Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Investments:
Rental properties, net	$ 197,997,091	$ 136,061,586
Identified intangible assets, net	1,127,962	707,825
Total investments	199,125,053	136,769,411
Cash	30,338,228	32,827,390
Restricted cash	2,364,290	883,902
Tenant receivables, net	60,607	51,524
Due from related parties	5,380	13,772
Subscriptions receivable	110,000	1,431,000
Prepaid expenses and other assets	584,916	1,097,179
Deferred offering costs	4,795,010	5,046,364
Total assets	237,383,484	178,120,542
Liabilities:
Mortgage notes payable, net	145,419,265	100,044,640
Accounts payable and accrued expenses	1,277,151	1,167,901
Accrued real estate taxes	1,124,091	0
Due to related parties	12,944,582	12,993,287
Tenant prepayments	56,489	116,102
Security deposits	353,959	271,246
Distributions payable	1,315,781	1,037,799
Total liabilities	162,491,318	115,630,975
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	98,271,812	77,896,470
Accumulated other comprehensive loss	(39,764)	(40,633)
Accumulated deficit	(23,456,693)	(15,459,340)
Total stockholders’ equity	74,892,166	62,489,567
Total liabilities and stockholders’ equity	237,383,484	178,120,542
Convertible Stock
Stockholders’ equity:
Preferred stock	500	500
Class A Common Stock
Stockholders’ equity:
Common stock	6,232	6,345
Class T Common Stock
Stockholders’ equity:
Common stock	10,994	11,114
Class R Common Stock
Stockholders’ equity:
Common stock	92,942	71,815
Class I Common Stock
Stockholders’ equity:
Common stock	$ 6,143	$ 3,296