Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Common Stock from Primary Offering

For the period from January 1, 2017 through March 13, 2017, the Company issued 178,735 shares of Class A common stock, 158,461 shares of Class T common stock and 6,703 shares of Class I common stock, representing gross proceeds of $1.8 million, $1.5 million and $0.06 million, respectively.

Distributions

On March 16, 2017, the board of directors of the Company approved a daily cash distribution of $0.000273973 per share of common stock for each of the three months ended June 30, 2017. Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution was accrued.

NorthStar Realty and RXR Purchase of Common Stock

On March 16, 2017, the Company’s board of directors approved the sale of 645 and 215 shares of the Company’s Class A common stock for $5,864 and $1,955 to NorthStar Realty and RXR, respectively, pursuant to the Distribution Support Agreement.

Advisory Agreement

On February 7, 2017, the Company entered into an amended and restated advisory agreement with its Advisor for a term ending June 30, 2017, which eliminates the acquisition fees payable to the Advisor Entities, eliminates the disposition fees payable to the Advisor Entities, and reduces the monthly asset management fee payable to the Advisor Entities from one-twelfth of 1.25% to one-twelfth of 1.0% of the cost of investment.