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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate    
Land $ 44,135 $ 38,741
Building and improvements 121,819 17,939
Furniture, fixtures and equipment 660
Intangible assets 8,530 9,172
Real estate under construction 262,656 291,130
Total real estate 437,800 356,982
Accumulated depreciation and amortization (3,642) (3,441)
Real estate, net 434,158 353,541
Cash and cash equivalents 24,740 20,125
Other assets 17,257 8,451
Total assets 476,155 382,117
Liabilities    
Debt, net 119,905 19,678
Short-term loan from affiliate 2,600 4,000
Lease liabilities 1,268 1,324
Accounts payable 19,153 12,584
Accrued expenses and other liabilities 10,542 9,097
Total liabilities 159,255 57,053
Commitments and contingencies (Note 11)
Members’ Capital    
Total members’ capital excluding noncontrolling interests 314,592 322,626
Noncontrolling interests 2,308 2,438
Total members’ capital 316,900 325,064
Total liabilities and members’ capital 476,155 382,117
Class A Units [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests 314,592 322,626
Class B Units [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Class M Units [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Related Party [Member]    
Liabilities    
Due to affiliates $ 5,787 $ 10,370