Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 642,905	$ 298,423	$ 94,308
Expenses
Income from investments in real estate debt	45,156	7,206	10,158
(Loss) income from unconsolidated real estate ventures	(615)	(1,462)	175
Depreciation and amortization	(330,455)	(155,864)	(38,896)
General and administrative	(25,404)	(8,624)	(4,523)
Management fees	(62,237)	(19,423)	(5,469)
Performance participation allocation	(204,225)	(15,061)	(10,366)
Interest expense	(124,091)	(88,918)	(25,311)
Other income (expense), net	3,174	(1,293)	916
Net loss	(304,443)	(98,200)	(20,978)
Net loss attributable to non-controlling interests in consolidated joint ventures	434	1,300	152
Net loss attributable to stockholders	(302,251)	(96,258)	(20,826)
Operating Segments
Revenues:
Total revenues	642,905	298,423	94,308
Expenses
Operating expenses	248,651	113,184	41,970
Income from investments in real estate debt	45,156	7,206	10,158
(Loss) income from unconsolidated real estate ventures	(615)	(1,462)	175
Segment net operating income	438,795	190,983	62,671
Depreciation and amortization	(330,455)	(155,864)	(38,896)
General and administrative	(25,404)	(8,624)	(4,523)
Management fees	(62,237)	(19,423)	(5,469)
Performance participation allocation	(204,225)	(15,061)	(10,366)
Interest expense	(124,091)	(88,918)	(25,311)
Other income (expense), net	3,174	(1,293)	916
Net loss	(304,443)	(98,200)	(20,978)
Net loss attributable to non-controlling interests in consolidated joint ventures	434	1,300	152
Net loss attributable to non-controlling interests in Operating Partnership	1,758	642
Net loss attributable to stockholders	(302,251)	(96,258)	(20,826)
Operating Segments | Multifamily Properties
Revenues:
Total revenues	369,362	134,880	31,437
Expenses
Operating expenses	151,923	51,878	11,396
Segment net operating income	217,439	83,002	20,041
Depreciation and amortization	(189,084)	(73,365)	(17,520)
Operating Segments | Single-Family Rental Units
Revenues:
Total revenues	1,158
Expenses
Operating expenses	274
Segment net operating income	884
Depreciation and amortization	(2,311)
Operating Segments | Hospitality Properties
Revenues:
Total revenues	33,649	22,346
Expenses
Operating expenses	20,702	16,242
(Loss) income from unconsolidated real estate ventures	(615)	(1,462)
Segment net operating income	12,332	4,642
Depreciation and amortization	(8,543)	(8,403)
Operating Segments | Industrial properties
Revenues:
Total revenues	96,826	30,203	2,489
Expenses
Operating expenses	25,258	7,261	583
Segment net operating income	71,568	22,942	1,906
Depreciation and amortization	(58,002)	(18,323)	(1,570)
Operating Segments | Office properties
Revenues:
Total revenues	124,648	97,223	19,053
Expenses
Operating expenses	43,741	32,895	6,388
Segment net operating income	80,907	64,328	12,665
Depreciation and amortization	(61,953)	(48,477)	(11,312)
Operating Segments | Medical office properties
Revenues:
Total revenues	14,697	13,771	511
Expenses
Operating expenses	6,225	4,908	96
Segment net operating income	8,472	8,863	415
Depreciation and amortization	(8,437)	(7,296)	(255)
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	741
Expenses
Operating expenses	287
Segment net operating income	454
Depreciation and amortization	(429)
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt	45,156	7,206	10,158
Segment net operating income	45,156	7,206	10,158
Operating Segments | Other Properties
Revenues:
Total revenues	1,824
Expenses
Operating expenses	241
Segment net operating income	1,583
Depreciation and amortization	(1,696)
Operating Segments | Hotel Properties
Revenues:
Total revenues			40,818
Expenses
Operating expenses			23,507
(Loss) income from unconsolidated real estate ventures			175
Segment net operating income			17,486
Depreciation and amortization			(8,239)
Rental Revenue | Operating Segments
Revenues:
Total revenues	604,574	273,847	51,790
Expenses
Operating expenses	227,949	96,942	18,463
Rental Revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	365,052	132,835	29,768
Expenses
Operating expenses	151,923	51,878	11,396
Rental Revenue | Operating Segments | Single-Family Rental Units
Revenues:
Total revenues	1,158
Expenses
Operating expenses	274
Rental Revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	96,826	30,203	2,489
Expenses
Operating expenses	25,258	7,261	583
Rental Revenue | Operating Segments | Office properties
Revenues:
Total revenues	124,317	97,078	19,022
Expenses
Operating expenses	43,741	32,895	6,388
Rental Revenue | Operating Segments | Medical office properties
Revenues:
Total revenues	14,656	13,731	511
Expenses
Operating expenses	6,225	4,908	96
Rental Revenue | Operating Segments | Self-Storage Properties
Revenues:
Total revenues	741
Expenses
Operating expenses	287
Rental Revenue | Operating Segments | Other Properties
Revenues:
Total revenues	1,824
Expenses
Operating expenses	241
Hospitality revenue
Revenues:
Total revenues	33,301	22,200	40,559
Hospitality revenue | Operating Segments
Revenues:
Total revenues	33,301	22,200	40,559
Expenses
Operating expenses	20,702	16,242	23,507
Hospitality revenue | Operating Segments | Hospitality Properties
Revenues:
Total revenues	33,301	22,200
Expenses
Operating expenses	20,702	16,242
Hospitality revenue | Operating Segments | Hotel Properties
Revenues:
Total revenues			40,559
Expenses
Operating expenses			23,507
Other revenue
Revenues:
Total revenues	5,030	2,376	1,959
Other revenue | Operating Segments
Revenues:
Total revenues	5,030	2,376	1,959
Other revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	4,310	2,045	1,669
Other revenue | Operating Segments | Hospitality Properties
Revenues:
Total revenues	348	146
Other revenue | Operating Segments | Office properties
Revenues:
Total revenues	331	145	31
Other revenue | Operating Segments | Medical office properties
Revenues:
Total revenues	$ 41	$ 40
Other revenue | Operating Segments | Hotel Properties
Revenues:
Total revenues			$ 259