Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 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 nine months ended September 30, 2023, as well as any related amounts payable as of December 31, 2022 and September 30, 2023:

	Year Ended December 31, 2022						For the Nine Months Ended September 30, 2023
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses    (including organizational costs)	$	2,761,281	$	1,936,266	$	947,486	$	3,770,573	$	2,159,409	$	2,558,650
Asset management fees		1,348,314		1,370,458		—		2,378,167		1,904,915		473,252
Property management fees		551,493		559,698		—		857,452		670,127		187,325
Transfer Agent expenses		145,716		138,529		7,187		319,426		176,613		150,000
Acquisition expenses (1)		631,575		739,556		3,674		413,577		179,263		237,988
Capitalized
Acquisition related (2)		4,797,897		4,442,083		751,460		5,808,206		3,851,088		2,708,578
Additional Paid-in Capital
Offering costs		102,285		167,785		—		9,990		9,990		—
Total	$	10,338,561	$	9,354,375	$	1,709,807	$	13,557,391	$	8,951,405	$	6,315,793

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

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