Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Real estate assets, net	$ 159,789,826	$ 161,091,994
Investments in unconsolidated real estate entities	33,464,253	30,000,461
Real estate note investment, net	9,065,740	8,254,736
Cash and cash equivalents	7,133,941	4,361,564
Restricted cash	284,675	271,240
Related party receivables	29,875	0
Other assets	743,572	824,687
Total assets	210,511,882	204,804,682
Liabilities
Credit facilities, net	68,878,506	70,319,868
Preferred stock, net	39,817,080	29,824,988
Related party payables	540,293	580,983
Accounts payable, accrued expenses and other liabilities	3,668,271	1,995,117
Total liabilities	112,904,150	102,720,956
Commitments and contingencies (Note 11)
Stockholders' equity
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,232,289 shares issued and outstanding at both March 31, 2021 and December 31, 2020	122,323	122,323
Additional paid-in capital	121,721,787	121,676,787
Accumulated distributions	(9,278,647)	(7,767,642)
Accumulated deficit	(14,957,731)	(11,947,742)
Total stockholders' equity	97,607,732	102,083,726
Total liabilities and stockholders' equity	$ 210,511,882	$ 204,804,682