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Investments in Unconsolidated Real Estate - Summary of Investments In Unconsolidated Real Estate Entities (Details) $ in Thousands |  | 9 Months Ended |  |
--- | --- | --- | --- | ---
Oct. 17, 2024 USD ($) | Sep. 30, 2024 USD ($) unit | Jun. 21, 2024 | Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items] |  |  |  |
Units |  | 1,463 |  |
Investments in unconsolidated real estate entities | $ |  | $ 95,393 |  | $ 89,044
Metropolis at Innsbrook |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Number of units placed in service |  | 402 |  |
Required occupancy for call option |  | 90.00% |  |
Required occupancy to sell property |  |  | 85.00% |
Metropolis at Innsbrook | Richmond, VA |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Units |  | 402 |  |
IRT Ownership Interest |  | 84.80% |  |
Investments in unconsolidated real estate entities | $ |  | $ 21,081 |  | 18,028
Views of Music City / The Crockett | Nashville, TN |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Units |  | 408 |  |
IRT Ownership Interest |  | 50.00% |  |
Investments in unconsolidated real estate entities | $ |  | $ 11,846 |  | 11,632
Lakeline Station | Austin, TX |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Units |  | 378 |  |
IRT Ownership Interest |  | 90.00% |  |
Investments in unconsolidated real estate entities | $ |  | $ 33,794 |  | 32,126
The Mustang | Dallas, TX |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Units |  | 275 |  |
IRT Ownership Interest |  | 85.00% |  |
Investments in unconsolidated real estate entities | $ |  | $ 28,672 |  | $ 27,258
Views of Music City II |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Number of remaining units placed in service |  | 209 |  |
Crockett |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Number of remaining units placed in service |  | 199 |  |
Crockett | Subsequent Event |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |
Partners' capital account, return of capital | $ | $ 5,541 |  |  |
Preferred stock, redemption amount | $ | $ 2,964 |  |  |

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