J.P. Morgan Real Estate Income Trust 10-K 29 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 29, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Entity Voluntary Filers	Yes
Document Annual Report	true
Document Fiscal Period Focus	FY
Entity Registrant Name	J.P. Morgan Real Estate Income Trust, Inc.
Entity Central Index Key	0001893262
Current Fiscal Year End Date	--12-31
Entity File Number	333-265588
ICFR Auditor Attestation Flag	false
Entity Tax Identification Number	87-3439916
Entity Address, Address Line One	277 Park Avenue
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10172
City Area Code	212
Local Phone Number	270-6000
Entity Well Known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float	$ 0
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Auditor Name	PricewaterhouseCoopers LLC
Auditor Firm ID	238
Auditor Location	New York, New York, USA
Class E Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,087,334
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,148
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,769,129

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 199,429
Investment in real estate debt	16,825
Investment in real estate-related securities	1,842
Intangible assets, net	3,767
Cash	5,660	$ 200
Restricted cash	128
Deposits on real estate	5,494
Other assets, net	1,167
Total assets	234,312	200
LIABILITIES AND EQUITY
Secured credit facility	40,200
Mortgage notes, net	113,760
Intangible liabilities, net	1,800
Mandatorily redeemable Class E units	45,784
Due to affiliate	9,970
Accrued expenses and other liabilities	4,852
Total liabilities	216,366
Commitments and Contingencies (Note 12)
Equity
Preferred stock, $0.01 par value per share, 100,000 shares authorized, 0 issued, and outstanding as of December 31, 2022 and December 31, 2021, respectively
Additional paid-in-capital	19,427	200
Accumulated deficit	(3,814)
Total stockholders equity	15,638	200
Non-controlling interests in consolidated joint ventures	2,308
Total equity	17,946	200
Total liabilities and equity	234,312	200
Class E Shares
Equity
Common stock	24
Class D Shares
Equity
Common stock
Class I Shares
Equity
Common stock	1
Class S Shares
Equity
Common stock
Class T Shares
Equity
Common stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Shares, Outstanding	2,418,000	20,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Number of Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Class E Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	2,361,000	20,000
Common Stock, Shares, Outstanding	2,361,000	20,000
Class D Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Class I Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	57,000	0
Common Stock, Shares, Outstanding	57,000	0
Class S Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Class T Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Revenues
Total revenues	$ 2,066
Rental revenue	2,066
Expenses
Rental property operating	561
General and administrative	2,799
Depreciation and amortization	1,076
Total expenses	4,436
Other income (expense), net
Income from investments in real estate debt	(545)
Income from investment in real estate-related securities	8
Mandatorily redeemable Class E units interest costs	(376)
Interest expense	(1,349)
Other income (expenses)	(211)
Total other income (expense)	(1,383)
Net loss	(3,753)
Net loss attributable to non-controlling interests in consolidated joint ventures	(21)
Net loss attributable to JPMREIT stockholders, basic	(3,732)
Net loss attributable to JPMREIT stockholders, diluted	$ (3,732)
Net loss per share of common stock - basic | $ / shares	$ (5.22)
Net loss per share of common stock - diluted | $ / shares	$ (5.22)
Weighted-average shares of common stock outstanding - basic | shares	715
Weighted-average shares of common stock outstanding - diluted | shares	715

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Common Stock Class E	Common Stock Common Stock Class I	Additional Paid-In Capital	Accumulated Deficit	Total Stockholder's Equity	Non-Controlling Interests
Beginning balance at Nov. 05, 2021
Common stock issued	200			200		$ 200
Ending balance at Dec. 31, 2021	200			200		200
Net loss	(3,753)				$ (3,732)	(3,732)	$ (21)
Common stock issued	24,010	$ 24	$ 1	23,985		24,010
Distributions declared on common stock	(81)				(81)	(81)
Contributions from non-controlling interests	2,329						2,329
Offering costs	(4,804)			(4,804)		(4,804)
Amortization of restricted stock grants	45			45		45
Ending balance at Dec. 31, 2022	$ 17,946	$ 24	$ 1	$ 19,426	$ (3,813)	$ 15,638	$ 2,308

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net loss	$ (3,753)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization	1,076
Amortization of below market lease	(28)
Amortization of deferred financing costs	193
Amortization of restricted stock grants	45
Market adjustment of mandatorily redeemable Class E units	224
Change in assets and liabilities:
(Increase) / decrease in other assets	(638)
Increase / (decrease) in due to affiliates	2,977
Increase/ (decrease) in accrued expenses and other liabilities	1,038
Net cash used in operating activities	1,134
Cash flow from investing activities:
Acquisitions of real estate	(168,885)
Deposits on real estate acquisition	(5,494)
Purchase of investments in real estate debt	(16,825)
Purchase of real estate related securities	(1,842)
Net cash used in investing activities	(193,046)
Cash flows from financing activities
Proceeds from issuance common stock	24,010	$ 200
Proceeds from issuance of mandatorily redeemable Class E units	45,560
Contributions from non-controlling interests	2,329
Proceeds from secured credit facility	41,700
Repayment of secured credit facility	(1,500)
Payment of deferred financing costs on secured credit facility	(130)
Proceeds from mortgage notes	86,439
Payment of deferred financing costs on mortgage notes	(908)
Net cash provided by financing activities	197,500	200
Net change in cash	5,588	200
Cash and restricted cash, at the beginning of the period	200
Cash and restricted cash, at the end of the period	5,788	200
Cash and restricted cash, end of year per financials	5,788	200
Reconciliation of cash and restricted cash to the Consolidated Balance Sheet:
Cash	5,660	200
Restricted cash	128
Total cash and restricted cash	5,788	$ 200
Supplemental disclosure of cash flow information:
Cash paid for interest	427
Supplemental disclosure of non-cash investing and financing activities:
Assumption of mortgage note in conjunction with acquisition in real estate	28,512
Accrued offering costs due to affiliates	4,804
Accrued loan costs due to affiliate	678
Accrued distributions	81
Other accrued costs due to affiliate	1,305
Accrued acquisition costs	643
Accrued capex	$ 103

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose J.P. Morgan Real Estate Income Trust, Inc. (the "Company" or "JPMREIT") was formed on November 5, 2021 as a Maryland corporation and intends to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes. The Company was organized to invest primarily in stabilized, income-generating real estate properties, and to a lesser extent, real estate debt and real estate-related securities. The Company is the sole general partner of J.P. Morgan REIT Operating Partnership, L.P., a Delaware limited partnership ("JPMREIT OP" or "Operating Partnership"). J.P. Morgan REIT OP Special Limited Partner, L.P. (the "Special Limited Partner"), an affiliate of J.P. Morgan Investment Management Inc. (the "Adviser" or "JPMIM" and together with its affiliates "J.P. Morgan"), owns a special limited partner interest in JPMREIT OP. Substantially all of the Company’s business is conducted through JPMREIT OP. The Company and JPMREIT OP are externally managed by JPMIM. As of December 31, 2022 , the Company owned four real estate properties consisting of three multifamily properties, one industrial property, one position in a real estate debt investment and an investment in real estate-related securities. The Company currently operates in three reportable segments: multifamily, industrial and investments in real estate debt. See Note 15 for a description of the Company's segment reporting.

Capitalization

Capitalization	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Capitalization	2. Capitalization On July 6, 2022, the Company filed a Registration Statement on Form S-11 to register with the SEC an offering of up to $ 5.0 billion in shares of common stock, consisting of up to $ 4.0 billion in shares in its primary offering and up to $ 1.0 billion in shares pursuant to its distribution reinvestment plan (the "Offering"). The Company intends to sell any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. The initial per share purchase price for the Company’s shares of common stock sold in its primary offering will be equal to the most recently determined net asset value ("NAV") per share for the Class E common stock sold in the Company’s private offering (which is deemed to be $ 10.00 until the last calendar day of the month during which the Company makes its first investment), plus, for Class T shares, Class S shares and Class D shares only, applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of the Company’s common stock will vary and will generally equal the prior month’s NAV of the Company per share for such class, as determined monthly, plus any applicable upfront selling commissions and dealer manager fees. The Registration Statement on Form S-11 related to the Offering was declared effective by the SEC on July 22, 2022. On November 15, 2021, the Company was capitalized with a $ 0.2 million investment by the Adviser in exchange for 20,000 shares of the Company’s Class E common stock. The Adviser has agreed to not sell, transfer or dispose of the shares to any party other than an affiliate of the Adviser for so long as the Adviser or its affiliate performs an advisory function for the Company. Pursuant to a separate private offering, JPMIM has agreed to purchase $ 25.0 million in Class E common stock, par value $ 0.01 per share ("Class E shares") or Class E units of the Operating Partnership ("Class E units"), or a combination thereof, and up to an additional $ 75.0 million in Class E shares or Class E units. As of December 31, 2022, the Company has received $ 157.6 million in commitments to purchase shares of its common stock and units in the Operating Partnership ("Operating Partnership units"), including the shares and units to be purchased by JPMIM, and has sold $ 21.3 million in Class E shares and $ 45.6 million Class E units from such commitments (collectively, the "Initial Capitalization"). The Company is not required to call all of the capital commitments made by investors pursuant to the Initial Capitalization prior to their expiration. In addition, the Company sold $ 2.1 million Class E shares to employees of the Adviser. JPMIM has agreed to hold all of the Class E shares and Class E units it purchases pursuant to its capital commitment as part of the Initial Capitalization (the "JPM Initial Capitalization") until the earlier of (i) the first date that the Company’s NAV reaches $ 1.5 billion and (ii) July 22, 2025, the third anniversary of the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM (each, a "JPM Mandatory Repurchase") (Note 13), a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the Company’s share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors who purchase shares pursuant to the Offering and other holders of shares that are otherwise subject to repurchase under the Company’s share repurchase plan, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each JPM Mandatory Repurchase may be reduced where other holders of the Company’s Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the Company’s share repurchase plan request repurchase of their shares, in which case the Class E shares held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership in the Company immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the Company’s share repurchase plan’s 2 % monthly and 5 % quarterly caps). Notwithstanding the foregoing, the Company will not affect any JPM Mandatory Repurchase during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the Company’s share repurchase plan is not repurchased or when the Company’s share repurchase plan has been suspended. In addition, subject to certain exceptions, where the shares of the Company’s common stock and Operating Partnership units owned by the Adviser, together with any such shares and units owned by the Adviser and its affiliates, including any shares or units issued in lieu of cash management fees payable to the Adviser or the performance participation payable to the Special Limited Partner (such aggregate ownership, the "JPM Interest") represent a 24.99 % or lesser interest in the Company, the Company will, or will cause the JPMREIT OP to, automatically and without further action by the Adviser, repurchase or redeem, as applicable, an amount of shares or units from the Adviser as may be necessary to cause the JPM Interest to remain equal to or less than 24.99 % (each such repurchase or redemption, a "JPM Regulatory Repurchase"). To the extent the Adviser elects to receive its management fee in shares of the Company’s common stock or Operating Partnership units, the Company may repurchase those shares or units without regard to the limitations described above or the Early Repurchase Deduction. On May 26, 2022, JPMIM’s Subscription Agreement dated February 23, 2022 for Class E shares or Class E units was amended to provide that, if the Company receives capital commitments from investors in the private placement of Class E shares exceeding $ 100 million ("Other Seed Investor Commitments"), JPMIM’s commitment may, in JPMIM’s discretion, be reduced by an amount equal to (i) the aggregate amount of Other Seed Investor Commitments, minus (ii) $ 100 million, provided that such reduction amount will not exceed $ 75 million. The amendment to the Subscription Agreement also provides that the expiration of the JPMIM commitment is August 23, 2023 , which is the 18-month anniversary of the date of the Subscription Agreement; provided, that following such date JPMIM may, in its discretion, elect to purchase additional Class E shares or Class E units until the earlier to occur of (i) July 22, 2025, the three-year anniversary of the date that the Company’s registration statement on Form S-11 with respect the Offering was declared effective by the SEC and (ii) the date that the Company’s NAV is at least $ 1.5 billion.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the 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. There is no comprehensive income (loss) for the year ended December 31, 2022 or the period ended December 31, 2021 , accordingly the statement of comprehensive income (loss) is not presented. Principles of Consolidation 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 on the Company's Consolidated Balance Sheets and Consolidated Statement of Operations. 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. Entities that do not qualify as VIEs are generally considered voting interest entities ("VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option ("FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. 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 holds interest in two joint ventures that are each considered to be a VIE. The Company consolidated these entities because it has the ability to direct the most significant activities of the joint venture. As of December 31, 2022, the total assets and liabilities of the Company’s consolidated VIEs were $ 135.7 million and $ 89.5 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The Company did no t have any consolidated VIEs as of December 31, 2021. Cash Cash represents cash held in banks and cash on hand. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2022 and December 31, 2021 . Restricted Cash Restricted cash primarily consists of amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company’s properties. Investments in Real Estate 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. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable tangible and intangible assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred and capitalizes acquisition-related costs associated with asset acquisitions. Upon the acquisition of a property deemed to be an asset acquisition, 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. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent capitalized 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 Buildings 40 years Site improvements - buildings and land 4 - 15 years Furniture, fixtures and equipment 6 - 11 years Lease intangibles Over lease term Repairs and maintenance are expensed to operations as incurred and are included in property operating expenses on the Company’s Consolidated Statement 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 Statement of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Company’s Consolidated Statement 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 estimated fair value. During the years ended December 31, 2022 and 2021 , no such impairments occurred. Investment in Real Estate Debt The Company’s investment in real estate debt consisted of the Mezzanine Loan secured by real estate. The Company elected the fair value option ("FVO") for its real estate debt investment. As such, the resulting unrealized gains and losses of such loan is recorded as a component of income (loss) from investment in real estate debt on the Company’s Consolidated Statement of Operations. No unrealized gain or loss was recognized for the year ended December 31, 2022. Interest income from the Company’s investment in real estate debt 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. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Interest income of $ 0.5 million was recognized for the year ended December 31, 2022 . Such items are recorded as components of income (loss) from investments in real estate debt on the Company’s Consolidated Statement of Operations. Investment in Real Estate-Related Securities The Company’s investment in real estate-related securities consists of a CMBS. The Company has elected to classify its real estate-related securities as trading securities and are recorded at fair value. As such, the Company records changes in fair value and interest income as a component of income (loss) from investments in real estate-related securities on the Company’s Consolidated Statement of Operations. An unrealized gain of less than $ 0.01 million and interest income of less than $ 0.01 million was recognized for the year ended December 31, 2022 . Mandatorily Redeemable Class E Units The Company reports its mandatorily redeemable Class E units of the Operating Partnership as a liability on its Consolidated Balance Sheets at JPMIM’s cash redemption value. JPMIM’s cash redemption value is determined based on the Company's NAV per Class E unit as of the Company's balance sheet date. For purposes of determining the Company's NAV, the Company's investments in real estate are recorded at fair value based on third party valuations prepared by licensed appraisers in accordance with standard industry practice. These fair value estimates of the Company's investments in real estate are particularly important as they are used for the calculation of NAV, which determines the adjustment to the carrying value of the Company's mandatorily redeemable Class E units. Significant differences in the fair value of the Company's mandatorily redeemable Class E units may result from changes in market conditions that cause the Company's NAV, and thus JPMIM’s redemption value, to increase or decrease during the period and is recorded as a component of mandatorily redeemable Class E units interest cost on the Company's Consolidated Statement of Operations. Distributions declared on the Class E units are recorded as a component of mandatorily redeemable Class E units interest cost on the Company's Consolidated Statement of Operations. Declared but unpaid distributions as of December 31, 2022 are recorded as a liability within accounts payable and accrued expenses on the Company's Consolidated Balance Sheets. 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 hierarchical 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 marketplace, 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 of assets and liabilities measured at fair value The Company’s investments in real estate debt and real estate-related securities are recorded at fair value. The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular real estate-related security, 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. Certain of the Company’s investments in real estate debt include loans secured by real estate, such as its Mezzanine Loan, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. The JPMIM mandatorily redeemable Class E units are carried at their cash redemption value as if the units were repurchased or redeemable at the reporting date, which equals NAV per unit at the reporting date. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investment in real estate debt $ — $ — $ 16,825 $ 16,825 Investment in real estate-related securities — 1,842 — 1,842 Total $ — $ 1,842 $ 16,825 $ 18,667 Liabilities: Mandatorily redeemable Class E units $ — $ — $ 45,784 $ 45,784 Total $ — $ — $ 45,784 $ 45,784 The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investment in Real Estate Debt (asset) Mandatorily Redeemable Class E Units (liability) Balance at December 31, 2021 $ — $ — Purchases 16,825 — Proceeds — 45,560 Distributions declared — 152 Reclassify to distributions payable — ( 152 ) Unrealized loss included in mandatorily redeemable Class E units interest costs — 224 Balance at December 31, 2022 $ 16,825 $ 45,784 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets: Investment in real estate debt $ 16,825 Discounted cash flow Market credit spread SOFR + 5.22 % Decrease Liabilities: Mandatorily redeemable Class E units $ 45,784 Discounted cash flow Discount rate/Exit capitalization rate/Market yield (1) Decrease (1) Mandatorily redeemable Class E units are carried at the NAV of the Class E units which is determined monthly in accordance with the Company's valuation guidelines. In accordance with the valuation guidelines, investments in real estate are initially valued at cost which approximates fair value. As of December 31, 2022 the Company's real estate debt investment was valued and approximated cost. Similarly, the secured credit facility and mortgages notes are valued at cost which approximates fair value. Valuation of liabilities not measured at fair value on a non-recurring basis 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 rates 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. There were no items measured at fair value on a non-recurring basis. Deposits on Real Estate Deposits paid on real estate purchase contracts are recorded and classified as deposits on real estate on the Company’s Consolidated Balance Sheets until the related real estate purchase is completed. Deposits are reclassified as a component of real estate at the time the deposit is used to offset the acquisition price of the real estate based on the terms of the underlying agreement. To the extent a deposit is non-refundable and the real estate purchase is terminated, the deposit is expensed to other income (expense) on the Consolidated Statement of Operations. There were no deposits that were written off during the year ended December 31, 2022 . The Company's deposits on real estate totaled $ 5.5 million as of December 31, 2022 . 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 Credit Facility (Note 8) 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, consisting primarily of brokerage and legal fees, are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the related lease. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90 % of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. 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. 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 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. Management exercises judgment in assessing collectability of leases with revenue for any leases deemed not probable of collection being recognized when cash is collected. Certain of the Company’s contracts contain non-lease components (e.g., charges for management fees, common area maintenance, reimbursement of third-party maintenance expenses, real estate taxes and insurance) in addition to lease components (i.e., monthly rental charges). Services related to non-lease 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 non-lease 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 non-lease components are accounted for in accordance with ASC 842 and reported as rental revenues in the Company’s Consolidated Statement of Operations. Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of general and administrative on the Company’s Consolidated Statement of Operations; offering costs are charged as an offset to equity as such amounts are incurred. The Company recognized $ 0.7 million of organization costs for the year ended December 31, 2022 and $ 4.8 million of offering costs since inception. The Adviser will advance the Company’s organization and offering costs on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through July 22, 2023, the first anniversary of the commencement of the Offering. The Company will reimburs e the Adviser for all such advanced costs ratably over a 60 -month period following the first anniversary of the commencement of the Offering. As of December 31, 2022, the Adviser and its affiliates incurred organization and offering costs on the Company’s behalf totaling $ 5.5 million. These organization and offering costs were recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets as of December 31, 2022 . Operating Expenses The Adviser will advance on its behalf certain of the Company’s operating expenses through the earlier of (i) the first date that the Company’s NAV reaches $ 500 million and (ii) December 31, 2023. The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. Operating expenses incurred directly by the Company are expensed in the period incurred. As of December 31, 2022, the Adviser and its affiliates incurred operating expenses on the Company’s behalf totaling $ 4.4 million. These operating expenses were recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets as of December 31, 2022 . Share Repurchases 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, Class E and Class I shares is limited to 2 % of the aggregate NAV per month and 5 % of the aggregate NAV per calendar quarter. Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year are repurchased at 98 % of the transaction price. In the event the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis based on the amount requested after the Company has repurchased all shares for which repurchase was requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend the Company's share repurchase plan if in its reasonable judgment it deems such action to be in the Company's best interest and the best interests of the Company's stockholders. Class E share repurchase rights The Class E shares issued in the Initial Capitalization are not eligible for repurchase pursuant to the share repurchase plan. The Class E shares issued in the Initial Capitalization will only be eligible for repurchase following the earlier to occur of (i) July 22, 2025, the third anniversary of the date the Company commenced the Offering, and (ii) the date that the Company's aggregate NAV is at least $ 1.5 billion. Following such period, holders of Class E shares (other than the Class E shares and Class E units purchased by JPMIM as part of the Initial Capitalization, which are subject to special terms discussed below) may request that the Company repurchase such holder’s Class E shares on a monthly basis. The Company will repurchase Class E shares at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date. The aggregate amount of Class E shares that the Company is required to repurchase in any month will be limited to an amount equal to any remaining availability for share repurchases pursuant to the terms and conditions of the share repurchase plan for the Company's Class T, Class S, Class D and Class I shareholders, after the Company has fulfilled all repurchase requests submitted pursuant to the share repurchase plan. In addition, the Company will not repurchase any Class E shares during any period that the share repurchase plan has been suspended. JPMIM Class E share and unit repurchases JPMIM has agreed to hold all of the Class E shares and Class E units it purchased as part of the Initial Capitalization until the earlier of (i) the first date that the Company's NAV reaches $ 1.5 billion and (ii) July 22, 2025, three years from the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM, a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each mandatory repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the sh

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investments in Real Estate	4. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2022 Building and building improvements $ 147,629 Land and land improvements 49,359 Furniture, fixtures and equipment 2,965 Total 199,953 Accumulated depreciation and amortization ( 524 ) Investments in real estate, net $ 199,429 Acquisitions During the year ended December 31, 2022, the Company acquired interests in four real estate investments, which comprised three multifamily properties and one industrial property. The following table details the properties acquired during the year ended December 31, 2022 ($ in thousands): Property Type Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Multifamily properties $ 182,183 2 3 688 units Industrial property 20,150 1 1 424 sq ft Total $ 202,333 3 4 (1) Purchase price is inclusive of acquisition-related costs including in-place lease intangible assets, below-market lease intangible liabilities and a discount on assumed debt. On October 7, 2022, the Company acquired the IOS Facility, a 9.7 -acre industrial outdoor storage site located in the greater Philadelphia metropolitan area for an aggregate purchase price of $ 20.2 million, inclusive of closing costs. On November 15, 2022, the Company acquired interests in two Class A multifamily properties located in the greater Houston metropolitan area. The Caroline West Gray property has 275 units and the Caroline Post Oak property has 238 units. Each property was acquired through a joint venture, of which the Company owns 95 % and the remainder is owned by a multifamily development and management firm. The Company consolidates the investment and treats its partner's investment as a non-controlling interest. Caroline West Gray was acquired for an aggregate purchase price, inclusive of closing costs, of $ 71.4 million with approximately $ 45.4 million of borrowings obtained by the joint venture in connection with the purchase at a fixed interest rate of 5.44 %. Caroline Post Oak was acquired for an aggregate purchase price, inclusive of closing costs, of $ 60.8 million with approximately $ 40.1 million of borrowings obtained by the joint venture in connection with the purchase at a fixed interest rate of 5.44 %. The Company contributed approximately $ 43.6 million to the joint ventures inclusive of previously funded deposits of approximately $ 3.0 million. In conjunction with the acquisitions, the Company's joint venture partner contributed approximately $ 2.3 million. On December 2, 2022, the Company acquired a 175 -unit multifamily property located in the Pittsburgh, Pennsylvania metropolitan area for $ 50.9 million, including closing costs. The property is a six -story, Class A property constructed in 2018. In connection with the acquisition, the Compan y assumed a mortgage loan of $ 28.2 million net of a discount of $ 0.9 million and acquisition-related costs. The mortgage loan bears a fixed interest rate of 4.28 %, requires monthly principle and interest payments over the remaining 6.7 years of an original 30 year term. The following table details the purchase price allocation for the properties acquired during the year ended December 31, 2022 ($ in thousands): For the year ended December 31, 2022 Building and building improvements $ 147,546 Land and land improvements 49,359 Furniture, fixtures and equipment 2,945 In-place lease intangibles 4,311 Below-market lease intangibles ( 1,828 ) Total purchase price 202,333 Assumed mortgage note, net ( 28,512 ) Net working capital assumed ( 2,988 ) Unpaid acquisition costs ( 643 ) Acquisition costs paid by JPMIM ( 1,305 ) Net purchase price $ 168,885 The weighted-average amortization periods for intangible assets and liabilities acquired in connection with the Company's acquisitions during the year ended December 31, 2022 were as follows: In-place lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 6.4 15.5

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investment in Real Estate Debt	5. Investment in Real Estate Debt The following table details the Company’s investment in real estate debt ($ in thousands): December 31, 2022 Real Estate Debt Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value Mezzanine loan 1 Not Rated SOFR + 5.22 % September 7, 2024 $ 16,825 $ 16,825 On September 2, 2022, the Company acquired a $ 26.8 million mezzanine loan ("Mezzanine Loan") and, concurrent with the acquisition, sold a $ 10 million pari passu participation interest to an affiliate of the Adviser. The sale of the participating interest met the criteria to be classified as an accounting sale, and not a financing, as the Company did not retain a controlling interest in the loan. The loan financed the acquisition of a garden-style multifamily property located in Murfreesboro, Tennessee. The Mezzanine Loan is an interest only loan and was fully funded as of the acquisition date. The interest rate is determined based on Secured Overnight Financing Rate ("SOFR") plus 5.22 %. The loan has a stated maturity of September 7, 2024 and includes up to three one-year extension options. The Mezzanine Loan's carrying value approximates the fair value. The following table details the amounts recognized for the Company's investment in real estate debt ($ in thousands): For the year ended December 31, 2022 Interest income $ 549 Other income (loss), net ( 4 ) Total income from investment in real estate debt $ 545

Investment in Real Estate-Relat

Investment in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment in Real Estate-Related Securities	6. Investment in Real Estate-Related Securities The following table details the Company’s investment in real estate-related securities ($ in thousands): December 31, 2022 Real Estate-Related Securities Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value CMBS 1 AAA SOFR + 0.75 % April 30, 2024 $ 1,840 $ 1,842 The following table details the amounts recognized for the Company's investment in real estate-related securities ($ in thousands): For the year ended December 31, 2022 Interest income $ 6 Unrealized gain 2 Total income from investment in real estate-related securities $ 8

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	7. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2022 Intangible assets: In-place lease intangibles $ 4,311 Accumulated amortization: In-place lease amortization ( 544 ) Intangible assets, net $ 3,767 Intangible liabilities: Below-market lease intangibles $ ( 1,828 ) Accumulated amortization: Below-market lease amortization 28 Intangible liabilities, net $ ( 1,800 ) The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2022 is as follows ($ in thousands): In-place Lease Intangibles Below-market Lease Intangibles 2023 $ 2,217 $ ( 118 ) 2024 109 ( 118 ) 2025 109 ( 118 ) 2026 109 ( 118 ) 2027 109 ( 118 ) Thereafter 1,114 ( 1,210 ) Total $ 3,767 $ ( 1,800 ) The in-place lease intangible amortization is recorded in depreciation and amortization while the below-market intangible amortization is recorded in revenue on the Company's Consolidated Statement of Operations.

Mortgage Notes and Secured Cred

Mortgage Notes and Secured Credit Facility	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgage Notes and Secured Credit Facility	8. Mortgage Notes and Secured Credit Facility Mortgage notes The following is a summary of the fixed-rate mortgage notes secured by the Company’s properties ($ in thousands): December 31, 2022 Principal Balance Outstanding (1) Indebtedness Interest Rate Maturity Date Maximum Principal Amount December 31, 2022 Caroline West Gray 5.44 % 12/1/2029 $ 45,911 $ 45,911 Caroline Post Oak 5.44 % 12/1/2029 40,528 40,528 Coda on Centre 4.28 % 5/30/2029 29,399 29,399 Total fixed-rate loans 115,838 115,838 Deferred financing costs, net ( 1,202 ) Mortgage discount, net ( 876 ) Total mortgage notes $ 113,760 (1) The carrying value of the mortgage notes approximates the fair value. Secured credit facility The following is a summary of the Company's floating-rate Credit Facility secured by the unfunded commitments of the Initial Capitalization ($ in thousands): December 31, 2022 Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2022 Secured credit facility (1) SOFR + 1.65 % 8/31/2023 $ 65,000 $ 40,200 (1) The secured credit facility has two , one-year extensions of the maturity date at the Company's request. During the year ended December 31, 2022 , the Company, as initial guarantor, and the Operating Partnership, as initial borrower, entered into a credit agreement ("Credit Agreement") with U.S. Bank National Association ("U.S. Bank"). The Credit Agreement provides for aggregate commitments of up to $ 65 million for secured revolving loans and letter of credit issuances, with an accordion feature pursuant to which the Operating Partnership may increase the aggregate commitments up to $ 150 million, subject to the satisfaction of certain conditions (the "Credit Facility"). Loans outstanding under the Credit Facility bear interest and line of credit fees, at the Operating Partnership's option, at either a relevant SOFR plus an applicable margin or a "base rate" equal to the higher of (i) zero and (ii) the sum of the Federal Funds Effective Rate plus 0.5 % per annum, plus the applicable margin. The applicable margin ranges from 1.55 % to 1.65 % for borrowings at a relevant SOFR rate determined under the terms of the Credit Facility, 1.55 % to 1.65 % for borrowings at a relevant "base rate" determined under the terms of the Credit Facility, or 1.55 % to 1.65 % for lines of credit, in each case, based on the borrowing as defined in the Credit Facility. Loans under the Credit Facility will mature on the earliest of (i) August 31, 2023 , (ii) ) the date an earlier termination pursuant to an event of default specified in the Credit Agreement occurs or (iii) the date of occurrence of other maturity date events specified in the Credit Agreement, unless extended pursuant to the terms of the Credit Agreement. Borrowings under the Credit Facility are secured by the unfunded commitments under the Initial Capitalization. The Company may extend the maturity date to a business day that is not later than 12 months after the then-effective stated maturity date, no more than twice , upon: (a) delivery by the Company of an extension request at least 30 days , but no more than 60 days , prior to the stated maturity date then in effect; (b) payment of a facility extension fee equal to 0.15 % on the then-existing maximum commitment; (c) confirmation that the right to make capital calls of the unfunded commitments under the Initial Capitalization to pay the Credit Facility through and immediately following the extended stated maturity date is in full force and effect; and (d) payment by the Company of all reasonable and documented fees and out-of-pocket expenses to the extent then due. There were $ 40.2 million of borrowings outstanding on the Credit Facility as of December 31, 2022. The carrying value of the Credit Facility approximates the fair value. The Operating Partnership anticipates repaying the outstanding principal balance of the Credit Facility at maturity which will require a payment of $ 40.2 million on or prior to August 31, 2023 unless the Operating Partnership exercises one or more extension options. For the year ended December 31, 2022, the Company incurred $ 0.6 million of interest expense on the Credit Facility. The following table details the future principal payments due under the Company’s mortgage notes and Credit Facility as of December 31, 2022 ($ in thousands): Year Mortgage Notes Secured Credit Facility Total 2023 $ 492 $ 40,200 $ 40,692 2024 510 — 510 2025 536 — 536 2026 560 — 560 2027 585 — 585 Thereafter 113,155 — 113,155 Total future commitments $ 115,838 $ 40,200 $ 156,038 The Company is subject to various financial and operational covenants under certain of its mortgage notes and the Credit Facility. These covenants require the Company to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of December 31, 2022 , the Company was in compliance with all of its loan covenants that could result in a default under such agreements.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	. Related Party Transactions The Company and the Operating Partnership entered into an advisory agreement with the Adviser on May 31, 2022 (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. Certain affiliates of the Company, including the Adviser, will receive fees and compensation in connection with the ongoing management of the assets of the Company. The Adviser will be paid a management fee equal to 1.00 % of NAV per annum, payable monthly. The management fee will be paid, at the Adviser’s election, in cash, Class E Shares, or Class E Operating Partnership units. The Class E shares and Class E units are not subject to the management fee. The Adviser agreed to waive its management fee through December 31, 2022. The Company, as general partner, and Special Limited Partner entered into the Limited Partnership Agreement of JPMREIT OP on June 3, 2022 as amended on September 20, 2022. The Special Limited Partner holds a performance participation interest in JPMREIT OP that entitles it to receive an allocation from JPMREIT OP equal to 12.5 % of the annual Total Return, subject to a 5 % annual Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined in the JPMREIT OP limited partnership agreement). Such allocation will be measured on a calendar year basis, made quarterly and accrued monthly. The performance participation interest will not be paid on the Class E Operating Partnership units. J.P. Morgan Institutional Investments Inc. (the "Dealer Manager") serves as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Adviser. The Company entered into an agreement (the "Dealer Manager Agreement") on June 8, 2022 with the Dealer Manager in connection with the Offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of up to 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5 % of the transaction price of each Class D share sold in the primary offering. No upfront selling commissions or dealer manager fees will be paid with respect to purchases of Class I shares or shares of any class sold pursuant to the Company’s distribution reinvestment plan. The Dealer Manager also receives a stockholder servicing fee of 0.85 %, 0.85 % and 0.25 % per annum of the aggregate NAV of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such share would exceed 8.75 % (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). At the end of such month, such Class T share, Class S share or Class D share (and any shares issued under the Company’s distribution reinvestment plan with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV of such share. The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. There is no stockholder servicing fee with respect to Class I shares. The Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing property, title or other types of insurance, management consulting and other similar operational matters. During the year-ended December 31, 2022 , the Company sold 4.5 million Class E Operating Partnership units to the Adviser for an aggregate purchase price of $ 45.6 million. (Note 13) On July 22, 2022, the Company issued 4,464 shares of restricted Class E common stock to its independent directors in accordance with its independent director compensation plan. On September 2, 2022, the Company acquired a $ 26.8 million Mezzanine Loan and, concurrent with the acquisition, sold a $ 10 million pari passu participation interest to an affiliate of the Adviser. (Note 5) Due to Affiliates The following table details the components of due to affiliates ($ in thousands): December 31, 2022 Organization and offering costs $ 5,539 Operating expenses 4,431 Total $ 9,970 Organization and offering costs The Adviser has advanced $ 5.5 million of organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 31, 2022. The Adviser will advance the Company’s organization and offering costs on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through July 22, 2023, the first anniversary of the commencement of the Offering. The Company will reimburs e the Adviser for all such advanced costs ratably over a 60 -month period following the first anniversary of the commencement of the Offering. Operating expenses The Adviser has advanced $ 4.4 million of operating expenses on the Company’s behalf as of December 31, 2022. The Company will reimburse the Adviser for all advanced operating expenses ratably over the 60 months starting the earlier of (i) the first date that the Company’s NAV reaches $ 500 million and (ii) December 31, 2023.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2022
Risks And Uncertainties [Abstract]
Economic Dependency	17. Economic Dependency The Company is dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, the Company would be required to find alternative service providers.

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2022
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities	10. Other Assets and Liabilities The following table summarizes the components of other assets ($ in thousands): December 31, 2022 Deferred financing costs, net $ 331 Receivables 250 Acquisition costs 216 Prepaid expenses 187 Interest receivable 102 Straight-line rent receivable 32 Other 49 Total $ 1,167 The following table summarizes the components of accrued expenses and other liabilities ($ in thousands): December 31, 2022 Real estate taxes payable $ 2,159 Accrued expenses 1,155 Accounts payable 867 Distributions payable 234 Tenant security deposits 183 Other 254 Total $ 4,852

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	11. Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily and net lease industrial properties. Leases at the Company’s industrial property includes a fixed base rent, and a variable rent component. The variable component of the Company’s operating lease at its industrial property consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s multifamily properties primarily consist 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. The lease at the Company’s net lease industrial property is longer term and contains extension and termination options at the lessee’s election. The lease does not have material variable payments, material residual value guarantees or material restrictive covenants. Leases at the Company’s multifamily properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): For the year ended December 31, 2022 Fixed lease payments $ 203 Total fixed lease payments $ 203 The following table presents the undiscounted future minimum rents the Company expects to receive from its industrial property as of December 31, 2022 ($ in thousands). The lease at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2023 $ 890 2024 906 2025 922 2026 938 2027 954 Thereafter 10,798 Total $ 15,408

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	12. Equity Authorized capital The Company is authorized to issue preferred stock and five classes of common stock consisting of Class E shares, Class T shares, Class S shares, Class D shares, and Class I shares. The differences among the common share classes relate to upfront selling commissions and ongoing stockholder servicing fees. See Note 2 for additional detail of each share class. As of December 31, 2022 , in accordance with the Company's charter, the Company had authority to issue 3.1 billion shares, consisting of the following (shares in thousands): Classification Number of Shares Par Value Class E Shares 600,000 $ 0.01 Class D Shares 600,000 0.01 Class I Shares 600,000 0.01 Class S Shares 600,000 0.01 Class T Shares 600,000 0.01 Preferred Stock 100,000 0.01 Total 3,100,000 Common stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T, Class S or Class D shares during the year ended December 31, 2022: For the year ended December 31, 2022 Class E Class T Class S Class D Class I Total Beginning balance, December 31, 2021: 20 — — — — 20 Common stock issued 2,341 — — — 57 2,398 Ending balance, December 31, 2022 2,361 — — — 57 2,418 Class E share repurchase rights The Class E shares issued in the Initial Capitalization are not eligible for repurchase pursuant to the share repurchase plan. The Class E shares issued in the Initial Capitalization will only be eligible for repurchase following the earlier to occur of (i) the third anniversary of the date the Company commenced this public offering, and (ii) the date that the Company's aggregate NAV is at least $ 1.5 billion. Following such period, holders of Class E shares (other than the Class E shares purchased by JPMIM as part of the Initial Capitalization, which are subject to special terms discussed below) may request that the Company repurchase such holder’s Class E shares on a monthly basis. The Company will repurchase Class E shares at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date. The aggregate amount of Class E shares that the Company is required to repurchase in any month will be limited to an amount equal to any remaining availability for share repurchases pursuant to the terms and conditions of the share repurchase plan (as described in this prospectus), after the Company has fulfilled all repurchase requests submitted pursuant to the share repurchase plan. In addition, the Company will not repurchase any Class E shares during any period that the share repurchase plan has been suspended. 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 Internal Revenue 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: For the year ended December 31, 2022 Class E Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.0335 $ — $ — $ — $ 0.0335 Stockholder servicing fee per share of common stock — — — — — Net distributions declared per share of common stock $ 0.0335 $ — $ — $ — $ 0.0335 All distributions were declared in December 2022 and paid in 2023 making them a 2023 tax event for investors.

Mandatorily Redeemable Class E

Mandatorily Redeemable Class E Units	12 Months Ended
	Dec. 31, 2022
Partners' Capital Notes [Abstract]
Mandatorily Redeemable Class E Units	13. Mandatorily Redeemable Class E Units During the year ended December 31, 2022 , the Company sold 4.5 million Class E Operating Partnership units to JPMIM in exchange for gross proceeds of $ 45.6 million. As the sole investor in Class E units of the Operating Partnership, JPMIM's interest does not have any voting rights but is entitled to receive distributions at the same rate applicable to other classes of units. Operating Partnership units also carry a protective exchange feature whereby in a liquidation, dilution or winding up, each unit will convert into a number of Class I units (or fraction thereof) with an equivalent NAV. Such feature is designed to carry over NAV into a new form of security immediately prior to liquidation and is not deemed a substantive conversion feature as it is only applicable upon liquidation or upon a listing event which is not the intent of this non-traded REIT structure. The Class E units held by JPMIM are mandatorily redeemable, and only subject to delays to the continuous obligation to ultimately redeem the Class E units once sufficient availability exists under share repurchase agreements. Therefore, the Class E units held by JPMIM are classified as a liability pursuant to Topic 480 — Distinguishing Liabilities from Equity and is presented as "mandatorily redeemable Class E units" at the initial funding amount received, which is equivalent to fair value at the issuance dates. Subsequently, the mandatorily redeemable Class E units are carried at its cash redemption value as if the unit were repurchased or redeemable at the reporting date, which equals NAV per unit. The change in carrying value (changes in NAV per unit) is classified as mandatorily redeemable Class E units interest costs along with any cash distributions declared in the Consolidated Statement of Operations. The Company recorded an unrealized loss of $ 0.2 million relating to the mark-to-market of the mandatorily redeemable Class E units and distribution expense of $ 0.2 million for the year ended December 31, 2022 which is included in mandatorily redeemable Class E units interest costs in the Consolidated Statement of Operations. The following table details the mandatorily redeemable Class E unit activity for the year ended December 31, 2022 ($ in thousands): December 31, 2022 Balance at the beginning of the year $ — Issuance of mandatorily redeemable Class E units 45,560 Distributions declared 152 Reclassification to distributions payable ( 152 ) Fair market value adjustment 224 Ending balance $ 45,784 Redemption features JPMIM has agreed to hold all of the Initial Capitalization until the earlier of (i) the first date that the Company's NAV reaches $ 1.5 billion and (ii) three years from the commencement of this offering. Following such date, each month the Company will repurchase, without further action by JPMIM, a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each mandatory repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the share repurchase plan request repurchase of their shares, in which case the Class E shares held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps). Notwithstanding the foregoing, the Company will not effect any mandatory repurchases during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the Company's share repurchase plan is not repurchased or when the Company's share repurchase plan has been suspended. 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 Internal Revenue Code. The mandatorily redeemable Class E units receive the same gross distribution per share as the Class E common stock. In December 2022, the Company declared a $ 0.0335 distribution per Class E unit which totaled $ 0.2 million. When the distribution was declared, the Company recorded a distribution expense which was recorded as a component of mandatorily redeemable Class E units interest cost in the Consolidated Statement of Operations. A distribution payable was also recorded within accounts payable and accrued expenses on the Company's Consolidated Balance Sheets and remained outstanding as of December 31, 2022 .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings Per Share The Company's net loss and weighted average number of shares outstanding for the year ended December 31, 2022 consist of the following: For the Year Ended December 31, 2022 Net loss attributable to JPMREIT stockholders $ ( 3,732 ) Weighted-average shares of common stock outstanding, basic and diluted 715 The calculation of basic and diluted net loss per share amounts for the year ended December 31, 2022 consist of the following: For the Year Ended December 31, 2022 Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders Numerator: Net loss attributable to JPMREIT stockholders $ ( 3,732 ) Denominator: Weighted-average shares of common stock outstanding 715 Basic and diluted net loss per share of common stock $ ( 5.22 ) For the year ended December 31, 2022 , unvested Class E common shares awarded to the Company's independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	15. Segment Reporting The Company operates in three reportable segments: multifamily, industrial and investment in real estate debt. 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 details the total assets by segment ($ in thousands): Segment December 31, 2022 Multifamily $ 185,792 Industrial 22,222 Investment in real estate debt 18,779 Other (corporate) 7,519 Total assets $ 234,312 The following table details the financial results by segment for the year ended December 31, 2022 ($ in thousands): Multifamily Industrial Investments in real estate debt and related securities Total Revenues Rental revenue $ 1,700 $ 366 $ — $ 2,066 Total revenues 1,700 366 — $ 2,066 Expenses Rental property operating 461 100 — 561 Total expenses 461 100 — 561 Income from investment in real estate debt — — 545 545 Income from investment in real estate-related securities — — 8 8 Segment net operating income (loss) $ 1,239 $ 266 $ 553 $ 2,058 Depreciation and amortization $ ( 992 ) $ ( 75 ) $ — $ ( 1,076 ) General and administrative ( 2,799 ) Mandatorily redeemable Class E units interest costs ( 376 ) Interest expense ( 1,349 ) Other income (expense) ( 211 ) Net loss $ ( 3,753 ) Net loss attributable to non-controlling interests in consolidated joint ventures 21 Net loss attributable to JPMREIT stockholders $ ( 3,732 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Property purchase commitments On June 10, 2022, the Company entered into a forward purchase and sale agreement to acquire a truck terminal facility under development on 50.3 acres of land in Garden City, Georgia (the "Truck Terminal Facility") for an aggregate purchase price, exclusive of closing costs, of $ 73.2 million. The seller of the Truck Terminal Facility is not affiliated with the Company, the Adviser or their affiliates. It is expected that the acquisition of the Truck Terminal Facility will be funded in part with the proceeds of a mortgage loan secured by the Truck Terminal Facility, to be obtained upon the closing of the acquisition. The Company expects the balance of the purchase price to be funded with the proceeds from the sale of shares of its common stock. The Truck Terminal Facility is currently under development by the seller and will be completed prior to acquisition. The Company expects to close the acquisition of the Truck Terminal Facility in the second or third quarter of 2023. The acquisition of the Truck Terminal Facility is subject to the satisfaction of a number of customary closing conditions, including the delivery of the completed Truck Terminal Facility. The Truck Terminal Facility is a forward purchase commitment and the Company anticipates the funding schedule, inclusive of deposits and due diligence funding, to require payments of $ 67.7 million in 2023. Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2022 , the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Distributions The Company's board of directors declared distributions on all outstanding shares of common stock and Operating Partnership units as of the close of business on the record date of December 30, 2022. The Company paid or reinvested these distributions amounting to $ 0.2 million on January 3, 2023. The Company's board of directors declared distributions on all outstanding shares of common stock and Operating Partnership units as of the close of business on the record date of January 31, 2023. The Company paid or reinvested these distributions amounting to $ 0.2 million on February 3, 2023. The Company's board of directors declared distributions on all outstanding shares of common stock and Operating Partnership units as of the close of business on the record date of February 28, 2023. The Company paid or reinvested these distributions amounting to $ 0.3 million on March 3, 2023. Fundraising As part of the Offering, subsequent to December 31, 2022 , the Company sold 1,708,600 and 49,097 shares of Class I and Class D common stock for net proceeds of $ 17.2 million and $ 0.5 million, respectively. Subsequent to December 31, 2022 , the Company sold 712,342 shares of Class E common stock for net proceeds of $ 7.2 million. Subsequent to December 31, 2022, the Company received $ 4.5 million of commitments to purchase Class E shares and Class E units pursuant to the Initial Capitalization, increasing the total commitments to $ 162.1 million. The Company is not required to call all of the uncalled capital commitments pursuant to the Initial Capitalization prior to their respective expiration. Other The Company paid $ 18.9 million to reduce the outstanding balance under the Credit Facility subsequent to December 31, 2022. The Company evaluated subsequent events through the issuance date of the financial statements and determined that except as otherwise disclosed herein there were no additional material subsequent events requiring disclosure.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2022 ($ in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period 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/Last Renovated Year Acquired Depreciable Lives (1) Multifamily Properties Caroline West Gray Houston, TX $ 40,528 $ 11,169 $ 58,174 $ — $ 46 $ 11,169 $ 58,220 $ 69,389 $ ( 152 ) 2013 2022 (1) Caroline Post Oak Houston, TX 45,911 12,472 46,691 — 37 12,472 46,728 59,200 ( 189 ) 2013 2022 (1) Coda on Centre Pittsburgh, PA metropolitan area 29,399 5,416 42,681 — — 5,416 42,681 48,097 ( 86 ) 2018 2022 (1) Total multifamily properties $ 115,838 $ 29,057 $ 147,546 $ — $ 83 $ 29,057 $ 147,629 $ 176,686 $ ( 427 ) Industrial Properties 6200 Bristol Philadelphia, PA $ — $ 20,302 $ — $ — $ — $ 20,302 $ — $ 20,302 $ ( 50 ) 2022 2022 (1) Total industrial properties $ — $ 20,302 $ — $ — $ — $ 20,302 $ — $ 20,302 $ ( 50 ) Portfolio total $ 115,838 $ 49,359 $ 147,546 $ — $ 83 $ 49,359 $ 147,629 $ 196,988 $ ( 477 ) (1) Refer to Note 3 to the Company's consolidated financial statements for details of depreciable lives. Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2022 ($ in thousands) - Continued The total included on Schedule III does not include furniture, fixtures and equipment totaling $ 3.0 million. Accumulated depreciation does not include $ 0.1 million of accumulated depreciation related to furniture, fixtures and equipment. The following table summarizes activity for real estate and accumulated depreciation for the year ended December 31, 2022 ($ in thousands): December 31, 2022 Real Estate: Balance at the beginning of the year $ — Additions during the year: Land and land improvements 49,359 Building and building improvements 147,629 Dispositions during the year: Land and land improvements — Building and building improvements — Assets held for sale — Balance at the end of the year $ 196,988 Accumulated Depreciation: Balance at the beginning of the year $ — Accumulated depreciation ( 477 ) Dispositions — Assets held for sale — Balance at the end of the year $ ( 477 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of preparation	Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the 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. There is no comprehensive income (loss) for the year ended December 31, 2022 or the period ended December 31, 2021 , accordingly the statement of comprehensive income (loss) is not presented.
Principles of Consolidation	Principles of Consolidation 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 on the Company's Consolidated Balance Sheets and Consolidated Statement of Operations. 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. Entities that do not qualify as VIEs are generally considered voting interest entities ("VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option ("FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. 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 holds interest in two joint ventures that are each considered to be a VIE. The Company consolidated these entities because it has the ability to direct the most significant activities of the joint venture. As of December 31, 2022, the total assets and liabilities of the Company’s consolidated VIEs were $ 135.7 million and $ 89.5 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The Company did no t have any consolidated VIEs as of December 31, 2021.
Cash	Cash Cash represents cash held in banks and cash on hand. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2022 and December 31, 2021 .
Restricted Cash	Restricted Cash Restricted cash primarily consists of amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company’s properties.
Investments in Real Estate	Investments in Real Estate 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. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable tangible and intangible assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred and capitalizes acquisition-related costs associated with asset acquisitions. Upon the acquisition of a property deemed to be an asset acquisition, 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. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent capitalized 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 Buildings 40 years Site improvements - buildings and land 4 - 15 years Furniture, fixtures and equipment 6 - 11 years Lease intangibles Over lease term Repairs and maintenance are expensed to operations as incurred and are included in property operating expenses on the Company’s Consolidated Statement 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 Statement of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Company’s Consolidated Statement 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 estimated fair value. During the years ended December 31, 2022 and 2021 , no such impairments occurred.
Investments in Real Estate Debt	Investment in Real Estate Debt The Company’s investment in real estate debt consisted of the Mezzanine Loan secured by real estate. The Company elected the fair value option ("FVO") for its real estate debt investment. As such, the resulting unrealized gains and losses of such loan is recorded as a component of income (loss) from investment in real estate debt on the Company’s Consolidated Statement of Operations. No unrealized gain or loss was recognized for the year ended December 31, 2022. Interest income from the Company’s investment in real estate debt 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. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Interest income of $ 0.5 million was recognized for the year ended December 31, 2022 . Such items are recorded as components of income (loss) from investments in real estate debt on the Company’s Consolidated Statement of Operations.
Investment in Real Estate-Related Securities	Investment in Real Estate-Related Securities The Company’s investment in real estate-related securities consists of a CMBS. The Company has elected to classify its real estate-related securities as trading securities and are recorded at fair value. As such, the Company records changes in fair value and interest income as a component of income (loss) from investments in real estate-related securities on the Company’s Consolidated Statement of Operations. An unrealized gain of less than $ 0.01 million and interest income of less than $ 0.01 million was recognized for the year ended December 31, 2022 .
Mandatorily Redeemable Class E Units	Mandatorily Redeemable Class E Units The Company reports its mandatorily redeemable Class E units of the Operating Partnership as a liability on its Consolidated Balance Sheets at JPMIM’s cash redemption value. JPMIM’s cash redemption value is determined based on the Company's NAV per Class E unit as of the Company's balance sheet date. For purposes of determining the Company's NAV, the Company's investments in real estate are recorded at fair value based on third party valuations prepared by licensed appraisers in accordance with standard industry practice. These fair value estimates of the Company's investments in real estate are particularly important as they are used for the calculation of NAV, which determines the adjustment to the carrying value of the Company's mandatorily redeemable Class E units. Significant differences in the fair value of the Company's mandatorily redeemable Class E units may result from changes in market conditions that cause the Company's NAV, and thus JPMIM’s redemption value, to increase or decrease during the period and is recorded as a component of mandatorily redeemable Class E units interest cost on the Company's Consolidated Statement of Operations. Distributions declared on the Class E units are recorded as a component of mandatorily redeemable Class E units interest cost on the Company's Consolidated Statement of Operations. Declared but unpaid distributions as of December 31, 2022 are recorded as a liability within accounts payable and accrued expenses on the Company's Consolidated Balance Sheets.
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 hierarchical 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 marketplace, 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 of assets and liabilities measured at fair value The Company’s investments in real estate debt and real estate-related securities are recorded at fair value. The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular real estate-related security, 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. Certain of the Company’s investments in real estate debt include loans secured by real estate, such as its Mezzanine Loan, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. The JPMIM mandatorily redeemable Class E units are carried at their cash redemption value as if the units were repurchased or redeemable at the reporting date, which equals NAV per unit at the reporting date. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investment in real estate debt $ — $ — $ 16,825 $ 16,825 Investment in real estate-related securities — 1,842 — 1,842 Total $ — $ 1,842 $ 16,825 $ 18,667 Liabilities: Mandatorily redeemable Class E units $ — $ — $ 45,784 $ 45,784 Total $ — $ — $ 45,784 $ 45,784 The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investment in Real Estate Debt (asset) Mandatorily Redeemable Class E Units (liability) Balance at December 31, 2021 $ — $ — Purchases 16,825 — Proceeds — 45,560 Distributions declared — 152 Reclassify to distributions payable — ( 152 ) Unrealized loss included in mandatorily redeemable Class E units interest costs — 224 Balance at December 31, 2022 $ 16,825 $ 45,784 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets: Investment in real estate debt $ 16,825 Discounted cash flow Market credit spread SOFR + 5.22 % Decrease Liabilities: Mandatorily redeemable Class E units $ 45,784 Discounted cash flow Discount rate/Exit capitalization rate/Market yield (1) Decrease (1) Mandatorily redeemable Class E units are carried at the NAV of the Class E units which is determined monthly in accordance with the Company's valuation guidelines. In accordance with the valuation guidelines, investments in real estate are initially valued at cost which approximates fair value. As of December 31, 2022 the Company's real estate debt investment was valued and approximated cost. Similarly, the secured credit facility and mortgages notes are valued at cost which approximates fair value. Valuation of liabilities not measured at fair value on a non-recurring basis 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 rates 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. There were no items measured at fair value on a non-recurring basis.
Deposits on Real Estate	Deposits on Real Estate Deposits paid on real estate purchase contracts are recorded and classified as deposits on real estate on the Company’s Consolidated Balance Sheets until the related real estate purchase is completed. Deposits are reclassified as a component of real estate at the time the deposit is used to offset the acquisition price of the real estate based on the terms of the underlying agreement. To the extent a deposit is non-refundable and the real estate purchase is terminated, the deposit is expensed to other income (expense) on the Consolidated Statement of Operations. There were no deposits that were written off during the year ended December 31, 2022 . The Company's deposits on real estate totaled $ 5.5 million as of December 31, 2022 .
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 Credit Facility (Note 8) 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, consisting primarily of brokerage and legal fees, are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the related lease.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90 % of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
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. 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 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. Management exercises judgment in assessing collectability of leases with revenue for any leases deemed not probable of collection being recognized when cash is collected. Certain of the Company’s contracts contain non-lease components (e.g., charges for management fees, common area maintenance, reimbursement of third-party maintenance expenses, real estate taxes and insurance) in addition to lease components (i.e., monthly rental charges). Services related to non-lease 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 non-lease 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 non-lease components are accounted for in accordance with ASC 842 and reported as rental revenues in the Company’s Consolidated Statement of Operations.
Organization and Offering Costs	Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of general and administrative on the Company’s Consolidated Statement of Operations; offering costs are charged as an offset to equity as such amounts are incurred. The Company recognized $ 0.7 million of organization costs for the year ended December 31, 2022 and $ 4.8 million of offering costs since inception. The Adviser will advance the Company’s organization and offering costs on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through July 22, 2023, the first anniversary of the commencement of the Offering. The Company will reimburs e the Adviser for all such advanced costs ratably over a 60 -month period following the first anniversary of the commencement of the Offering. As of December 31, 2022, the Adviser and its affiliates incurred organization and offering costs on the Company’s behalf totaling $ 5.5 million. These organization and offering costs were recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets as of December 31, 2022 .
Operating Expenses	Operating Expenses The Adviser will advance on its behalf certain of the Company’s operating expenses through the earlier of (i) the first date that the Company’s NAV reaches $ 500 million and (ii) December 31, 2023. The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. Operating expenses incurred directly by the Company are expensed in the period incurred. As of December 31, 2022, the Adviser and its affiliates incurred operating expenses on the Company’s behalf totaling $ 4.4 million. These operating expenses were recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets as of December 31, 2022 .
Share Repurchases	Share Repurchases 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, Class E and Class I shares is limited to 2 % of the aggregate NAV per month and 5 % of the aggregate NAV per calendar quarter. Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year are repurchased at 98 % of the transaction price. In the event the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis based on the amount requested after the Company has repurchased all shares for which repurchase was requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend the Company's share repurchase plan if in its reasonable judgment it deems such action to be in the Company's best interest and the best interests of the Company's stockholders. Class E share repurchase rights The Class E shares issued in the Initial Capitalization are not eligible for repurchase pursuant to the share repurchase plan. The Class E shares issued in the Initial Capitalization will only be eligible for repurchase following the earlier to occur of (i) July 22, 2025, the third anniversary of the date the Company commenced the Offering, and (ii) the date that the Company's aggregate NAV is at least $ 1.5 billion. Following such period, holders of Class E shares (other than the Class E shares and Class E units purchased by JPMIM as part of the Initial Capitalization, which are subject to special terms discussed below) may request that the Company repurchase such holder’s Class E shares on a monthly basis. The Company will repurchase Class E shares at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date. The aggregate amount of Class E shares that the Company is required to repurchase in any month will be limited to an amount equal to any remaining availability for share repurchases pursuant to the terms and conditions of the share repurchase plan for the Company's Class T, Class S, Class D and Class I shareholders, after the Company has fulfilled all repurchase requests submitted pursuant to the share repurchase plan. In addition, the Company will not repurchase any Class E shares during any period that the share repurchase plan has been suspended. JPMIM Class E share and unit repurchases JPMIM has agreed to hold all of the Class E shares and Class E units it purchased as part of the Initial Capitalization until the earlier of (i) the first date that the Company's NAV reaches $ 1.5 billion and (ii) July 22, 2025, three years from the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM, a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each mandatory repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the share repurchase plan request repurchase of their shares, in which case the Class E shares held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps). Notwithstanding the foregoing, the Company will not effect any mandatory repurchases during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the Company's share repurchase plan is not repurchased or when the Company's share repurchase plan has been suspended.
Earnings Per Share	Earnings Per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. For the year ended December 31, 2022, unvested Class E common shares awarded to the Company's independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. T he weighted average number of shares of common stock outstanding is identical for both basic and diluted shares.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives 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 Buildings 40 years Site improvements - buildings and land 4 - 15 years Furniture, fixtures and equipment 6 - 11 years Lease intangibles Over lease term
Schedule of company's assets and liabilities measured at fair value on a recurring basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investment in real estate debt $ — $ — $ 16,825 $ 16,825 Investment in real estate-related securities — 1,842 — 1,842 Total $ — $ 1,842 $ 16,825 $ 18,667 Liabilities: Mandatorily redeemable Class E units $ — $ — $ 45,784 $ 45,784 Total $ — $ — $ 45,784 $ 45,784 The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investment in Real Estate Debt (asset) Mandatorily Redeemable Class E Units (liability) Balance at December 31, 2021 $ — $ — Purchases 16,825 — Proceeds — 45,560 Distributions declared — 152 Reclassify to distributions payable — ( 152 ) Unrealized loss included in mandatorily redeemable Class E units interest costs — 224 Balance at December 31, 2022 $ 16,825 $ 45,784
Schedule of quantitative inputs and assumptions	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets: Investment in real estate debt $ 16,825 Discounted cash flow Market credit spread SOFR + 5.22 % Decrease Liabilities: Mandatorily redeemable Class E units $ 45,784 Discounted cash flow Discount rate/Exit capitalization rate/Market yield (1) Decrease (1) Mandatorily redeemable Class E units are carried at the NAV of the Class E units which is determined monthly in accordance with the Company's valuation guidelines. In accordance with the valuation guidelines, investments in real estate are initially valued at cost which approximates fair value. As of December 31, 2022 the Company's real estate debt investment was valued and approximated cost. Similarly, the secured credit facility and mortgages notes are valued at cost which approximates fair value.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2022 Building and building improvements $ 147,629 Land and land improvements 49,359 Furniture, fixtures and equipment 2,965 Total 199,953 Accumulated depreciation and amortization ( 524 ) Investments in real estate, net $ 199,429
Summary of Properties Acquired	The following table details the properties acquired during the year ended December 31, 2022 ($ in thousands): Property Type Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Multifamily properties $ 182,183 2 3 688 units Industrial property 20,150 1 1 424 sq ft Total $ 202,333 3 4
Schedule of Purchase Price Allocation of Properties Acquired	The following table details the purchase price allocation for the properties acquired during the year ended December 31, 2022 ($ in thousands): For the year ended December 31, 2022 Building and building improvements $ 147,546 Land and land improvements 49,359 Furniture, fixtures and equipment 2,945 In-place lease intangibles 4,311 Below-market lease intangibles ( 1,828 ) Total purchase price 202,333 Assumed mortgage note, net ( 28,512 ) Net working capital assumed ( 2,988 ) Unpaid acquisition costs ( 643 ) Acquisition costs paid by JPMIM ( 1,305 ) Net purchase price $ 168,885
Schedule of Weighted-Average Amortization Periods for Intangible Assets and Liabilities Acquired	The weighted-average amortization periods for intangible assets and liabilities acquired in connection with the Company's acquisitions during the year ended December 31, 2022 were as follows: In-place lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 6.4 15.5

Investements in Real Estate Deb

Investements in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Summary of Investments in Real Estate Debt	The following table details the Company’s investment in real estate debt ($ in thousands): December 31, 2022 Real Estate Debt Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value Mezzanine loan 1 Not Rated SOFR + 5.22 % September 7, 2024 $ 16,825 $ 16,825
Schedule of Amounts Recognized for Investments in Real Estate Debt	The following table details the amounts recognized for the Company's investment in real estate debt ($ in thousands): For the year ended December 31, 2022 Interest income $ 549 Other income (loss), net ( 4 ) Total income from investment in real estate debt $ 545

Investment in Real Estate-Rel_2

Investment in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Summary of Investments in Real Estate Debt	The following table details the Company’s investment in real estate debt ($ in thousands): December 31, 2022 Real Estate Debt Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value Mezzanine loan 1 Not Rated SOFR + 5.22 % September 7, 2024 $ 16,825 $ 16,825
Summary of Income Recognized from Investments in Real Estate Related Securities	The following table details the amounts recognized for the Company's investment in real estate-related securities ($ in thousands): For the year ended December 31, 2022 Interest income $ 6 Unrealized gain 2 Total income from investment in real estate-related securities $ 8
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Summary of Investments in Real Estate Debt	The following table details the Company’s investment in real estate-related securities ($ in thousands): December 31, 2022 Real Estate-Related Securities Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value CMBS 1 AAA SOFR + 0.75 % April 30, 2024 $ 1,840 $ 1,842

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): December 31, 2022 Organization and offering costs $ 5,539 Operating expenses 4,431 Total $ 9,970

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles 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, 2022 Intangible assets: In-place lease intangibles $ 4,311 Accumulated amortization: In-place lease amortization ( 544 ) Intangible assets, net $ 3,767 Intangible liabilities: Below-market lease intangibles $ ( 1,828 ) Accumulated amortization: Below-market lease amortization 28 Intangible liabilities, net $ ( 1,800 )
Schedule of Estimated Future Amortization Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2022 is as follows ($ in thousands): In-place Lease Intangibles Below-market Lease Intangibles 2023 $ 2,217 $ ( 118 ) 2024 109 ( 118 ) 2025 109 ( 118 ) 2026 109 ( 118 ) 2027 109 ( 118 ) Thereafter 1,114 ( 1,210 ) Total $ 3,767 $ ( 1,800 ) The in-place lease intangible amortization is recorded in depreciation and amortization while the below-market intangible amortization is recorded in revenue on the Company's Consolidated Statement of Operations.

Mortgage Notes and Secured Cr_2

Mortgage Notes and Secured Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Summary of Future Principal Payment Due Under Company's Mortgage Notes and Credit Facility	The following table details the future principal payments due under the Company’s mortgage notes and Credit Facility as of December 31, 2022 ($ in thousands): Year Mortgage Notes Secured Credit Facility Total 2023 $ 492 $ 40,200 $ 40,692 2024 510 — 510 2025 536 — 536 2026 560 — 560 2027 585 — 585 Thereafter 113,155 — 113,155 Total future commitments $ 115,838 $ 40,200 $ 156,038
Secured credit facility
Debt Instrument [Line Items]
Summary of Company's Mortgage notes and secured credit facility	The following is a summary of the Company's floating-rate Credit Facility secured by the unfunded commitments of the Initial Capitalization ($ in thousands): December 31, 2022 Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2022 Secured credit facility (1) SOFR + 1.65 % 8/31/2023 $ 65,000 $ 40,200 (1) The secured credit facility has two , one-year extensions of the maturity date at the Company's request.
Mortgage notes
Debt Instrument [Line Items]
Summary of Company's Mortgage notes and secured credit facility	The following is a summary of the fixed-rate mortgage notes secured by the Company’s properties ($ in thousands): December 31, 2022 Principal Balance Outstanding (1) Indebtedness Interest Rate Maturity Date Maximum Principal Amount December 31, 2022 Caroline West Gray 5.44 % 12/1/2029 $ 45,911 $ 45,911 Caroline Post Oak 5.44 % 12/1/2029 40,528 40,528 Coda on Centre 4.28 % 5/30/2029 29,399 29,399 Total fixed-rate loans 115,838 115,838 Deferred financing costs, net ( 1,202 ) Mortgage discount, net ( 876 ) Total mortgage notes $ 113,760 (1) The carrying value of the mortgage notes approximates the fair value.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets and Liabilities [Abstract]
Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): December 31, 2022 Deferred financing costs, net $ 331 Receivables 250 Acquisition costs 216 Prepaid expenses 187 Interest receivable 102 Straight-line rent receivable 32 Other 49 Total $ 1,167
Components of Accrued Expenses and Other Liabilities	The following table summarizes the components of accrued expenses and other liabilities ($ in thousands): December 31, 2022 Real estate taxes payable $ 2,159 Accrued expenses 1,155 Accounts payable 867 Distributions payable 234 Tenant security deposits 183 Other 254 Total $ 4,852

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Components of Operating Lease Income from Leases	The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): For the year ended December 31, 2022 Fixed lease payments $ 203 Total fixed lease payments $ 203
Schedule of Undiscouted Future Minimum Rents Expects to Recieve from Industrial Property	The following table presents the undiscounted future minimum rents the Company expects to receive from its industrial property as of December 31, 2022 ($ in thousands). The lease at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2023 $ 890 2024 906 2025 922 2026 938 2027 954 Thereafter 10,798 Total $ 15,408

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Number of Shares Authorized and Par Value	As of December 31, 2022 , in accordance with the Company's charter, the Company had authority to issue 3.1 billion shares, consisting of the following (shares in thousands): Classification Number of Shares Par Value Class E Shares 600,000 $ 0.01 Class D Shares 600,000 0.01 Class I Shares 600,000 0.01 Class S Shares 600,000 0.01 Class T Shares 600,000 0.01 Preferred Stock 100,000 0.01 Total 3,100,000
Schedule of Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T, Class S or Class D shares during the year ended December 31, 2022: For the year ended December 31, 2022 Class E Class T Class S Class D Class I Total Beginning balance, December 31, 2021: 20 — — — — 20 Common stock issued 2,341 — — — 57 2,398 Ending balance, December 31, 2022 2,361 — — — 57 2,418
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: For the year ended December 31, 2022 Class E Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.0335 $ — $ — $ — $ 0.0335 Stockholder servicing fee per share of common stock — — — — — Net distributions declared per share of common stock $ 0.0335 $ — $ — $ — $ 0.0335

Mandatorily Redeemable Class _2

Mandatorily Redeemable Class E Units (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Summary of Mandatorily Redeemable Activity Related to the Special Limited Partner	The following table details the mandatorily redeemable Class E unit activity for the year ended December 31, 2022 ($ in thousands): December 31, 2022 Balance at the beginning of the year $ — Issuance of mandatorily redeemable Class E units 45,560 Distributions declared 152 Reclassification to distributions payable ( 152 ) Fair market value adjustment 224 Ending balance $ 45,784

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Net Loss and Weighted Average Number of Shares Outstanding	The Company's net loss and weighted average number of shares outstanding for the year ended December 31, 2022 consist of the following: For the Year Ended December 31, 2022 Net loss attributable to JPMREIT stockholders $ ( 3,732 ) Weighted-average shares of common stock outstanding, basic and diluted 715
Schedule of Computations of Basic and Diluted Net Loss per Share	The calculation of basic and diluted net loss per share amounts for the year ended December 31, 2022 consist of the following: For the Year Ended December 31, 2022 Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders Numerator: Net loss attributable to JPMREIT stockholders $ ( 3,732 ) Denominator: Weighted-average shares of common stock outstanding 715 Basic and diluted net loss per share of common stock $ ( 5.22 )

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): Segment December 31, 2022 Multifamily $ 185,792 Industrial 22,222 Investment in real estate debt 18,779 Other (corporate) 7,519 Total assets $ 234,312 The following table details the financial results by segment for the year ended December 31, 2022 ($ in thousands): Multifamily Industrial Investments in real estate debt and related securities Total Revenues Rental revenue $ 1,700 $ 366 $ — $ 2,066 Total revenues 1,700 366 — $ 2,066 Expenses Rental property operating 461 100 — 561 Total expenses 461 100 — 561 Income from investment in real estate debt — — 545 545 Income from investment in real estate-related securities — — 8 8 Segment net operating income (loss) $ 1,239 $ 266 $ 553 $ 2,058 Depreciation and amortization $ ( 992 ) $ ( 75 ) $ — $ ( 1,076 ) General and administrative ( 2,799 ) Mandatorily redeemable Class E units interest costs ( 376 ) Interest expense ( 1,349 ) Other income (expense) ( 211 ) Net loss $ ( 3,753 ) Net loss attributable to non-controlling interests in consolidated joint ventures 21 Net loss attributable to JPMREIT stockholders $ ( 3,732 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Industry Segment Property Position
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of position owned in real estate debt investment | Position	1
Number of owned in real estate properties | Property	4
Number of owned in industrial property | Industry	1
Number of reportable segments | Segment	3

Capitalization - Additional Inf

Capitalization - Additional Information (Details) - USD ($)		2 Months Ended	12 Months Ended
	May 26, 2022	Dec. 31, 2021	Dec. 31, 2022	Jul. 06, 2022	Nov. 15, 2021
Schedule Of Capitalization [Line Items]
Net asset value per share				$ 10
Common stock issued		$ 200,000	$ 24,010,000
Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Expiration date of subscription agreement	Aug. 23, 2023
Class E Shares
Schedule Of Capitalization [Line Items]
Common Stock, Shares, Issued		20,000	2,361,000
Common stock par value		$ 0.01	$ 0.01
Adviser
Schedule Of Capitalization [Line Items]
Capitalized investment					$ 200,000
Commitment received to purchase shares of common stock			$ 157,600,000
Net asset value			$ 1,500,000,000
Share repurchase plan, monthly			2%
Share repurchase plan, quarterly			5%
Adviser | Maximum
Schedule Of Capitalization [Line Items]
Maximum allowable ownership interest percentage			24.99%
Adviser | Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Net asset value	$ 1,500,000,000
Adviser | Class E Shares
Schedule Of Capitalization [Line Items]
Common Stock, Shares, Issued					20,000
Commitment to purchase common stock value					$ 25,000,000
Commitment to purchase additional common stock value					$ 75,000,000
Common stock issued			$ 21,300,000
Common stock par value					$ 0.01
Adviser | Common Stock Class E
Schedule Of Capitalization [Line Items]
Share repurchase plan, monthly			2%
Share repurchase plan, quarterly			5%
Adviser | Common Stock Class E | Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Capital commitments from investors	100,000,000
Maximum capital commitments	$ 75,000,000
Adviser | Class E Operating Partnership Unit
Schedule Of Capitalization [Line Items]
Common stock issued			$ 45,600,000
Employees of Adviser | Class E Shares
Schedule Of Capitalization [Line Items]
Common stock issued			$ 2,100,000
Primary Offering
Schedule Of Capitalization [Line Items]
Common stock, shares registered, amount				$ 5,000,000,000
Common stock, shares authorized, amount				4,000,000,000
Distribution Reinvestment Plan
Schedule Of Capitalization [Line Items]
Common stock, shares authorized, amount				$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2022
Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of asset	Over lease term
Buildings
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	40 years
Minimum | Site improvements - buildings and land
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	4 years
Minimum | Furniture, fixtures and equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	6 years
Maximum | Site improvements - buildings and land
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	15 years
Maximum | Furniture, fixtures and equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	11 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) JointVenture	Dec. 31, 2021 USD ($)	Sep. 30, 2022
Summary Of Significant Accounting Policies [Line Items]
Assets	$ 234,312,000	$ 200,000
Liabilities	216,366,000
Impairment on long-lived assets to be held and used	0	0
Deposits on real estate	5,494,000
Deposits written off	$ 0
Minimum REIT Distribution Percentage	90%
Period for reimbursement of advance costs	60 months
Organization costs	$ 700,000
Offering costs	4,800,000
Due to affiliates	$ 9,970,000
Period for reimbursement of operating expenses	60 months
Percentage of total amount of aggregate of repurchase	98%
VIEs
Summary Of Significant Accounting Policies [Line Items]
Number of joint ventures | JointVenture	2
Assets	$ 135,700,000	0
Liabilities	$ 89,500,000	$ 0
Common Stock Class T
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%
Common Stock Class S
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%
Common Stock Class D
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%
Common Stock Class E
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%
Common Stock Class I
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month			2%
Repurchase plan restriction limited to percentage of net asset value per quarter			5%
Investment in Real Estate Debt
Summary Of Significant Accounting Policies [Line Items]
Unrealized gain or loss on investment.	$ 0
Interest income	500,000
Investment in Real Estate-Related Securities | Maximum
Summary Of Significant Accounting Policies [Line Items]
Unrealized gain or loss on investment.	10,000
Interest income	10,000
Adviser
Summary Of Significant Accounting Policies [Line Items]
Due to affiliates	5,500,000
Net asset value	500,000,000
Future NAV threshold	$ 1,500,000,000
Share repurchase plan, monthly	2%
Share repurchase plan, quarterly	5%
Adviser | Operating Expenses
Summary Of Significant Accounting Policies [Line Items]
Due to affiliates	$ 4,400,000
Adviser | Common Stock Class E
Summary Of Significant Accounting Policies [Line Items]
Share repurchase plan, monthly	2%
Share repurchase plan, quarterly	5%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	$ 18,667
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure	45,784
Recurring Basis | Level 2
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	1,842
Recurring Basis | Level 3
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	16,825
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure	45,784
Mandatorily Redeemable Class E Units | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure	45,784
Mandatorily Redeemable Class E Units | Recurring Basis
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure	45,784
Mandatorily Redeemable Class E Units | Recurring Basis | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure	45,784
Investment in Real Estate Debt | Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	16,825
Investment in Real Estate Debt | Recurring Basis | Level 3
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	16,825
Investment in Real Estate-Related Securities | Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	1,842
Investment in Real Estate-Related Securities | Recurring Basis | Level 2
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure	$ 1,842

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring Basis - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Mandatorily Redeemable Class E Units (Liability)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds	$ 45,560
Distributions declared	(152)
Reclassify to distributions payable	152
Unrealized loss included in mandatorily redeemable Class E units interest costs	224
Balance at December 31, 2022	45,784
Investment in Real Estate Debt (Asset)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	16,825
Balance at December 31, 2022	$ 16,825

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Quantitative Inputs and Assumptions (Details) - Level 3 $ in Thousands	Dec. 31, 2022 USD ($)
Mandatorily Redeemable Class E Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mandatorily redeemable Class E units	$ 45,784
Mandatorily redeemable Class E units, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Mandatorily redeemable Class E units, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember
Investment in Real Estate Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in real estate loan	$ 16,825
Investment in real estate loan, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Investment in real estate loan, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember
Investment in Real Estate Debt | SOFR
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Rate	5.22%

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 147,629
Land and land improvements	49,359
Furniture, fixtures and equipment	2,965
Total	199,953
Accumulated depreciation and amortization	(524)
Investments in real estate, net	$ 199,429

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands				12 Months Ended
	Dec. 02, 2022 USD ($) Story Unit	Nov. 15, 2022 USD ($) Unit	Oct. 07, 2022 USD ($) a	Dec. 31, 2022 USD ($) Property Unit
Investments in Real Estate [Line Items]
Number of real estate investments acquired | Property				4
Aggregate purchase price				$ 202,333
Secured debt				40,200
Purchase price				$ 168,885
IOS Facility
Investments in Real Estate [Line Items]
Number of acre of industrial outdoor storage site acquired | a			9.7
Aggregate purchase price			$ 20,200
Class A Multifamily Properties
Investments in Real Estate [Line Items]
Contributed to joint ventures		$ 43,600
Funded deposits		3,000
Contribution from joint venture		2,300
Caroline West Gray Property | Class A Multifamily Properties
Investments in Real Estate [Line Items]
Aggregate purchase price		$ 71,400
Number of units acquired | Unit		275
Fixed interest rate		5.44%
Caroline West Gray Property | Class A Multifamily Properties | Joint Venture
Investments in Real Estate [Line Items]
Secured debt		$ 45,400
Caroline Post Oak Property | Class A Multifamily Properties
Investments in Real Estate [Line Items]
Aggregate purchase price		$ 60,800
Number of units acquired | Unit		238
Fixed interest rate		5.44%
Caroline Post Oak Property | Class A Multifamily Properties | Joint Venture
Investments in Real Estate [Line Items]
Secured debt		$ 40,100
Industrial Property
Investments in Real Estate [Line Items]
Number of real estate investments acquired | Property				1
Aggregate purchase price				$ 20,150
Multifamily Properties
Investments in Real Estate [Line Items]
Number of real estate investments acquired | Property				3
Aggregate purchase price				$ 182,183
Number of units acquired | Unit	175			688
Percentage of ownership acquired		95%
Purchase price	$ 50,900
Assumed mortgage	$ 28,200
Assumed mortgage interest	4.28%
Number of story | Story	6
Debt discount	$ 900
Mortgage loans on real estate amortization schedule period	30 years
Mortgage loans on real estate remaining term of amortization schedule period	6 years 8 months 12 days

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Properties Acquired (Details) ft² in Thousands, $ in Thousands		12 Months Ended
	Dec. 02, 2022 Unit	Dec. 31, 2022 USD ($) ft² Property Unit Transaction
Investments in Real Estate [Line Items]
Purchase Price | $		$ 202,333
Number of Transactions | Transaction		3
Number of Properties | Property		4
Multifamily Properties
Investments in Real Estate [Line Items]
Purchase Price | $		$ 182,183
Number of Transactions | Transaction		2
Number of Properties | Property		3
Units | Unit	175	688
Industrial Property
Investments in Real Estate [Line Items]
Purchase Price | $		$ 20,150
Number of Transactions | Transaction		1
Number of Properties | Property		1
Sq.Ft | ft²		424

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties Acquired (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Investments in Real Estate [Abstract]
Building and building improvements	$ 147,546
Land and land improvements	49,359
Furniture, fixtures and equipment	2,945
In-place lease intangibles	4,311
Below-market lease intangibles	(1,828)
Total purchase price	202,333
Assumed mortgage note, net	(28,512)
Net working capital assumed	(2,988)
Unpaid acquisition costs	(643)
Acquisition costs paid by JPMIM	(1,305)
Net purchase price	$ 168,885

Investments in Real Estate - _4

Investments in Real Estate - Schedule of Weighted-Average Amortization Periods for Intangible Assets and Liabilities Acquired (Details)	12 Months Ended
	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Below-market lease intangibles, Weighted-average amortization periods (in years)	15 years 6 months
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization periods (in years)	6 years 4 months 24 days

Investments in Real Estate De_2

Investments in Real Estate Debt - Summary Of Company Investments In Real Estate Debt (Details) - Mezzanine Loan $ in Thousands	Dec. 31, 2022 USD ($) Company
Debt and Equity Securities, FV-NI [Line Items]
Number of Positions | Company	1
Maturity Date	Sep. 07, 2024
Cost Basis	$ 16,825
Fair Value	$ 16,825
SOFR
Debt and Equity Securities, FV-NI [Line Items]
Coupon	5.22%

Investments in Real Estate De_3

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 02, 2022	Dec. 31, 2022
Mezzanine Loan
Asset Acquisition [Line Items]
Maturity Date		Sep. 07, 2024
Tennessee Facility
Asset Acquisition [Line Items]
Mezzanine loan	$ 26.8
Maturity Date		Sep. 07, 2024
Extension option		and includes up to three one-year
Tennessee Facility | Adviser
Asset Acquisition [Line Items]
Mezzanine loan	$ 10
SOFR | Mezzanine Loan
Asset Acquisition [Line Items]
Mezzanine Loan's interest rate		5.22%

Investments in Real Estate De_4

Investments in Real Estate Debt - Schedule of Amounts Recognized for Investments in Real Estate Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Interest income	$ 549
Other income (loss), net	(4)
Total income from investment in real estate debt	$ 545

Investment in Real Estate-Rel_3

Investment in Real Estate-Related Securities - Summary of Investments in Real Estate Related Securities (Details) - CMBS - AAA $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Position
Debt and Equity Securities, FV-NI [Line Items]
Number of Positions | Position	1
Maturity Date	Apr. 30, 2024
Cost Basis	$ 1,840
Fair Value	$ 1,842
SOFR
Debt and Equity Securities, FV-NI [Line Items]
Coupon	0.75%

Investment in Real Estate-Rel_4

Investment in Real Estate-Related Securities - Summary of Income Recognized from Investments in Real Estate Related Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Total income from investment in real estate debt	$ 545
Investment in Real Estate-Related Securities | CMBS
Debt and Equity Securities, FV-NI [Line Items]
Interest income	6
Unrealized gain	2
Total income from investment in real estate debt	$ 8

Intangibles - Schedule of Gross

Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangibles liabilities	$ (1,828)
Below-market lease amortization	28
Total	(1,800)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	4,311
Accumulated amortization	(544)
Intangible assets, net	$ 3,767

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization Intangibles (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
2023	$ (118)
2024	(118)
2025	(118)
2026	(118)
2027	(118)
Thereafter	(1,210)
Total	(1,800)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2023	2,217
2024	109
2025	109
2026	109
2027	109
Thereafter	1,114
Intangible assets, net	$ 3,767

Mortgage Notes and Secured Cr_3

Mortgage Notes and Secured Credit Facility - Schedule of Company's Mortgage Notes and Secured Credit Facility (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total mortgage notes	$ 113,760
Secured credit facility	40,200
Mortgage notes
Debt Instrument [Line Items]
Maximum Principal Amount	115,838
Principal Balance Outstanding	115,838
Deferred financing costs, net	(1,202)
Mortgage discount, net	(876)
Total mortgage notes	$ 113,760
Mortgage notes | Caroline West Gray
Debt Instrument [Line Items]
Interest Rate	5.44%
Maturity Date	Dec. 01, 2029
Maximum Principal Amount	$ 45,911
Principal Balance Outstanding	$ 45,911
Mortgage notes | Caroline Post Oak
Debt Instrument [Line Items]
Interest Rate	5.44%
Maturity Date	Dec. 01, 2029
Maximum Principal Amount	$ 40,528
Principal Balance Outstanding	$ 40,528
Mortgage notes | Coda on Centre
Debt Instrument [Line Items]
Interest Rate	4.28%
Maturity Date	May 30, 2029
Maximum Principal Amount	$ 29,399
Principal Balance Outstanding	$ 29,399
Secured credit facility
Debt Instrument [Line Items]
Maturity Date	Aug. 31, 2023
Maximum Facility Size	$ 65,000
Secured credit facility	$ 40,200
SOFR | Secured credit facility
Debt Instrument [Line Items]
Interest rate, variable	1.65%

Mortgage Notes and Secured Cr_4

Mortgage Notes and Secured Credit Facility - Schedule of Company's Mortgage Notes and Secured Credit Facility (Parenthetical) (Details) - Secured credit facility	12 Months Ended
	Dec. 31, 2022 Extension
Debt Instrument [Line Items]
Maturity date extension period	1 year
Number of term extension	2

Mortgage Notes and Secured Cr_5

Mortgage Notes and Secured Credit Facility - Schedule of Future Principal Payment Due Under Company's Mortgage Notes and Credit Facility (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long Term Debt By Maturity [Line Items]
2023	$ 40,692
2024	510
2025	536
2026	560
2027	585
Thereafter	113,155
Mortgage notes and secured credit facility	156,038
Mortgage notes
Long Term Debt By Maturity [Line Items]
2023	492
2024	510
2025	536
2026	560
2027	585
Thereafter	113,155
Mortgage notes and secured credit facility	115,838
Credit Facility
Long Term Debt By Maturity [Line Items]
2023	40,200
Mortgage notes and secured credit facility	$ 40,200

Mortgage Notes and Secured Cr_6

Mortgage Notes and Secured Credit Facility - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Extension
Credit Facility
Line of Credit Facility [Line Items]
Maximum aggregate commitments amount	$ 65,000,000
Outstanding borrowing under credit facility	$ 40,200,000
Loans maturity date	Aug. 31, 2023
Maturity date, description	Loans under the Credit Facility will mature on the earliest of (i) August 31, 2023, (ii) ) the date an earlier termination pursuant to an event of default specified in the Credit Agreement occurs or (iii) the date of occurrence of other maturity date events specified in the Credit Agreement, unless extended pursuant to the terms of the Credit Agreement. Borrowings under the Credit Facility are secured by the unfunded commitments under the Initial Capitalization.The Company may extend the maturity date to a business day that is not later than 12 months after the then-effective stated maturity date, no more than twice, upon: (a) delivery by the Company of an extension request at least 30 days, but no more than 60 days, prior to the stated maturity date then in effect; (b) payment of a facility extension fee equal to 0.15% on the then-existing maximum commitment; (c) confirmation that the right to make capital calls of the unfunded commitments under the Initial Capitalization to pay the Credit Facility through and immediately following the extended stated maturity date is in full force and effect; and (d) payment by the Company of all reasonable and documented fees and out-of-pocket expenses to the extent then due.
Payment of outstanding principle balance	$ 40,200,000
Number of term extension | Extension	2
Percentage of facility extension fee payment on existing maximum commitment	0.15%
Credit Facility | Federal Funds Effective Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	0.50%
Credit Facility | SOFR Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.65%
Credit Facility | Minimum
Line of Credit Facility [Line Items]
Maturity date extension notice period	30 days
Credit Facility | Minimum | SOFR Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.55%
Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.55%
Credit Facility | Maximum
Line of Credit Facility [Line Items]
Number of term extension | Extension	2
Maturity date extension notice period	60 days
Credit Facility | Maximum | SOFR Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.65%
Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.65%
Secured Revolving Loan
Line of Credit Facility [Line Items]
Interest expense	$ 600,000
Secured Revolving Loan | Credit Facility
Line of Credit Facility [Line Items]
Maximum aggregate commitments amount	65,000,000
Letter of Credit | Credit Facility
Line of Credit Facility [Line Items]
Increase the aggregate commitments amount	$ 150,000,000
Lines Of Credit | Credit Facility | Minimum
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.55%
Lines Of Credit | Credit Facility | Maximum
Line of Credit Facility [Line Items]
Percenatge of borrowing interest	1.65%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)			9 Months Ended	12 Months Ended
	Sep. 02, 2022	Jul. 22, 2022	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.				1%
Period for reimbursement of advance expenses				60 months
Period for reimbursement of operating expenses				60 months
Operating expenses				$ 4,436,000
Class E Shares | Directors
Related Party Transaction [Line Items]
Number of share issued		4,464
Class E Operating Partnership Unit
Related Party Transaction [Line Items]
Sale of operating partnership units				4,500,000
Sale of operating partnership units for exchange of investment				$ 45,600,000
Tennessee Facility
Related Party Transaction [Line Items]
Mezzanine loan	$ 26,800,000
Adviser | Tennessee Facility
Related Party Transaction [Line Items]
Mezzanine loan	$ 10,000,000
Limited Partnership Agreement of JPMREIT
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				12.50%
Annual hurdle percentage				5%
Organization and offering costs				$ 5,500,000
NAV to reimburse operating expenses				$ 500,000,000
Operating expenses			$ 4,400,000
Limited Partnership Agreement of JPMREIT | Primary Offering | Class S Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.				3.50%
Annual stockholder servicing fee percentage				0.85%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class S Shares | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage				8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class T Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.				3%
Upfront Dealer Manager Fees Maximum Percentage				0.50%
Annual stockholder servicing fee percentage				0.85%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class T Shares | Maximum
Related Party Transaction [Line Items]
Upfront selling commissions and dealer manager fee percentage				3.50%
Annual stockholder servicing fee percentage				8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class D Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.				1.50%
Annual stockholder servicing fee percentage				0.25%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class D Shares | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage				8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class I Shares
Related Party Transaction [Line Items]
Upfront dealer manager fees maximum				$ 0
Annual stockholder servicing fee				$ 0

Related Party Transactions - Co

Related Party Transactions - Components of Due to Affiliates (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Related Party Transactions [Abstract]
Organization and offering costs	$ 5,539
Operating expenses	4,431
Total	$ 9,970

Other Assets and Liabilities -

Other Assets and Liabilities - Components of Other Assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Assets and Liabilities [Abstract]
Deferred financing costs, net	$ 331
Receivables	250
Acquisition costs	216
Prepaid expenses	187
Interest receivable	102
Straight-line rent receivable	32
Other	49
Total	$ 1,167

Other Assets and Liabilities _2

Other Assets and Liabilities - Components of Accrued Expenses and Other Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Assets and Liabilities [Abstract]
Real estate taxes payable	$ 2,159
Accrued expenses	1,155
Accounts payable	867
Distributions payable	234
Tenant security deposits	183
Other	254
Total	$ 4,852

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases [Abstract]
Fixed lease payments	$ 203
Total fixed lease payments	$ 203

Leases - Schedule of Undiscoute

Leases - Schedule of Undiscouted Future Minimum Rents Expects to Recieve from Industrial Property (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
2023	$ 890
2024	906
2025	922
2026	938
2027	954
Thereafter	10,798
Industrial Property
Lessor, Lease, Description [Line Items]
Total	$ 15,408

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ in Billions	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Number of common stock and preferred stock shares, authorized	3,100,000,000
Common Stock, Shares, Outstanding	2,418,000	20,000
Distribution declared, Date	2022-12
Distributions payable, Year	2023
Adviser
Class of Stock [Line Items]
Future NAV threshold	$ 1.5
Class T Shares
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	0
Class S Shares
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	0
Class D Shares
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	0

Equity - Schedule of Number of

Equity - Schedule of Number of Shares Authorized and Par Value (Details)	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Number of Shares	3,100,000,000
Class E Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value | $ / shares	$ 0.01
Class D Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value | $ / shares	$ 0.01
Class I Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value | $ / shares	$ 0.01
Class S Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value | $ / shares	$ 0.01
Class T Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value | $ / shares	$ 0.01
Preferred Stock
Class of Stock [Line Items]
Number of Shares	100,000,000
Par Value | $ / shares	$ 0.01

Equity - Schedule of Outstandin

Equity - Schedule of Outstanding Shares of Common Stock (Details)	12 Months Ended
	Dec. 31, 2022 shares
Class of Stock [Line Items]
Beginning balance, December 31 2021	20,000
Common stock issued	2,398,000
Ending balance, December 31, 2022	2,418,000
Class E Shares
Class of Stock [Line Items]
Beginning balance, December 31 2021	20,000
Common stock issued	2,341,000
Ending balance, December 31, 2022	2,361,000
Class I Shares
Class of Stock [Line Items]
Beginning balance, December 31 2021	0
Common stock issued	57,000
Ending balance, December 31, 2022	57,000

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares
Class E Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.0335
Net distributions declared per share of common stock	0.0335
Class I Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.0335
Net distributions declared per share of common stock	$ 0.0335

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions			12 Months Ended
	Sep. 02, 2022 USD ($)	Jun. 10, 2022 USD ($) a	Dec. 31, 2022	Oct. 07, 2022 a
Truck Terminal Facility
Asset Acquisition [Line Items]
Acres of land | a		50.3
Aggregate purchase price | $		$ 73.2
IOS Facility
Asset Acquisition [Line Items]
Acres of land | a				9.7
Tennessee Facility
Asset Acquisition [Line Items]
Mezzanine loan | $	$ 26.8
Extension option			and includes up to three one-year

Mandatorily Redeemable Financia

Mandatorily Redeemable Financial Instrument - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Distribution expenses on Mandatorily Redeemable Class E Units	$ 200
Unrealized Loss on Mandatorily Redeemable Class E Units	224
Adviser
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Future NAV threshold	$ 1,500,000
Share repurchase plan, monthly	2%
Share repurchase plan, quarterly	5%
Adviser | Common Stock Class E
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Share repurchase plan, monthly	2%
Share repurchase plan, quarterly	5%
Class E Operating Partnership Unit
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Sale of operating partnership units | shares	4,500,000
Proceeds from mandatorily redeemable Class E units	$ 45,600
Distribution declared per share | $ / shares	$ 0.0335
Total Distribution	$ 200

Mandatorily Redeemable Class _3

Mandatorily Redeemable Class E Units - Summary Of Mandatorily Redeemable Activity (Details) - Adviser $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at the beginning of the year	$ 0
Issuance of mandatorily redeemable Class E units	45,560
Distributions declared	152
Reclassification to distributions payable	(152)
Fair market value adjustment	224
Ending balance	$ 45,784

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Loss and Weighted Average Number of Shares Outstanding (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares
Earnings Per Share [Abstract]
Net loss attributable to JPMREIT stockholders, basic | $	$ (3,732)
Net loss attributable to JPMREIT stockholders, diluted | $	$ (3,732)
Weighted-average shares of common stock outstanding, basic | shares	715
Weighted-average shares of common stock outstanding, diluted | shares	715

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Computations of Basic and Diluted Net Loss per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Numerator:
Net loss attributable to JPMREIT stockholders, basic | $	$ (3,732)
Net loss attributable to JPMREIT stockholders, diluted | $	$ (3,732)
Denominator:
Weighted-average shares of common stock outstanding, basic | shares	715
Weighted-average shares of common stock outstanding, diluted | shares	715
Net loss per share of common stock, basic | $ / shares	$ (5.22)
Net loss per share of common stock, diluted | $ / shares	$ (5.22)

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 234,312	$ 200
Multifamily
Segment Reporting Information [Line Items]
Total assets	185,792
Industrial
Segment Reporting Information [Line Items]
Total assets	22,222
Investment in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	18,779
Other (corporate)
Segment Reporting Information [Line Items]
Total assets	$ 7,519

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Revenues:
Rental revenue	$ 2,066
Total revenues	2,066
Expenses:
Rental property operating	561
Income from investment in real estate debt	545
Income from investment in real estate-related securities	8
Segment net operating income (loss)	2,058
Depreciation and amortization	(1,076)
General and administrative	(2,799)
Mandatorily redeemable Class E units interest costs	(376)
Interest expense	(1,349)
Other income (expense)	(211)
Net loss	(3,753)
Net income attributable to non-controlling interests in consolidated joint ventures	21
Net loss attributable to JPMREIT stockholders, basic	(3,732)
Multifamily
Revenues:
Rental revenue	1,700
Total revenues	1,700
Expenses:
Rental property operating	461
Segment net operating income (loss)	1,239
Depreciation and amortization	(992)
Industrial
Revenues:
Rental revenue	366
Total revenues	366
Expenses:
Rental property operating	100
Segment net operating income (loss)	266
Depreciation and amortization	(75)
Investments in Real Estate Debt and Related Securities
Expenses:
Income from investment in real estate debt	545
Income from investment in real estate-related securities	8
Segment net operating income (loss)	$ 553

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - Truck Terminal Facility $ in Millions	Jun. 10, 2022 USD ($) a	Dec. 31, 2022 USD ($)
Long-Term Purchase Commitment [Line Items]
Acres of land | a	50.3
Aggregate purchase price	$ 73.2
Purchase commitment payments, 2023		$ 67.7

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands					3 Months Ended	12 Months Ended
	Mar. 28, 2023	Mar. 03, 2023	Feb. 03, 2023	Jan. 03, 2023	Mar. 28, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Shares sold						2,398,000
Credit Facility
Subsequent Event [Line Items]
Payment of outstanding balance						$ 40,200
Subsequent Event | Credit Facility
Subsequent Event [Line Items]
Payment of outstanding balance					$ 18,900
Operating Partnership Units
Subsequent Event [Line Items]
Distributions paid or reinvested		$ 300	$ 200	$ 200
Class E Shares
Subsequent Event [Line Items]
Aggregate net proceeds of common stock						$ 24
Shares sold						2,341,000
Class E Shares | Subsequent Event
Subsequent Event [Line Items]
Aggregate net proceeds of common stock	$ 7,200				7,200
Shares sold	712,342
Class I Shares | Subsequent Event
Subsequent Event [Line Items]
Aggregate net proceeds of common stock	$ 17,200				17,200
Shares sold	1,708,600
Class D Shares | Subsequent Event
Subsequent Event [Line Items]
Aggregate net proceeds of common stock	$ 500				500
Shares sold	49,097
Class E Shares and Class E Units | Subsequent Event
Subsequent Event [Line Items]
Commitment received to purchase shares of common stock	$ 4,500				4,500
Increase in total commitments	$ 162,100				$ 162,100

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 115,838
Initial Cost - Land and Land Improvements	49,359
Initial Cost - Building and Building Improvements	147,546
Costs Capitalized Subsequent to Acquisition - Building and Building Improvements	83
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	49,359
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	147,629
Gross Amounts at which Carried at the Close of Period, Total	196,988
Accumulated Depreciation	(477)
Multifamily Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	115,838
Initial Cost - Land and Land Improvements	29,057
Initial Cost - Building and Building Improvements	147,546
Costs Capitalized Subsequent to Acquisition - Building and Building Improvements	83
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	29,057
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	147,629
Gross Amounts at which Carried at the Close of Period, Total	176,686
Accumulated Depreciation	(427)
Multifamily Properties | Caroline West Gray | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,528
Initial Cost - Land and Land Improvements	11,169
Initial Cost - Building and Building Improvements	58,174
Costs Capitalized Subsequent to Acquisition - Building and Building Improvements	46
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	11,169
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	58,220
Gross Amounts at which Carried at the Close of Period, Total	69,389
Accumulated Depreciation	$ (152)
Year Built/Last Renovated	2013
Year Acquired	2022
Multifamily Properties | Caroline Post Oak | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 45,911
Initial Cost - Land and Land Improvements	12,472
Initial Cost - Building and Building Improvements	46,691
Costs Capitalized Subsequent to Acquisition - Building and Building Improvements	37
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	12,472
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	46,728
Gross Amounts at which Carried at the Close of Period, Total	59,200
Accumulated Depreciation	$ (189)
Year Built/Last Renovated	2013
Year Acquired	2022
Multifamily Properties | Coda on Centre | Pittsburgh, PA Metropolitan Area
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 29,399
Initial Cost - Land and Land Improvements	5,416
Initial Cost - Building and Building Improvements	42,681
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	5,416
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	42,681
Gross Amounts at which Carried at the Close of Period, Total	48,097
Accumulated Depreciation	$ (86)
Year Built/Last Renovated	2018
Year Acquired	2022
Industrial Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land and Land Improvements	$ 20,302
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	20,302
Gross Amounts at which Carried at the Close of Period, Total	20,302
Accumulated Depreciation	(50)
Industrial Properties | 6200 Bristol | Philadelphia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land and Land Improvements	20,302
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	20,302
Gross Amounts at which Carried at the Close of Period, Total	20,302
Accumulated Depreciation	$ (50)
Year Built/Last Renovated	2022
Year Acquired	2022

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Additional Information) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate asset at carrying value	$ 196,988
Real estate asset, accumulated depreciation	477
Furniture, Fixtures and Equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate asset at carrying value	3,000
Real estate asset, accumulated depreciation	$ 100

Schedule III - Summary of Activ

Schedule III - Summary of Activity for Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	$ 196,988
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation	(477)
Balance at the end of the year	(477)
Land and Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the year	49,359
Building and Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the year	$ 147,629