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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation, State or Country Code</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsidiary, Sale of Stock [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StraightLineRentAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Straight line rent amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StraightLineRentAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Straight line rent amortization.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StraightLineRentAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Straight line rent amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Exchange of shares</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares, Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskBoardOfDirectorsOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board of Directors Oversight [Text Block]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite Lived Intangible Liabilities Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissionsAlternativePresentationForBanksAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Alternative Presentation for Banks [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Class [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Table]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIiSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class A-II Shares</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SettlementOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Settlement of performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SettlementOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Settlement of performance participation allocation</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanHMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan h multifamily northeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanHMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan H Data Multifamily/Northeast</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Line Items]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_Follow-OnPublicOfferingSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Follow-on public offering shares authorized.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Redeemable Noncontrolling Interest, Equity, Fair Value, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at end of year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdvancedOrganizationAndOfferingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Advanced organization and offering expense.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdvancedOrganizationAndOfferingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advanced organization and offering expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CayceRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">4553 Cayce Road</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CayceRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Cayce road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total liabilities and equity</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Three</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">2028</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanMDataCenterSouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan m data center southwest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanMDataCenterSouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan M Data Center Southwest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Lived Tangible Asset [Axis]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSoldAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cost of Product and Service Sold [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSoldAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Segment Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Property, Ownership [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RetailPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retail Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RetailPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retail Properties [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RetailPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Retail properties.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InterestReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Interest receivable, member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InterestReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Receivable [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InterestReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccountingPoliciesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Policies [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccountingPoliciesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accounting policies.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassEUnitsOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class E Operating Partnership Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassEUnitsOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class E Units Operating Partnership units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassEUnitsOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class E units operating partnership units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Remaining Amortization Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization period for intangibles of property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ExtinguishmentOfDebtAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Extinguishment of Debt, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ExtinguishmentOfDebtAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayment of outstanding borrowings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Third Party Engaged [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ColumbusOhMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Columbus OH [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ColumbusOhMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Columbus OH.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfPropertiesAcquiredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Summary of properties acquired.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfPropertiesAcquiredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Properties Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SegmentGeographicalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Geographical [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Numerator:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Available to Common Stockholders, Basic [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherAdditions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions during the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherAdditions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Addition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RepaymentOfMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayments on mortgage loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RepaymentOfMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayment of Mortgage Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RepaymentOfMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Repayment of mortgage loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoEightSixFiveCharterStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2865 Charter Street</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoEightSixFiveCharterStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Two Eight Six Five Charter Street [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoEightSixFiveCharterStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">2865 Charter Street.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional paid-in capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid in Capital, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashChangeInLoanProceedsHeldByServicerForRepaymentOfCommericalMortgageLoan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Non Cash Change In Loan Proceeds Held By Servicer For Repayment Of Commerical Mortgage Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashChangeInLoanProceedsHeldByServicerForRepaymentOfCommericalMortgageLoan_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Non-cash change in loan proceeds held by servicer for repayment of commercial mortgage loan.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashChangeInLoanProceedsHeldByServicerForRepaymentOfCommericalMortgageLoan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Change in loan proceeds held by servicer for repayment of commercial mortgage loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred financing cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Issuance Costs, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Debt Issuance Costs, Net, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Less: Unamortized deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: Unamortized deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanFMultifamilyWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan F Multifamily/West</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanFMultifamilyWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan F Multifamily West [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanFMultifamilyWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan f multifamily west.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution reinvestments, value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Value, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Significant Accounting Policies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Significant Accounting Policies [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Borrowings from secured debt arrangements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanKMultifamilySouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan K Multifamily Southwest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanKMultifamilySouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan K Multifamily Southwest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanKMultifamilySouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan k multifamily southwest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage loan, maturity date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Maturity Date, Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ScheduleOfMortgageLoansOnRealEstateTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Mortgage Loans on Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ScheduleOfMortgageLoansOnRealEstateTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Mortgage Loans On Real Estate [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ScheduleOfMortgageLoansOnRealEstateTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Schedule of mortgage loans on real estate.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FurnitureAndFixturesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Furniture and Fixtures, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FurnitureAndFixturesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Furniture, fixtures and equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockIssuedDuringPeriodSharesIssuedForPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares Issued For Performance Participation Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockIssuedDuringPeriodSharesIssuedForPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock issued during period shares issued for performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockIssuedDuringPeriodSharesIssuedForPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares issued as payment for satisfaction of performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockIssuedDuringPeriodSharesIssuedForPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Shares issued as payment for performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Preferred Stock and Preference Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of preferred equity by subsidiary REITs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Earnings Per Share, Basic, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income per share of common stock - basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income per share of common stock, basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WilmingtonMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Wilmington, Massachusetts [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WilmingtonMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Wilmington, Massachusetts.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WilmingtonMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Wilmington, Massachusetts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayments on mortgage loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repayments of secured debt arrangements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SoutheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Southeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SoutheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Southeast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SoutheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Southeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Lease Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable lease payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Lease Revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Rental revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentAcquisitionDepositMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Acquisition Deposit [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentAcquisitionDepositMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investment acquisition deposit.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentAcquisitionDepositMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment Acquisition Deposit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MultifamilyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MultifamilyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dispositions during the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFSFDAndFISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-S, F-D and F-I Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFSFDAndFISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class F S F D And F I Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFSFDAndFISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class F-S, F-D and F-I shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncentiveFeeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncentiveFeeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Incentive Fee Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class E Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock - Class E Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class E.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class E</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingQuarter_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Covenants Percentage Of net Asset Value Decline From Preceding Quarter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingQuarter_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument, covenants percentage of net asset value decline from preceding quarter.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingQuarter_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, covenants percentage of NAV decline from preceding quarter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Other member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FixturesAndEquipmentGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fixtures and Equipment, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FixturesAndEquipmentGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Furniture, fixtures and equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Debt Issuance Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidationItemsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation Items [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Parent [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Small Business</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSDAndISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class S, D and I Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSDAndISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class S D And I Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSDAndISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class S, D and I shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanBIndustrialVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subordinate Loans Individually Greater Than3 Percentage Loan B Industrial/Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanBIndustrialVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Subordinate loans individually greater than3 percentage loan b industrial/various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanBIndustrialVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subordinate loans individually &gt;3% Loan B Hotel Industrial/Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNon-ControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable non-controlling interest issuance of units of operating partnership for payment of management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNon-ControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable non-controlling interest issuance of units of operating partnership for payment of management fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNon-ControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings (Accumulated Deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Retained Earnings (Accumulated Deficit), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retained earnings (accumulated deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProductionStudioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Production Studio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProductionStudioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Production Studio [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProductionStudioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Production studio.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Well-known Seasoned Issuer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred non-voting shares outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Value, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShepherdRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shepherd Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShepherdRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Shepherd road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShepherdRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">1551 Shepherd Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share Based Payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NorthEastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">North East [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NorthEastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Northeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NorthEastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">North East.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leases [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IndustrialPropertyInColumbusOhioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Industrial property in Columbus, Ohio, member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IndustrialPropertyInColumbusOhioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Industrial Property in Columbus, Ohio [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IndustrialPropertyInColumbusOhioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industrial Property in Columbus, Ohio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_JohnRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">John Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_JohnRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">John road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_JohnRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">100 John Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class S.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class S</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class S Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock - Class S Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Non Controlling Interest Issuance of Units of Operating Partnership for Payment of Management Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable non controlling interest issuance of units of operating partnership for payment of management fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Non Controlling Interest Issuance of Units for Payment of Performance Participation Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable non controlling interest issuance of units for payment of performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ImpairmentOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Impairment on real estate investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ImpairmentOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Impairment of Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MaturitiesOfLongTermDebtAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maturities of Long-Term Debt [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductsAndServicesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Product and Service [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIiiSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class A-III Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIiiSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class A-III Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIiiSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class A-III Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIiiSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class A-III</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per Share of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Liabilities and Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities and Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by operating activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Operating Activity, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingCodmProfitLossMeasureHowUsedDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NewtonNorthCarolinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Newton, North Carolina</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NewtonNorthCarolinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Newton, North Carolina [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NewtonNorthCarolinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Newton, North Carolina.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Role of Management [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Less than 1 year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfPosition_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Position</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfPosition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of position.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIAndFISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class I and F-I Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIAndFISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class I And F I Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIAndFISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class I and F-I shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of discount/premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Debt Discount (Premium)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage notes, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Secured Debt, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured Debt Arrangements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ParcWestboroughMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Parc Westborough</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ParcWestboroughMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Parc Westborough [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ParcWestboroughMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Parc Westborough.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ParcWestboroughMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Parc Westborough [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy and NAV [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Taxes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Tax, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanKDataCenterWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan k data center west.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments in real estate debt policy text block.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position Location, Balance [Axis]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ManagementFeeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management fee</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanOHotelNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan O Hotel Northeast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanOHotelNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan o hotel northeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanOHotelNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan O Hotel Northeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Investment in real estate, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CIK</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Depreciation expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateIntangiblesNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate intangibles, net, member.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilySouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan L Multifamily Southwest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilySouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan l multifamily southwest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilySouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan L Multifamily/Southwest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Non Controlling Interest Issuance of Units of Operating Partnership for Payment of Performance Participation Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable non controlling interest issuance of units of operating partnership for payment of performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_McDonoughGeorgiaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">McDonough, Georgia.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Approach and Technique [Axis]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net change in cash, cash equivalents and restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Less Than 3 Percentage First Mortgage Life Sciences Northeast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually less than 3 percentage first mortgage life sciences northeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually less than 3% First Mortgage Life Sciences/Northeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Land and Land Improvements, Total</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and land improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TollesonArizonaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tolleson, Arizona</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TollesonArizonaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tolleson, Arizona.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneOneOneEamesStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">111 Eames Street.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumDealerManagerFeesAsPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum dealer manager fees as percentage of transaction price</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contractual Interest Rate</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PinesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">16000 Pines [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PinesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">16000 Pines.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoThousandAndTwentyTwoEquityIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2022 Equity Incentive Plan</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoThousandAndTwentyTwoEquityIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">2022 Equity Incentive Plan.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanBSelfStorageVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan B Self Storage Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanBSelfStorageVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan B Self-Storage/Various</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonStockTransferred_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Transferred</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonStockTransferred_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common stock transferred.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OperatingLeaseIncomeUncollectableAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount of rental revenue deemed uncollectible</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Effect of dilutive unvested restricted Class E shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Realized Investment Gains (Losses)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Realized Investment Gains (Losses), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Realized gain on investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Realized gains on investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Parent [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Stockholders' Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Financial Statement Error Correction [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeeAsPercentageOfNetAssetValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholder servicing fee as percentage of NAV</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeeAsPercentageOfNetAssetValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stockholder Servicing Fee As Percentage Of Net Asset Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeeAsPercentageOfNetAssetValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stockholder servicing fee as percentage of net asset value.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WestboroughMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Westborough, Massachusetts [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WestboroughMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Westborough, Massachusetts.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WestboroughMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Westborough, Massachusetts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountContributions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contributions from non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountContributions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Partners' Capital Account, Contributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instruments [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedStockholderServicingFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued stockholder servicing fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedStockholderServicingFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Stockholder Servicing Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedStockholderServicingFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued stockholder servicing fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Supplemental Cash Flow Elements [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Finite lived intangible liabilities gross.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite Lived Intangible Liabilities Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesGross_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Intangible liabilities gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtArrangementsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt Arrangements, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtArrangementsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Secured debt arrangements, net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtArrangementsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured debt arrangements, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtArrangementsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total secured debt arrangements, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnfundedCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Unfunded commitments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnfundedCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unfunded Commitments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnfundedCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unfunded commitments related to investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Long-Term Debt Instruments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocationAccrued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance participation allocation accrued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocationAccrued_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Performance participation allocation accrued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WNC10HwyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">3707 W NC 10 Hwy</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WNC10HwyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">W NC 10 Hwy [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WNC10HwyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">W NC 10 Hwy.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableOtherCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable, Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableOtherCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableOtherCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Other liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Outstanding, ending balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Outstanding, beginning balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeeEarnedOnOperatingPartnershipUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Management fee earned on operating partnership units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeeEarnedOnOperatingPartnershipUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management fee earned on operating partnership units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsGross_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: Unamortized deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Issuance Costs, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, shares outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Preferred Stock, Shares Outstanding, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Preferred Stock, Shares Outstanding, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StatementGeographicalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Geographical [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConversionOfStockSharesConverted1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Conversion of Stock, Shares Converted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConversionOfStockSharesConverted1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares exchanged</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">VIE ownership percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashDistributionReinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution reinvestments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashDistributionReinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Non Cash Distribution Reinvestment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashDistributionReinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Non cash distribution reinvestment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProfitOrLossExcludingRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Profit Or Loss Excluding Redeemable Non-controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProfitOrLossExcludingRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Profit or loss excluding redeemable non-controlling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProfitOrLossExcludingRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfPurchasePriceAllocationForPropertyAcquiredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Summary of purchase price allocation for property acquired table text block.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfPurchasePriceAllocationForPropertyAcquiredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Summary of Purchase Price Allocation for Property Acquired [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfPurchasePriceAllocationForPropertyAcquiredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Purchase Price Allocation for Property Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BarclaysRepurchaseFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Barclays Repurchase Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BarclaysRepurchaseFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Barclays Repurchase Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BarclaysRepurchaseFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Barclays repurchase facility.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDAndFDSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class D and F-D Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDAndFDSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class D And F D Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDAndFDSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class D and F-D shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt arrangements and mortgage note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IncomeLossFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Income loss from investments in real estate debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IncomeLossFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Loss From Investments In Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IncomeLossFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income from investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments In Real Estate Debt At Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Begininning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments in real estate debt at fair value.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in real estate debt, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBrookeAtRockyPointMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The Brooke at Rocky Point</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBrookeAtRockyPointMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The Brooke at Rocky Point [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBrookeAtRockyPointMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The Brooke at Rocky Point.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBrookeAtRockyPointMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">The Brooke at Rocky Point [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DataCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Data Center</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DataCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Data Center [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DataCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Data center.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumSellingCommissionsDealerManagerFeesAndStockholderServicingFeesAsPercentageOfGrossProceedsFromSaleOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumSellingCommissionsDealerManagerFeesAndStockholderServicingFeesAsPercentageOfGrossProceedsFromSaleOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum Selling Commissions Dealer Manager Fees And Stockholder Servicing Fees As Percentage Of Gross Proceeds From Sale Of Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumSellingCommissionsDealerManagerFeesAndStockholderServicingFeesAsPercentageOfGrossProceedsFromSaleOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum selling commissions dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandBuildingsAndImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Land, Buildings and Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandBuildingsAndImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and land Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment for Acquisition, Loan, Held-for-Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of investment acquisition deposit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TenantImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tenant Improvements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Value, Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at December 31, 2025 and December 31, 2024, and none issued and outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Minimum [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Minimum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to redeemable non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Allocation to redeemable non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Allocation to redeemable non-controlling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Allocation adjustment between Additional paid-in capital and Redeemable Non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MixedUseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mixed Use [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MixedUseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mixed use.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MixedUseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mixed Use</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationAndOfferingExpensesPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Offering Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationAndOfferingExpensesPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization and Offering Expenses Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationAndOfferingExpensesPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization and offering expenses policy.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan L Multifamily Northeast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan l multifamily northeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan L Multifamily Northeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class I</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock - Class I Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class I [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class I.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investments, Net [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 3 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Level 3</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedRepurchasesOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Repurchases of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedRepurchasesOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued repurchases of common stock.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedRepurchasesOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued repurchases of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeePerShareOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stockholder servicing fee per share of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeePerShareOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stockholder servicing fee per share of common stock.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeePerShareOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholder servicing fee per share of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unrealized Gain (Loss) on Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Unrealized gain (loss) on investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrealized gain/(loss) on investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Assets Measured on Recurring Basis [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Assets Measured at Fair Value on a Recurring Basis</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstatePropertiesType_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate properties type.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstatePropertiesType_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Properties Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstatePropertiesType_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ReimbursementPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reimbursement period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ReimbursementPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reimbursement Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ReimbursementPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reimbursement period.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel">Balance at the end of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated depreciation related to furniture, fixtures and equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel">Balance at the beginning of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Undiscounted Future Minimum Rents Company Expects to Receive for its Industrial Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually less than 3 percentage First Mortgage Life Sciences/Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Less Than 3 Percentage First Mortgage Life Sciences/Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually less than 3 percentage first mortgage life sciences/various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning Balance, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneFourFiveZeroSLoopRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">1450 S Loop Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneFourFiveZeroSLoopRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">One Four Five Zero S Loop Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneFourFiveZeroSLoopRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">1450 S Loop Road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DeferredFinancingCostsNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred Financing Costs, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DeferredFinancingCostsNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Financing Costs Net [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DeferredFinancingCostsNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Deferred financing costs net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InPlaceLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">In-place lease intangibles member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InPlaceLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">In-Place Lease Intangibles [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InPlaceLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">In-Place Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash and Cash Equivalent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Restricted Cash and Cash Equivalents, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitments and contingencies (See Note 16)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IssuanceOfSharesForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Issuance of shares for payment of management fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IssuanceOfSharesForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Issuance Of Shares For Payment Of Management Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_IssuanceOfSharesForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of Class E shares for payment of management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanIHotelWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan I Hotel West [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanIHotelWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan I hotel west.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanIHotelWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan I Hotel West</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SixteenThousandPinesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">16000 pines.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SixteenThousandPinesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sixteen Thousand Pines [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SixteenThousandPinesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">16000 Pines</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorFirmId_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Firm ID</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred shares, dividend rate, percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Dividend Rate, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ScenarioForecastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Forecast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ScenarioForecastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Forecast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsQuantitativeInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateDelinquentPrincipalOrInterestAcquiredFromAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Delinquent principal or interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateDelinquentPrincipalOrInterestAcquiredFromAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Delinquent Principal or Interest, Acquired from Affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Non Controlling Interest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable non controlling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Non Controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MidwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Midwest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MidwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Midwest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MidwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Midwest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">1 to 3 years</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DistributionsToNoncontrollingInterestsInTheOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions to non-controlling interests in the Operating Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DistributionsToNoncontrollingInterestsInTheOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Distributions To Noncontrolling Interests In The Operating Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DistributionsToNoncontrollingInterestsInTheOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Distributions to noncontrolling interests in the operating partnership.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income (Expense), Operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest Income (Expense), Operating, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest expense, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageMultifamilyVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Less Than 3 Percentage First Mortgage Multifamily/Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageMultifamilyVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually less than 3 percentage first mortgage multifamily/various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageMultifamilyVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually less than 3 percentage First Mortgage Multifamily/Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BelowMarketLeaseIntangiblesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Below market lease intangibles, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BelowMarketLeaseIntangiblesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below Market Lease Intangibles Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BelowMarketLeaseIntangiblesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Below market lease intangibles net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leases, Acquired-in-Place [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">In Place Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">In-Place Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NationsTitleLlcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Nations Title LLC .</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NationsTitleLlcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nations Title LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NationsTitleLlcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nations Title LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSAndFSSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class S and F-S Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSAndFSSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class S And F S Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassSAndFSSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class S and F-S shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average shares of common stock outstanding, basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Weighted Average Number of Shares Outstanding, Basic, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted average shares of common stock outstanding - basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate acquisition date.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real estate Acquisition Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Acquisition Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StatementScenarioAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Scenario [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UpfrontSellingCostsServicingCostsManagementFeeOrPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Upfront selling costs, ongoing servicing costs, management fee or performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UpfrontSellingCostsServicingCostsManagementFeeOrPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Upfront Selling Costs Servicing Costs Management Fee Or Performance Participation Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UpfrontSellingCostsServicingCostsManagementFeeOrPerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Upfront selling costs servicing costs management fee or performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SettlementOfManagementFees_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Settlement of management fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SettlementOfManagementFees_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Settlement of Management Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SettlementOfManagementFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Settlement of management fees.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Information:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segments [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Lived Tangible Asset [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule IV - Mortgage Loans on Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BofARepurchaseFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">BofA Repurchase Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BofARepurchaseFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">BofA repurchase facility.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BofARepurchaseFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">BofA Repurchase Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NetIncomeLossAttributableToPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income Loss Attributable To Preferred Stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NetIncomeLossAttributableToPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Net Income Loss Attributable To Preferred Stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NetIncomeLossAttributableToPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income attributable to preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtRepaymentsPendingServicerRemittance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured debt repayments pending servicer remittance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtRepaymentsPendingServicerRemittance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Secured debt repayments pending servicer remittance.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SecuredDebtRepaymentsPendingServicerRemittance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured debt repayments pending servicer remittance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transactions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OklahomaCityOklahomaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Oklahoma City, Oklahoma</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OklahomaCityOklahomaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Oklahoma City, Oklahoma [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OklahomaCityOklahomaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Oklahoma City, Oklahoma.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BelowMarketLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Below-market lease intangibles.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BelowMarketLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Below-market lease intangibles [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BelowMarketLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Below-Market Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedOfferingCostsDueToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued offering costs due to affiliate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedOfferingCostsDueToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Offering Costs Due To Affiliate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedOfferingCostsDueToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued offering costs due to affiliate.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total stockholders' equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Stockholders' Equity Attributable to Parent, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Stockholders' Equity Attributable to Parent, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Purchase of real estate-related securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Payments to Acquire Investments, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase of real estate-related securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, par value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class D.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class D</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class D Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock - Class D Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basis of Presentation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Basis of Accounting, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Stockholders' Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Real Estate Investments, Net, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investments, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in real estate, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentRepurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Repurchase Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentRepurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate purchase price under repurchase agreement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentRepurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Maximum Amount of Borrowings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShookRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">6900 Shook Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShookRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shook Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShookRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Shook road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SECScheduleIIIRealEstateNumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SECScheduleIIIRealEstateNumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Approach and Technique [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Payments to Acquire Real Estate, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Purchase Price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OtherIncomeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Other income net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OtherIncomeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other income net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OtherIncomeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EightSixEightOneWJeffersonStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Eight Six Eight One W Jefferson Street [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EightSixEightOneWJeffersonStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Eight six eight one W Jefferson Street.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EightSixEightOneWJeffersonStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">8681 W Jefferson Street</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_Distributions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_Distributions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Distributions.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeaseholdsAndLeaseholdImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leaseholds and Leasehold Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeaseholdsAndLeaseholdImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lease intangibles and Leasehold Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanGMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than 3 Percentage Loan G Multifamily Northeast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanGMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than 3 percentage loan g multifamily northeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanGMultifamilyNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan G Multifamily/Northeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentAddOnFundingsForLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt instrument add-on fundings for loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentAddOnFundingsForLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument add-on fundings for loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Less Than 3 Percentage First Mortgage Data Center Mid Atlantic [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually less than 3 percentage first mortgage data center mid atlantic.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually less than 3% First Mortgage Data Center/Mid-Atlantic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateDebtSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate debt segment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateDebtSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Debt Segment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateDebtSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Owned, Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Investment Owned, at Fair Value, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Investment Owned, at Fair Value, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="country_US_lbl" xlink:role="http://www.xbrl.org/2003/role/label">UNITED STATES</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-Controlling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnumReduced_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of management fee payment of net asset value per annum reduced.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnumReduced_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Percentage of management fee payment of net asset value per annum reduced</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnumReduced_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage of Management Fee Payment of Net Asset Value Per Annum Reduced</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilitiesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilitiesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputDiscountRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Discount Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputDiscountRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input, Discount Rate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsStockholderServicingFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholder servicing fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsStockholderServicingFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Stockholder Servicing Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsStockholderServicingFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related party transactions stockholder servicing fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstatesDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments In Real Estates Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstatesDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments in real estates debt [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstatesDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments in real estates debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingCodmIndividualTitleAndPositionOrGroupOrCommitteeNameExtensibleEnumeration_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationPercentageOfNetReturn_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of total return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationPercentageOfNetReturn_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance participation percentage of net return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationPercentageOfNetReturn_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Performance participation percentage of net return.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ThreeSevenZeroSevenWNCTenHwyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Three Seven Zero Seven W NC Ten Hwy [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ThreeSevenZeroSevenWNCTenHwyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Three seven zero seven W NC ten Hwy.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments in Real Estate Debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments in Real Estate Debt [Table Text Block]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other assets</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Interest expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense, Operating and Nonoperating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest Expense, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RickenbackerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Rickenbacker.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RickenbackerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rickenbacker [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RickenbackerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rickenbacker</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">All Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanADataCenterSouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan A Data Center/Southwest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanADataCenterSouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan A Data Center Southwest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanADataCenterSouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan a data center southwest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cost of Goods and Services Sold, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cost of Product and Service Sold</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total segment expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSold_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Total segment expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationHurdleAmountPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hurdle amount percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationHurdleAmountPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance Participation Hurdle Amount Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationHurdleAmountPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Performance participation hurdle amount percentage.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Business Purpose</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Business Description and Basis of Presentation [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Expertise of Management Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ReinvestmentOfDistributions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reinvestment of distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ReinvestmentOfDistributions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reinvestment of Distributions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ReinvestmentOfDistributions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reinvestment of distributions.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class F-D.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock - Class F-D Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class F-D [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredChargesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred Financing Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredChargesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Charges, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gross offering proceeds</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related and Nonrelated Parties [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Marketable Security, Realized Gain (Loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Realized gain on sale of real-estate related securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Realized gain on repayments of real-estate related securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansOnRealEstateCommercialAndConsumerPercentageOfPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of portfolio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansOnRealEstateCommercialAndConsumerPercentageOfPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Loans On Real Estate Commercial And Consumer Percentage Of Portfolio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansOnRealEstateCommercialAndConsumerPercentageOfPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mortgage loans on real estate commercial and consumer percentage of portfolio.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CollateralAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collateral Held [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Leases, Acquired-in-Place, Market Adjustment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Below-Market Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Below-Market Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TaxesPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Taxes Payable, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TaxesPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Taxes Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TaxesPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real estate taxes payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">West</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">West [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">West.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SellingCommissionsAndDealerManagerFeesPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Selling commissions and dealer manager fees (% of transaction price).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SellingCommissionsAndDealerManagerFeesPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Selling commissions and dealer manager fees (Percentage of transaction price)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SellingCommissionsAndDealerManagerFeesPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Selling commissions and dealer manager fees (% of transaction price)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Area of a real estate property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Area of Real Estate Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashDistributionsAccruedAndNotPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions accrued and not paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashDistributionsAccruedAndNotPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Non Cash Distributions accrued and not paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashDistributionsAccruedAndNotPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Non cash distributions accrued and not paid.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchased During Period, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares repurchased</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repurchase of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Repurchase of common stock, shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnregisteredClassESharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Unregistered class E shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnregisteredClassESharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unregistered Class E Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnregisteredClassESharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unregistered Class E Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Leases [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareClassTransferShares_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Share class transfer, shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareClassTransferShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share class transfer shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareClassTransferShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share class transfer shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Reportable Segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of reportable segments in which the company operates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">mortgage loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mortgage loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_SecurityExchangeName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest, Equity, Carrying Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Covenants Percentage Of net Asset Value Decline From Preceding Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument, covenants percentage of net asset value decline from preceding year.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, covenants percentage of NAV decline from preceding year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal Balance Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumUpfrontSellingCommissionsPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum upfront selling commissions percentage.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumUpfrontSellingCommissionsPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum Upfront Selling Commissions Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumUpfrontSellingCommissionsPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum upfront selling commissions percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt, Weighted Average Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average Borrowing Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Intangible Assets Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanDProductionStudioWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan D Production Studio West [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanDProductionStudioWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan d production studio west.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanDProductionStudioWestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan D Production Studio/West</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanAMultifamilyVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subordinate Loans Individually Greater Than3 Percentage Loan A Multifamily/Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanAMultifamilyVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Subordinate loans individually greater than3 percentage loan a multifamily/various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanAMultifamilyVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subordinate loans individually &gt;3% Loan A Hotel Multifamily/Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CantonMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Canton, Massachusetts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CantonMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Canton, Massachusetts [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CantonMassachusettsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Canton, Massachusetts.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LifeScienceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Life Science [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LifeScienceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Life Science member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LifeScienceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Life Sciences</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Owned, Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cost Basis</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total cash, cash equivalents and restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocationAccruedShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance Participation Allocation Accrued Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocationAccruedShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Performance participation allocation accrued shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocationAccruedShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Performance participation allocation accrued units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash paid for interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Paid, Excluding Capitalized Interest, Operating Activity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Period End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncomeAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Income and Expenses [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncomeAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income and expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfRealEstateRelatedSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Real estate-related securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfRealEstateRelatedSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of Real estate-related securities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy and NAV [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciable Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">ICFR Auditor Attestation Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Due to Related Parties [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Variable Lease Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable lease payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenue [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenue Recognition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Component of Operating Income [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtCovenantsNetTangibleAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, covenants, net tangible amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtCovenantsNetTangibleAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Covenants, Net Tangible Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtCovenantsNetTangibleAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt covenants, net tangible amount.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OtherPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OtherPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfCompanysInvestmentsInRealEstateDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Summary of company's investments in real estate debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfCompanysInvestmentsInRealEstateDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Summary of Company's Investments in Real Estate Debt [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfCompanysInvestmentsInRealEstateDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Companys Investments in Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TransferToRedeemableNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Transfer to redeemable non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TransferToRedeemableNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Transfer To Redeemable Non Controlling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TransferToRedeemableNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Transfer to redeemable non controlling interests.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TenantImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tenant improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TenantImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tenant Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageHotelVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually less than 3 percentage First Mortgage Hotel/Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageHotelVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Less Than 3 Percentage First Mortgage Hotel/Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageHotelVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually less than 3 percentage first mortgage hotel/various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocation to redeemable non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Allocation To Redeemable Non-controlling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AllocationToRedeemableNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Allocation to redeemable non-controlling interests.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share based compensation, description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIiiMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock - Class A-III Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIiiMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class A-III [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIiiMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class A-III.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIiiMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class A-III</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_HallmarkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hallmark</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_HallmarkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Hallmark [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_HallmarkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Hallmark.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedStockholderServicingFeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Stockholder Servicing Fee [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedStockholderServicingFeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued stockholder servicing fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedStockholderServicingFeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued Stockholder Servicing Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Lease Income, Lease Payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fixed lease payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Properties [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Restricted Cash, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate segment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Segment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Finite-Lived Intangible Assets, Gross, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible assets gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EconomicDependencyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Economic Dependency</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EconomicDependencyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Economic Dependency [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EconomicDependencyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Economic dependency.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average shares of common stock outstanding, diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted average shares of common stock outstanding - diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Weighted average shares of common stock outstanding - diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Securities Act File Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Ordinary Dividends, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Financial Statements, Disclosure [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Investments in Real Estate, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Other Assets, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FairValueAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FairValueAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FairValueAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fair value allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Furniture Fixtures And Equipment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Furniture fixtures and equipment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Furniture, Fixtures &amp; Equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Furniture, fixtures &amp; equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization expenses.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Forfeitures (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationAndOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Offering</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationAndOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization and offering [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OrganizationAndOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Organization and offering [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EamesStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">111 Eames Street</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EamesStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Eames Street [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EamesStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Eames street.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ScenarioUnspecifiedDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Scenario [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AlamedaCaliforniaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Alameda, California</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AlamedaCaliforniaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alameda, California [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AlamedaCaliforniaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Alameda, California.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of maximum shares of common stock to be issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Segment Reporting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">General and administrative expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and administrative expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General and Administrative Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">General and Administrative Expense, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">General and administrative</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">General and administrative</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AlternativeInvestmentMeasurementInput_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alternative Investment, Measurement Input</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AlternativeInvestmentMeasurementInput_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CorporateNonSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CorporateNonSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Corporate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TaxBasisOfInvestmentsCostForIncomeTaxPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate cost for U.S. federal income tax purposes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TaxBasisOfInvestmentsCostForIncomeTaxPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment, Tax Basis, Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_HotelMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hotel</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_HotelMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Hotel [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsDeclaredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsDeclaredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Declared [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Gain (Loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Debt Securities, Gain (Loss), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesGainLoss_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Unrealized (gain)/loss on fair value of investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments in real estate debt [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentsInRealEstateDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments in real estate debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PembrokePinesFlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Pembroke Pines FL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PembrokePinesFlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Pembroke Pines FL.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PembrokePinesFlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pembroke Pines, Florida</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ApolloARISHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Apollo ARIS Holdings LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ApolloARISHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Apollo A R I S Holdings L L C [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ApolloARISHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Apollo ARIS Holdings LLC.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateCollectionsOfPrincipal_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan repayments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateCollectionsOfPrincipal_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Collections of Principal</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateCollectionsOfPrincipal_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loan repayments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShortTermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Short-Term Debt, Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Rental revenue.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rental Revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental Revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Rental revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Rental Revenue</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total real estate intangible assets, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Finite-Lived Intangible Assets, Net, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Finite-Lived Intangible Assets, Net, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Real Estate Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of property owned by the company</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and Building Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WJeffersonStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">8681 W Jefferson Street</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WJeffersonStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">W Jefferson Street [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_WJeffersonStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">W Jefferson street.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShortTermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Short-Term Debt, Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recent Accounting Pronouncements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfGrossProceedsFromSaleOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of gross proceeds from sale of shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfGrossProceedsFromSaleOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Gross Proceeds From Sale Of Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfGrossProceedsFromSaleOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of gross proceeds from sale of shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_GrossDividendsPayableAmountsPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate gross distribution declared per share of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_GrossDividendsPayableAmountsPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Gross Dividends Payable Amounts Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_GrossDividendsPayableAmountsPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Gross dividends payable amounts per share.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Grants, Vesting and Forfeitures of Restricted Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationByPropertyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, by Property [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mid-Atlantic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mid Atlantic [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mid atlantic.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, shares outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ColdStorageIndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cold-storage Industrial Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ColdStorageIndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cold Storage Industrial Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ColdStorageIndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Cold Storage Industrial Property.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class A-I Operating Partnership Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class A-I Operating Partnership units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class A-I Operating Partnership units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ClassAIOperatingPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class A-I Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Depreciation, Depletion and Amortization, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation, Depletion and Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Transition Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel">Total expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentPropertyAndLeaseIntangiblesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investment property and lease intangibles policy text block.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentPropertyAndLeaseIntangiblesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Property and Lease Intangibles [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentPropertyAndLeaseIntangiblesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment Property and Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Rental property.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rental Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDiscountedCashFlowMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Discounted Cash Flow</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDiscountedCashFlowMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Technique, Discounted Cash Flow [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments for Repurchase of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repurchase of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CouncilRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Council Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CouncilRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Council road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CouncilRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2400 S Council Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateScheduleTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate Schedule [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Cash Flows [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common stock issued, value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Aggregate consideration</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Offering of common stock shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets, Fair Value Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AmortizationOfAboveBelowMarketLeaseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Above Below Market Lease Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AmortizationOfAboveBelowMarketLeaseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amortization of above below market lease net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AmortizationOfAboveBelowMarketLeaseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Above- and below-market lease amortization, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts and Financing Receivables [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of restricted stock awards</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock or Unit Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdjustmentsToAdditionalPaidInCapitalAmortizationOfRestrictedStockGrants_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of restricted stock grants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdjustmentsToAdditionalPaidInCapitalAmortizationOfRestrictedStockGrants_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustments To Additional Paid In Capital Amortization of Restricted Stock Grants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdjustmentsToAdditionalPaidInCapitalAmortizationOfRestrictedStockGrants_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Adjustments to additional paid in capital amortization of restricted stock grants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateRelatedSecuritiesMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real estate related securities maturity period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateRelatedSecuritiesMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Related Securities Maturity Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateRelatedSecuritiesMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate related securities maturity period.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsUpfrontSellingCommission_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related party transactions upfront selling commission.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsUpfrontSellingCommission_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Upfront selling commission</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsUpfrontSellingCommission_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Upfront Selling Commission</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income attributable to ARIS stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income attributable to ARIS stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock - Class A-II Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class A I I [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class A-II.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class A-II</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountDistributions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Partners' Capital Account, Distributions</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CharterStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Charter Street [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CharterStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Charter street.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CharterStreetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2865 Charter Street</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Ordinary Dividends, Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions to non-controlling preferred stockholders</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfAcquiredPropertiesQualifiedAsAssetAcquisitionsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Acquired Properties Qualified as Asset Acquisitions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendRatePerDollarAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Dividend Rate, Per-Dollar-Amount</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StraightLineRentReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Straight-line rent receivable, member.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StraightLineRentReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Straight-Line Rent Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class A-I</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class A I [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassAIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Class F-I.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repayments</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Year Focus</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanNHotelVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan N Hotel Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanNHotelVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan n hotel various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanNHotelVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan N Hotel Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from investing activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnum_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of management fee payment of NAV per annum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnum_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Management Fee Payment Of Net Asset Value Per Annum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of management fee payment of net asset value per annum.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSubsidiaryOrEquityMethodInvesteeTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsidiary or Equity Method Investee, Sale of Stock [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentFundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument funded amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentFundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt instrument funded amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentFundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument funded amount.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageNotesPayableDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageNotesPayableDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Notes Payable Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, at Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets Amortization Expense [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Gross Carrying Amount and Accumulated Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OriginationsAcquisitionsAndAddOnFundings_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Originations, acquisitions, and add on fundings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OriginationsAcquisitionsAndAddOnFundings_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Originations Acquisitions And Add On Fundings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OriginationsAcquisitionsAndAddOnFundings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Originations acquisitions and add on fundings.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management fee per share of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management Fee Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Management fee per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfRealEstatePropertiesAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of properties acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfRealEstatePropertiesAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Real Estate Properties Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfRealEstatePropertiesAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of real estate properties acquired.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetInvestmentIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Fair value gain on investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetInvestmentIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Investment Income, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetInvestmentIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Investment Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetInvestmentIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income from investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfOtherAssetsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Other Assets [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfOtherAssetsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Components of Other Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Initial Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationInitialCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Properties [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalPropertyOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rental Property Operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalPropertyOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Rental property operating.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RentalPropertyOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental property operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Property Ownership [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Sold under Agreement to Repurchase [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income available for ARIS stockholders - basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeesPercentagePerAnnumOfAggregateNav_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stockholder servicing fees percentage per annum of aggregate nav.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeesPercentagePerAnnumOfAggregateNav_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stockholder Servicing Fees Percentage per annum of Aggregate NAV</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeesPercentagePerAnnumOfAggregateNav_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholder servicing fees percentage per annum of aggregate NAV</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInDueToAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInDueToAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Due to Affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allocated to redeemable non-controlling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateRelatedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate-related Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateRelatedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real estate-related securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstateRelatedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate-related securities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnregisteredClassEUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Unregistered class E units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnregisteredClassEUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unregistered Class E Units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnregisteredClassEUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unregistered Class E Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_JPMorganRepurchaseAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">J P Morgan Repurchase Agreement [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_JPMorganRepurchaseAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">JP Morgan Repurchase Agreement.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_JPMorganRepurchaseAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">J P Morgan Repurchase Agreement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrecognized compensation cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_GeneralAndAdministrativeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and Administrative</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_GeneralAndAdministrativeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General and Administrative [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_GeneralAndAdministrativeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">General and administrative.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLandAndBuildingsAndImprovementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gross Amounts at which Carried at the Close of Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLandAndBuildingsAndImprovementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SelfStorageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Self-Storage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SelfStorageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Self Storage [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SelfStorageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Self storage.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AboveMarketLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Above-market lease intangibles member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AboveMarketLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Above-Market Lease Intangibles [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AboveMarketLeaseIntangiblesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Above-Market Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at the end of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciationOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dispositions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciationOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash used in investing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net cash used</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Investing Activity, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Undistributed Earnings (Loss) Allocated to Participating Securities, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Undistributed Earnings (Loss) Allocated to Participating Securities, Basic, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: earnings allocated to unvested participating securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_Security12bTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Title of 12(b) Security</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Segment Reporting Information, by Segment [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related and Nonrelated Parties [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">More than 5 years</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicOtherDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Denominator:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicOtherDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic, Other Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfSellingCommissionsDealerManagerFeesAndStockholderServicingFeesForEachApplicableShareClassTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Summary of selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class table text block.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfSellingCommissionsDealerManagerFeesAndStockholderServicingFeesForEachApplicableShareClassTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees for each Applicable Share Class [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SummaryOfSellingCommissionsDealerManagerFeesAndStockholderServicingFeesForEachApplicableShareClassTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees for each Applicable Share Class</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TaxableIncomeDistributedToQualifyAsReit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Taxable income distributed to qualify as REIT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TaxableIncomeDistributedToQualifyAsReit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Taxable Income Distributed To Qualify As REIT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TaxableIncomeDistributedToQualifyAsReit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Taxable income distributed to qualify as REIT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Expense, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DescriptionOfRepurchaseAgreementTermExtensionOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Description of repurchase agreement term extension options.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DescriptionOfRepurchaseAgreementTermExtensionOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Description of Repurchase Agreement Term Extension Options</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DescriptionOfRepurchaseAgreementTermExtensionOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repurchase agreement term extension options</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LibertyMoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liberty MO [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LibertyMoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Liberty MO.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LibertyMoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Liberty, Missouri</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Information</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal Entity:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Legal Entity [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Changes in assets and liabilities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Recurring and Nonrecurring [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional Paid-In Capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid-in Capital [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfPreferredShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of preferred shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfPreferredShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Preferred Shareholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfPreferredShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of preferred shareholders.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SLoopRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">1450 S Loop Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SLoopRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">S Loop Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SLoopRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">S Loop road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PepsicoQuakerDistributionCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">PepsiCo / Quaker Distribution Center [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PepsicoQuakerDistributionCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">PepsiCo / Quaker Distribution Center.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PepsicoQuakerDistributionCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">PepsiCo / Quaker Distribution Center</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PepsicoQuakerDistributionCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">4553 Cayce Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total Commercial mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage-Backed Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial Real Estate Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Frequency [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance participation allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PerformanceParticipationAllocation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Income Location, Balance [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and Building Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Intangible Asset, Finite-Lived [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfUnfulfilledRepurchaseRequest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of unfulfilled repurchase request.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfUnfulfilledRepurchaseRequest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Unfulfilled Repurchase Request</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfUnfulfilledRepurchaseRequest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of unfulfilled repurchase requests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RepurchaseAgreementTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Repurchase agreement term.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RepurchaseAgreementTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repurchase Agreement Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RepurchaseAgreementTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repurchase agreement term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ApolloGlobalSecuritiesLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Apollo Global Securities, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ApolloGlobalSecuritiesLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Apollo Global Securities L L C [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ApolloGlobalSecuritiesLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Apollo Global Securities LLC.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Borrowings from mortgage notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Notes Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Proceeds from Notes Payable, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashAccruedStockholderServicingFeesDueToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Non-cash accrued stockholder servicing fees due to affiliate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashAccruedStockholderServicingFeesDueToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Non-cash accrued stockholder servicing fees due to affiliate.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonCashAccruedStockholderServicingFeesDueToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued stockholder servicing fees due to affiliate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BridgeviewIllinoisMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bridgeview, Illinois</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BridgeviewIllinoisMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Bridgeview, Illinois [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_BridgeviewIllinoisMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Bridgeview, Illinois.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EconomicDependencyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Economic Dependency [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_EconomicDependencyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Economic dependency.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock - Class F-S Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class F-S [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class F-S.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from financing activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Recurring [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value, Recurring</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Ex Transition Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProceedsFromRepaymentsOfCommercialMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Repayments of commercial mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProceedsFromRepaymentsOfCommercialMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds from Repayments of commercial mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProceedsFromRepaymentsOfCommercialMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayments of commercial mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnrealizedGainLossFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unrealized Gain Loss From Investments In Real Estate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnrealizedGainLossFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Unrealized gain loss from investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_UnrealizedGainLossFromInvestmentsInRealEstateDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrealized gain/(loss) from investments in real estate debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Components [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CharlestonSCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Charleston, SC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CharlestonSCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Charleston, SC.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CharlestonSCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charleston, South Carolina</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other income and expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nonoperating Income (Expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Component [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByAssetClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Class [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeePercentageOfNav_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stockholder servicing fee (% of NAV).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeePercentageOfNav_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stockholder servicing fee (Percentage of NAV)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_StockholderServicingFeePercentageOfNav_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholder servicing fee (% of NAV)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Goodwill and Intangible Assets Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contributions from non-controlling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Investments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Investments, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Investments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Investments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentAnnualReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Annual Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Business Combination [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IPOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">IPO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IPOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">IPO [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBeckettMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The Beckett [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBeckettMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The Beckett member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TheBeckettMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The Beckett</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Depreciation, Depletion and Amortization, Nonproduction, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation, Depletion and Amortization, Nonproduction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building and Building Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and Building Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Assets [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Company's Authorized, Issued and Outstanding Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Stock by Class [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Accumulated Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, $0.01 par value per share (See Note 14 - Equity)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Common Stock, Value, Issued, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Value, Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Founder shares issued, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Available to Common Stockholders, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income available for ARIS stockholders - diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principles of Consolidation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ScheduleOfFuturePrincipalPaymentsDueUnderMortgageLoansTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Future Principal Payments Due Under Mortgage Loans [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ScheduleOfFuturePrincipalPaymentsDueUnderMortgageLoansTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Schedule of Future Principal Payments Due Under Mortgage Loans [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ScheduleOfFuturePrincipalPaymentsDueUnderMortgageLoansTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Future Principal Payments Due Under Mortgage Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at the end of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at the beginning of the year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateGrossAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanCMixedUseNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan C Mixed Use Northeast [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanCMixedUseNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan c mixed use northeast.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanCMixedUseNortheastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan C Mixed Use/Northeast</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Amortization of Premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of fees, payment-in-kind interest and other items</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, after Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TampaFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tampa, Florida [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TampaFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tampa, Florida.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TampaFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tampa, Florida</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Weighted Average Number of Shares [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Computation of Basic and Diluted Earnings Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Debt Issuance Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Deferred financing cost amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Estimated Future Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCovenantDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, covenant description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCovenantDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Covenant Description</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OfferingCostsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Offering costs paid.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OfferingCostsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Offering costs paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OfferingCostsPaid_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Offering costs paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityPublicFloat_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Public Float</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProceedsFromPrincipalRepaymentsOnLoansAndLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Principal Repayments On Loans And Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProceedsFromPrincipalRepaymentsOnLoansAndLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds from principal repayments on loans and leases.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ProceedsFromPrincipalRepaymentsOnLoansAndLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from loan repayments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, shares authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Debt [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Borrowings Under Secured Debt Arrangements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Non Controlling Interest Issuance Of Units For Payment Of Management Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable non-controlling interest issuance of units for payment of management fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeePayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management Fee Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeePayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management fee payable [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeePayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Management fee payable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable and Other Accrued Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable and accrued expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsNotesAndLoansReceivableLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts, Notes, Loans and Financing Receivable [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsNotesAndLoansReceivableLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Assets [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Registrant Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccountingPoliciesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Policies [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccountingPoliciesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accounting policies.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneZeroZeroJohnRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">One Zero Zero John Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneZeroZeroJohnRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">111 John Road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OneZeroZeroJohnRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">100 John Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Voluntary Filers</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Other Nonoperating Income (Expense), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Nonoperating Income (Expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansOnRealEstatePrincipalBalanceOutstandingOfMortgages_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansOnRealEstatePrincipalBalanceOutstandingOfMortgages_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Loans On Real Estate Principal Balance Outstanding Of Mortgages</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MortgageLoansOnRealEstatePrincipalBalanceOutstandingOfMortgages_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mortgage loans on real estate principal balance outstanding of mortgages.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDateAcquired1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDateAcquired1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Assets Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Proceeds from Sale, Real Estate, Held-for-Investment, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Sale, Real Estate, Held-for-Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayments from real estate-related securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Frequency [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Payments to Acquire Productive Assets, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Productive Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchased During Period, Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares repurchased amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Repurchase of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repurchase of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Building and Building Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Aggregate proceeds to issuance of founders shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Southwest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Southwest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_SouthwestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Southwest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Quantitative Inputs and Assumptions Used for items Categorized in Level 3 of Fair Value Hierarchy</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfCommercialAndMezzanineInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of commercial mortgage and mezzanine investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfCommercialAndMezzanineInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Commercial And Mezzanine Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NumberOfCommercialAndMezzanineInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of commercial mortgage and mezzanine investments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIAndAISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Class F I and A I Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIAndAISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class F I and A I shares.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIAndAISharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Class F-I and A-I Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Common Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidationItemsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation Items [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Property, Plant, and Equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Payments to Acquire Property, Plant, and Equipment, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase of industrial property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Finite lived intangible liabilities accumulated amortization.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite Lived Intangible Liabilities Accumulated Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of restricted stock issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Granted (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireCommercialRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Acquisitions of real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireCommercialRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Acquisitions of real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireCommercialRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Commercial Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireCommercialRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total purchase price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Assets, Net [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageDataCenterVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually less than 3% First Mortgage Data Center/Various</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageDataCenterVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Less Than 3 Percentage First Mortgage Data Center Various [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageDataCenterVariousMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually less than 3 percentage first mortgage data center various.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RatioOfIndebtednessToNetCapital1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Ratio of Indebtedness to Net Capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RatioOfIndebtednessToNetCapital1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, total indebtedness to tangible net worth</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan fundings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share Based Payments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LegalFees_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Legal Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LegalFees_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cost of legal services</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableGainLossOnSalesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans and Leases Receivable, Gain (Loss) on Sales, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableGainLossOnSalesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrealized gain/(loss) on fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common stock issued, shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Common stock not issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vested (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vested (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Earnings Per Share, Diluted, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income per share of common stock - diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income per share of common stock, diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Segment Reporting Information, by Segment [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Total Assets and Financial Results by Segment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingSegmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Segments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingSegmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating Segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Land and Land Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Finite-Lived Intangible Asset, Expected Amortization, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_Security12gTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Title of 12(g) Security</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions declared on common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Dividends, Common Stock, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions declared on common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OutstandingBorrowingsUnderRepurchaseAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Outstanding borrowings under repurchase agreement.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OutstandingBorrowingsUnderRepurchaseAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Outstanding Borrowings Under Repurchase Agreement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OutstandingBorrowingsUnderRepurchaseAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Outstanding borrowings under repurchase agreement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_OutstandingBorrowingsUnderRepurchaseAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Borrowings Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedPerformanceParticipationAllocationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued Performance Participation Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedPerformanceParticipationAllocationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued performance participation allocation [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AccruedPerformanceParticipationAllocationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued performance participation allocation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TotalSubordinateLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Subordinate loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TotalSubordinateLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Total Subordinate Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TotalSubordinateLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Total subordinate loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Class F-I</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common class F-I.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class F-I Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommonClassFIMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common stock - Class F-I Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumSellingCommissionsAsPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum selling commissions as percentage of transaction price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumSellingCommissionsAsPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum Selling Commissions As Percentage Of Transaction Price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MaximumSellingCommissionsAsPercentageOfTransactionPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum selling commissions as percentage of transaction price.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeasesRentExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Leases, Rent Expense, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeasesRentExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental property operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial Real Estate Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Real Estate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Commercial Mortgage Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate cost for U.S. federal income tax purposes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Federal Income Tax Basis</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-amortizing, mortgage loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Face Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">First mortgage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsDealerManagerFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dealer manager fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsDealerManagerFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Dealer Manager Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsDealerManagerFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related party transactions dealer manager fee.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsSellingCommissionsAndDealerMangerFeesSumMaximumPercent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum selling commissions and dealer manager fees as percentage of transaction price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsSellingCommissionsAndDealerMangerFeesSumMaximumPercent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Selling Commissions And Dealer Manger Fees Sum Maximum Percent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RelatedPartyTransactionsSellingCommissionsAndDealerMangerFeesSumMaximumPercent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related party transactions selling commissions and dealer manger fees sum maximum percent.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisclosureOfRepurchaseAgreementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Disclosure of Repurchase Agreements [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanEDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan E Data Center Mid-Atlantic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanEDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan E Data Center Mid Atlantic [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanEDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan e data center mid-atlantic.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting Information [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land and Land Improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfAboveAndBelowMarketLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Above- and below- market lease amortization, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfAboveAndBelowMarketLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of above and below Market Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanJDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Loans Individually Greater Than3 Percentage Loan J Data Center Mid Atlantic [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanJDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Commercial mortgage loans individually greater than3 percentage loan j data center mid-Atlantic.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanJDataCenterMidAtlanticMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial mortgage loans individually &gt;3% Loan J Data Center/Mid-Atlantic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash and Cash Equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Cash, cash equivalents and restricted cash, beginning of period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash, cash equivalents, and restricted cash, end of period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Income (Loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Segment net operating income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Segment net operating income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest in Operating Partnerships</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-controlling interest attributable to the Operating Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated Deficit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Retained Earnings (Accumulated Deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Costs Capitalized Subsequent to Acquisition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstatePriorLiens1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Prior tax liens or delinquent interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstatePriorLiens1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstatesDebtWeightedAverageMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstatesDebtWeightedAverageMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estates Debt Weighted Average Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_RealEstatesDebtWeightedAverageMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estates debt weighted average maturity date.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfReductionOfManagementFeePaymentOfNetAssetValuePerAnnum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of reduction of management fee payment of net asset value per annum.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfReductionOfManagementFeePaymentOfNetAssetValuePerAnnum_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Reduction of Management Fee Payment Of Net Asset Value Per Annum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PercentageOfReductionOfManagementFeePaymentOfNetAssetValuePerAnnum_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">percentage of reduction of management fee payment of NAV per annum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdviserMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adviser [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdviserMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Adviser.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_AdviserMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adviser</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PaymentToOriginationAndAcquisitionOfCommercialMortgageAndMezzanineLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment To Origination And Acquisition Of Commercial Mortgage And Mezzanine Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PaymentToOriginationAndAcquisitionOfCommercialMortgageAndMezzanineLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payment to origination and acquisition of commercial mortgage and mezzanine loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PaymentToOriginationAndAcquisitionOfCommercialMortgageAndMezzanineLoans_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Origination and acquisition of commercial mortgage and mezzanine loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Level 1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by financing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Financing Activity, Including Discontinued Operation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CollateralDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collateral Held [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MezzanineLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mezzanine loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MezzanineLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mezzanine Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_MezzanineLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mezzanine Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorLocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Location</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Granted, Grant Date Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share based compensation arrangement by share based payment award equity instruments other than options grants in period fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LoanProceedsHeldByServicerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loan Proceeds Held by Servicer [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LoanProceedsHeldByServicerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Loan proceeds held by servicer.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LoanProceedsHeldByServicerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan Proceeds Held by Servicer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Industrial</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industrial Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Industrial Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateCostOfRealEstateSold_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateCostOfRealEstateSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PaymentsToPurchaseCommercialRealEstateLoansHeldForSaleAddOnFunding_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Add-on fundings of commercial mortgage loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PaymentsToPurchaseCommercialRealEstateLoansHeldForSaleAddOnFunding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Purchase Commercial Real Estate Loans Held for sale Add on Funding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_PaymentsToPurchaseCommercialRealEstateLoansHeldForSaleAddOnFunding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payments to purchase commercial real estate loans held for sale add on funding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AlternativeInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AlternativeInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alternative Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantLiquidityRatioRequiredMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Covenant Liquidity Ratio Required Minimum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantLiquidityRatioRequiredMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument covenant liquidity ratio required minimum.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_DebtInstrumentCovenantLiquidityRatioRequiredMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument covenant liquidity ratio required minimum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonControllingInterestAttributableToPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-controlling interest attributable to preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonControllingInterestAttributableToPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Non Controlling Interest Attributable To Preferred Stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_NonControllingInterestAttributableToPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Non controlling interest attributable to preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Real Estate Properties [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Investments in Real estate Stated at Cost and Generally Depreciated on Straight-Line Basis over Estimated Useful Lives of Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Interactive Data Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Lease, Lease Income [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Fixed and Variable Components of Company's Operating Leases</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Income Location, Balance [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from operating activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FurnitureAndFixturesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Furniture and Fixtures [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FurnitureAndFixturesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Furniture, Fixtures and Equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ByhaliaMSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Byhalia, Mississippi</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ByhaliaMSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Byhalia, MS [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ByhaliaMSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Byhalia, MS.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LyraClientSolutionsHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lyra Client Solutions Holdings, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LyraClientSolutionsHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Lyra Client Solutions Holdings, LLC.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_LyraClientSolutionsHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lyra Client Solutions Holdings, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate, Type of Property [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeeExpensePaidOrSettled_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Management fee expense paid or settled.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeeExpensePaidOrSettled_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management Fee Expense Paid Or Settled</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ManagementFeeExpensePaidOrSettled_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValueBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Grant Date Fair Value, beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValueBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Grant Date Fair Value, ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValueBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Fair Value Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValueBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share based compensation arrangement by share based payment award equity instruments other than options grants in period fair value balance.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AboveMarketLeasesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Above Market Leases [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AboveMarketLeasesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Above Market Lease Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AboveMarketLeasesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Above-Market Intangibles</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net distribution declared per share of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares issued as payment for management fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Shares, Issued for Services</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenues [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Movement In The Company's Outstanding Shares of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Common Stock Outstanding Roll Forward [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentOwnedCostBasisAndFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Owned cost basis and fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_InvestmentOwnedCostBasisAndFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">InvestmentOwnedCostBasisAndFairValue.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Non-controlling Interest Activity Related to Adviser</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoFourZeroZeroSCouncilRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Two Four Zero Zero S Council Road [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoFourZeroZeroSCouncilRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">2400 S Council Road.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="ck0001882850_TwoFourZeroZeroSCouncilRoadMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2400 S Council Road</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
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  <xsd:element id="ck0001882850_NumberOfRealEstateRelatedSecurities" name="NumberOfRealEstateRelatedSecurities" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_WNC10HwyMember" name="WNC10HwyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PerformanceParticipationAllocation" name="PerformanceParticipationAllocation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_AccruedStockholderServicingFeeMember" name="AccruedStockholderServicingFeeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanGMultifamilyNortheastMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanGMultifamilyNortheastMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OklahomaCityOklahomaMember" name="OklahomaCityOklahomaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingYear" name="DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingYear" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_FairValueAllocation" name="FairValueAllocation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_AdviserMember" name="AdviserMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_LyraClientSolutionsHoldingsLLCMember" name="LyraClientSolutionsHoldingsLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ClassAIOperatingPartnershipUnitsMember" name="ClassAIOperatingPartnershipUnitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_NewtonNorthCarolinaMember" name="NewtonNorthCarolinaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_SubordinateLoansIndividuallyGreaterThan3PercentageLoanAMultifamilyVariousMember" name="SubordinateLoansIndividuallyGreaterThan3PercentageLoanAMultifamilyVariousMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PerformanceParticipationAllocationAccrued" name="PerformanceParticipationAllocationAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_GrossDividendsPayableAmountsPerShare" name="GrossDividendsPayableAmountsPerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommonClassAIiiMember" name="CommonClassAIiiMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_DebtCovenantsNetTangibleAmount" name="DebtCovenantsNetTangibleAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_CommonClassIAndFISharesMember" name="CommonClassIAndFISharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommonClassDMember" name="CommonClassDMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RealEstateSegmentMember" name="RealEstateSegmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommonClassEMember" name="CommonClassEMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_MaximumSellingCommissionsDealerManagerFeesAndStockholderServicingFeesAsPercentageOfGrossProceedsFromSaleOfShares" name="MaximumSellingCommissionsDealerManagerFeesAndStockholderServicingFeesAsPercentageOfGrossProceedsFromSaleOfShares" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageMultifamilyVariousMember" name="CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageMultifamilyVariousMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ByhaliaMSMember" name="ByhaliaMSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_InPlaceLeaseIntangiblesMember" name="InPlaceLeaseIntangiblesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_InterestReceivableMember" name="InterestReceivableMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_AccruedStockholderServicingFee" name="AccruedStockholderServicingFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommonClassFIAndAISharesMember" name="CommonClassFIAndAISharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ManagementFeeExpensePaidOrSettled" name="ManagementFeeExpensePaidOrSettled" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommonClassFIMember" name="CommonClassFIMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_TaxableIncomeDistributedToQualifyAsReit" name="TaxableIncomeDistributedToQualifyAsReit" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_OperatingLeaseIncomeUncollectableAmount" name="OperatingLeaseIncomeUncollectableAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommonClassSDAndISharesMember" name="CommonClassSDAndISharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_NonCashDistributionReinvestment" name="NonCashDistributionReinvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDecline" name="DebtInstrumentCovenantsPercentageOfNetAssetValueDecline" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_PerformanceParticipationAllocationAccruedShares" name="PerformanceParticipationAllocationAccruedShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_BelowMarketLeaseIntangiblesNet" name="BelowMarketLeaseIntangiblesNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_DebtInstrumentCovenantLiquidityRequiredMinimumAmount" name="DebtInstrumentCovenantLiquidityRequiredMinimumAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_NumberOfRealEstatePropertiesAcquired" name="NumberOfRealEstatePropertiesAcquired" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfPerformanceParticipationAllocation" name="RedeemableNonControllingInterestIssuanceOfUnitsOfOperatingPartnershipForPaymentOfPerformanceParticipationAllocation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_LibertyMoMember" name="LibertyMoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_UnrealizedGainLossFromInvestmentsInRealEstateDebt" name="UnrealizedGainLossFromInvestmentsInRealEstateDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_CommonClassAIMember" name="CommonClassAIMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_SummaryOfCompanysInvestmentsInRealEstateDebtTableTextBlock" name="SummaryOfCompanysInvestmentsInRealEstateDebtTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_RelatedPartyTransactionsSellingCommissionsAndDealerMangerFeesSumMaximumPercent" name="RelatedPartyTransactionsSellingCommissionsAndDealerMangerFeesSumMaximumPercent" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommonClassFDMember" name="CommonClassFDMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_AccruedPerformanceParticipationAllocationMember" name="AccruedPerformanceParticipationAllocationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_LifeScienceMember" name="LifeScienceMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_AllocationToRedeemableNonControllingInterest" name="AllocationToRedeemableNonControllingInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_ChangeInFairValueOfAcquisitionOrOriginationPrices" name="ChangeInFairValueOfAcquisitionOrOriginationPrices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_SixteenThousandPinesMember" name="SixteenThousandPinesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommonClassFSFDAndFISharesMember" name="CommonClassFSFDAndFISharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_WJeffersonStreetMember" name="WJeffersonStreetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PercentageOfReductionOfManagementFeePaymentOfNetAssetValuePerAnnum" name="PercentageOfReductionOfManagementFeePaymentOfNetAssetValuePerAnnum" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanIHotelWestMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanIHotelWestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_NorthEastMember" name="NorthEastMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ShareClassTransferShares" name="ShareClassTransferShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanCMixedUseNortheastMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanCMixedUseNortheastMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OneFourFiveZeroSLoopRoadMember" name="OneFourFiveZeroSLoopRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValueBalance" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValueBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_FiniteLivedIntangibleLiabilitiesGross" name="FiniteLivedIntangibleLiabilitiesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_RealEstateDebtSegmentMember" name="RealEstateDebtSegmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RepaymentOfMortgageLoans" name="RepaymentOfMortgageLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_AmortizationOfAboveBelowMarketLeaseNet" name="AmortizationOfAboveBelowMarketLeaseNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_JohnRoadMember" name="JohnRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PercentageOfGrossProceedsFromSaleOfShares" name="PercentageOfGrossProceedsFromSaleOfShares" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_UnfundedCommitments" name="UnfundedCommitments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_RealEstatesDebtWeightedAverageMaturityDate" name="RealEstatesDebtWeightedAverageMaturityDate" type="xbrli:gYearMonthItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_TwoEightSixFiveCharterStreetMember" name="TwoEightSixFiveCharterStreetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanOHotelNortheastMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanOHotelNortheastMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RedeemableNonControllingInterestMember" name="RedeemableNonControllingInterestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_BofARepurchaseFacilityMember" name="BofARepurchaseFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_StockholderServicingFeeAsPercentageOfNetAssetValue" name="StockholderServicingFeeAsPercentageOfNetAssetValue" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_AllocationToRedeemableNonControllingInterests" name="AllocationToRedeemableNonControllingInterests" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanEDataCenterMidAtlanticMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanEDataCenterMidAtlanticMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_EamesStreetMember" name="EamesStreetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_LoanProceedsHeldByServicerMember" name="LoanProceedsHeldByServicerMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ProceedsFromRepaymentsOfCommercialMortgageLoans" name="ProceedsFromRepaymentsOfCommercialMortgageLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_OfferingCostsPaid" name="OfferingCostsPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_ProfitOrLossExcludingRedeemableNonControllingInterest" name="ProfitOrLossExcludingRedeemableNonControllingInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageHotelVariousMember" name="CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageHotelVariousMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RelatedPartyTransactionsDealerManagerFee" name="RelatedPartyTransactionsDealerManagerFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_WeightedAverageCouponRate" name="WeightedAverageCouponRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_ShepherdRoadMember" name="ShepherdRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_WestboroughMassachusettsMember" name="WestboroughMassachusettsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_McDonoughGeorgiaMember" name="McDonoughGeorgiaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_UnregisteredClassESharesMember" name="UnregisteredClassESharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ProductionStudioMember" name="ProductionStudioMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_DebtInstrumentFundedAmount" name="DebtInstrumentFundedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfPerformanceParticipationAllocation" name="RedeemableNonControllingInterestIssuanceOfUnitsForPaymentOfPerformanceParticipationAllocation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_ParcWestboroughMember" name="ParcWestboroughMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PercentageOfManagementFeePaymentOfNetAssetValuePerAnnumReduced" name="PercentageOfManagementFeePaymentOfNetAssetValuePerAnnumReduced" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CharlestonSCMember" name="CharlestonSCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_TenantImprovementsMember" name="TenantImprovementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanKMultifamilySouthwestMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanKMultifamilySouthwestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilySouthwestMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanLMultifamilySouthwestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RealEstateRelatedSecuritiesMember" name="RealEstateRelatedSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_DebtInstrumentAddOnFundingsForLoans" name="DebtInstrumentAddOnFundingsForLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_MaximumDealerManagerFeesAsPercentageOfTransactionPrice" name="MaximumDealerManagerFeesAsPercentageOfTransactionPrice" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanJDataCenterMidAtlanticMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanJDataCenterMidAtlanticMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_EconomicDependencyTextBlock" name="EconomicDependencyTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_EconomicDependencyAbstract" name="EconomicDependencyAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_SummaryOfAcquiredPropertiesQualifiedAsAssetAcquisitionsTableTextBlock" name="SummaryOfAcquiredPropertiesQualifiedAsAssetAcquisitionsTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_NonControllingInterestAttributableToPreferredStockholders" name="NonControllingInterestAttributableToPreferredStockholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_StraightLineRentAmortization" name="StraightLineRentAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_AccountingPoliciesTable" name="AccountingPoliciesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_MidAtlanticMember" name="MidAtlanticMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PerformanceParticipationPercentageOfNetReturn" name="PerformanceParticipationPercentageOfNetReturn" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CharterStreetMember" name="CharterStreetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RealEstateAcquisitionDate" name="RealEstateAcquisitionDate" type="xbrli:gYearMonthItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_RepurchaseAgreementTerm" name="RepurchaseAgreementTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_ApolloGlobalSecuritiesLLCMember" name="ApolloGlobalSecuritiesLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ClassAIiSharesMember" name="ClassAIiSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanNHotelVariousMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanNHotelVariousMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_EightSixEightOneWJeffersonStreetMember" name="EightSixEightOneWJeffersonStreetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OneZeroZeroJohnRoadMember" name="OneZeroZeroJohnRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RetailPropertiesMember" name="RetailPropertiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OrganizationAndOfferingMember" name="OrganizationAndOfferingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanBSelfStorageVariousMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanBSelfStorageVariousMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OtherMember" name="OtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ManagementFeePerShare" name="ManagementFeePerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanHMultifamilyNortheastMember" name="CommercialMortgageLoansIndividuallyGreaterThan3PercentageLoanHMultifamilyNortheastMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_Non-CashChangeInLoanProceedsHeldByServicerForRepaymentOfSecuredDebtArrangements" name="Non-CashChangeInLoanProceedsHeldByServicerForRepaymentOfSecuredDebtArrangements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommonClassSAndFSSharesMember" name="CommonClassSAndFSSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_TheBeckettMember" name="TheBeckettMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ReimbursementPeriod" name="ReimbursementPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_WilmingtonMassachusettsMember" name="WilmingtonMassachusettsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_InvestmentOwnedCostBasisAndFairValue" name="InvestmentOwnedCostBasisAndFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_BarclaysRepurchaseFacilityMember" name="BarclaysRepurchaseFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_NumberOfCommercialAndMezzanineInvestments" name="NumberOfCommercialAndMezzanineInvestments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_ApolloARISHoldingsLLCMember" name="ApolloARISHoldingsLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OrganizationExpenses" name="OrganizationExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommonClassDAndFDSharesMember" name="CommonClassDAndFDSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_IssuanceOfSharesForPaymentOfManagementFee" name="IssuanceOfSharesForPaymentOfManagementFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_StraightLineRentReceivableMember" name="StraightLineRentReceivableMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_NonCashAccruedStockholderServicingFeesDueToAffiliate" name="NonCashAccruedStockholderServicingFeesDueToAffiliate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_ProceedsFromPrincipalRepaymentsOnLoansAndLeases" name="ProceedsFromPrincipalRepaymentsOnLoansAndLeases" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_MaximumSellingCommissionsAsPercentageOfTransactionPrice" name="MaximumSellingCommissionsAsPercentageOfTransactionPrice" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_RelatedPartyTransactionsStockholderServicingFee" name="RelatedPartyTransactionsStockholderServicingFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommonStockTransferred" name="CommonStockTransferred" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_JPMRepurchaseFacilityMember" name="JPMRepurchaseFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_SummaryOfSellingCommissionsDealerManagerFeesAndStockholderServicingFeesForEachApplicableShareClassTableTextBlock" name="SummaryOfSellingCommissionsDealerManagerFeesAndStockholderServicingFeesForEachApplicableShareClassTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_RentalPropertyMember" name="RentalPropertyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ManagementFeePayableMember" name="ManagementFeePayableMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_DescriptionOfRepurchaseAgreementTermExtensionOptions" name="DescriptionOfRepurchaseAgreementTermExtensionOptions" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_DistributionReinvestmentPlanMember" name="DistributionReinvestmentPlanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_Distributions" name="Distributions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_MaximumUpfrontSellingCommissionsPercentage" name="MaximumUpfrontSellingCommissionsPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CommonClassFSMember" name="CommonClassFSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_CantonMassachusettsMember" name="CantonMassachusettsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_WestMember" name="WestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_BelowMarketLeaseIntangiblesMember" name="BelowMarketLeaseIntangiblesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ScheduleOfFuturePrincipalPaymentsDueUnderMortgageLoansTableTextBlock" name="ScheduleOfFuturePrincipalPaymentsDueUnderMortgageLoansTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_SellingCommissionsAndDealerManagerFeesPercentageOfTransactionPrice" name="SellingCommissionsAndDealerManagerFeesPercentageOfTransactionPrice" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_CayceRoadMember" name="CayceRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_SouthwestMember" name="SouthwestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_NumberOfUnfulfilledRepurchaseRequest" name="NumberOfUnfulfilledRepurchaseRequest" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_ColdStorageIndustrialPropertyMember" name="ColdStorageIndustrialPropertyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ShookRoadMember" name="ShookRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ClassEUnitsOperatingPartnershipUnitsMember" name="ClassEUnitsOperatingPartnershipUnitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_DistributionsToNoncontrollingInterestsInTheOperatingPartnership" name="DistributionsToNoncontrollingInterestsInTheOperatingPartnership" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_TwoFourZeroZeroSCouncilRoadMember" name="TwoFourZeroZeroSCouncilRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ManagementFeeEarnedOnOperatingPartnershipUnits" name="ManagementFeeEarnedOnOperatingPartnershipUnits" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_BridgeviewIllinoisMember" name="BridgeviewIllinoisMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization" name="FiniteLivedIntangibleLiabilitiesAccumulatedAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_AboveMarketLeaseIntangiblesMember" name="AboveMarketLeaseIntangiblesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_TransferToRedeemableNonControllingInterests" name="TransferToRedeemableNonControllingInterests" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_DataCenterMember" name="DataCenterMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValue" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CouncilRoadMember" name="CouncilRoadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_AdvancedOrganizationAndOfferingExpense" name="AdvancedOrganizationAndOfferingExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_PinesMember" name="PinesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_PepsicoQuakerDistributionCenterMember" name="PepsicoQuakerDistributionCenterMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RealEstateIntangiblesNetMember" name="RealEstateIntangiblesNetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ThreeSevenZeroSevenWNCTenHwyMember" name="ThreeSevenZeroSevenWNCTenHwyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_ScheduleOfMortgageLoansOnRealEstateTableTextBlock" name="ScheduleOfMortgageLoansOnRealEstateTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_InvestmentsInRealEstateDebtAtFairValue" name="InvestmentsInRealEstateDebtAtFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_RentalRevenue" name="RentalRevenue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_ClassAIiiSharesMember" name="ClassAIiiSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RickenbackerMember" name="RickenbackerMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_GeneralAndAdministrativeMember" name="GeneralAndAdministrativeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OtherIncomeNet" name="OtherIncomeNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_InvestmentAcquisitionDepositMember" name="InvestmentAcquisitionDepositMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_OriginationsAcquisitionsAndAddOnFundings" name="OriginationsAcquisitionsAndAddOnFundings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesVariousMember" name="CommercialMortgageLoansIndividuallyLessThan3PercentageFirstMortgageLifeSciencesVariousMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_MixedUseMember" name="MixedUseMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_RelatedPartyTransactionsUpfrontSellingCommission" name="RelatedPartyTransactionsUpfrontSellingCommission" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="ck0001882850_SecuredDebtArrangementsNet" name="SecuredDebtArrangementsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingQuarter" name="DebtInstrumentCovenantsPercentageOfNetAssetValueDeclineFromPrecedingQuarter" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_AccountingPoliciesLineItems" name="AccountingPoliciesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="ck0001882850_SummaryOfPropertiesAcquiredTableTextBlock" name="SummaryOfPropertiesAcquiredTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="ck0001882850_PaymentToOriginationAndAcquisitionOfCommercialMortgageAndMezzanineLoans" name="PaymentToOriginationAndAcquisitionOfCommercialMortgageAndMezzanineLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_GAAPIncomeAllocation" name="GAAPIncomeAllocation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="ck0001882850_RentalPropertyOperating" name="RentalPropertyOperating" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
</xsd:schema>
