v3.8.0.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Related Party Transaction [Line Items]      
Due from Related Parties $ 209,876   $ 34,194
Due to Affiliates 493,915   907,377
Due from Related Parties, Current 209,876   34,194
Asset Management Fees [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties 401,315 $ 111,298  
Due from Related Parties [1] 0   0
Due to Affiliates [1] 460,389   567,661
Fees to affiliates [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties 401,315 111,298  
Due from Related Parties 0   0
Due to Affiliates 0   0
Reimbursable organizational and offering expenses [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties [2] 430,244 608,130  
Due from Related Parties [2] 0   0
Due to Affiliates [2] 16,892   15,945
Expense reimbursements from Sponsor [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties [3] (359,514) (688,026)  
Due from Related Parties [3] 209,876   34,194
Due to Affiliates [3] 0   0
Waiver of Assets Management Fees [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties [1] 0 (27,824)  
Due from Related Parties [1] 0   0
Due to Affiliates [1] 0   0
Capitalized Acquisition Fees [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties 456,000 600,600  
Due from Related Parties 0   0
Due to Affiliates 0   0
Subordinated participation fees [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties [1] 0 0  
Due from Related Parties   0
Due to Affiliates 0   315,802
Property management fees [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties [4] 12,939 0  
Due from Related Parties [4] 0   0
Due to Affiliates [4] 0   7,969
Capitalized Financing coordination fees [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties 209,550 87,450  
Due from Related Parties 0   0
Due to Affiliates 0   0
Director and Officer Insurance Reimbursements [Member]      
Related Party Transaction [Line Items]      
Expenses incurred To Related Parties [5] 16,634 $ 0  
Due from Related Parties [5] 0   0
Due to Affiliates [5] $ 16,634   $ 0
[1] To the extent the Advisor elects, in its sole discretion, to defer all or any portion of its monthly asset management fee, the Advisor will be deemed to have waived, not deferred, that portion up to 0.025% of the total investment value of the Company’s assets. For the three months ended March 31, 2018 and 2017, the Advisor waived $0 and $27,824, respectively, of asset management fees, which are not subject to future recoupment by the Advisor. In addition to amounts presented in this table, the Company also incurred asset management fees to the Advisor of $47,984 related to its TIC interest in the Santa Clara property during the three months ended March 31, 2018 which amount is reflected as a reduction of income recognized from investments in unconsolidated entities.
[2] As of March 31, 2018, the Sponsor had incurred $7,250,015 of organizational and offering costs on behalf of the Company. However, the Company is only obligated to reimburse the Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds.
[3] The Company records payroll costs related to Company employees that answer questions from prospective stockholders. The Sponsor has agreed to reimburse the Company for these investor relations payroll costs which the Sponsor considers to be offering expenses in accordance with the Advisory Agreement. The expense reimbursements from the Sponsor for the three months ended March 31, 2018 included $48,422 of employment related legal fees which the Sponsor also agreed to reimburse the Company. The receivables related to these costs are reflected in “Due from affiliates” in the condensed consolidated balance sheets.
[4] Property management fees are classified within property operating expenses on the condensed consolidated statements of operations.
[5] Directors and officers insurance reimbursements are classified within general and administrative expenses on the condensed consolidated statements of operations.