Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

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, 2023 and 2024, as well as any related amounts payable, which are included in due to affiliates in the accompanying consolidated balance sheets as of December 31, 2023 and 2024:

	Year Ended December 31, 2023			Year Ended December 31, 2024
	Incurred	Paid	Payable	Incurred	Paid	Payable
Expensed
Operating expenses    (including organizational costs)	$6,784,515	$3,586,399	$4,145,602	$12,220,370	$7,066,191	$9,299,781
Asset management fees	3,420,040	2,767,112	652,928	4,253,616	2,458,196	2,448,348
Property management fees	1,243,056	982,355	260,701	1,688,524	798,536	1,150,689
Transfer Agent expenses	319,426	326,613	—	—	—	—
Acquisition expenses (1)	710,892	179,263	535,303	589,216	146,146	978,373
Capitalized
Acquisition related (2)	5,589,549	6,001,574	339,435	113,259	452,694	—
Additional Paid-in Capital
Offering costs	5,610	5,610	—	—	—	—
Total	$18,073,088	$13,848,926	$5,933,969	$18,864,985	$10,921,763	$13,877,191

(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.