Related Party Transactions (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2022 and 2023, as well as any related amounts payable, which are included in due to affiliates in the accompanying consolidated balance sheets as of December 31, 2022 and 2023:

	Year Ended December 31, 2022			Year Ended December 31, 2023
	Incurred	Paid	Payable	Incurred	Paid	Payable
Expensed
Operating expenses    (including organizational costs)	$2,761,281	$1,936,266	$947,486	$6,784,515	$3,586,399	$4,145,602
Asset management fees	1,348,314	1,370,458	—	3,420,040	2,767,112	652,928
Property management fees	551,493	559,698	—	1,243,056	982,355	260,701
Transfer Agent expenses	145,716	138,529	7,187	319,426	326,613	—
Acquisition expenses (1)	631,575	739,556	3,674	710,892	179,263	535,303
Capitalized
Acquisition related (2)	4,797,897	4,442,083	751,460	5,589,549	6,001,574	339,435
Additional Paid-in Capital
Offering costs	102,285	167,785	—	5,610	5,610	—
Total	$10,338,561	$9,354,375	$1,709,807	$18,073,088	$13,848,926	$5,933,969

(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.