Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate
Land	$ 63,116	$ 51,038
Building and improvements	410,263	238,684
Furniture, fixtures and equipment	7,700	2,633
Intangible assets	8,197	8,530
Real estate under construction	57,838	191,308
Total real estate	547,114	492,193
Accumulated depreciation and amortization	(15,234)	(6,917)
Real estate, net	531,880	485,276
Cash and cash equivalents	24,342	24,737
Other assets	7,974	7,578
Total assets	564,196	517,591
Liabilities
Debt, net	260,638	177,017
Loan from affiliate		2,600
Due to affiliates	9,366	9,103
Intangible liabilities, net	1,127	1,225
Accounts payable	12,383	13,322
Accrued expenses and other liabilities	5,467	10,267
Total liabilities	288,981	213,534
Commitments and contingencies
Members’ Capital
Total members’ capital excluding noncontrolling interests	272,958	301,776
Noncontrolling interests	2,257	2,281
Total members’ capital	275,215	304,057
Total liabilities and members’ capital	564,196	517,591
Common Class A [Member]
Members’ Capital
Total members’ capital excluding noncontrolling interests	272,958	301,776
Common Class B [Member]
Members’ Capital
Total members’ capital excluding noncontrolling interests
Common Class M [Member]
Members’ Capital
Total members’ capital excluding noncontrolling interests
Related Party [Member]
Liabilities
Due to affiliates	$ 9,366	$ 9,103