Acquisition (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Business Acquisition

The following table presents the allocated contract purchase price, acquisition fee, and acquisition costs of the Company’s acquisitions during the six months ended June 30, 2019:  

	Contract Purchase Price		Acquisition Fee (1)		Acquisition Costs (2)		Total Real Estate, Cost
Wimbledon Oaks
Land	$	3,779,617	$	83,471	$	30,014	$	3,893,102
Building and Improvements		20,970,743		463,127		166,529		21,600,399
Furniture, fixtures and equipment		377,962		8,347		3,001		389,310
Intangible Assets		721,678		15,938		5,731		743,347
	$	25,850,000	$	570,883	$	205,275	$	26,626,158
Summit
Land	$	8,288,088	$	181,740	$	96,178	$	8,566,006
Building and Improvements		26,981,318		591,641		313,101		27,886,060
Furniture, fixtures and equipment		346,356		7,595		4,019		357,970
Intangible Assets		759,238		16,648		8,810		784,696
	$	36,375,000	$	797,624	$	422,108	$	37,594,732

(1) Represents acquisition fee of 2% of the cost of investments, paid to the Advisor.

(2) Represents transaction costs paid both at closing and post-closing, excluding Acquisition Fees.