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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (23,856) $ (14,362)
Adjustments to net loss:    
Amortization of rent-related intangibles and straight-line rent adjustments (2) (820)
Depreciation and amortization including intangible assets and deferred financing costs 5,514 2,067
Impairment of real estate 777 4,060
Unrealized loss on interest rate derivatives, net 225 66
Changes in operating assets and liabilities:    
Increase in due to affiliates 2,513 1,896
Increase in other assets (223) (228)
(Decrease) increase in accounts payable (248) 479
Increase (decrease) in accrued expenses and other liabilities 1,611 (103)
Net cash used in operating activities (13,689) (6,945)
Cash flows from investing activities    
Development of real estate (137,845) (139,733)
Other investing activity (244) (200)
Acquisition of real estate (5,190)
Net cash used in investing activities (138,089) (145,123)
Cash flows from financing activities    
Proceeds from construction loans 102,767 21,874
Proceeds from term loans 55,755
Repayment of loan from affiliate (4,000) (1,500)
Payment of debt issuance costs (3,143) (2,618)
Proceeds from units issued 3,061 7,932
Proceeds from loan from affiliate 2,600 5,500
Distribution to noncontrolling interests (247) (24)
Other financing activities, net 226 (96)
Contributions from noncontrolling interests 52 216
Payment of offering costs (47) (373)
Payment of financing deposits (225)
Net cash provided by financing activities 157,024 30,686
Net increase (decrease) in cash cash equivalents and restricted cash 5,246 (121,382)
Cash and cash equivalents and restricted cash, beginning of year 23,585 144,967
Cash and cash equivalents and restricted cash, end of year $ 28,831 $ 23,585