Equity (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Schedule of shares issued and gross proceeds for each class

The following table summarizes shares issued and gross proceeds for each share class as of June 30, 2016:

	Class A		Class T		Class I
Gross proceeds from Primary Offering	$	240,779,591	$	254,432,084	$	1,687,253
Gross proceeds from DRP	$	8,332,713	$	2,194,361	$	2,672
Shares issued in Primary Offering	24,199,759		25,466,500		181,430
DRP shares issued	877,128		230,985		281
Stock distribution shares issued	108,229		35,948		47
Total	25,185,116		25,733,433		181,758

Organizational and Offering Costs Incurred

Organizational and offering costs incurred as of June 30, 2016 and December 31, 2015, including those incurred by the Company and due to the Advisor, for the Offering are as follows:

	June 30, 2016			December 31, 2015
Cumulative offering costs	$	52,856,674		$	28,668,982
Cumulative organizational costs	$	668,181		$	517,841
Organizational and offering costs advanced by the Advisor, excluding Contingent Advisor Payment Holdback	$	3,418,892		$	3,534,806
Less payments	(3,418,892		)	(3,073,206		)
Net organizational and offering costs advanced by the Advisor, excluding Contingent Advisor Payment Holdback(1)	$	—		$	461,600
Advisor Advances:
Organizational and offering costs advanced by the Advisor	1,829,273			382,314
Dealer Manager fees advanced by the Advisor	4,927,374			764,628
Net organizational and offering costs and Dealer Manager fees advanced by the Advisor	$	6,756,647		$	1,608,542

(1)See Note 9, Related Party Transactions, for discussion on Contingent Advisor Payment Holdback

Share redemption price

The redemption price per share is expected to be the redemption rate set forth in the following table which is based upon the number of years the stock is held:

Number Years Held	Redemption Price per Share
Less than 1 year	No Redemption Allowed
After one year from the purchase date	90.0% of the Redemption Amount (as defined below)
After two years from the purchase date	95.0% of the Redemption Amount
After three years from the purchase date	97.5% of the Redemption Amount
After four years from the purchase date	100.0% of the Redemption Amount