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Related Party Transactions (Details) | 1 Months Ended | 3 Months Ended | 29 Months Ended |
--- | --- | --- | --- | ---
Mar. 31, 2021 USD ($) | Jan. 31, 2021 USD ($) | Nov. 30, 2019 USD ($) | Jun. 30, 2019 USD ($) apartment | Feb. 28, 2019 USD ($) | Oct. 31, 2018 USD ($) apartment | May 31, 2018 USD ($) apartment | Mar. 31, 2017 USD ($) unit | Mar. 31, 2021 USD ($) | Mar. 31, 2020 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Payments to acquire preferred equity investments |  |  |  |  |  |  |  |  | $ 49,974,000 | $ 21,905,000 |  |
Preferred return rate |  | 10.00% |  |  |  |  |  |  |  |  |  |
Commitment to fund preferred equity investment |  | $ 20,000,000.0 |  |  |  |  |  |  |  |  |  |
Co-investments | $ 962,625,000 |  |  |  |  |  |  |  | 962,625,000 |  |  | $ 1,018,010,000
Membership Interest In Sage At Cupertino |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Number of units acquired | unit |  |  |  |  |  |  |  | 230 |  |  |  |
Co-investments |  |  |  |  |  |  |  | $ 15,300,000 |  |  |  |
Investment interest acquired |  |  |  |  |  |  |  | 40.50% |  |  |  |
Contract price |  |  |  |  |  |  |  | $ 90,000,000.0 |  |  |  |
Encumbrance |  |  |  |  |  |  |  | $ 52,000,000.0 |  |  |  |
Affiliated Entity |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Management and other fees from affiliates |  |  |  |  |  |  |  |  | 2,200,000 | 3,100,000 |  |
Development and redevelopment fees |  |  |  |  |  |  |  |  | 0 | 400,000 |  |
Short-term loans outstanding and due from affiliates | 57,600,000 |  |  |  |  |  |  |  | 57,600,000 |  |  | $ 4,700,000
Affiliated Entity | Related party bridge loan - Wesco I |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Notes receivable | $ 52,500,000 |  |  |  |  |  |  |  | 52,500,000 |  |  |
Interest rate | 2.55% |  |  |  |  |  |  |  |  |  |  |
Affiliated Entity | Related party bridge loan - Wesco V |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Notes receivable |  |  | $ 85,500,000 |  |  |  |  |  |  |  |  |
Interest rate |  |  | 1.30% |  |  |  |  |  |  |  |  |
Chairman and founder | Multifamily development community in La Mesa, CA |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Payments to acquire preferred equity investments |  |  |  |  | $ 24,500,000 |  |  |  |  |  |  |
Preferred return rate |  |  |  |  | 11.00% |  |  |  |  |  |  |
Chairman and founder | Apartment home community development development in Burlingame, CA |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  |  |  |  |  | 268 |  |  |  |  |  |
Payments to acquire preferred equity investments |  |  |  |  |  | $ 18,600,000 |  |  |  |  |  |
Preferred return rate |  |  |  |  |  | 12.00% |  |  |  |  |  |
Chairman and founder | Marcus & Millichap Company (MMC) |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Brokerage commissions |  |  |  |  |  |  |  |  | $ 0 | $ 200,000 |  |
Chairman and founder | Marcus & Millichap Company (MMC) | Brio, Walnut Creek, CA |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  |  |  | 300 |  |  |  |  |  |  |  |
Payments to acquire real estate |  |  |  | $ 164,900,000 |  |  |  |  |  |  |  |
Debt assumed in connection with acquisition |  |  |  | $ 98,700,000 |  |  |  |  |  |  |  |
Chairman and founder | Marcus & Millichap Company (MMC) | Apartment home community in Ventura, CA |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  |  |  |  |  |  | 400 |  |  |  |  |
Preferred return rate |  |  |  |  |  |  | 10.25% |  |  |  |  |
Commitment to fund preferred equity investment |  |  |  |  |  |  | $ 26,500,000 |  |  |  |  |
Commitment funded amount |  |  |  |  |  |  |  |  |  |  | $ 23,400,000 |

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