Related Party Transactions (Tables)

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2024:

	Year Ended December 31, 2023						Nine Months Ended September 30, 2024
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed:
Operating expenses (including organizational costs)	$	527,934	$	249,904	$	278,030	$	400,786	$	678,816	$	—
Transfer Agent expenses		116,991		116,991		—		88,672		88,672		—
Asset management fees		1,943,495		183,105		10,593,808		1,120,544		2,938,891		8,775,461
Property management oversight fees		540,808		—		2,644,596		388,814		—		3,033,410
Discontinued operations (1)		—		—		—		294,463		294,463		—
Disposition fee		—		—		—		361,250		361,250		—
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	$	2,654,529	$	4,362,092	$	13,955,752

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