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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate    
Land $ 51,038 $ 38,741
Building and improvements 238,684 17,939
Furniture, fixtures and equipment 2,633
Intangible assets 8,530 9,172
Real estate under construction 191,308 291,130
Total real estate 492,193 356,982
Accumulated depreciation and amortization (6,917) (3,441)
Real estate, net 485,276 353,541
Cash and cash equivalents 24,737 20,125
Other assets 7,578 8,451
Total assets 517,591 382,117
Liabilities    
Debt, net 177,017 19,678
Loan from affiliate 2,600 4,000
Due to affiliates 9,103 10,370
Lease liabilities 1,225 1,324
Accounts payable 13,322 12,584
Accrued expenses and other liabilities 10,267 9,097
Total liabilities 213,534 57,053
Commitments and contingencies
Members’ Capital    
Total members’ capital excluding noncontrolling interests 301,776 322,626
Noncontrolling interests 2,281 2,438
Total members’ capital 304,057 325,064
Total liabilities and members’ capital 517,591 382,117
Common Class A [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests 301,776 322,626
Common Class B [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Common Class M [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Related Party [Member]    
Liabilities    
Due to affiliates $ 9,103 $ 10,370