Subsequent Events

9 Months Ended

Sep. 30, 2018

12.

Subsequent Events

In October 2018, the Company repaid approximately $0.3 million of promissory notes and redeemed approximately $0.3 million (26,000 shares) of shares, which were both previously issued in connection with a private placement offering in August 2016.

In connection with the close of the Offering effective October 1, 2018, certain underwriting compensation limits were met and, effective October 31, 2018, each Class T and Class I share automatically converted into a Class A share pursuant to the terms of the Company’s charter. The Class T and Class I shares converted into Class A shares on a one-for-one basis because the most recent estimated NAV per share of $10.06, which was approved by the Company’s board of directors as of December 31, 2017, is the same for all share classes. Stockholders who received Class A shares upon the conversion will no longer be subject to the class-specific expenses associated with Class T and Class I shares. The Company’s obligation to pay the approximate $1.4 million distribution and stockholder servicing fees liability as of September 30, 2018 to the Dealer Manager ceased effective October 31, 2018 upon the conversion of the Class T and Class I shares into Class A Shares.