863	415
Depreciation and amortization													(7,296)	(255)
Operating Segments | Real Estate-Related Securities
Expenses
Income from real estate-related securities, net													7,206	10,158
Segment net operating income													7,206	10,158
Rental Revenue
Revenues:
Total revenues													273,847	51,790
Expenses
Operating expenses													96,942	18,463
Rental Revenue | Operating Segments | Multifamily
Revenues:
Total revenues													132,835	29,768
Expenses
Operating expenses													51,878	11,396
Rental Revenue | Operating Segments | Industrial
Revenues:
Total revenues													30,203	2,489
Expenses
Operating expenses													7,261	583
Rental Revenue | Operating Segments | Office
Revenues:
Total revenues													97,078	19,022
Expenses
Operating expenses													32,895	6,388
Rental Revenue | Operating Segments | Medical Office
Revenues:
Total revenues													13,731	511
Expenses
Operating expenses													4,908	96
Hotel
Revenues:
Total revenues													22,200	40,559
Expenses
Operating expenses													16,242	23,507
Hotel | Operating Segments | Hotel
Revenues:
Total revenues													22,200	40,559
Expenses
Operating expenses													16,242	23,507
Other revenue
Revenues:
Total revenues													2,376	1,959
Other revenue | Operating Segments | Multifamily
Revenues:
Total revenues													2,045	1,669
Other revenue | Operating Segments | Hotel
Revenues:
Total revenues													146	259
Other revenue | Operating Segments | Office
Revenues:
Total revenues													145	$ 31
Other revenue | Operating Segments | Medical Office
Revenues:
Total revenues													$ 40

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) - Summary of Company's Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 93,001	$ 76,920	$ 71,465	$ 57,037	$ 36,122	$ 24,026	$ 18,745	$ 15,415					$ 298,423	$ 94,308
Net loss	(32,302)	(10,497)	(14,754)	(40,647)	(11,838)	(3,076)	(3,596)	(2,468)	$ (1,645)	$ (16)	$ (16)	$ (16)	(98,200)	(20,978)	$ (1,693)
Net loss attributable to stockholders	$ (32,004)	$ (10,315)	$ (14,262)	$ (39,677)	$ (11,729)	$ (3,051)	$ (3,578)	$ (2,468)					$ (96,258)	$ (20,826)	$ (1,693)
Net loss per share, basic and diluted	$ (0.38)	$ (0.14)	$ (0.21)	$ (0.69)	$ (0.30)	$ (0.12)	$ (0.22)	$ (0.24)	$ (1.66)	$ (1.60)	$ (1.60)	$ (1.55)	$ (1.35)	$ (0.91)	$ (6.59)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Mar. 26, 2021	Jan. 31, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Purchase Price			$ 59
Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued				2,463,182	1,412,563
Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued				46,431,661	26,164,794
Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued				2,847,097	1,653,094
Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued				39,152,913	16,114,284
Subsequent Event
Subsequent Event [Line Items]
Purchase Price		$ 134.8
Loan originated to acquire real estate post year end		$ 500.4
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Common stock, shares issued	120,404,905
Proceeds from issuance of common stock, post 12/31	$ 2,500
Subsequent Event | Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued	2,850,070
Subsequent Event | Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued	61,954,369
Subsequent Event | Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued	4,699,738
Subsequent Event | Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued	50,900,728

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 3,295,684
Initial Cost, Land and Land Improvements	682,552
Initial Cost, Building and Building Improvements	3,844,424
Gross Amounts, Land and Land Improvements	689,107
Gross Amounts, Building and Building Improvements	3,860,297
Total	4,626,212	$ 1,823,992
Total	4,549,404
Accumulated Depreciation	(130,540)	$ (25,948)
Accumulated Depreciation	(116,966)
Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	6,555
Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 15,873
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	9,516
Gross Amounts, Building and Building Improvements	36,305
Total	45,821
Accumulated Depreciation	$ (3,417)
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	$ 44
Multifamily | Phoenix Property | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 396
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	3,735
Gross Amounts, Building and Building Improvements	31,420
Total	35,155
Accumulated Depreciation	$ (2,590)
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	$ 64
Multifamily | Savannah Property | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 69
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	20,122
Gross Amounts, Building and Building Improvements	67,565
Total	87,687
Accumulated Depreciation	$ (3,135)
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	$ 40
Multifamily | Concord Park Apartments | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 424
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	12,739
Gross Amounts, Building and Building Improvements	92,849
Total	105,588
Accumulated Depreciation	$ (3,070)
Year Acquired	Dec. 31, 2019
Multifamily | Cascades Apartments | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year Built	Dec. 31, 2012
Multifamily | Cascades Apartments | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 28
Multifamily | Cascades Apartments | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 160
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	145,521
Total	175,993
Accumulated Depreciation	$ (4,391)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Multifamily | Thornton Apartment | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 17
Multifamily | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 50,542
Initial Cost, Land and Land Improvements	18,313
Initial Cost, Building and Building Improvements	54,839
Gross Amounts, Land and Land Improvements	18,315
Gross Amounts, Building and Building Improvements	54,876
Total	73,191
Accumulated Depreciation	$ (2,023)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Multifamily | Exchange on Erwin | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Exchange on Erwin | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 37
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	17,658
Gross Amounts, Building and Building Improvements	74,995
Total	92,653
Accumulated Depreciation	$ (2,349)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2019
Multifamily | The Griffin | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 44
Multifamily | The Griffin | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 55
Multifamily | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 56,355
Initial Cost, Land and Land Improvements	8,018
Initial Cost, Building and Building Improvements	73,763
Gross Amounts, Land and Land Improvements	8,428
Gross Amounts, Building and Building Improvements	73,870
Total	82,298
Accumulated Depreciation	$ (2,362)
Year Built	Dec. 31, 2012
Year Acquired	Dec. 31, 2019
Multifamily | Avida Apartments | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 410
Multifamily | Avida Apartments | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 107
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	7,009
Gross Amounts, Building and Building Improvements	20,782
Total	27,791
Accumulated Depreciation	$ (2,074)
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	$ 181
Multifamily | Florida Multifamily Portfolio | Lindsey Terrance | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 426
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	4,801
Gross Amounts, Building and Building Improvements	17,796
Total	22,597
Accumulated Depreciation	$ (1,525)
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	$ 55
Multifamily | Florida Multifamily Portfolio | Grande Court | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 232
Multifamily | Florida Multifamily Portfolio | Noah's Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	Naples 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	6,577
Gross Amounts, Building and Building Improvements	17,460
Total	24,037
Accumulated Depreciation	$ (1,520)
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	$ 60
Multifamily | Florida Multifamily Portfolio | Noah's Landing | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 339
Multifamily | Florida Multifamily Portfolio | Tuscan Isle
Real Estate And Accumulated Depreciation [Line Items]
Location	Naples 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	7,621
Gross Amounts, Building and Building Improvements	20,398
Total	28,019
Accumulated Depreciation	$ (1,828)
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	$ 93
Multifamily | Florida Multifamily Portfolio | Tuscan Isle | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 494
Multifamily | Columbus Multifamily 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	1,753
Gross Amounts, Building and Building Improvements	29,200
Total	30,953
Accumulated Depreciation	$ (915)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Multifamily | Columbus Multifamily Portfolio | 80 on the Commons | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 30
Multifamily | Columbus Multifamily Portfolio | Gramercy
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 35,903
Initial Cost, Land and Land Improvements	12,065
Initial Cost, Building and Building Improvements	35,270
Gross Amounts, Land and Land Improvements	12,119
Gross Amounts, Building and Building Improvements	35,270
Total	47,389
Accumulated Depreciation	$ (1,590)
Year Built	Dec. 31, 2013
Year Acquired	Dec. 31, 2019
Multifamily | Columbus Multifamily Portfolio | Gramercy | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 54
Multifamily | Columbus Multifamily Portfolio | 250 High
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 20,344
Initial Cost, Land and Land Improvements	1,440
Initial Cost, Building and Building Improvements	27,818
Gross Amounts, Land and Land Improvements	1,440
Gross Amounts, Building and Building Improvements	27,818
Total	29,258
Accumulated Depreciation	$ (812)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Multifamily | Columbus Multifamily Portfolio | 600 Goodale
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 26,853
Initial Cost, Land and Land Improvements	2,537
Initial Cost, Building and Building Improvements	29,176
Gross Amounts, Land and Land Improvements	2,689
Gross Amounts, Building and Building Improvements	29,176
Total	31,865
Accumulated Depreciation	$ (901)
Year Built	Dec. 31, 2013
Year Acquired	Dec. 31, 2019
Multifamily | Columbus Multifamily Portfolio | 600 Goodale | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 152
Multifamily | Columbus Multifamily 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	3,764
Gross Amounts, Building and Building Improvements	38,301
Total	42,065
Accumulated Depreciation	$ (1,181)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Multifamily | Columbus Multifamily Portfolio | 801 Polaris | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 834
Multifamily | Columbus Multifamily Portfolio | 801 Polaris | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(834)
Multifamily | Florida Affordable Housing Portfolio I I
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	1,922,887
Initial Cost, Land and Land Improvements	426,491
Initial Cost, Building and Building Improvements	2,210,895
Gross Amounts, Land and Land Improvements	428,986
Gross Amounts, Building and Building Improvements	2,214,939
Total	2,643,925
Accumulated Depreciation	(55,421)
Multifamily | Florida Affordable Housing Portfolio I I | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,495
Multifamily | Florida Affordable Housing Portfolio I I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4,044
Multifamily | Florida Affordable Housing Portfolio I I | Leigh Meadows
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 24,172
Initial Cost, Land and Land Improvements	4,743
Initial Cost, Building and Building Improvements	26,758
Gross Amounts, Land and Land Improvements	4,743
Gross Amounts, Building and Building Improvements	26,769
Total	31,512
Accumulated Depreciation	$ (193)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2020
Multifamily | Florida Affordable Housing Portfolio I I | Leigh Meadows | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 11
Multifamily | Florida Affordable Housing Portfolio I I | Holly Cove
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 20,619
Initial Cost, Land and Land Improvements	3,854
Initial Cost, Building and Building Improvements	23,149
Gross Amounts, Land and Land Improvements	3,854
Gross Amounts, Building and Building Improvements	23,157
Total	27,011
Accumulated Depreciation	$ (168)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Florida Affordable Housing Portfolio I I | Holly Cove | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 8
Multifamily | Florida Affordable Housing Portfolio I I | Thomas Chase
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 24,203
Initial Cost, Land and Land Improvements	4,307
Initial Cost, Building and Building Improvements	27,346
Gross Amounts, Land and Land Improvements	4,307
Gross Amounts, Building and Building Improvements	27,354
Total	31,661
Accumulated Depreciation	$ (193)
Year Built	Dec. 31, 2004
Year Acquired	Dec. 31, 2020
Multifamily | Florida Affordable Housing Portfolio I I | Thomas Chase | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 8
Multifamily | Florida Affordable Housing Portfolio I I | Camri Green
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 16,846
Initial Cost, Land and Land Improvements	3,695
Initial Cost, Building and Building Improvements	18,200
Gross Amounts, Land and Land Improvements	3,695
Gross Amounts, Building and Building Improvements	18,206
Total	21,901
Accumulated Depreciation	$ (137)
Year Built	Dec. 31, 2004
Year Acquired	Dec. 31, 2020
Multifamily | Florida Affordable Housing Portfolio I I | Camri Green | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 6
Multifamily | Highlands Portfolio | Graham Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 23,124
Initial Cost, Land and Land Improvements	3,440
Initial Cost, Building and Building Improvements	27,150
Gross Amounts, Land and Land Improvements	3,440
Gross Amounts, Building and Building Improvements	27,150
Total	30,590
Accumulated Depreciation	$ (439)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 23,972
Initial Cost, Land and Land Improvements	2,170
Initial Cost, Building and Building Improvements	30,051
Gross Amounts, Land and Land Improvements	2,170
Gross Amounts, Building and Building Improvements	30,051
Total	32,221
Accumulated Depreciation	$ (390)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | Harper House
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 25,465
Initial Cost, Land and Land Improvements	3,285
Initial Cost, Building and Building Improvements	30,573
Gross Amounts, Land and Land Improvements	3,285
Gross Amounts, Building and Building Improvements	30,573
Total	33,858
Accumulated Depreciation	$ (416)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | The Baxter Decatur
Real Estate And Accumulated Depreciation [Line Items]
Location	Atlanta, GA
Encumbrances	$ 53,462
Initial Cost, Land and Land Improvements	8,603
Initial Cost, Building and Building Improvements	69,963
Gross Amounts, Land and Land Improvements	8,631
Gross Amounts, Building and Building Improvements	69,964
Total	78,595
Accumulated Depreciation	$ (816)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | The Baxter Decatur | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 28
Multifamily | Highlands Portfolio | The Baxter Decatur | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1
Multifamily | Highlands Portfolio | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 57,928
Initial Cost, Land and Land Improvements	7,101
Initial Cost, Building and Building Improvements	74,739
Gross Amounts, Land and Land Improvements	7,101
Gross Amounts, Building and Building Improvements	74,739
Total	81,840
Accumulated Depreciation	$ (100)
Year Built	Dec. 31, 2017
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | Acadia
Real Estate And Accumulated Depreciation [Line Items]
Location	Ashburn, VA
Encumbrances	$ 134,338
Initial Cost, Land and Land Improvements	18,337
Initial Cost, Building and Building Improvements	168,734
Gross Amounts, Land and Land Improvements	18,337
Gross Amounts, Building and Building Improvements	168,734
Total	187,071
Accumulated Depreciation	$ (228)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Arboretum Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 14,663
Initial Cost, Land and Land Improvements	4,339
Initial Cost, Building and Building Improvements	15,528
Gross Amounts, Land and Land Improvements	4,342
Gross Amounts, Building and Building Improvements	15,600
Total	19,942
Accumulated Depreciation	$ (510)
Year Built	Dec. 31, 1995
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Arboretum Place | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Southeast Affordable Housing Portfolio | Arboretum Place | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 72
Multifamily | Southeast Affordable Housing Portfolio | Courtney Manor
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 26,163
Initial Cost, Land and Land Improvements	9,049
Initial Cost, Building and Building Improvements	25,981
Gross Amounts, Land and Land Improvements	9,049
Gross Amounts, Building and Building Improvements	26,089
Total	35,138
Accumulated Depreciation	$ (452)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Courtney Manor | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 108
Multifamily | Southeast Affordable Housing Portfolio | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Location	High Point, NC
Encumbrances	$ 4,640
Initial Cost, Land and Land Improvements	2,031
Initial Cost, Building and Building Improvements	4,415
Gross Amounts, Land and Land Improvements	2,032
Gross Amounts, Building and Building Improvements	4,436
Total	6,468
Accumulated Depreciation	$ (260)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Creekside at Bellemeade | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1
Multifamily | Southeast Affordable Housing Portfolio | Creekside at Bellemeade | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 21
Multifamily | Southeast Affordable Housing Portfolio | Falcon Trace
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 38,926
Initial Cost, Land and Land Improvements	9,022
Initial Cost, Building and Building Improvements	41,818
Gross Amounts, Land and Land Improvements	9,066
Gross Amounts, Building and Building Improvements	42,012
Total	51,078
Accumulated Depreciation	$ (1,270)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Falcon Trace | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 44
Multifamily | Southeast Affordable Housing Portfolio | Falcon Trace | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 194
Multifamily | Southeast Affordable Housing Portfolio | Hatteras Sound
Real Estate And Accumulated Depreciation [Line Items]
Location	Sanford, FL
Encumbrances	$ 24,859
Initial Cost, Land and Land Improvements	5,354
Initial Cost, Building and Building Improvements	27,465
Gross Amounts, Land and Land Improvements	5,378
Gross Amounts, Building and Building Improvements	27,497
Total	32,875
Accumulated Depreciation	$ (340)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Hatteras Sound | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 24
Multifamily | Southeast Affordable Housing Portfolio | Hatteras Sound | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 32
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino I
Real Estate And Accumulated Depreciation [Line Items]
Location	Tucson, AZ
Encumbrances	$ 18,108
Initial Cost, Land and Land Improvements	6,561
Initial Cost, Building and Building Improvements	16,745
Gross Amounts, Land and Land Improvements	6,566
Gross Amounts, Building and Building Improvements	16,855
Total	23,421
Accumulated Depreciation	$ (590)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino I | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 110
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino II
Real Estate And Accumulated Depreciation [Line Items]
Location	Tucson, AZ
Encumbrances	$ 8,147
Initial Cost, Land and Land Improvements	2,952
Initial Cost, Building and Building Improvements	7,533
Gross Amounts, Land and Land Improvements	2,954
Gross Amounts, Building and Building Improvements	7,636
Total	10,590
Accumulated Depreciation	$ (266)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino II | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino II | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 103
Multifamily | Southeast Affordable Housing Portfolio | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 14,738
Initial Cost, Land and Land Improvements	2,972
Initial Cost, Building and Building Improvements	19,583
Gross Amounts, Land and Land Improvements	2,975
Gross Amounts, Building and Building Improvements	19,634
Total	22,609
Accumulated Depreciation	$ (653)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Lexington Club | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Southeast Affordable Housing Portfolio | Lexington Club | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 51
Multifamily | Southeast Affordable Housing Portfolio | Madelyn Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 27,394
Initial Cost, Land and Land Improvements	8,881
Initial Cost, Building and Building Improvements	28,528
Gross Amounts, Land and Land Improvements	8,882
Gross Amounts, Building and Building Improvements	28,625
Total	37,507
Accumulated Depreciation	$ (438)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Madelyn Oaks | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1
Multifamily | Southeast Affordable Housing Portfolio | Madelyn Oaks | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 97
Multifamily | Southeast Affordable Housing Portfolio | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Location	Kannapolis, NC
Encumbrances	$ 9,373
Initial Cost, Land and Land Improvements	2,137
Initial Cost, Building and Building Improvements	10,411
Gross Amounts, Land and Land Improvements	2,159
Gross Amounts, Building and Building Improvements	10,486
Total	12,645
Accumulated Depreciation	$ (381)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Oak Crest | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 22
Multifamily | Southeast Affordable Housing Portfolio | Oak Crest | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 75
Multifamily | Southeast Affordable Housing Portfolio | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 25,691
Initial Cost, Land and Land Improvements	7,189
Initial Cost, Building and Building Improvements	23,030
Gross Amounts, Land and Land Improvements	7,220
Gross Amounts, Building and Building Improvements	23,127
Total	30,347
Accumulated Depreciation	$ (850)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Overlook at Simms Creek | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 31
Multifamily | Southeast Affordable Housing Portfolio | Overlook at Simms Creek | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 97
Multifamily | Southeast Affordable Housing Portfolio | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 10,045
Initial Cost, Land and Land Improvements	4,624
Initial Cost, Building and Building Improvements	8,889
Gross Amounts, Land and Land Improvements	4,678
Gross Amounts, Building and Building Improvements	8,993
Total	13,671
Accumulated Depreciation	$ (370)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Parkside Royal Poinciana | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 54
Multifamily | Southeast Affordable Housing Portfolio | Parkside Royal Poinciana | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 104
Multifamily | Southeast Affordable Housing Portfolio | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Concord, NC
Encumbrances	$ 7,760
Initial Cost, Land and Land Improvements	1,564
Initial Cost, Building and Building Improvements	7,904
Gross Amounts, Land and Land Improvements	1,568
Gross Amounts, Building and Building Improvements	7,938
Total	9,506
Accumulated Depreciation	$ (275)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Patriots Pointe | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4
Multifamily | Southeast Affordable Housing Portfolio | Patriots Pointe | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 34
Multifamily | Southeast Affordable Housing Portfolio | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Location	St. Augustine, FL
Encumbrances	$ 15,601
Initial Cost, Land and Land Improvements	3,294
Initial Cost, Building and Building Improvements	18,870
Gross Amounts, Land and Land Improvements	3,294
Gross Amounts, Building and Building Improvements	18,870
Total	22,164
Accumulated Depreciation	$ (90)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Reserves at Arboretum
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 18,750
Initial Cost, Land and Land Improvements	3,449
Initial Cost, Building and Building Improvements	25,920
Gross Amounts, Land and Land Improvements	3,449
Gross Amounts, Building and Building Improvements	25,980
Total	29,429
Accumulated Depreciation	$ (756)
Year Built	Dec. 31, 2009
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Reserves at Arboretum | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 60
Multifamily | Southeast Affordable Housing Portfolio | River Reach
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 33,525
Initial Cost, Land and Land Improvements	10,491
Initial Cost, Building and Building Improvements	33,546
Gross Amounts, Land and Land Improvements	10,566
Gross Amounts, Building and Building Improvements	33,697
Total	44,263
Accumulated Depreciation	$ (1,130)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | River Reach | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 75
Multifamily | Southeast Affordable Housing Portfolio | River Reach | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 151
Multifamily | Southeast Affordable Housing Portfolio | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Location	Brighton, CO
Encumbrances	$ 19,015
Initial Cost, Land and Land Improvements	3,280
Initial Cost, Building and Building Improvements	20,932
Gross Amounts, Land and Land Improvements	3,298
Gross Amounts, Building and Building Improvements	20,975
Total	24,273
Accumulated Depreciation	$ (636)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Riverwalk | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 18
Multifamily | Southeast Affordable Housing Portfolio | Riverwalk | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 43
Multifamily | Southeast Affordable Housing Portfolio | Silver Hill
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 9,920
Initial Cost, Land and Land Improvements	3,381
Initial Cost, Building and Building Improvements	9,549
Gross Amounts, Land and Land Improvements	3,381
Gross Amounts, Building and Building Improvements	9,587
Total	12,968
Accumulated Depreciation	$ (300)
Year Built	Dec. 31, 1995
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Silver Hill | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 38
Multifamily | Southeast Affordable Housing Portfolio | Spinnaker Reach
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 28,485
Initial Cost, Land and Land Improvements	6,248
Initial Cost, Building and Building Improvements	35,599
Gross Amounts, Land and Land Improvements	6,253
Gross Amounts, Building and Building Improvements	35,816
Total	42,069
Accumulated Depreciation	$ (1,079)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Spinnaker Reach | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5
Multifamily | Southeast Affordable Housing Portfolio | Spinnaker Reach | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 217
Multifamily | Southeast Affordable Housing Portfolio | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Mooresville, NC
Encumbrances	$ 8,364
Initial Cost, Land and Land Improvements	1,844
Initial Cost, Building and Building Improvements	7,492
Gross Amounts, Land and Land Improvements	1,844
Gross Amounts, Building and Building Improvements	7,530
Total	9,374
Accumulated Depreciation	$ (288)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Stone Creek | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 38
Multifamily | Southeast Affordable Housing Portfolio | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Location	Homestead, FL
Encumbrances	$ 20,339
Initial Cost, Land and Land Improvements	4,575
Initial Cost, Building and Building Improvements	23,600
Gross Amounts, Land and Land Improvements	4,592
Gross Amounts, Building and Building Improvements	23,704
Total	28,296
Accumulated Depreciation	$ (748)
Year Built	Dec. 31, 1995
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Villa Biscayne | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 17
Multifamily | Southeast Affordable Housing Portfolio | Villa Biscayne | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 104
Multifamily | Southeast Affordable Housing Portfolio | Vista Haven
Real Estate And Accumulated Depreciation [Line Items]
Location	Sanford, FL
Encumbrances	$ 40,994
Initial Cost, Land and Land Improvements	9,562
Initial Cost, Building and Building Improvements	47,788
Gross Amounts, Land and Land Improvements	9,626
Gross Amounts, Building and Building Improvements	47,929
Total	57,555
Accumulated Depreciation	$ (1,509)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Vista Haven | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 64
Multifamily | Southeast Affordable Housing Portfolio | Vista Haven | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 141
Multifamily | Southeast Affordable Housing Portfolio | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Greensboro, NC
Encumbrances	$ 5,200
Initial Cost, Land and Land Improvements	2,157
Initial Cost, Building and Building Improvements	4,656
Gross Amounts, Land and Land Improvements	2,160
Gross Amounts, Building and Building Improvements	4,684
Total	6,844
Accumulated Depreciation	$ (210)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Willow Ridge | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Southeast Affordable Housing Portfolio | Willow Ridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 28
Multifamily | Mid Atlantic Affordable Housing Portfolio | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Encumbrances	$ 7,547
Initial Cost, Land and Land Improvements	2,591
Initial Cost, Building and Building Improvements	7,180
Gross Amounts, Land and Land Improvements	2,591
Gross Amounts, Building and Building Improvements	7,191
Total	9,782
Accumulated Depreciation	$ (62)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Autumn Ridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 11
Multifamily | Mid Atlantic Affordable Housing Portfolio | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Location	Winchester, VA
Encumbrances	$ 9,840
Initial Cost, Land and Land Improvements	2,724
Initial Cost, Building and Building Improvements	10,005
Gross Amounts, Land and Land Improvements	2,724
Gross Amounts, Building and Building Improvements	10,008
Total	12,732
Accumulated Depreciation	$ (83)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Autumn Wind | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Mid Atlantic Affordable Housing Portfolio | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Location	Hampton, VA
Encumbrances	$ 17,130
Initial Cost, Land and Land Improvements	4,285
Initial Cost, Building and Building Improvements	18,075
Gross Amounts, Land and Land Improvements	4,285
Gross Amounts, Building and Building Improvements	18,082
Total	22,367
Accumulated Depreciation	$ (137)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Bridgeport | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 7
Multifamily | Mid Atlantic Affordable Housing Portfolio | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Holland, MI
Encumbrances	$ 13,680
Initial Cost, Land and Land Improvements	3,389
Initial Cost, Building and Building Improvements	14,530
Gross Amounts, Land and Land Improvements	3,389
Gross Amounts, Building and Building Improvements	14,532
Total	17,921
Accumulated Depreciation	$ (113)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Cascade Village | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Mid Atlantic Affordable Housing Portfolio | Chestnut Ridge I
Real Estate And Accumulated Depreciation [Line Items]
Location	Harrisonburg, VA
Encumbrances	$ 7,920
Initial Cost, Land and Land Improvements	2,694
Initial Cost, Building and Building Improvements	7,540
Gross Amounts, Land and Land Improvements	2,694
Gross Amounts, Building and Building Improvements	7,545
Total	10,239
Accumulated Depreciation	$ (66)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Chestnut Ridge I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5
Multifamily | Mid Atlantic Affordable Housing Portfolio | Chestnut Ridge I I
Real Estate And Accumulated Depreciation [Line Items]
Location	Harrisonburg, VA
Encumbrances	$ 3,840
Initial Cost, Land and Land Improvements	1,328
Initial Cost, Building and Building Improvements	3,682
Gross Amounts, Land and Land Improvements	1,328
Gross Amounts, Building and Building Improvements	3,687
Total	5,015
Accumulated Depreciation	$ (33)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Chestnut Ridge I I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5
Multifamily | Mid Atlantic Affordable Housing Portfolio | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbia, TN
Encumbrances	$ 9,740
Initial Cost, Land and Land Improvements	2,871
Initial Cost, Building and Building Improvements	9,816
Gross Amounts, Land and Land Improvements	2,871
Gross Amounts, Building and Building Improvements	9,826
Total	12,697
Accumulated Depreciation	$ (81)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Columbia Hills | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 10
Multifamily | Mid Atlantic Affordable Housing Portfolio | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 26,720
Initial Cost, Land and Land Improvements	4,358
Initial Cost, Building and Building Improvements	30,470
Gross Amounts, Land and Land Improvements	4,358
Gross Amounts, Building and Building Improvements	30,486
Total	34,844
Accumulated Depreciation	$ (217)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Crestview | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 16
Multifamily | Mid Atlantic Affordable Housing Portfolio | Dominion Pines
Real Estate And Accumulated Depreciation [Line Items]
Location	Chesapeake, VA
Encumbrances	$ 11,755
Initial Cost, Land and Land Improvements	2,896
Initial Cost, Building and Building Improvements	12,516
Gross Amounts, Land and Land Improvements	2,896
Gross Amounts, Building and Building Improvements	12,524
Total	15,420
Accumulated Depreciation	$ (95)
Year Built	Dec. 31, 1994
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Dominion Pines | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 8
Multifamily | Mid Atlantic Affordable Housing Portfolio | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Rosenberg, TX
Encumbrances	$ 9,440
Initial Cost, Land and Land Improvements	1,876
Initial Cost, Building and Building Improvements	10,461
Gross Amounts, Land and Land Improvements	1,876
Gross Amounts, Building and Building Improvements	10,464
Total	12,340
Accumulated Depreciation	$ (80)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Falcon Pointe | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Mid Atlantic Affordable Housing Portfolio | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 10,333
Initial Cost, Land and Land Improvements	2,524
Initial Cost, Building and Building Improvements	10,986
Gross Amounts, Land and Land Improvements	2,524
Gross Amounts, Building and Building Improvements	10,992
Total	13,516
Accumulated Depreciation	$ (85)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Foxridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 6
Multifamily | Mid Atlantic Affordable Housing Portfolio | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Location	Midlothian, VA
Encumbrances	$ 10,960
Initial Cost, Land and Land Improvements	2,703
Initial Cost, Building and Building Improvements	11,559
Gross Amounts, Land and Land Improvements	2,703
Gross Amounts, Building and Building Improvements	11,567
Total	14,270
Accumulated Depreciation	$ (90)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Genito Glen | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 8
Multifamily | Mid Atlantic Affordable Housing Portfolio | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 15,572
Initial Cost, Land and Land Improvements	4,729
Initial Cost, Building and Building Improvements	15,539
Gross Amounts, Land and Land Improvements	4,729
Gross Amounts, Building and Building Improvements	15,552
Total	20,281
Accumulated Depreciation	$ (128)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Kings Ridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 13
Multifamily | Mid Atlantic Affordable Housing Portfolio | Las Villas de Leon
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 7,560
Initial Cost, Land and Land Improvements	2,347
Initial Cost, Building and Building Improvements	7,458
Gross Amounts, Land and Land Improvements	2,347
Gross Amounts, Building and Building Improvements	7,460
Total	9,807
Accumulated Depreciation	$ (64)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Las Villas de Leon | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Mid Atlantic Affordable Housing Portfolio | Landing At Markhams Grant I
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 12,556
Initial Cost, Land and Land Improvements	1,827
Initial Cost, Building and Building Improvements	14,664
Gross Amounts, Land and Land Improvements	1,827
Gross Amounts, Building and Building Improvements	14,664
Total	16,491
Accumulated Depreciation	$ (103)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Landing At Markhams Grant I I
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 18,107
Initial Cost, Land and Land Improvements	3,198
Initial Cost, Building and Building Improvements	20,424
Gross Amounts, Land and Land Improvements	3,198
Gross Amounts, Building and Building Improvements	20,426
Total	23,624
Accumulated Depreciation	$ (147)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Landing At Markhams Grant I I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Mid Atlantic Affordable Housing Portfolio | Landing At Markhams Grant I I I
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 24,580
Initial Cost, Land and Land Improvements	3,592
Initial Cost, Building and Building Improvements	28,539
Gross Amounts, Land and Land Improvements	3,592
Gross Amounts, Building and Building Improvements	28,548
Total	32,140
Accumulated Depreciation	$ (197)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Landing At Markhams Grant I I I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9
Multifamily | Mid Atlantic Affordable Housing Portfolio | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Location	Virginia Beach, VA
Encumbrances	$ 20,080
Initial Cost, Land and Land Improvements	4,347
Initial Cost, Building and Building Improvements	21,957
Gross Amounts, Land and Land Improvements	4,347
Gross Amounts, Building and Building Improvements	21,960
Total	26,307
Accumulated Depreciation	$ (162)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Ocean Gate | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Mid Atlantic Affordable Housing Portfolio | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntersville, NC
Encumbrances	$ 11,191
Initial Cost, Land and Land Improvements	1,876
Initial Cost, Building and Building Improvements	12,739
Gross Amounts, Land and Land Improvements	1,876
Gross Amounts, Building and Building Improvements	12,742
Total	14,618
Accumulated Depreciation	$ (91)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Parkview | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Mid Atlantic Affordable Housing Portfolio | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 19,411
Initial Cost, Land and Land Improvements	4,168
Initial Cost, Building and Building Improvements	21,150
Gross Amounts, Land and Land Improvements	4,168
Gross Amounts, Building and Building Improvements	21,169
Total	25,337
Accumulated Depreciation	$ (155)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | River Birch | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 19
Multifamily | Mid Atlantic Affordable Housing Portfolio | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 8,538
Initial Cost, Land and Land Improvements	2,662
Initial Cost, Building and Building Improvements	8,425
Gross Amounts, Land and Land Improvements	2,662
Gross Amounts, Building and Building Improvements	8,427
Total	11,089
Accumulated Depreciation	$ (71)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | River Park Place | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Mid Atlantic Affordable Housing Portfolio | Soldiers Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Manassas, VA
Encumbrances	$ 20,092
Initial Cost, Land and Land Improvements	2,746
Initial Cost, Building and Building Improvements	23,544
Gross Amounts, Land and Land Improvements	2,746
Gross Amounts, Building and Building Improvements	23,547
Total	26,293
Accumulated Depreciation	$ (161)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Soldiers Ridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Multifamily | Mid Atlantic Affordable Housing Portfolio | South Main
Real Estate And Accumulated Depreciation [Line Items]
Location	Manassas, VA
Encumbrances	$ 11,241
Initial Cost, Land and Land Improvements	2,001
Initial Cost, Building and Building Improvements	12,687
Gross Amounts, Land and Land Improvements	2,001
Gross Amounts, Building and Building Improvements	12,689
Total	14,690
Accumulated Depreciation	$ (92)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | South Main | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Multifamily | Mid Atlantic Affordable Housing Portfolio | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Location	Saginaw, MI
Encumbrances	$ 8,800
Initial Cost, Land and Land Improvements	4,176
Initial Cost, Building and Building Improvements	7,229
Gross Amounts, Land and Land Improvements	4,176
Gross Amounts, Building and Building Improvements	7,233
Total	11,409
Accumulated Depreciation	$ (73)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Sterling Crest | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4
Multifamily | Mid Atlantic Affordable Housing Portfolio | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 28,880
Initial Cost, Land and Land Improvements	3,963
Initial Cost, Building and Building Improvements	33,721
Gross Amounts, Land and Land Improvements	3,963
Gross Amounts, Building and Building Improvements	33,725
Total	37,688
Accumulated Depreciation	$ (231)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Stonegate | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4
Multifamily | Mid Atlantic Affordable Housing Portfolio | Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Chesapeake, VA
Encumbrances	$ 15,125
Initial Cost, Land and Land Improvements	3,571
Initial Cost, Building and Building Improvements	16,250
Gross Amounts, Land and Land Improvements	3,571
Gross Amounts, Building and Building Improvements	16,259
Total	19,830
Accumulated Depreciation	$ (121)
Year Built	Dec. 31, 1994
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Woodbridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9
Multifamily | Mid Atlantic Affordable Housing Portfolio | Woodburn I
Real Estate And Accumulated Depreciation [Line Items]
Location	Manassas, VA
Encumbrances	$ 24,112
Initial Cost, Land and Land Improvements	3,365
Initial Cost, Building and Building Improvements	28,215
Gross Amounts, Land and Land Improvements	3,365
Gross Amounts, Building and Building Improvements	28,224
Total	31,589
Accumulated Depreciation	$ (195)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Woodburn I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9
Multifamily | Mid Atlantic Affordable Housing Portfolio | Woodburn I I
Real Estate And Accumulated Depreciation [Line Items]
Location	Manassas, VA
Encumbrances	$ 15,250
Initial Cost, Land and Land Improvements	2,525
Initial Cost, Building and Building Improvements	17,409
Gross Amounts, Land and Land Improvements	2,525
Gross Amounts, Building and Building Improvements	17,411
Total	19,936
Accumulated Depreciation	$ (124)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2020
Multifamily | Mid Atlantic Affordable Housing Portfolio | Woodburn I I | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2
Industrial Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	351,725
Initial Cost, Land and Land Improvements	88,962
Initial Cost, Building and Building Improvements	429,008
Gross Amounts, Land and Land Improvements	89,162
Gross Amounts, Building and Building Improvements	429,625
Total	518,787
Accumulated Depreciation	(11,891)
Industrial Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	200
Industrial Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (617)
Industrial Properties | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Baltimore, MD
Encumbrances	$ 106,698
Initial Cost, Land and Land Improvements	21,720
Initial Cost, Building and Building Improvements	139,433
Gross Amounts, Land and Land Improvements	21,720
Gross Amounts, Building and Building Improvements	139,433
Total	161,153
Accumulated Depreciation	$ (890)
Year Acquired	Dec. 31, 2020
Industrial Properties | Airport Logistics Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 35,000
Initial Cost, Land and Land Improvements	7,031
Initial Cost, Building and Building Improvements	53,728
Gross Amounts, Land and Land Improvements	7,031
Gross Amounts, Building and Building Improvements	53,728
Total	60,759
Accumulated Depreciation	$ (504)
Year Acquired	Dec. 31, 2020
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	2,134
Initial Cost, Building and Building Improvements	5,578
Gross Amounts, Land and Land Improvements	2,134
Gross Amounts, Building and Building Improvements	5,578
Total	7,712
Accumulated Depreciation	$ (258)
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	$ 2,230
Initial Cost, Building and Building Improvements	7,553
Gross Amounts, Land and Land Improvements	2,230
Gross Amounts, Building and Building Improvements	7,553
Total	9,783
Accumulated Depreciation	$ (321)
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	$ 1,813
Initial Cost, Building and Building Improvements	4,623
Gross Amounts, Land and Land Improvements	1,813
Gross Amounts, Building and Building Improvements	4,623
Total	6,436
Accumulated Depreciation	$ (233)
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	$ 2,206
Initial Cost, Building and Building Improvements	4,769
Gross Amounts, Land and Land Improvements	2,206
Gross Amounts, Building and Building Improvements	4,769
Total	6,975
Accumulated Depreciation	$ (216)
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	$ 1,370
Initial Cost, Building and Building Improvements	2,325
Gross Amounts, Land and Land Improvements	1,370
Gross Amounts, Building and Building Improvements	2,325
Total	3,695
Accumulated Depreciation	$ (118)
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	$ 1,461
Initial Cost, Building and Building Improvements	4,059
Gross Amounts, Land and Land Improvements	1,461
Gross Amounts, Building and Building Improvements	4,059
Total	5,520
Accumulated Depreciation	$ (209)
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	$ 1,314
Initial Cost, Building and Building Improvements	10,189
Gross Amounts, Land and Land Improvements	1,314
Gross Amounts, Building and Building Improvements	10,189
Total	11,503
Accumulated Depreciation	$ (338)
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	$ 1,268
Initial Cost, Building and Building Improvements	6,364
Gross Amounts, Land and Land Improvements	1,268
Gross Amounts, Building and Building Improvements	6,364
Total	7,632
Accumulated Depreciation	$ (284)
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	$ 879
Initial Cost, Building and Building Improvements	3,010
Gross Amounts, Land and Land Improvements	879
Gross Amounts, Building and Building Improvements	3,010
Total	3,889
Accumulated Depreciation	$ (150)
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	$ 860
Initial Cost, Building and Building Improvements	2,954
Gross Amounts, Land and Land Improvements	860
Gross Amounts, Building and Building Improvements	2,954
Total	3,814
Accumulated Depreciation	$ (160)
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	$ 1,264
Initial Cost, Building and Building Improvements	5,974
Gross Amounts, Land and Land Improvements	1,264
Gross Amounts, Building and Building Improvements	5,974
Total	7,238
Accumulated Depreciation	$ (263)
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	$ 1,477
Initial Cost, Building and Building Improvements	2,077
Gross Amounts, Land and Land Improvements	1,477
Gross Amounts, Building and Building Improvements	2,077
Total	3,554
Accumulated Depreciation	$ (137)
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	$ 1,800
Initial Cost, Building and Building Improvements	9,550
Gross Amounts, Land and Land Improvements	1,800
Gross Amounts, Building and Building Improvements	9,550
Total	11,350
Accumulated Depreciation	$ (435)
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	$ 1,946
Initial Cost, Building and Building Improvements	8,402
Gross Amounts, Land and Land Improvements	2,060
Gross Amounts, Building and Building Improvements	8,402
Total	10,462
Accumulated Depreciation	$ (394)
Year Built	Dec. 31, 2008
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 6241 Northwind Pkwy | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 114
Industrial Properties | Midwest Industrial Portfolio | 6451 Northwind Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 2,782
Initial Cost, Building and Building Improvements	8,375
Gross Amounts, Land and Land Improvements	2,782
Gross Amounts, Building and Building Improvements	8,375
Total	11,157
Accumulated Depreciation	$ (376)
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	$ 3,159
Initial Cost, Building and Building Improvements	13,189
Gross Amounts, Land and Land Improvements	3,159
Gross Amounts, Building and Building Improvements	13,189
Total	16,348
Accumulated Depreciation	$ (513)
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	$ 1,448
Initial Cost, Building and Building Improvements	6,515
Gross Amounts, Land and Land Improvements	1,448
Gross Amounts, Building and Building Improvements	6,515
Total	7,963
Accumulated Depreciation	$ (242)
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	$ 1,337
Initial Cost, Building and Building Improvements	10,188
Gross Amounts, Land and Land Improvements	1,337
Gross Amounts, Building and Building Improvements	10,188
Total	11,525
Accumulated Depreciation	$ (342)
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	$ 3,968
Initial Cost, Building and Building Improvements	20,213
Gross Amounts, Land and Land Improvements	4,054
Gross Amounts, Building and Building Improvements	20,242
Total	24,296
Accumulated Depreciation	$ (958)
Year Built	Dec. 31, 1991
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 101 45th Street | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 86
Industrial Properties | Midwest Industrial Portfolio | 101 45th Street | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 29
Industrial Properties | Midwest Industrial Portfolio | 215 45th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 1,209
Initial Cost, Building and Building Improvements	3,473
Gross Amounts, Land and Land Improvements	1,209
Gross Amounts, Building and Building Improvements	3,473
Total	4,682
Accumulated Depreciation	$ (193)
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	$ 1,112
Initial Cost, Building and Building Improvements	2,741
Gross Amounts, Land and Land Improvements	1,112
Gross Amounts, Building and Building Improvements	2,783
Total	3,895
Accumulated Depreciation	$ (138)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 225 45th Street | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 42
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	$ 1,163
Initial Cost, Building and Building Improvements	1,847
Gross Amounts, Land and Land Improvements	1,163
Gross Amounts, Building and Building Improvements	1,847
Total	3,010
Accumulated Depreciation	$ (123)
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	$ 3,378
Initial Cost, Building and Building Improvements	7,839
Gross Amounts, Land and Land Improvements	3,378
Gross Amounts, Building and Building Improvements	7,839
Total	11,217
Accumulated Depreciation	$ (440)
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	$ 1,542
Initial Cost, Building and Building Improvements	6,356
Gross Amounts, Land and Land Improvements	1,542
Gross Amounts, Building and Building Improvements	6,356
Total	7,898
Accumulated Depreciation	$ (284)
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	$ 698
Initial Cost, Building and Building Improvements	4,491
Gross Amounts, Land and Land Improvements	698
Gross Amounts, Building and Building Improvements	4,491
Total	5,189
Accumulated Depreciation	$ (175)
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	$ 3,167
Initial Cost, Building and Building Improvements	14,293
Gross Amounts, Land and Land Improvements	3,167
Gross Amounts, Building and Building Improvements	14,293
Total	17,460
Accumulated Depreciation	$ (608)
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	$ 1,668
Initial Cost, Building and Building Improvements	8,319
Gross Amounts, Land and Land Improvements	1,668
Gross Amounts, Building and Building Improvements	8,319
Total	9,987
Accumulated Depreciation	$ (322)
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	$ 2,166
Initial Cost, Building and Building Improvements	10,542
Gross Amounts, Land and Land Improvements	2,166
Gross Amounts, Building and Building Improvements	10,542
Total	12,708
Accumulated Depreciation	$ (493)
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	$ 2,369
Initial Cost, Building and Building Improvements	11,916
Gross Amounts, Land and Land Improvements	2,369
Gross Amounts, Building and Building Improvements	11,916
Total	14,285
Accumulated Depreciation	$ (555)
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	$ 2,300
Initial Cost, Building and Building Improvements	7,010
Gross Amounts, Land and Land Improvements	2,300
Gross Amounts, Building and Building Improvements	7,010
Total	9,310
Accumulated Depreciation	$ (312)
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	$ 1,248
Initial Cost, Building and Building Improvements	6,383
Gross Amounts, Land and Land Improvements	1,248
Gross Amounts, Building and Building Improvements	6,634
Total	7,882
Accumulated Depreciation	$ (278)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 4410 North 132nd Street | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 251
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	$ 1,510
Initial Cost, Building and Building Improvements	7,222
Gross Amounts, Land and Land Improvements	1,510
Gross Amounts, Building and Building Improvements	7,517
Total	9,027
Accumulated Depreciation	$ (305)
Year Built	Dec. 31, 2000
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 4700 North Ironwood Drive | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 295
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	$ 1,965
Initial Cost, Building and Building Improvements	7,508
Gross Amounts, Land and Land Improvements	1,965
Gross Amounts, Building and Building Improvements	7,508
Total	9,473
Accumulated Depreciation	$ (324)
Year Built	Dec. 31, 2002
Year Acquired	Dec. 31, 2019
Hotel
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 129,060
Initial Cost, Land and Land Improvements	43,580
Initial Cost, Building and Building Improvements	161,513
Gross Amounts, Land and Land Improvements	46,660
Gross Amounts, Building and Building Improvements	162,311
Total	208,971
Accumulated Depreciation	(8,750)
Hotel | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,080
Hotel | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 798
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	13,897
Gross Amounts, Building and Building Improvements	33,801
Total	47,698
Accumulated Depreciation	$ (1,900)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Hyatt Place Boulder | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 7
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	$ 128
Hotel | U.S. Select Service Portfolio | Residence Inn Tampa
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 22,392
Initial Cost, Land and Land Improvements	7,826
Initial Cost, Building and Building Improvements	33,325
Gross Amounts, Land and Land Improvements	8,470
Gross Amounts, Building and Building Improvements	33,389
Total	41,859
Accumulated Depreciation	$ (1,755)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Residence Inn Tampa | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 644
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	$ 64
Hotel | U.S. Select Service Portfolio | Courtyard by Marriott Fort Myers
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Myers, FL
Encumbrances	$ 14,991
Initial Cost, Land and Land Improvements	5,522
Initial Cost, Building and Building Improvements	21,035
Gross Amounts, Land and Land Improvements	6,089
Gross Amounts, Building and Building Improvements	21,078
Total	27,167
Accumulated Depreciation	$ (1,124)
Year Built	Dec. 31, 2007
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Courtyard by Marriott Fort Myers | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 567
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	$ 43
Hotel | U.S. Select Service Portfolio | TownePlace Suites Tampa
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 11,937
Initial Cost, Land and Land Improvements	5,064
Initial Cost, Building and Building Improvements	16,712
Gross Amounts, Land and Land Improvements	5,471
Gross Amounts, Building and Building Improvements	16,747
Total	22,218
Accumulated Depreciation	$ (886)
Year Built	Dec. 31, 2008
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | TownePlace Suites Tampa | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 407
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	$ 35
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	3,048
Gross Amounts, Building and Building Improvements	20,390
Total	23,438
Accumulated Depreciation	$ (1,086)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Residence Inn Cleveland | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 181
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	$ 446
Hotel | U.S. Select Service Portfolio | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Location	Little Rock, AR
Encumbrances	$ 13,726
Initial Cost, Land and Land Improvements	2,410
Initial Cost, Building and Building Improvements	16,472
Gross Amounts, Land and Land Improvements	2,595
Gross Amounts, Building and Building Improvements	16,506
Total	19,101
Accumulated Depreciation	$ (847)
Year Built	Dec. 31, 2013
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Residence Inn Little Rock | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 185
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	$ 34
Hotel | U.S. Select Service Portfolio | Hampton Inn Knoxville
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 9,390
Initial Cost, Land and Land Improvements	1,343
Initial Cost, Building and Building Improvements	12,868
Gross Amounts, Land and Land Improvements	1,913
Gross Amounts, Building and Building Improvements	12,894
Total	14,807
Accumulated Depreciation	$ (714)
Year Built	Dec. 31, 2011
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Hampton Inn Knoxville | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 570
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	$ 26
Hotel | U.S. Select Service Portfolio | Springhill Suites Fort Myers
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Myers, FL
Encumbrances	$ 8,676
Initial Cost, Land and Land Improvements	4,658
Initial Cost, Building and Building Improvements	7,484
Gross Amounts, Land and Land Improvements	5,177
Gross Amounts, Building and Building Improvements	7,506
Total	12,683
Accumulated Depreciation	$ (438)
Year Built	Dec. 31, 2006
Year Acquired	Dec. 31, 2019
Hotel | U.S. Select Service Portfolio | Springhill Suites Fort Myers | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 519
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	22
Medical Office Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	133,068
Initial Cost, Land and Land Improvements	45,394
Initial Cost, Building and Building Improvements	132,448
Gross Amounts, Land and Land Improvements	45,602
Gross Amounts, Building and Building Improvements	132,666
Total	178,268
Accumulated Depreciation	(3,933)
Medical Office Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	208
Medical Office Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 218
Medical Office Properties | 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	20,191
Total	33,683
Accumulated Depreciation	$ (931)
Year Built	Dec. 31, 2007
Year Acquired	Dec. 31, 2019
Medical Office Properties | Exchange On Erwin Commercial | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 34
Medical Office Properties | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Location	Chevy Chase, MD
Encumbrances	$ 108,160
Initial Cost, Land and Land Improvements	31,902
Initial Cost, Building and Building Improvements	112,291
Gross Amounts, Land and Land Improvements	32,110
Gross Amounts, Building and Building Improvements	112,475
Total	144,585
Accumulated Depreciation	$ (3,002)
Year Built	Dec. 31, 2019
Year Acquired	Dec. 31, 2020
Medical Office Properties | Barlow Building | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 208
Medical Office Properties | Barlow Building | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	184
Office Building
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	758,944
Initial Cost, Land and Land Improvements	78,125
Initial Cost, Building and Building Improvements	910,560
Gross Amounts, Land and Land Improvements	78,697
Gross Amounts, Building and Building Improvements	920,756
Total	999,453
Accumulated Depreciation	(36,971)
Office Building | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	572
Office Building | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 10,196
Office Building | Florida Office Portfolio | JTB Carlton
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 136,640
Initial Cost, Land and Land Improvements	4,510
Initial Cost, Building and Building Improvements	13,905
Gross Amounts, Land and Land Improvements	4,510
Gross Amounts, Building and Building Improvements	13,994
Total	18,504
Accumulated Depreciation	$ (1,304)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | JTB Carlton | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 89
Office Building | Florida Office Portfolio | JTB Deerwood Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 1,303
Initial Cost, Building and Building Improvements	1,298
Gross Amounts, Land and Land Improvements	1,303
Gross Amounts, Building and Building Improvements	1,301
Total	2,604
Accumulated Depreciation	$ (76)
Year Built	Dec. 31, 1991
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | JTB Deerwood Park | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3
Office Building | Florida Office Portfolio | JTB Collier
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 4,540
Initial Cost, Building and Building Improvements	11,050
Gross Amounts, Land and Land Improvements	4,540
Gross Amounts, Building and Building Improvements	11,071
Total	15,611
Accumulated Depreciation	$ (854)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | JTB Collier | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 21
Office Building | Florida Office Portfolio | Deerwood N 100
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,173
Initial Cost, Building and Building Improvements	17,670
Gross Amounts, Land and Land Improvements	5,173
Gross Amounts, Building and Building Improvements	17,801
Total	22,974
Accumulated Depreciation	$ (1,540)
Year Built	Dec. 31, 1999
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood N 100 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 131
Office Building | Florida Office Portfolio | Deerwood N 200
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,152
Initial Cost, Building and Building Improvements	14,995
Gross Amounts, Land and Land Improvements	5,152
Gross Amounts, Building and Building Improvements	15,019
Total	20,171
Accumulated Depreciation	$ (1,439)
Year Built	Dec. 31, 2001
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood N 200 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 24
Office Building | Florida Office Portfolio | Deerwood N 300
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,723
Initial Cost, Building and Building Improvements	16,056
Gross Amounts, Land and Land Improvements	5,723
Gross Amounts, Building and Building Improvements	16,248
Total	21,971
Accumulated Depreciation	$ (1,269)
Year Built	Dec. 31, 2004
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood N 300 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 192
Office Building | Florida Office Portfolio | Deerwood N 400
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,535
Initial Cost, Building and Building Improvements	18,722
Gross Amounts, Land and Land Improvements	5,535
Gross Amounts, Building and Building Improvements	18,751
Total	24,286
Accumulated Depreciation	$ (1,490)
Year Built	Dec. 31, 2005
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood N 400 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 29
Office Building | Florida Office Portfolio | Deerwood S 100
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,761
Initial Cost, Building and Building Improvements	15,490
Gross Amounts, Land and Land Improvements	5,761
Gross Amounts, Building and Building Improvements	15,673
Total	21,434
Accumulated Depreciation	$ (1,580)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood S 100 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 183
Office Building | Florida Office Portfolio | Deerwood S 200
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,548
Initial Cost, Building and Building Improvements	15,976
Gross Amounts, Land and Land Improvements	5,548
Gross Amounts, Building and Building Improvements	16,033
Total	21,581
Accumulated Depreciation	$ (1,595)
Year Built	Dec. 31, 1996
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood S 200 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 57
Office Building | Florida Office Portfolio | Deerwood S 300
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,158
Initial Cost, Building and Building Improvements	14,265
Gross Amounts, Land and Land Improvements	5,158
Gross Amounts, Building and Building Improvements	14,916
Total	20,074
Accumulated Depreciation	$ (1,728)
Year Built	Dec. 31, 1997
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood S 300 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 651
Office Building | Florida Office Portfolio | Deerwood S 400
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Initial Cost, Land and Land Improvements	$ 5,062
Initial Cost, Building and Building Improvements	13,736
Gross Amounts, Land and Land Improvements	5,062
Gross Amounts, Building and Building Improvements	14,494
Total	19,556
Accumulated Depreciation	$ (1,446)
Year Built	Dec. 31, 1998
Year Acquired	Dec. 31, 2019
Office Building | Florida Office Portfolio | Deerwood S 400 | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 758
Office Building | 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	1,486
Initial Cost, Building and Building Improvements	22,615
Gross Amounts, Land and Land Improvements	1,515
Gross Amounts, Building and Building Improvements	23,715
Total	25,230
Accumulated Depreciation	$ (1,522)
Year Built	Dec. 31, 2018
Year Acquired	Dec. 31, 2019
Office Building | Columbus Portfolio | 80 on the Commons | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 29
Office Building | Columbus Portfolio | 80 on the Commons | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,100
Office Building | Columbus Portfolio | 250 High
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 25,698
Initial Cost, Land and Land Improvements	1,527
Initial Cost, Building and Building Improvements	27,449
Gross Amounts, Land and Land Improvements	1,595
Gross Amounts, Building and Building Improvements	27,449
Total	29,044
Accumulated Depreciation	$ (1,246)
Year Built	Dec. 31, 2015
Year Acquired	Dec. 31, 2019
Office Building | Columbus Portfolio | 250 High | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 68
Office Building | Columbus Portfolio | 60 State Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Boston, MA
Encumbrances	$ 394,497
Initial Cost, Building and Building Improvements	478,150
Gross Amounts, Land and Land Improvements	475
Gross Amounts, Building and Building Improvements	484,724
Total	485,199
Accumulated Depreciation	$ (13,938)
Year Built	Dec. 31, 1978
Year Acquired	Dec. 31, 2020
Office Building | Columbus Portfolio | 60 State Street | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 475
Office Building | Columbus Portfolio | 60 State Street | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 6,574
Office Building | Columbus Portfolio | Nashville Office
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 172,800
Initial Cost, Land and Land Improvements	21,647
Initial Cost, Building and Building Improvements	229,183
Gross Amounts, Land and Land Improvements	21,647
Gross Amounts, Building and Building Improvements	229,567
Total	251,214
Accumulated Depreciation	$ (5,944)
Year Built	Dec. 31, 2017
Year Acquired	Dec. 31, 2020
Office Building | Columbus Portfolio | Nashville Office | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 384

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis		$ 4,700,000
Accumulated Depreciation Furniture Fixtures And Equipment		13,500
Principal Balance Outstanding	[1]	3,295,684	$ 1,245,022
Industrial Properties
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance Outstanding		210,000
Hotel | U.S. Select Service Portfolio | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance Outstanding		47,900
Hotel | U.S. Select Service Portfolio | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance Outstanding		47,900
Office Buildings
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance Outstanding		136,600
Furniture, Fixtures and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Property, Plant and Equipment, Net		$ 76,800
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Activity for real estate and ac

Activity for real estate and accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate:
Balance at the beginning of year	$ 1,823,992
Balance at the end of the year	4,626,212	$ 1,823,992
Accumulated Depreciation:
Balance at the beginning of the year	(25,948)
Accumulated depreciation	(104,592)	(25,948)
Balance at the end of the year	(130,540)	(25,948)
Land and Land Improvements
Real Estate:
Additions during the year	366,587	322,520
Furniture, Fixtures and Equipment
Real Estate:
Additions during the year	30,540	46,268
Building and Building Improvements
Real Estate:
Additions during the year	$ 2,405,093	$ 1,455,204