Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2024 and 2023, as well as any related amounts payable, which are included in due to affiliates on the accompanying consolidated balance sheets as of December 31, 2024 and 2023:

	Year Ended December 31, 2023						Year Ended December 31, 2024
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses (including    organizational costs)	$	527,934	$	249,904	$	278,030	$	517,518	$	795,548	$	—
Former Transfer Agent expenses		116,991		116,991		—		121,126		121,126		—
Asset management fees		1,943,495		183,105		10,593,808		1,494,059		3,089,705		8,998,162
Property management oversight fees		540,808		—		2,644,596		524,510		—		3,169,106
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	$	3,312,926	$	4,662,092	$	14,314,149

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