Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 162,435,000	$ 76,920,000	$ 393,760,000	$ 205,422,000
Expenses
Operating expenses	64,767,000	29,504,000	154,923,000	77,167,000
Loss from unconsolidated real estate ventures	(447,000)	(666,000)	(448,000)	(887,000)
Income (loss) from investments in real estate debt	19,268,000	11,068,000	37,898,000	(27,000)
Segment net operating income (loss)	116,489,000	57,818,000	276,287,000	127,341,000
Depreciation and amortization	(82,453,000)	(38,543,000)	(197,934,000)	(107,993,000)
General and administrative	(6,588,000)	(2,023,000)	(15,210,000)	(6,163,000)
Management fees	(17,653,000)	(5,018,000)	(36,364,000)	(13,560,000)
Performance participation allocation	(79,552,000)	0	(111,934,000)	(46,000)
Interest expense	(38,887,000)	(22,539,000)	(88,994,000)	(65,448,000)
Other expense, net	(1,449,000)	(192,000)	(527,000)	(29,000)
Net loss	(110,093,000)	(10,497,000)	(174,676,000)	(65,898,000)
Net loss attributable to non-controlling interests in consolidated joint ventures	176,000	139,000	319,000	1,186,000
Net loss attributable to non-controlling interests in Operating Partnership	665,000	43,000	1,235,000	458,000
Net loss attributable to stockholders	(109,252,000)	(10,315,000)	(173,122,000)	(64,254,000)
Rental Revenue
Revenues:
Total revenues	152,207,000	71,896,000	366,550,000	186,688,000
Expenses
Operating expenses	59,114,000	25,915,000	139,897,000	64,873,000
Hospitality Revenue
Revenues:
Total revenues	9,364,000	4,420,000	24,817,000	17,134,000
Other revenue
Revenues:
Total revenues	864,000	604,000	2,393,000	1,600,000
Hospitality Operating
Expenses
Operating expenses	5,653,000	3,589,000	15,026,000	12,294,000
Operating Segments | Multifamily Properties
Revenues:
Total revenues	90,396,000	33,422,000	204,274,000	89,042,000
Expenses
Operating expenses	40,032,000	13,186,000	86,839,000	33,457,000
Segment net operating income (loss)	50,364,000	20,236,000	117,435,000	55,585,000
Depreciation and amortization	(44,908,000)	(15,702,000)	(102,176,000)	(49,826,000)
Operating Segments | Hospitality Properties
Revenues:
Total revenues	9,458,000	4,433,000	25,077,000	17,225,000
Expenses
Operating expenses	5,653,000	3,589,000	15,026,000	12,294,000
Loss from unconsolidated real estate ventures	(447,000)	(666,000)	(448,000)	(887,000)
Segment net operating income (loss)	3,358,000	178,000	9,603,000	4,044,000
Depreciation and amortization	(2,138,000)	(2,142,000)	(6,401,000)	(6,284,000)
Operating Segments | Industrial properties
Revenues:
Total revenues	29,261,000	7,027,000	61,260,000	20,415,000
Expenses
Operating expenses	7,169,000	1,641,000	15,960,000	5,003,000
Segment net operating income (loss)	22,092,000	5,386,000	45,300,000	15,412,000
Depreciation and amortization	(17,560,000)	(4,161,000)	(36,470,000)	(12,489,000)
Operating Segments | Office properties
Revenues:
Total revenues	29,378,000	28,054,000	91,735,000	68,880,000
Expenses
Operating expenses	10,223,000	9,644,000	32,352,000	23,059,000
Segment net operating income (loss)	19,155,000	18,410,000	59,383,000	45,821,000
Depreciation and amortization	(15,546,000)	(14,214,000)	(46,273,000)	(34,319,000)
Operating Segments | Medical office properties
Revenues:
Total revenues	3,625,000	3,984,000	11,097,000	9,860,000
Expenses
Operating expenses	1,664,000	1,444,000	4,720,000	3,354,000
Segment net operating income (loss)	1,961,000	2,540,000	6,377,000	6,506,000
Depreciation and amortization	(2,065,000)	(2,324,000)	(6,378,000)	(5,075,000)
Operating Segments | Investments in real estate debt
Expenses
Income (loss) from investments in real estate debt	19,268,000	11,068,000	37,898,000	(27,000)
Segment net operating income (loss)	19,268,000	11,068,000	37,898,000	(27,000)
Operating Segments | Other Property
Revenues:
Total revenues	317,000		317,000
Expenses
Operating expenses	26,000		26,000
Segment net operating income (loss)	291,000		291,000
Depreciation and amortization	(236,000)		(236,000)
Operating Segments | Rental Revenue | Multifamily Properties
Revenues:
Total revenues	89,742,000	32,891,000	202,402,000	87,666,000
Expenses
Operating expenses	40,032,000	13,186,000	86,839,000	33,457,000
Operating Segments | Rental Revenue | Industrial properties
Revenues:
Total revenues	29,261,000	7,027,000	61,260,000	20,415,000
Expenses
Operating expenses	7,169,000	1,641,000	15,960,000	5,003,000
Operating Segments | Rental Revenue | Office properties
Revenues:
Total revenues	29,272,000	28,005,000	91,505,000	68,777,000
Expenses
Operating expenses	10,223,000	9,644,000	32,352,000	23,059,000
Operating Segments | Rental Revenue | Medical office properties
Revenues:
Total revenues	3,615,000	3,973,000	11,066,000	9,830,000
Expenses
Operating expenses	1,664,000	1,444,000	4,720,000	3,354,000
Operating Segments | Rental Revenue | Other Property
Revenues:
Total revenues	317,000		317,000
Expenses
Operating expenses	26,000		26,000
Operating Segments | Hospitality Revenue | Hospitality Properties
Revenues:
Total revenues	9,364,000	4,420,000	24,817,000	17,134,000
Operating Segments | Other revenue | Multifamily Properties
Revenues:
Total revenues	654,000	531,000	1,872,000	1,376,000
Operating Segments | Other revenue | Hospitality Properties
Revenues:
Total revenues	94,000	13,000	260,000	91,000
Operating Segments | Other revenue | Office properties
Revenues:
Total revenues	106,000	49,000	230,000	103,000
Operating Segments | Other revenue | Medical office properties
Revenues:
Total revenues	10,000	11,000	31,000	30,000
Operating Segments | Hospitality Operating | Hospitality Properties
Expenses
Operating expenses	$ 5,653,000	$ 3,589,000	$ 15,026,000	$ 12,294,000