Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (8,401)	$ (3,326)	$ 0
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee – related party	28	0	0
Performance participation interest – related party	3,280	0	0
Income (loss) from unconsolidated entities, net	(3,148)	120	0
Depreciation and amortization	10,457	37	0
Share-based compensation	78	129	0
Straight-line rents	(517)	(11)	0
Amortization of below-market lease intangibles	(195)	0	0
Amortization of above-market lease intangibles	26	0	0
Amortization of deferred financing costs	700	165	0
Unrealized loss (gain) on real estate-related securities, net	168	(5)	0
Distributions of earnings from investments in unconsolidated entities	1,830	0	0
Other operating activities	68	0	0
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(351)	(60)	0
Increase in due to affiliates	4,503	3,433	0
Increase in accounts payable, accrued expenses and other liabilities	1,078	78	0
Net cash provided by operating activities	9,604	560	0
Cash flows from investing activities:
Acquisitions of real estate	(401,106)	(66,718)	0
Investments in unconsolidated entities	(29,630)	(90,233)	0
Pre-acquisition deposits	(3,390)	0	0
Capital improvements to real estate	(2,758)	0	0
Purchase of real estate-related securities	(14,079)	(873)	0
Proceeds from sale of real estate-related securities	2,864	0	0
Distributions of capital from investments in unconsolidated entities	4,948	829	0
Net cash used in investing activities	(443,151)	(156,995)	0
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	187,475	84,052	0
Repurchase of redeemable common stock	(70,000)	0	0
Proceeds from issuance of common stock	111,986	9,025	200
Proceeds from issuance of preferred stock, net of offering costs	0	41	0
Subscriptions received in advance	250	0	0
Proceeds from revolving credit facility	135,500	67,700	0
Repayment of revolving credit facility	(127,700)	0	0
Borrowings from mortgages payable	163,500	0	0
Borrowing from financing obligation	54,000	0	0
Payment of deferred financing costs	(3,138)	(605)	0
Contributions from non-controlling interests	4,127	0	0
Distributions to non-controlling interests	(31)	0	0
Preferred stock dividends	(8)	(1)	0
Common stock distributions	(10,633)	(259)	0
Net cash provided by financing activities	445,328	159,953	200
Net change in cash and cash equivalents and restricted cash	11,781	3,518	200
Cash and cash equivalents and restricted cash, beginning of period	3,718	200	0
Cash and cash equivalents and restricted cash, end of period	15,499	3,718	200
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	13,754	2,968	200
Restricted cash	1,745	750	0
Total cash and cash equivalents and restricted cash	15,499	3,718	200
Supplemental disclosures:
Interest paid	1,743	50	0
Non-cash investing and financing activities:
Unsettled trade payable	904	0	0
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	1,042	57	0
Accrued capital expenditures	492	0	0
Distributions payable	1,440	503	0
Accrued offering costs due to affiliates	3,313	931	0
Distribution reinvestment	107	0	0
Adjustment to carrying value of redeemable common stock	$ 24,137	$ 0	$ 0