Real Estate Assets, Net (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Summary of Carrying Amounts of Consolidated Real Estate Assets

The following table summarizes the carrying amounts of our consolidated real estate assets:

	March 31, 2021		December 31, 2020
Building and building improvements	$	134,858,553	$	134,822,291
Land and land improvements	28,182,025		28,182,025
Furniture, fixtures and equipment	3,983,344		3,983,344
Intangible assets	3,808,756		3,808,756
	170,832,678		170,796,416
Less: Accumulated depreciation and amortization	(11,042,852)		(9,704,422)
Real estate assets, net	$	159,789,826	$	161,091,994

Summary of Purchase Price Allocation of Real Estate Assets Acquired

The following table summarizes the purchase price allocation of Cottonwood One Upland in 2020:

	Allocated Amounts
Property	Building		Land		Land Improvements		Personal Property		Intangible		Total
Cottonwood One Upland	$	82,145,536	$	14,514,535	$	3,009,335	$	1,967,566	$	2,305,430	$	103,942,402