Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Summary of Related Party Costs

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2021 and 2022, as well as any related amounts payable, which are included in due to affiliates in the accompanying consolidated balance sheets as of December 31, 2021 and 2022:

	Year Ended December 31, 2021			Year Ended December 31, 2022
	Incurred	Paid	Payable	Incurred	Paid	Payable
Expensed
Operating expenses    (including organizational costs)	$1,120,374	$997,903	$122,471	$2,761,281	$1,936,266	$947,486
Asset management fees	178,282	156,138	22,144	1,348,314	1,370,458	—
Property management fees	96,505	88,300	8,205	551,493	559,698	—
Transfer Agent expenses	42,949	42,949	—	145,716	138,529	7,187
Acquisition expenses (1)	662,957	551,302	111,655	631,575	739,556	3,674
Capitalized
Acquisition related (2)	1,442,319	1,046,673	395,646	4,797,897	4,442,083	751,460
Additional Paid-in Capital
Offering costs	501,712	436,212	65,500	102,285	167,785	—
Total	$4,045,098	$3,319,477	$725,621	$10,338,561	$9,354,375	$1,709,807

(1)Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company.

Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company.