Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Summary of Related Party Costs

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2023 and the six months ended June 30, 2024, as well as any related amounts payable, which are included in due to affiliates on the accompanying consolidated balance sheets as of December 31, 2023 and June 30, 2024:

	Year Ended December 31, 2023						Six Months Ended June 30, 2024
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed:
Operating expenses (including organizational costs)	$	527,934	$	249,904	$	278,030	$	285,739	$	563,769	$	—
Transfer Agent expenses		116,991		116,991		—		60,026		60,026		—
Asset management fees		1,943,495		183,105		10,593,808		747,030		227,432		11,113,406
Property management oversight fees		540,808		—		2,644,596		255,290		—		2,899,886
Discontinued operations (1)		—		—		—		252,711		—		252,711
Disposition fee		—		—		—		—		—		—
Capitalized:
Acquisition expenses - Affiliates		—		—		1,980,000		—		—		1,980,000
Additional Paid-In Capital:
Offering costs		—		—		166,881		—		—		166,881
Total	$	3,129,228	$	550,000	$	15,663,315	$	1,600,796	$	851,227	$	16,412,884

(1)Includes asset management fees and property management oversight fees related to the Fayetteville property classified as discontinued operations.