Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

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 year ended December 31, 2022 and the three months ended March 31, 2023, as well as any related amounts payable as of December 31, 2022 and March 31, 2023:

	Year Ended December 31, 2022			Three Months Ended March 31, 2023
	Incurred	Paid	Payable	Incurred	Paid	Payable
Expensed
Operating expenses    (including organizational costs)	$2,761,281	$1,936,266	$947,486	$1,591,883	$13,221	$2,526,148
Asset management fees	1,348,314	1,370,458	—	592,122	592,122	—
Property management fees	551,493	559,698	—	231,222	231,222	—
Transfer Agent expenses	145,716	138,529	7,187	46,536	53,723	—
Acquisition expenses (1)	631,575	739,556	3,674	138,172	—	141,846
Capitalized
Acquisition related (2)	4,797,897	4,442,083	751,460	1,979,524	—	2,730,984
Additional Paid-in Capital
Offering costs	102,285	167,785	—	3,180	3,180	—
Total	$10,338,561	$9,354,375	$1,709,807	$4,582,639	$893,468	$5,398,978

(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.