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Related Party Arrangements - Summary of Fees for Services Rendered Expected to be Settled in Restricted Stock (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Fees for services rendered:        
Asset management fees [1] $ 87,488 $ 42,800 $ 229,088 $ 86,060
Stock dividends on restricted stock     14,000 14,000
Expense Support Agreement        
Fees for services rendered:        
Asset management fees 359,454   $ 359,454  
Advisor personnel expenses [2] 798,958   798,958  
Total fees for services rendered 1,158,412   1,158,412  
Asset management fees 87,488 42,800 229,088 $ 86,060
Advisor personnel expenses [2] 112,784 95,805 362,555 320,204
Total fees for services rendered $ 200,272 $ 138,605 $ 591,643 $ 406,264
Then-current offering price or NAV $ 10.06   $ 10.06  
Then-current offering price or NAV $ 10.06 $ 10.93 $ 10.06 $ 10.93
Expense Support Agreement | Restricted Stock        
Fees for services rendered:        
Restricted stock shares [3] 115,150   115,150  
Cash distributions on restricted stock [4] $ 16,226   $ 16,226  
Stock dividends on restricted stock [5] 340   340  
Restricted stock shares [3] 19,908 12,681 58,811 37,170
Cash distributions on restricted stock [4] $ 8,113   $ 16,226  
Stock dividends on restricted stock [5] 170   340  
[1] For the quarter and nine months ended September 30, 2018, the Company incurred approximately $0.1 million and $0.2 million, respectively, in asset management fees, all of which are expected to be settled in accordance with the terms of the Expense Support Agreement. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $43,000 and $86,000 in asset management fees, respectively, all of which were settled in accordance with the terms of the Expense Support Agreement.
[2] Amounts consist of personnel and related overhead costs of the Advisor or its affiliates (which, in general, are those expenses relating to the Company’s administration on an on-going basis) that are reimbursable by the Company.
[3] Represents restricted stock shares issued or expected to be issued to the Advisor as of September 30, 2018 pursuant to the Expense Support Agreement. No fair value was assigned to the restricted stock shares as the shares are expected to be valued at zero upon issuance, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met.
[4] The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
[5] The par value of the stock dividends has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.