Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (13,778,000)	$ (4,444,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	638,000	100
Performance participation interest - related party	5,729,000	2,237,000
Income from unconsolidated entities, net	(8,464,000)	(1,686,000)
Depreciation and amortization	32,247,000	4,979,000
Share-based compensation	57,000	58,000
Straight-line rents	(1,056,000)	(412,000)
Amortization of below-market lease intangibles	(259,000)	(146,000)
Amortization of above-market lease intangibles	121,000	0
Amortization of deferred financing costs	1,035,000	495,000
Unrealized loss on real estate-related securities, net	2,796,000	(3,000)
Unrealized gain on derivative instruments	(7,017,000)	0
Distributions of earnings from investments in unconsolidated entities	6,212,000	701,000
Other operating activities	633,000	51,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	2,612,000	(786,000)
Increase in due to affiliates	1,763,000	3,380,000
Increase in accounts payable, accrued expenses and other liabilities	3,222,000	530,000
Net cash provided by operating activities	26,491,000	4,954,000
Cash flows from investing activities:
Investments in unconsolidated entities	(9,633,000)	(13,806,000)
Origination of commercial loan	(21,800,000)	0
Acquisitions of real estate	(367,220,000)	(237,848,000)
Capital improvements to real estate	(806,000)	(2,923,000)
Purchase of real estate-related securities	(14,813,000)	(5,909,000)
Proceeds from sale of real estate-related securities	285,000	2,222,000
Distributions of capital from investments in unconsolidated entities	0	4,580,000
Net cash used in investing activities	(413,987,000)	(253,684,000)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	99,200,000	123,475,000
Repurchase of redeemable common stock	(4,795,000)	(22,000,000)
Proceeds from issuance of common stock	83,621,000	37,303,000
Repayments of secured financings of investments in real estate debt	(38,000)	0
Repurchase of common stock	(9,200,000)	0
Subscriptions received in advance	6,970,000	0
Proceeds from revolving credit facility	177,000,000	133,500,000
Repayment of revolving credit facility	(164,000,000)	(111,700,000)
Borrowings from mortgages payable	215,032,000	98,000,000
Purchase of derivative instruments	(2,196,000)	0
Payment of deferred financing costs	(2,987,000)	(2,003,000)
Common stock and INREIT OP unit distributions	(17,843,000)	(7,163,000)
Preferred stock dividends	(6,000)	(4,000)
Sale of interest to non-controlling interest	22,462,000	0
Contributions from non-controlling interests	5,861,000	1,127,000
Distributions to non-controlling interests	(931,000)	0
Net cash provided by financing activities	408,150,000	250,535,000
Net change in cash and cash equivalents and restricted cash	20,654,000	1,805,000
Cash and cash equivalents and restricted cash, beginning of period	15,499,000	3,718,000
Cash and cash equivalents and restricted cash, end of period	36,153,000	5,523,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	25,992,000	4,581,000
Restricted cash	10,161,000	942,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	36,153,000	5,523,000
Supplemental disclosures:
Interest paid	7,803,000	1,046,000
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	1,092,000	526,000
Issuance of Class E OP Units	3,280,000	0
Issuance of Class E shares for payment of management fees	408,000	0
Issuance of Class E OP Units to non-controlling interests	0	4,000
Accrued capital expenditures	466,000	85,000
Accrued preferred dividends	0	2,000
Distributions payable	2,124,000	996,000
Distribution reinvestment	370,000	60,000
Accrued offering costs due to affiliates	1,422,000	3,105,000
Adjustment to carrying value of redeemable equity instruments	$ 24,673,000	$ 18,925,000