Berkshire Income Realty 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2014	Nov. 13, 2014	Nov. 13, 2014
		Common Class A	Common Class B
Entity Information [Line Items]	'	'	'
Entity Registrant Name	'BERKSHIRE INCOME REALTY, INC.	'	'
Entity Central Index Key	'0001178862	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Document Type	'10-Q	'	'
Document Period End Date	30-Sep-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q3	'	'
Amendment Flag	'false	'	'
Entity Common Stock, Shares Outstanding	'	0	1,406,196

Consolidated_Balance_Sheets_St

Consolidated Balance Sheets Statement (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'	'	'
Multifamily apartment communities, net of accumulated depreciation of $200,046,571 and $242,291,624, respectively	$429,463,144	$381,663,433	'	'
Cash and cash equivalents	12,624,959	15,254,613	9,312,414	12,224,361
Cash restricted for tenant security deposits	1,291,663	1,321,895	'	'
Replacement reserve escrow	1,348,646	1,121,258	'	'
Prepaid expenses and other assets	9,152,113	10,675,302	'	'
Investment in unconsolidated multifamily entities	9,887,214	14,294,474	'	'
Acquired in-place leases and tenant relationships, net of accumulated amortization of $1,152,000 and $0, respectively	490,098	0	'	'
Deferred expenses, net of accumulated amortization of $2,220,236 and $2,953,066, respectively	5,881,557	2,977,939	'	'
Total assets	470,139,394	427,308,914	'	'
Liabilities:	'	'	'	'
Mortgage notes payable	451,660,736	475,525,480	'	'
Credit Facility	5,000,000	0	'	'
Note payable - other	1,250,000	1,250,000	'	'
Due to affiliates, net	2,678,796	2,454,167	'	'
Due to affiliate, incentive advisory fees	12,759,433	8,289,617	'	'
Dividend and distributions payable	837,607	837,607	'	'
Accrued expenses and other liabilities	14,107,312	10,968,053	'	'
Tenant security deposits	1,515,873	1,531,472	'	'
Total liabilities	489,809,757	500,856,396	'	'
Commitments and contingencies	0	0	'	'
Deficit:	'	'	'	'
Total deficit	-19,670,363	-73,547,482	'	'
Total liabilities and deficit	470,139,394	427,308,914	'	'
Noncontrolling interest in properties	'	'	'	'
Liabilities:	'	'	'	'
Dividend and distributions payable	'	0	'	300,000
Deficit:	'	'	'	'
Noncontrolling interest	136,530	879,785	'	'
Total deficit	136,530	879,785	1,046,067	1,527,431
Noncontrolling interest in Operating Partnership	'	'	'	'
Liabilities:	'	'	'	'
Dividend and distributions payable	0	'	2,733,080	'
Deficit:	'	'	'	'
Noncontrolling interest	-48,993,123	-102,297,937	'	'
Total deficit	-48,993,123	-102,297,937	-100,096,200	-89,708,267
Preferred Stock [Member] | Series A 9% Cumulative Redeemable Preferred Stock, no par value, $25 stated value, 5,000,000 shares authorized, 2,978,110 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	'	'	'	'
Liabilities:	'	'	'	'
Dividend and distributions payable	837,607	'	837,607	'
Deficit:	'	'	'	'
Preferred Stock, Value, Outstanding	70,210,830	70,210,830	'	'
Total deficit	70,210,830	70,210,830	70,210,830	70,210,830
Common Stock [Member] | Class A common stock, $.01 par value, 5,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	'	'	'	'
Deficit:	'	'	'	'
Common Stock, Value, Outstanding	0	0	'	'
Common Stock [Member] | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	'	'	'	'
Liabilities:	'	'	'	'
Dividend and distributions payable	0	'	66,920	'
Deficit:	'	'	'	'
Common Stock, Value, Outstanding	14,062	14,062	'	'
Total deficit	14,062	14,062	14,062	14,062
Excess Stock, $.01 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	'	'	'	'
Deficit:	'	'	'	'
Excess Stock, Value, Outstanding	0	0	'	'
Accumulated deficit	'	'	'	'
Deficit:	'	'	'	'
Accumulated deficit	-41,038,662	-42,354,222	'	'
Total deficit	($41,038,662)	($42,354,222)	($42,302,377)	($42,077,020)

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parentheticals (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Multifamily apartment communities, accumulated depreciation	($200,046,571)	($242,291,624)	'	'
Acquire in-place leases and tenant relationships, accumulated amortization	-1,152,000	0	'	'
Deferred expenses, accumulated amortization	($2,220,236)	($2,953,066)	'	'
Preferred Stock [Member] | Series A Preferred Stock	'	'	'	'
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]	'	'	'	'
Preferred Stock, Par or Stated Value Per Share	$25	$25	'	'
Preferred Stock, Shares Authorized	5,000,000	5,000,000	'	'
Preferred Stock, Shares Issued	2,978,110	2,978,110	'	'
Preferred Stock, Shares Outstanding	2,978,110	2,978,110	2,978,110	2,978,110
Common Stock [Member] | Common Class A	'	'	'	'
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]	'	'	'	'
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	'	'
Common Stock, Shares Authorized	5,000,000	5,000,000	'	'
Common Stock, Shares, Issued	0	0	'	'
Common Stock, Shares, Outstanding	0	0	'	'
Common Stock [Member] | Common Class B	'	'	'	'
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]	'	'	'	'
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	'	'
Common Stock, Shares Authorized	5,000,000	5,000,000	'	'
Common Stock, Shares, Issued	1,406,196	1,406,196	'	'
Common Stock, Shares, Outstanding	1,406,196	1,406,196	1,406,196	1,406,196
Excess Stock	'	'	'	'
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]	'	'	'	'
Excess stock, Par or Stated Value Per Share	$0.01	$0.01	'	'
Excess Stock, Shares Authorized	15,000,000	15,000,000	'	'
Excess Stock, Shares Issued	0	0	'	'
Excess Stock, Shares Outstanding	0	0	'	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations Statement (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:	'	'	'	'
Rental	$17,847,848	$18,468,549	$58,305,011	$54,397,584
Utility reimbursement	893,495	866,346	2,920,743	2,556,845
Other	1,020,923	867,340	3,119,315	2,518,973
Total revenue	19,762,266	20,202,235	64,345,069	59,473,402
Expenses:	'	'	'	'
Operating	4,162,979	4,587,613	15,479,524	13,662,836
Maintenance	1,178,896	1,384,633	3,752,651	3,497,705
Real estate taxes	1,864,041	1,770,935	6,597,822	5,606,147
General and administrative	554,511	505,702	1,897,296	1,743,601
Management fees	1,177,690	1,208,938	3,742,979	3,605,724
Incentive advisory fees	2,367,299	423,153	5,040,718	1,796,933
Depreciation	6,310,170	6,397,609	19,839,493	19,157,233
Interest, inclusive of amortization of deferred financing fees	6,896,115	6,784,545	21,957,455	19,841,847
Loss on extinguishment of debt	336,749	0	2,080,401	0
Amortization of acquired in-place leases and tenant relationships	406,797	0	1,152,000	5,377
Total expenses	25,255,247	23,063,128	81,540,339	68,917,403
Loss before equity in income (loss) of unconsolidated multifamily entities	-5,492,981	-2,860,893	-17,195,270	-9,444,001
Equity in income (loss) of unconsolidated multifamily entities	495,664	-24,499	13,471,100	-1,655,602
Gain on disposition of real estate assets	34,593,815	0	84,113,807	0
Income (loss) from continuing operations	29,596,498	-2,885,392	80,389,637	-11,099,603
Discontinued operations:	'	'	'	'
Income (loss) from discontinued operations	0	-12,444	-114,216	47,336
Gain on disposition of real estate assets	0	0	0	18,689,058
Net income (loss) from discontinued operations	0	-12,444	-114,216	18,736,394
Net income (loss)	29,596,498	-2,897,836	80,275,421	7,636,791
Net income attributable to noncontrolling interest in properties	-14,734	-25,553	-205,457	-40,361
Net (income) loss attributable to noncontrolling interest in Operating Partnership	-27,239,605	4,488,677	-73,250,824	-2,509,405
Net income attributable to the Company	2,342,159	1,565,288	6,819,140	5,087,025
Preferred dividend	-1,675,193	-1,675,194	-5,025,580	-5,025,582
Net income (loss) available to common shareholders	$666,966	($109,906)	$1,793,560	$61,443
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted (dollars per share)	$0.47	($0.07)	$1.36	($13.28)
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted (dollars per share)	$0	($0.01)	($0.08)	$13.32
Net income (loss) available to common shareholders per common share, basic and diluted	$0.47	($0.08)	$1.28	$0.04
Weighted average number of common shares outstanding, basic and diluted (shares)	1,406,196	1,406,196	1,406,196	1,406,196

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Deficit Statement (USD $)	Total	Accumulated deficit	Noncontrolling interest in properties	Noncontrolling interest in Operating Partnership	Total Deficit	Series A Preferred Stock	Common Class B
						Preferred Stock [Member]	Common Stock [Member]
Beginning balance at Dec. 31, 2012	'	($42,077,020)	$1,527,431	($89,708,267)	($60,032,964)	$70,210,830	$14,062
Common Stock, Shares, Outstanding at Dec. 31, 2012	'	'	'	'	'	'	1,406,196
Preferred Stock, Shares Outstanding at Dec. 31, 2012	'	'	'	'	'	2,978,110	'
Net income (loss)	7,636,791	5,087,025	40,361	2,509,405	7,636,791	0	0
Contributions	'	0	399,718	0	399,718	0	0
Distributions	'	286,800	921,443	12,897,338	14,105,581	0	0
Distributions to preferred shareholders	'	-5,025,582	0	0	-5,025,582	0	0
Change in noncontrolling interest in properties due to deconsolidation of real estate	0	'	'	'	'	'	'
Ending balance at Sep. 30, 2013	'	-42,302,377	1,046,067	-100,096,200	-71,127,618	70,210,830	14,062
Preferred Stock, Shares Outstanding at Sep. 30, 2013	'	'	'	'	'	2,978,110	'
Common Stock, Shares, Outstanding at Sep. 30, 2013	'	'	'	'	'	'	1,406,196
Beginning balance at Dec. 31, 2013	-73,547,482	-42,354,222	879,785	-102,297,937	-73,547,482	70,210,830	14,062
Common Stock, Shares, Outstanding at Dec. 31, 2013	'	'	'	'	'	'	1,406,196
Preferred Stock, Shares Outstanding at Dec. 31, 2013	'	'	'	'	'	2,978,110	'
Net income (loss)	80,275,421	6,819,140	205,457	73,250,824	80,275,421	0	0
Contributions	'	0	665,447	0	665,447	0	0
Distributions	'	478,000	1,943,985	19,946,010	22,367,995	0	0
Distributions to preferred shareholders	'	-5,025,580	0	0	-5,025,580	0	0
Change in noncontrolling interest in properties due to deconsolidation of real estate	329,826	'	329,826	'	329,826	'	'
Ending balance at Sep. 30, 2014	($19,670,363)	($41,038,662)	$136,530	($48,993,123)	($19,670,363)	$70,210,830	$14,062
Preferred Stock, Shares Outstanding at Sep. 30, 2014	'	'	'	'	'	2,978,110	'
Common Stock, Shares, Outstanding at Sep. 30, 2014	'	'	'	'	'	'	1,406,196

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows Statement (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$80,275,421	$7,636,791
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of deferred costs	802,655	433,159
Amortization of acquired in-place leases and tenant relationships	1,152,000	5,377
Amortization of fair value premium on debt	-221,260	0
Loss on extinguishment of debt	-91,654	-3,807
Depreciation	19,839,493	19,762,355
Deferred costs	-51,102	0
Equity in (income) loss of unconsolidated multifamily entities	-13,471,100	1,655,602
Gain on disposition of real estate assets	-84,113,807	-18,689,058
Increase (decrease) in cash attributable to changes in assets and liabilities:	'	'
Tenant security deposits, net	-223,446	138,882
Prepaid expenses and other assets	-319,652	1,270,118
Due to/from affiliates	191,252	-1,394,562
Due to affiliate - incentive advisory fees	4,469,816	958,275
Accrued expenses and other liabilities	238,476	-1,053,427
Distributions of return on investments in unconsolidated multifamily entities	466,667	0
Net cash provided by operating activities	9,127,067	10,727,319
Cash flows from investing activities:	'	'
Capital improvements	-25,732,038	-12,308,567
Acquisition of multifamily apartment communities	60,611,119	0
Return of earnest money deposits on acquisition	-2,000,000	0
Proceeds from sale of multifamily apartment communities	158,854,249	30,958,927
Investment in unconsolidated multifamily entities	0	-305,175
Distributions from investment in unconsolidated multifamily entities	12,580,344	868,093
Interest earned on replacement reserve deposits	-669	-446
Deposits to replacement reserve escrow	-226,719	-140,785
Withdrawal from replacement reserve escrow	0	41,481
Deconsolidation of real estate	-1,279,500	0
Net cash provided by investing activities	85,584,548	19,113,528
Cash flows from financing activities:	'	'
Borrowings from mortgage notes payable	51,063,010	2,770,663
Principal payments on mortgage notes payable	-4,257,811	-4,396,752
Repayments of mortgage notes payable	118,642,979	14,833,286
Borrowings from revolving credit facility - affiliate	0	1,627,000
Principal payments on revolving credit facility - affiliate	0	-1,627,000
Borrowings from Credit Facility	80,000,000	0
Principal payments on Credit Facility	-75,000,000	0
Deferred financing costs	-3,775,361	-61,974
Contribution from noncontrolling interest holders in properties	665,447	399,718
Distributions to noncontrolling interest holders in properties	-1,943,985	-1,221,443
Distributions to noncontrolling interest partners in Operating Partnership	-19,946,010	-10,164,258
Distributions to common shareholders	478,000	219,880
Distributions to preferred shareholders	-5,025,580	-5,025,582
Net cash used in financing activities	-97,341,269	-32,752,794
Net decrease in cash and cash equivalents	-2,629,654	-2,911,947
Cash and cash equivalents at beginning of period	15,254,613	12,224,361
Cash and cash equivalents at end of period	12,624,959	9,312,414
Noncontrolling interest in Operating Partnership	'	'
Cash flows from operating activities:	'	'
Net income (loss)	$73,250,824	$2,509,405

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows Supplemental Disclosures (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Supplemental disclosure:	'	'
Cash paid for interest, net of capitalized interest	$21,932,595	$20,622,669
Capitalization of interest	841,851	425,271
Supplemental disclosure of non-cash investing and financing activities:	'	'
Capital improvements included in accrued expenses and other liabilities	2,924,972	120,308
Dividend and distributions payable	837,607	'
Write-off of fully amortized acquired in-place leases and tenant relationships	0	605,079
Assets acquired:	'	'
Multifamily apartment communities	129,560,979	0
Acquired in-place leases and tenant relationships	1,642,098	0
Prepaid expenses and other assets	632,521	0
Liabilities assumed:	'	'
Accrued expenses	511,151	0
Tenant security deposit liability	241,262	0
Mortgage notes payable	70,472,066	0
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	-60,611,119	0
Sale of real estate:	'	'
Gross selling price	161,200,000	31,500,000
Cost of sale	-2,345,751	-541,073
Cash flows from sale of multifamily apartment communities	158,854,249	30,958,927
Deconsolidation of real estate due to ownership structure:	'	'
Change in multifamily apartment communities, net of accumulative depreciation	15,667,726	0
Change in prepaid expenses and other assets	475,362	0
Change in investments in unconsolidated multifamily entities	4,831,349	0
Change in deferred expenses, net of accumulative amortization	15,557	0
Change in mortgage notes payable	-22,277,770	0
Change in due to affiliates, net	33,377	0
Change in accrued expenses and other liabilities	-351,744	0
Change in tenant security deposits, net	-3,183	0
Change in noncontrolling interest in properties due to deconsolidation of real estate	329,826	0
Decrease in cash due to deconsolidation of real estate	-1,279,500	0
Noncontrolling interest in Operating Partnership	'	'
Supplemental disclosure of non-cash investing and financing activities:	'	'
Dividend and distributions payable	0	2,733,080
Series A Preferred Stock | Preferred Stock [Member]	'	'
Supplemental disclosure of non-cash investing and financing activities:	'	'
Dividend and distributions payable	837,607	837,607
Common Class B | Common Stock [Member]	'	'
Supplemental disclosure of non-cash investing and financing activities:	'	'
Dividend and distributions payable	$0	$66,920

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2014
ORGANIZATION AND BASIS OF PRESENTATION [Abstract]	'
Organization and Basis of Presentation	'
	ORGANIZATION AND BASIS OF PRESENTATION
	Berkshire Income Realty, Inc. (the “Company”), a Maryland corporation, was incorporated on July 19, 2002 and 100 Class B common shares were issued upon organization.  The Company is in the business of acquiring, owning, operating, developing and rehabilitating multifamily apartment communities.  As of September 30, 2014, the Company owned, or had an interest in, 13 multifamily apartment communities consisting of 4,328 total apartment units, two multifamily development projects and three unconsolidated multifamily entities. The Company conducts its business through Berkshire Income Realty-OP, L.P. (the "Operating Partnership").
	The Company elected to be treated as a real estate investment trust ("REIT") under Section 856 of the Tax Code (the "Code"), with the filing of its first tax return. As a result, the Company generally is not subject to federal corporate income tax on its taxable income that is distributed to its shareholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income. The Company's policy is to make sufficient distributions of its taxable income to meet the REIT distribution requirements. The Company must also meet other operational requirements with respect to its investments, assets and income. The Company monitors these various requirements on a quarterly basis and believes that as of and for the nine-month periods ended September 30, 2014 and 2013, it was in compliance on all such requirements. Accordingly, the Company has made no provision for federal income taxes in the accompanying consolidated financial statements. The Company is subject to certain state level taxes based on the location of its properties.
	Discussion of acquisitions for the nine-month period ended September 30, 2014
	On January 22, 2014, the Company executed a joint venture limited liability company agreement with an unrelated entity for the development of Aura Prestonwood, a 322-unit multifamily apartment project located in Dallas, Texas (the "Prestonwood Project"). The Company has a 95% interest in the joint venture and has made a commitment to invest $12,643,500 in the project, which has been fully funded. Simultaneously with the execution of the limited liability company agreement, the joint venture acquired the land where the multifamily apartment project is being built. The cost of the land was $7,302,960 and consideration of $1,000,000 was paid at closing for the option to acquire the abutting land parcel at a future time.
	On March 20, 2014, the Company, through its subsidiaries, BIR Pavilion, L.L.C. and BIR Eon, L.L.C., completed the acquisitions of Pavilion Townplace, a 236-unit multifamily apartment community located in Dallas, Texas, and EON at Lindbergh, a 352-unit multifamily apartment community located in Atlanta, Georgia, respectively. The seller was an unaffiliated third party. The purchase prices for Pavilion Townplace and EON at Lindbergh were $56,000,000 and $64,000,000, respectively, and were subject to loan assumptions, normal operating prorations and adjustments as provided for in the purchase and sale agreements. The Company has acquired these assets as replacement properties in a reverse exchange transaction, under Section 1031 of the Internal Revenue Code, for Chisholm Place, Berkshires on Brompton, Bridgewater and Lakeridge, which were sold in 2014.
	Accounting Standards Codification ("ASC") 805-10 requires that identifiable assets acquired and liabilities assumed be recorded at fair value as of the acquisition date. As of the acquisition date, the amounts recognized for each major class of assets acquired and liabilities assumed is as follows:
		Aura Prestonwood		Pavilion Townplace		EON at		Total
						Lindbergh
	Asset acquired:
	Multifamily apartment communities	$	8,302,960	$	57,201,053	$	64,056,966	$	129,560,979
	Acquired in-place leases and tenant relationships	—		769,534		872,564		1,642,098
	Prepaid and other assets	100,000		296,013		236,508		632,521
	Total assets acquired	$	8,402,960	$	58,266,600	$	65,166,038	$	131,835,598
	Liabilities assumed:
	Accrued expenses	$	—	$	309,154	$	201,997	$	511,151
	Tenant security deposit liability	—		119,808		121,454		241,262
	Mortgage notes payable	—		27,542,536		42,929,530		70,472,066
	Total liabilities assumed	$	—	$	27,971,498	$	43,252,981	$	71,224,479
	Discussion of dispositions for the nine-month period ended September 30, 2014
	On May 5, 2014, the Company completed the sale of Chisholm Place, located in Dallas, Texas, to an unaffiliated buyer. The sale price of $15,000,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company recognized $7,556,301 of gain from the sale.
	On May 12, 2014, the Company completed the sale of Laurel Woods, located in Austin, Texas, to an unaffiliated buyer. The sale price of $13,200,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company recognized $9,211,973 of gain from the sale.
	On June 4, 2014, the Company completed the sale of Bear Creek, located in Dallas, Texas, to an unaffiliated buyer. The sale price of $9,500,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company recognized $5,988,770 of gain from the sale.
	On June 25, 2014, the Company completed the sale of Berkshires on Brompton, located in Houston, Texas, to an unaffiliated buyer. The sale price of $38,500,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company recognized $26,762,948 of gain from the sale.
	On August 18, 2014, the Company completed the sales of Bridgewater and Lakeridge, both located in Hampton, Virginia, to an unaffiliated buyer. The sale prices of $23,500,000 and $40,000,000 for Bridgewater and Lakeridge, respectively, were subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company recognized $11,235,832 and $16,754,795 of gain from the sales of Bridgewater and Lakeridge, respectively.
	On August 19, 2014, the Company completed the sale of Reserves at Arboretum, located in Newport News, Virginia, to an unaffiliated buyer. The sale price of $21,500,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company recognized $6,603,188 of gain from the sale.
	The Company has used Chisholm Place, Berkshires on Brompton, Bridgewater and Lakeridge as the relinquished properties in the reverse exchange transaction for Pavilion Townplace and EON at Lindbergh, under Section 1031 of the Internal Revenue Code.
	Recent Accounting Pronouncements
	On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements. The standard is applied prospectively and is effective in 2015 with early adoption permitted. The Company has elected to early adopt this standard effective with the interim period beginning April 1, 2014. Prior to April 1, 2014, disposed properties are presented in discontinued operations.
	On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additional, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently assessing the potential impact that the adoption of this guidance will have on its financial position and results of operations.
	Unaudited interim consolidated financial statements
	The accompanying interim consolidated financial statements of the Company are unaudited; however, the consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted.  In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement for the interim periods have been included.  The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The interim financial statements and notes thereto should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	Consolidated Statements of Comprehensive Income (Loss)
	For the nine-month periods ended September 30, 2014 and 2013, comprehensive income (loss) equaled net income (loss).  Therefore, the Consolidated Statements of Comprehensive Income and Loss required to be presented have been omitted from the consolidated financial statements.

Multifamily_Apartment_Communit

Multifamily Apartment Communities	9 Months Ended
	Sep. 30, 2014
MULTIFAMILY APARTMENT COMMUNITIES [Abstract]	'
Multifamily Apartment Communities	'
	MULTIFAMILY APARTMENT COMMUNITIES
	The following summarizes the carrying value of the Company’s multifamily apartment communities:
		September 30,			December 31,
		2014			2013
		(unaudited)			(audited)
	Land	$	75,834,596		$	66,318,761
	Buildings, improvement and personal property	553,675,119			557,636,296
	Multifamily apartment communities	629,509,715			623,955,057
	Accumulated depreciation	(200,046,571		)	(242,291,624		)
	Multifamily apartment communities, net	$	429,463,144		$	381,663,433
	The Company accounts for its acquisitions of investments in real estate in accordance with ASC 805-10, which requires the fair value of the real estate acquired be allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment and identified intangible assets and liabilities, consisting of the value of the above-market and below-market leases, the value of in-place leases and the value of other tenant relationships, based in each case on their fair values. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases and amortized over a period of 12 months and the tenant relationships are based on the straight-line method of amortization over a 24-month period.
	The Company evaluated the carrying value of its multifamily apartment communities for impairment pursuant to ASC 360-10. The Company did not record an impairment adjustment during the nine-month period ended September 30, 2014 or twelve-month period ended December 31, 2013.
	Discontinued Operations
	On June 25, 2013, the Company completed the sale of Walden Pond and Gables of Texas, both located in Houston, Texas, to an unaffiliated buyer. The combined sale price of $31,500,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement.
	The results of operations for Walden Pond and Gables of Texas have been restated and are presented as results from discontinued operations in the Consolidated Statements of Operations for the three- and nine-month periods ended September 30, 2014 and 2013, respectively, pursuant to ASC 205-20.*
	The operating results of properties sold in 2013* and their discontinued operations for the three- and nine-month periods ended September 30, 2014 and 2013 are presented in the following table.
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenue:
	Rental	$	—		$	5,203		$	—		$	2,020,361
	Utility reimbursement	—			—			—			230,542
	Other	—			52,604			210			297,838
	Total revenue	—			57,807			210			2,548,741
	Expenses:
	Operating	—			37,440			112,954			810,822
	Maintenance	—			7,697			—			136,819
	Real estate taxes	—			23,097			—			288,619
	General and administrative	—			—			1,472			31,663
	Management fees	—			2,017			—			96,567
	Depreciation	—			—			—			605,122
	Interest, inclusive of amortization of deferred financing fees	—			—			—			527,986
	Loss on extinguishment of debt	—			—			—			3,807
	Total expenses	—			70,251			114,426			2,501,405
	Income (loss) from discontinued operations	$	—		$	(12,444	)	$	(114,216	)	$	47,336
	*	On April 1, 2014, the Company early adopted ASU 2014-08 and as such, the dispositions of Chisholm Place, Laurel Woods, Bear Creek, Berkshires on Brompton, Bridgewater, Lakeridge and Reserves at Arboretum are not presented as part of discontinued operations. Discussion of property sales is included in Note 1 - Organization and Basis of Presentation.

Investment_in_Unconsolidated_M

Investment in Unconsolidated Multifamily Entities	9 Months Ended
	Sep. 30, 2014
Equity Method Investee, Unconsolidated Limited Partnership [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Equity Method Investments	'
	INVESTMENT IN UNCONSOLIDATED LIMITED PARTNERSHIP
	On August 12, 2005, the Company, together with affiliates and other unaffiliated parties, entered into a subscription agreement to invest in the Berkshire Multifamily Value Fund, L.P. (“BVF”), an affiliate of Berkshire Property Advisors, L.L.C. (“Berkshire Advisor” or the “Advisor”).  Under the terms of the agreement and the related limited partnership agreement, the Company and its affiliates agreed to invest up to $25,000,000, or approximately 7%, of the total capital of the partnership.  The Company’s final commitment under the subscription agreement with BVF totaled $23,400,000, which represented an ownership interest of 7% in BVF.  BVF’s investment strategy was to acquire middle-market properties where there is an opportunity to add value through repositioning or rehabilitation.
	In accordance with ASC 810-10 issued by FASB, as amended by ASU 2009-17, related to the consolidation of variable interest entities, the Company has performed an analysis of its investment in BVF to determine whether it would qualify as a variable interest entity (“VIE”) and whether it should be consolidated or accounted for as an equity investment in an unconsolidated joint venture.  As a result of the Company’s qualitative assessment to determine whether its investment in BVF is a VIE, the Company determined that the investment is a VIE based upon the fact that the holders of the equity investment at risk lack the power, through voting or similar rights, to direct the activities of BVF that most significantly impact BVF’s economic performance.  Under the terms of the limited partnership agreement of BVF, the general partner of BVF has the full, exclusive and complete right, power, authority, discretion, obligation and responsibility to make all decisions affecting the business of BVF.
	After making the determination that its investment in BVF was a VIE, the Company performed an assessment of which partner would be considered the primary beneficiary of BVF and therefore would be required to consolidate BVF’s balance sheets and result of operations.  This assessment was based upon which entity (1) had the power to direct matters that most significantly impact the activities of BVF, and (2) had the obligation to absorb losses or the right to receive benefits of BVF that could potentially be significant to the entity based upon the terms of the partnership and management agreements of BVF.  As a result of fees paid to an affiliate of the general partner of BVF for asset management and other services, the Company has determined that the general partner of BVF has the obligation to absorb the losses or the right to receive benefits of BVF while retaining the power to make significant decisions for BVF.  Based upon this understanding, the Company concluded that the general partner of BVF should consolidate BVF and as such, the Company accounts for its investment in BVF as an equity investment in an unconsolidated joint venture.
	As of September 30, 2014, the Company had invested 100% of its total committed capital amount of $23,400,000 in BVF and had received distributions from BVF of $17,753,897, or approximately 75.9%, of its invested capital. The general partner of BVF is proceeding with BVF's plan to sell the remaining 18 assets in the portfolio. Subsequent to the quarter ended September 30, 2014, BVF sold 17 of the remaining 18 assets.
	The summarized statement of assets, liabilities and partners’ equity (deficit) of BVF is as follows:
		September 30,			December 31,
		2014			2013
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	282,954,958		$	664,692,480
	Cash and cash equivalents	29,301,208			21,227,583
	Other assets	7,353,430			11,565,547
	Total assets	$	319,609,596		$	697,485,610
	LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
	Mortgage notes payable	$	311,808,441		$	686,193,544
	Credit facility	—			16,200,000
	Other liabilities	16,526,249			15,049,296
	Noncontrolling interest	(9,806,491		)	(6,961,558		)
	Partners’ equity (deficit)	1,081,397			(12,995,672		)
	Total liabilities and partners’ equity (deficit)	$	319,609,596		$	697,485,610
	Company’s share of partners’ equity (deficit)	$	75,701		$	(604,395	)
	Basis differential (1)	604,395			604,395
	Carrying value of the Company’s investment in unconsolidated limited partnership (2)	$	680,096		$	—
	-1	This amount represents the difference between the Company’s investment in BVF and its share of the underlying equity in the net assets of BVF (adjusted to conform with GAAP).  At September 30, 2014 and December 31, 2013, the differential was comprised mainly of $583,240, which represents the Company’s share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call.
	-2	Per the partnership agreement of BVF, the Company’s liability is limited to its investment in BVF.  The Company does not guarantee any third-party debt held by BVF.  The Company has fully funded its obligations under the partnership agreement as of September 30, 2014 and has no commitment to make additional contributions to BVF. The carrying value of the investment was $0 at December 31, 2013, as distributions from the investment have exceeded the Company's invested equity as adjusted for the Company's share of gains and losses over the holding period of the investment. The Company resumed equity method earnings in BVF during the nine-month period ended September 30, 2014, as its share of BVF's earnings during the period exceeded the excess distributions and net losses not recognized during the period the equity method was suspended.
	The Company evaluates the carrying value of its investment in BVF for impairment periodically and records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.  No such other-than-temporary impairment charges have been recognized during the nine-month period ended September 30, 2014 or twelve-month period ended December 31, 2013.
	The summarized statements of operations of BVF for the three- and nine-month periods ended September 30, 2014 and 2013 are as follows:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenue	$	13,473,383		$	34,116,230		$	67,486,238		$	101,002,262
	Expenses	(15,608,589		)	(42,051,265		)	(101,489,789		)	(125,568,161		)
	Gain (loss) on property sales and extinguishment of debt (2)	(397,093		)	14,339,915			224,943,500			14,261,091
	Noncontrolling interest	936,401			1,196,501			2,837,120			3,799,608
	Net income (loss) attributable to investment	$	(1,595,898	)	$	7,601,381		$	193,777,069		$	(6,505,200	)
	Equity in income (loss) of unconsolidated limited partnership (1)(2)	$	(111,725	)	$	532,154		$	13,260,440		$	(455,413	)
	-1	There were no impairment indicators or impairment writeoffs in the nine-month periods ended September 30, 2014 or 2013.
	The Company has determined that its valuation of the real estate was categorized within Level 3 of the fair value hierarchy in accordance with ASC 820-10, as it utilized significant unobservable inputs in its assessment.
	-2	During the nine-month period ended September 30, 2013, BVF recorded a net gain on the disposition of one property. The gain on the sale was $14,261,091, of which the Company's share was approximately $998,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended September 30, 2013.
	During the nine-month period ended September 30, 2014, BVF recorded a net gain on the disposition of fifteen properties. The gain on the sale was $224,943,500, of which the Company's share was approximately $15,746,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended September 30, 2014.
Equity Method Investee, Unconsolidated Limited Liability Company [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Equity Method Investments	'
	INVESTMENT IN UNCONSOLIDATED LIMITED LIABILITY COMPANIES
	On March 2, 2011, the Operating Partnership executed an agreement with Berkshire Multifamily Value Fund II ("BVF II"), an affiliated entity, to create a joint venture, BIR/BVF-II NoMa JV, L.L.C. ("NoMa JV"), to participate in and take an ownership position in a real estate development project. BVF II is the managing member of NoMa JV and has a percentage ownership interest of approximately 67% while the Operating Partnership has a percentage ownership interest of approximately 33%.
	Also on March 2, 2011, NoMa JV acquired a 90% interest in NOMA Residential West I, LLC. (“NOMA Residential”).  NOMA Residential has developed and is operating a 603-unit multifamily apartment community in Washington, D.C. (the "NoMa Project"). The remaining 10% interest in NOMA Residential is owned by the developer, an unrelated third party (the “NoMa Developer”).  The governing agreements for NOMA Residential give the NoMa Developer the authority to manage the construction and development of, and subsequent to completion, the day-to-day operations of NOMA Residential.  The agreement also provides for fees to the NoMa Developer, limits the authority of the NoMa Developer and provides for distributions based on percentage interest and thereafter in accordance with achievement of economic hurdles.
	In accordance with ASC 810-10, as amended by ASU 2009-17, related to the consolidation of variable interest entities, the Company has performed an analysis of its investment in NoMa JV to determine whether it would qualify as a VIE and whether it should be consolidated or accounted for as an equity investment in an unconsolidated joint venture. As a result of the Company's qualitative assessment to determine whether its investment is a VIE, the Company determined that the investment is a VIE based upon the holders of the equity investment at risk lacking the power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance.  Under the terms of the limited liability company agreement of NoMa JV, the managing member has the full, exclusive and complete right, power, authority, discretion, obligation and responsibility to make all decisions affecting the business of NoMa JV.
	After making the determination that its investment in NoMa JV was a VIE, the Company performed an assessment of which partner would be considered the primary beneficiary of NoMa JV and would be required to consolidate the VIE's balance sheet and results of operations. This assessment was based upon which entity (1) had the power to direct matters that most significantly impact the activities of NoMa JV, and (2) had the obligation to absorb losses or the right to receive benefits of NoMa JV that could potentially be significant to the VIE based upon the terms of the partnership and management agreements of NoMa JV.  Because the managing member owns two-thirds of the entity and all profits and losses are split pro-rata in accordance with capital accounts, the Company has determined that the managing member has the obligation to absorb the losses or the right to receive benefits of the VIE while retaining the power to make significant decisions for NoMa JV.  Based upon this understanding, the Company concluded that the managing member should consolidate NoMa JV and as such, the Company accounts for its investment in NoMa JV as an equity investment in an unconsolidated joint venture.
	As of September 30, 2014, the Company had invested 100% of its total committed capital amount of $14,520,000 in NoMa JV for an ownership interest of approximately 33% and had recorded $1,710,327 of capitalized interest on the investment. The Company has no obligation to fund capital to NoMa JV in excess of its original commitment of capital of $14,520,000. The NoMa Project was completed during the quarter ended June 30, 2013.
	As of September 30, 2014, the Company had received distributions from NoMa JV of $466,667, or approximately 3.2%, of its invested capital.
	On July 16, 2014, the Company converted its ownership in Country Place I and Country Place II from a joint venture limited liability company, of which it held a 58% controlling interest, into a tenancy-in-common ("TIC") undivided ownership interest of 58% in each property. Prior to July 16, 2014, the Company consolidated its investment in Country Place I and Country Place II and reported the remaining 42% ownership through "Noncontrolling interest in properties". The Company evaluated the ownership and control rights under the TIC structure and has determined that it would require deconsolidation and the adoption of the equity method of accounting for its interest in the TIC at carrying value. Accordingly, effective July 16, 2014, the Company recorded its investment in the properties under the equity method of accounting and deconsolidated Country Place I and Country Place II. As of September 30, 2014, its interest in the properties is reflected on the Consolidated Balance Sheets in "Investments in unconsolidated multifamily entities" and the Company's share of net income is reflected in Consolidated Statements of Operations in "Equity in income (loss) of unconsolidated multifamily entities".
	The summarized statement of assets, liabilities and members’ capital of NoMa JV, Country Place I and Country Place II is as follows:
		September 30,			December 31,
		2014			2013
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	137,563,537		$	126,139,123
	Cash and cash equivalents	5,009,328			1,629,885
	Other assets	2,197,000			546,996
	Total assets	$	144,769,865		$	128,316,004
	LIABILITIES AND MEMBERS’ CAPITAL
	Mortgage note payable	$	107,646,455		$	85,466,258
	Other liabilities	1,103,429			756,990
	Noncontrolling interest	4,098,975			4,209,276
	Members’ capital	31,921,006			37,883,480
	Total liabilities and members’ capital	$	144,769,865		$	128,316,004
	Company’s share of members’ capital	$	7,591,459		$	12,627,826
	Basis differential (1)	$	1,615,659		$	1,666,648
	Carrying value of the Company’s investment in unconsolidated limited liability companies (2)	$	9,207,118		$	14,294,474
	-1	This amount represents capitalized interest, net of amortization, pursuant to ASC 835-20, related to the Company's equity investment in NoMa JV. The capitalized interest was computed on the amounts borrowed by the Company to finance its investment in NoMa JV and was not an item required to be funded via a capital call.
	-2	Per the limited liability company agreement of NoMa JV, the Company's liability is limited to its investment in NoMa JV. The Company has fully funded its maximum obligation under the limited liability company agreement as of September 30, 2014 and has no commitment to make additional contributions to NoMa JV.
	Per the tenancy in common agreement of BIR Country Place II, L.L.C., the Company assumes its proportionate share of any damages associated with the mortgages on Country Place I and Country Place II, which are guaranteed by the Operating Partnership.
	The Company evaluates the carrying value of its investments in unconsolidated limited liability companies for impairment periodically and records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.  No such other-than-temporary impairment charges have been recognized during the nine-month period ended September 30, 2014 or twelve-month period ended December 31, 2013.
	The summarized statements of operations of NoMa JV, Country Place I and Country Place II for the three- and nine-month periods ended September 30, 2014 and 2013 are as follows:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenue	$	4,596,853		$	1,522,546		$	9,857,261		$	2,804,862
	Expenses	(2,717,670		)	(3,290,569		)	(9,152,862		)	(6,718,005		)
	Noncontrolling interest	(166,274		)	176,802			(48,814		)	391,314
	Net income (loss) attributable to investment	$	1,712,909		$	(1,591,221	)	$	655,585		$	(3,521,829	)
	Equity in income (loss) of unconsolidated limited liability companies	$	624,385		$	(530,407	)	$	261,649		$	(1,173,943	)
	Amortization of basis	(16,996		)	(26,246		)	(50,989		)	(26,246		)
	Adjusted equity in income (loss) of unconsolidated limited liability companies	$	607,389		$	(556,653	)	$	210,660		$	(1,200,189	)

Mortgage_Notes_Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2014
MORTGAGE NOTES PAYABLE [Abstract]	'
Mortgage Notes Payable	'
	MORTGAGE NOTES PAYABLE
	On November 1, 2013, the Company, through its joint venture partnership for the development of the 141-unit apartment building in Walnut Creek, California (the "Walnut Creek Project"), acquired the land associated with the development project. The Company assumed the seller's outstanding land loan in the amount of $4,828,495. The assumed land loan had a fixed interest rate of 6.00% and matured on March 31, 2014, at which point it was paid off in the amount of $4,828,495.
	On January 16, 2014, the Company closed on a $44,000,000 mortgage loan refinancing for Berkshires of Columbia and paid off the three existing mortgages totaling $32,254,894. The refinanced mortgage bears interest at a variable rate of 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR") and matures on February 1, 2024.
	On January 22, 2014, the Company, through the joint venture formed with its subsidiary, BRD Arapaho, L.L.C. and TRG Prestonwood, L.P., entered into a loan agreement totaling up to $31,054,212 for the development of the Prestonwood Project, a 322-unit multifamily apartment project in Dallas, Texas. The loan has a variable interest rate of 2.50% above the 1-month LIBOR and matures on January 22, 2017. As of September 30, 2014, the outstanding balance on the loan was $7,063,010.
	On March 20, 2014, the Company, through its subsidiaries, BIR Pavilion, L.L.C. and BIR Eon, L.L.C., assumed mortgage notes payable with outstanding balances of $25,571,949 and $42,000,000, respectively, in connection with acquisitions of Pavilion Townplace and EON at Lindbergh. Both mortgage notes are collateralized by the related properties. The mortgage on Pavilion Townplace has a fixed interest rate of 5.27% and matures on January 1, 2021. The mortgage on EON at Lindbergh has a fixed interest rate of 4.25% and matures on May 1, 2022. In accordance with ASC 805-10, which requires identifiable assets acquired and liabilities assumed be recorded at fair value as of the acquisition date, the Company determined the fair values of both mortgage notes by calculating the present value of future payments at current interest rates. The fair values at the acquisition date for the mortgages assumed were $27,542,536 for Pavilion Townplace and $42,929,530 for EON at Lindbergh, respectively.
	On July 23, 2014, the Company through the joint venture formed with its subsidiary, BRD Walnut Creek, L.L.C., and Laconia Residential One LLC, entered into a construction loan agreement totaling up to $44,500,000 for the Walnut Creek Project. The loan has a fixed interest rate of 5.309% and matures on August 1, 2024. As of September 30, 2014, the outstanding balance on the loan was $0.
	The Company determines the fair value of the mortgage notes payable in accordance with authoritative guidance related to fair value measurement based on the discounted future cash flows at a discount rate that approximates the Company’s current effective borrowing rate for comparable loans (other observable inputs or Level 3 inputs, as defined by the authoritative guidance). For purposes of determining fair value, the Company groups its debt by similar maturity date for purposes of obtaining comparable loan information.  In addition, the Company also considers the loan-to-value percentage of individual loans to determine if further stratification of the loans is appropriate in the valuation model.  Under this approach, debt in excess of 80% loan-to-value is considered similar to mezzanine debt and is valued using a greater interest spread than the average debt pool.  Based on this analysis, the Company has determined that the fair value of the mortgage notes payable approximated $492,589,000 and $505,385,000 at September 30, 2014 and December 31, 2013, respectively.

Revolving_Credit_Facility_Affi

Revolving Credit Facility - Affiliate (Revolving Credit Facility [Member])	9 Months Ended
	Sep. 30, 2014
Revolving Credit Facility [Member]	'
Debt Instrument [Line Items]	'
Debt Disclosure [Text Block]	'
	REVOLVING CREDIT FACILITY - AFFILIATE
	On June 30, 2005, the Company obtained financing in the form of a revolving credit facility. The revolving credit facility in the amount of $20,000,000 was provided by an affiliate of the Company (the "Credit Facility - Affiliate"). The Credit Facility - Affiliate was amended on May 31, 2007 to add additional terms to the Credit Facility - Affiliate ("Amendment No. 1"), on February 17, 2011 to add an amendment period with a temporary increase in the commitment amount to $40,000,000 ("Amendment No. 2"), and on May 24, 2011 to increase the commitment fee ("Amendment No. 3"). The Credit Facility - Affiliate provides for interest on borrowings at a rate of 5% above the 30-day LIBOR rate, as announced by Reuter's, and fees based on borrowings under the Credit Facility - Affiliate and various operational and financial covenants, including a maximum leverage ratio and a maximum debt service ratio. The agreement had a maturity date of December 31, 2006, with a one-time six-month extension available at the option of the Company. The terms of the Credit Facility - Affiliate were agreed upon through negotiations and were approved by the Audit Committee (which committee is comprised of our three directors who are independent under applicable rules and regulations of the SEC and the NYSE MKT LLC) ("Audit Committee"). Subsequent to its exercise of extension rights, the Company on May 31, 2007 executed Amendment No.1 that provides for an extension of the maturity date by replacing the then current maturity date of June 30, 2007 with a 60-day notice of termination provision by which the lender can affect a termination of the commitment under the agreement and render all outstanding amounts due and payable. Amendment No. 1 also added a clean-up requirement to the agreement, which requires the borrower to repay in full all outstanding loans and have no outstanding obligations under the agreement for a 14 consecutive day period during each 365-day period. The last 365-day clean-up period requirement was satisfied on July 9, 2013 and the Company has not borrowed from the Credit Facility - Affiliate subsequent to that date.
	On February 17, 2011, the Company executed Amendment No. 2 which provides for a temporary modification of certain provisions of the Credit Facility - Affiliate during a period commencing with the date of execution and ending on July 31, 2012 (the "Amendment Period"), subject to extension. During the Amendment Period, certain provisions of the Credit Facility - Affiliate were modified and included: an increase in the amount of the commitment from $20,000,000 to $40,000,000; elimination of the leverage ratio covenant and clean-up requirement (each as defined in the Credit Facility - Affiliate agreement); and computation and payment of interest on a quarterly basis. At the conclusion of the Amendment Period, including extensions, the provisions modified pursuant to Amendment No. 2 reverted back to the provisions of the Credit Facility - Affiliate agreement prior to the Amendment Period.
	On May 24, 2011, the Company executed Amendment No. 3 which limits the total commitment fee provided for in the agreement to be no greater than $400,000 in the aggregate.
	On July 31, 2012, the provisions of the Amendment Period, as described above, expired as the Company did not exercise the extension provision to the Amendment Period of the Credit Facility - Affiliate, as provided for in Amendment No. 2. As a result, the specific provisions, which had been modified pursuant to Amendment No. 2, reverted back to the original provisions of the Credit Facility - Affiliate agreement prior to the Amendment Period.
	During the nine-month periods ended September 30, 2014 and 2013, the Company borrowed $0 and $1,627,000, respectively, under the Credit Facility - Affiliate and repaid $0 and $1,627,000 of advances, respectively, during the same periods.  The Company incurred interest charges of $0 and $32,981 related to the Credit Facility - Affiliate during the nine-month periods ended September 30, 2014 and 2013, respectively. The Company did not pay any commitment fees during the nine-month periods ended September 30, 2014 or 2013. There was no outstanding balance under the Credit Facility - Affiliate as of September 30, 2014 and December 31, 2013.

Credit_Facility_Notes

Credit Facility (Notes) (Line of Credit [Member])	9 Months Ended
	Sep. 30, 2014
Line of Credit [Member]	'
Line of Credit Facility [Line Items]	'
Debt Disclosure [Text Block]	'
	CREDIT FACILITY
	On January 21, 2014, the Company, through the Operating Partnership, closed on a $90,000,000 line of credit (the "Credit Facility") with an unaffiliated lender. The Credit Facility provides for interest on borrowings at a rate of 3.75% above the 30-day LIBOR rate, as announced by Reuter's, and includes various operational and financial covenants, including a leverage ratio and a debt service ratio. The Credit Facility has a maturity date of January 21, 2017 and provides for a maximum commitment to the Company of $90,000,000 commencing with the date of execution through June 29, 2014; $75,000,000 from June 30, 2014 to September 29, 2014; $60,000,000 from September 30, 2014 to December 30, 2014; and $45,000,000 from December 31, 2014 to January 21, 2017. The Credit Facility provides for unused commitment fees of 0.50% per annum if the unused amount is equal to or greater than 50% of the applicable maximum commitment and 0.35% per annum if such unused amount is less than 50%.
	On June 16, 2014, the Company amended the Credit Facility to extend the date on which the maximum commitment reduces to $75,000,000 from June 30, 2014 to August 30, 2014.
	During the nine-month period ended September 30, 2014, the Company borrowed $80,000,000 under the Credit Facility and repaid $75,000,000 of advances during the same period.  The Company incurred $1,781,471 of interest expense and $76,354 of unused commitment fee during the nine-month period ended September 30, 2014. There was $5,000,000 and $0 outstanding on the Credit Facility as of September 30, 2014 and December 31, 2013, respectively.
	The Company determines the fair value of the Credit Facility in accordance with authoritative guidance related to fair value measurement. The Company has determined the fair value of the Credit Facility approximated the outstanding principal balance of the Credit Facility at September 30, 2014.

Note_Payable_Other_Notes

Note Payable - Other (Notes) (2020 Lawrence [Member])	9 Months Ended
	Sep. 30, 2014
2020 Lawrence [Member]	'
Debt Instrument [Line Items]	'
Debt Disclosure [Text Block]	'
	NOTE PAYABLE - OTHER
	On June 12, 2012, Zocalo Community Development, Inc. ("Zocalo"), the managing member of the joint venture ("JV 2020 Lawrence") that the Operating Partnership formed with its subsidiary, BIR 2020 Lawrence, L.L.C. ("BIR 2020"), Zocalo and JB 2020, LLC, entered into a financing agreement with the State of Colorado, through the Colorado Energy Office, for $1,250,000 (the "Colorado Energy Loan") to be used for inclusion of energy efficient components in the construction of a mid-rise multifamily apartment building in Denver, Colorado (the "2020 Lawrence Project"). The Colorado Energy Loan has a term of 10 years and an interest rate of 5% per annum. The Colorado Energy Loan will mature on June 11, 2022. Zocalo has pledged all of its membership interests, both currently owned and subsequently acquired, in JV 2020 Lawrence as collateral for the Colorado Energy Loan. Pursuant to an authorizing resolution adopted by the members of JV 2020 Lawrence, Zocalo advanced the proceeds of the Colorado Energy Loan, as received from time to time, to JV 2020 Lawrence for application to the 2020 Lawrence Project. Such advances to JV 2020 Lawrence will not be considered contributions of capital to JV 2020 Lawrence. Also, Zocalo is authorized and directed to cause JV 2020 Lawrence to repay such advances, including principal and interest, made by Zocalo at such times as required by the Colorado Energy Loan. Any payments pursuant to the authorizing resolution shall be payable only from surplus cash of the 2020 Lawrence Project as defined by the U.S. Department of Housing and Urban Development ("HUD") in the governing regulatory agreement of the primary financing on the project as described above. If surplus cash is not available to satisfy Zocalo's payment obligations under the Colorado Energy Loan, then either Zocalo or BIR 2020 may issue a funding notice, pursuant to the JV 2020 Lawrence limited liability company agreement, for payment obligation amounts due and payable. As of September 30, 2014 and December 31, 2013, the outstanding balance on the Colorado Energy Loan was $1,250,000.
	The Company determines the fair value of the "Note payable - other" in accordance with authoritative guidance related to fair value measurement. Based on the fair value analysis using the same method as described in Note 4 - Mortgage Notes Payable, the Company has determined that the fair value of the "Note payable - other" approximated $1,340,000 and $1,287,000 at September 30, 2014 and December 31, 2013, respectively.

Equity_Deficit

Equity / Deficit	9 Months Ended
	Sep. 30, 2014
EQUITY / DEFICIT [Abstract]	'
Equity / Deficit	'
	EQUITY / DEFICIT
	On March 25, 2003, the Board of Directors (“Board”) declared a dividend at an annual rate of 9%, on the stated liquidation preference of $25 per share of the outstanding 9% Series A Cumulative Redeemable Preferred Stock ("Preferred Shares") which is payable quarterly in arrears, on February 15, May 15, August 15, and November 15 of each year to shareholders of record in the amount of $0.5625 per share per quarter.  For the nine-month periods ended September 30, 2014 and 2013, the Company’s aggregate dividends on the Preferred Shares totaled $5,025,580 and $5,025,582, respectively, of which $837,607 was payable and included on the Consolidated Balance Sheets in "Dividends and distributions payable" as of September 30, 2014 and December 31, 2013.
	On August 6, 2013, the Board authorized the general partner of the Operating Partnership to make a special distribution of $12,000,000 from the proceeds of the sale of Walden Pond and Gables of Texas to the common general and noncontrolling interest partners in Operating Partnership. Also on August 6, 2013, the Board declared a common dividend of $0.203954 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. On August 28, 2013 and December 12, 2013, the Operating Partnership made a special distribution of $9,200,000 and $2,800,000, respectively, to the common general partner and noncontrolling interest partners in Operating Partnership.
	Concurrently with the Operating Partnership distributions on August 28, 2013 and December 12, 2013, the Company paid common dividends of $219,880 and $66,920, respectively, from the special distribution proceeds of the common general partner.
	On January 16, 2014, the Board authorized the general partner of the Operating Partnership to make a special distribution of $20,000,000 from proceeds of the supplemental loan on Seasons of Laurel, which closed in December 2013, and the refinancing of Berkshires of Columbia, which closed in January 2014, to the common general and noncontrolling interest partners in Operating Partnership, which was paid on January 17, 2014. Also on January 16, 2014, the Board declared a common dividend of $0.339924 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. Concurrently with the Operating Partnership distributions, the common dividend was paid from the special distribution proceeds of the common general partner on January 17, 2014.
	For the nine-month periods ended September 30, 2014 and 2013, the Company's aggregate dividends on the Class B common stock totaled $478,000 and $286,800, respectively, of which $478,000 and $219,880 were paid during the same periods, respectively. There were no dividends payable to the Class B common stockholders as of September 30, 2014 and December 31, 2013.
	During the nine-month periods ended September 30, 2014 and 2013, the Company made tax payments of $424,010 and $1,184,138, respectively, on behalf of the noncontrolling interest partners in Operating Partnership as required by the taxing authorities of the jurisdictions in which the Company owns and operates properties. The payments were treated as distributions attributable to the noncontrolling interest in Operating Partnership and are reflected in the Consolidated Statements of Changes in Deficit.
	For the nine-month periods ended September 30, 2014 and 2013, the Company's aggregate distribution to noncontrolling interest partners in Operating Partnership totaled $19,946,010 and $12,897,338, respectively, of which $19,946,010 and $10,164,258 was paid during the same periods, respectively. There were no distributions payable to the noncontrolling interest partners in Operating Partnership as of September 30, 2014 and December 31, 2013.
	The Company’s policy to provide for common distributions is based on available cash and Board approval.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	EARNINGS PER SHARE
	Net income (loss) available to common shareholders per common share, basic and diluted, is computed as net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the applicable period, basic and diluted.
	The reconciliation of the basic and diluted earnings per common share for the three- and nine-month periods ended September 30, 2014 and 2013 follows:
			Three months ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
	Income (loss) from continuing operations prior to adjustments		$	29,596,498		$	(2,885,392	)	$	80,389,637		$	(11,099,603	)
	Add:	Net loss attributable to noncontrolling interest in Operating Partnership	$	—		$	4,488,677		—			—
	Less:	Preferred dividends	$	(1,675,193	)	$	(1,675,194	)	(5,025,580		)	(5,025,582		)
		Net income attributable to noncontrolling interest in properties	$	(14,734	)	$	(25,553	)	(205,457		)	(40,361		)
		Net income attributable to noncontrolling interest in Operating Partnership	$	(27,239,605	)	$	—		(73,250,824		)	(2,509,405		)
	Income (loss) from continuing operations		$	666,966		$	(97,462	)	$	1,907,776		$	(18,674,951	)
	Net income (loss) from discontinued operations		$	—		$	(12,444	)	$	(114,216	)	$	18,736,394
	Net income (loss) available to common shareholders		$	666,966		$	(109,906	)	$	1,793,560		$	61,443
	Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted		$	0.47		$	(0.07	)	$	1.36		$	(13.28	)
	Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted		$	—		$	(0.01	)	$	(0.08	)	$	13.32
	Net income (loss) available to common shareholders per common share, basic and diluted		$	0.47		$	(0.08	)	$	1.28		$	0.04
	Weighted average number of common shares outstanding, basic and diluted		1,406,196			1,406,196			1,406,196			1,406,196
	Dividend declared per common share		$	—		$	0.203954		$	0.339924		$	0.203954
	For the three- and nine-month periods ended September 30, 2014 and 2013, the Company did not have any common stock equivalents; therefore basic and dilutive earnings per share were the same.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]	'
Commitments and Contingencies	'
	COMMITMENTS AND CONTINGENCIES
	The Company is party to certain legal actions arising in the ordinary course of its business, such as those relating to tenant issues.  All such proceedings taken together are not expected to have a material adverse effect on the Company.  While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.
	The Company has commitments to two joint venture multifamily development projects as of September 30, 2014. The Walnut Creek Project is a 141-unit multifamily apartment development project located in Walnut Creek, California. The Company will own a 98% interest in the project once fully invested and its current commitment in the joint venture is approximately $26.8 million. As of September 30, 2014, the Company has made capital contributions totaling approximately $13.7 million. The Company consolidates its investment in the Walnut Creek Project.
	The Prestonwood Project is a 322-unit multifamily apartment development project located in Dallas, Texas. The Company has a 95% interest in the joint venture and has made a commitment to invest $12.6 million in the project. The Company has no obligation to fund capital to the Prestonwood Project in excess of its commitment of capital of $12.6 million. As of September 30, 2014, the Company has invested 100% of its total committed capital amount. The Company consolidates its investment in the Prestonwood Project.
	In connection with mortgage financings collateralized by the Standard at Lenox Park, Berkshires at Town Center and Sunfield Lake properties, the Operating Partnership agreed to guarantee approximately $11.7 million of mortgage debt, at origination, related to its obligation to achieve certain revenue targets at the properties. In connection with the construction loan financing collateralized by the Walnut Creek Project, the Operating Partnership agreed to guarantee approximately $44.5 million, at origination, of construction loan debt. Additionally, the Company has guaranteed payment of the obligation under the Credit Facility, in full, when due at maturity or otherwise.

Derivative_Financial_Instrumen

Derivative Financial Instruments (Notes)	9 Months Ended
	Sep. 30, 2014
Derivative [Line Items]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	DERIVATIVE FINANCIAL INSTRUMENTS
	The Company utilizes interest rate caps to add stability to interest expense, to manage our exposure to interest rate movements and as required by our lenders when entering into variable interest mortgage debt. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above a certain level in exchange for an upfront premium.
	During the nine-month period ended September 30, 2014, the Company acquired an interest rate cap related to its investment in Berkshires of Columbia. The derivative instrument was obtained as a requirement by the lender under the terms of the financing and limits increases in interest costs of the variable rate debt. The interest rate cap limits that interest exposure on the variable rate mortgage to 4.25% of the total mortgage amount of $44,000,000. The instrument matures on February 1, 2018. As of September 30, 2014, the value of the interest rate cap is $86,775 and is included in "Prepaid expenses and other assets".
	The Company did not own any derivative instruments as of December 31, 2013.

Noncontrolling_Interest_in_Pro

Noncontrolling Interest in Properties (Notes)	9 Months Ended
	Sep. 30, 2014
Noncontrolling Interest [Line Items]	'
Noncontrolling Interest	'
	NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP
	The following table sets forth the calculation of net income (loss) attributable to noncontrolling interest in the Operating Partnership for the three- and nine-month periods ended September 30, 2014 and 2013:
			Three months ended							Nine months ended
			September 30,							September 30,
			2014				2013			2014			2013
	Net income (loss)		$	29,596,498			$	(2,897,836	)	$	80,275,421		$	7,636,791
	Adjust:	Net income attributable to noncontrolling interest in properties	(14,734		)		(25,553		)	(205,457		)	(40,361		)
	Income (loss) before noncontrolling interest in Operating Partnership		29,581,764				(2,923,389		)	80,069,964			7,596,430
	Preferred dividend		(1,675,193		)		(1,675,194		)	(5,025,580		)	(5,025,582		)
	Income (loss) available to common equity		27,906,571				(4,598,583		)	75,044,384			2,570,848
	Noncontrolling interest in Operating Partnership		97.61		%		97.61		%	97.61		%	97.61		%
	Net income (loss) attributable to noncontrolling interest in Operating Partnership		$	27,239,605			$	(4,488,677	)	$	73,250,824		$	2,509,405
	The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership:
		For the nine months ended
		September 30,
		2014				2013
	Balance at beginning of period	$	(102,297,937	)		$	(89,708,267	)
	Net income attributable to noncontrolling interest in Operating Partnership	73,250,824				2,509,405
	Distributions to noncontrolling interest partners in Operating Partnership	(19,946,010		)		(12,897,338		)
	Balance at end of period	$	(48,993,123	)		$	(100,096,200	)
	As of September 30, 2014 and December 31, 2013, the noncontrolling interest in the Operating Partnership consisted of 5,242,223 Operating Partnership units held by parties other than the Company.
Noncontrolling interest in properties	'
Noncontrolling Interest [Line Items]	'
Noncontrolling Interest	'
	NONCONTROLLING INTEREST IN PROPERTIES
	Four of the Company's properties, Berkshires of Columbia, 2020 Lawrence, Walnut Creek and Aura Prestonwood, are owned in joint ventures with third parties as of September 30, 2014. The Company owns interests of 91.38% in Berkshires of Columbia, 91.08% in 2020 Lawrence, 95.00% in Aura Prestonwood and will own a 98.00% interest in Walnut Creek once fully invested.
	On July 16, 2014, the Company converted its ownership in Country Place I and Country Place II from a joint venture limited liability company, of which it held a 58% controlling interest, into a TIC undivided ownership interest of 58% in each property. As a result, the Company discontinued the use of the consolidation method of accounting for its investment in the joint venture and adopted the equity method of accounting for its ownership interest in the properties prospectively. Such deconsolidation resulted in the removal of the 42% noncontrolling interest in properties for Country Place I and Country Place II. Please refer to Note 3 - Investments in Unconsolidated Multifamily Entities for additional information on the transaction.
	During the nine-month periods ended September 30, 2014 and 2013, the Company received $665,447 and $399,718, respectively, of contributions from noncontrolling interest holders in properties.
	During the nine-month periods ended September 30, 2014 and 2013, the Company made tax payments of $76,000 and $300,000, respectively, on behalf of the noncontrolling interest holders in properties as required by the taxing authorities of the jurisdictions in which the Company owns and operates properties.
	During the nine-month periods ended September 30, 2014 and 2013, the Company's aggregate distributions to the noncontrolling interest holders in properties totaled $1,943,985 and $1,221,443, respectively, which included $0 and $300,000 of tax payments accrued and included on the balance sheets in "Dividends and distributions payable" as of December 31, 2013 and 2012, respectively.

Noncontrolling_Interest_in_Ope

Noncontrolling Interest in Operating Partnership	9 Months Ended
	Sep. 30, 2014
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP [Abstract]	'
Noncontrolling Interest	'
	NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP
	The following table sets forth the calculation of net income (loss) attributable to noncontrolling interest in the Operating Partnership for the three- and nine-month periods ended September 30, 2014 and 2013:
			Three months ended							Nine months ended
			September 30,							September 30,
			2014				2013			2014			2013
	Net income (loss)		$	29,596,498			$	(2,897,836	)	$	80,275,421		$	7,636,791
	Adjust:	Net income attributable to noncontrolling interest in properties	(14,734		)		(25,553		)	(205,457		)	(40,361		)
	Income (loss) before noncontrolling interest in Operating Partnership		29,581,764				(2,923,389		)	80,069,964			7,596,430
	Preferred dividend		(1,675,193		)		(1,675,194		)	(5,025,580		)	(5,025,582		)
	Income (loss) available to common equity		27,906,571				(4,598,583		)	75,044,384			2,570,848
	Noncontrolling interest in Operating Partnership		97.61		%		97.61		%	97.61		%	97.61		%
	Net income (loss) attributable to noncontrolling interest in Operating Partnership		$	27,239,605			$	(4,488,677	)	$	73,250,824		$	2,509,405
	The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership:
		For the nine months ended
		September 30,
		2014				2013
	Balance at beginning of period	$	(102,297,937	)		$	(89,708,267	)
	Net income attributable to noncontrolling interest in Operating Partnership	73,250,824				2,509,405
	Distributions to noncontrolling interest partners in Operating Partnership	(19,946,010		)		(12,897,338		)
	Balance at end of period	$	(48,993,123	)		$	(100,096,200	)
	As of September 30, 2014 and December 31, 2013, the noncontrolling interest in the Operating Partnership consisted of 5,242,223 Operating Partnership units held by parties other than the Company.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	RELATED PARTY TRANSACTIONS
	Amounts accrued or paid to the Company’s affiliates are as follows:
		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Property management fees	$	746,158	$	781,559	$	2,430,511	$	2,418,068
	Expense reimbursements	60,135		60,228		192,442		159,035
	Salary reimbursements	1,930,810		2,083,615		6,394,087		6,633,072
	Asset management fees	397,739		407,913		1,213,565		1,223,740
	Incentive advisory fee	2,367,299		423,153		5,040,718		1,796,933
	Acquisition fees	—		—		1,200,000		—
	Construction management fees	206,004		87,925		315,548		207,043
	Development fees	69,663		—		193,634		69,715
	Interest on Credit Facility - Affiliate	—		—		—		32,981
	Total	$	5,777,808	$	3,844,393	$	16,980,505	$	12,540,587
	Amounts due to affiliates of $2,678,796 and $2,454,167 are included in “Due to affiliates, net” at September 30, 2014 and December 31, 2013, respectively, and represent intercompany development fees, expense reimbursements, asset management fees and shared services, which consist of amounts due to affiliates of $4,873,292 and $5,070,512 at September 30, 2014 and December 31, 2013, respectively, and amounts due from affiliates of $2,194,496 and $2,616,345 at September 30, 2014 and December 31, 2013, respectively.
	The Company pays property management fees to an affiliate, Berkshire Advisor, for property management services.  The fees are payable at a rate of 4% of gross income. The Company incurred $2,430,511 and $2,418,068 of property management fees in the nine-month periods ended September 30, 2014 and 2013, respectively.
	The Company also reimburses Berkshire Advisor for administrative services for our operation, including property management, legal, accounting, data processing, transfer agent and other necessary services. Under the terms of the Advisory Services Agreement, the Company reimburses Berkshire Advisor for actual property employee salary and benefit expenses incurred in the operation of the properties under management. Additionally, Berkshire Advisor allocates a portion of its corporate level personnel and overhead expense to the Company on the basis of an employee's time spent on duties and activities performed on behalf of the Company. Expense reimbursements paid were $192,442 and $159,035 for the nine-month periods ended September 30, 2014 and 2013, respectively. Salary reimbursements paid were $6,394,087 and $6,633,072 for the nine-month periods ended September 30, 2014 and 2013, respectively.
	The Company pays Berkshire Advisor a fixed annual asset management fee equal to 0.40%, up to a maximum of $1,600,000 in any calendar year, of the purchase price of real estate properties owned by the Company, as adjusted from time to time to reflect the then current fair value of the properties.  Annual asset management fees earned by the affiliate in excess of the $1,600,000 maximum payable by the Company represent fees attributable to and paid by the noncontrolling partners in the properties.  As discussed below, in addition to the fixed fee, effective January 1, 2010, the Company may also pay Berkshire Advisor an incentive advisory fee based on increases in value of the Company that would not be subject to the $1,600,000 maximum.
	On November 12, 2009, the Audit Committee of the Company approved an amendment to the advisory services agreement with Berkshire Advisor which included an incentive advisory fee component to the existing asset management fees payable to Berkshire Advisor (the "Advisory Services Amendment") pursuant to Berkshire Advisor's Supplemental Long Term Incentive Plan (the "Supplemental Plan"). The Advisory Services Amendment became effective January 1, 2010 and provides for an incentive advisory fee based on the increase in fair value of the Company, as calculated and approved by management, over the base value ("Base Value").  The Company accrues incentive advisory fees payable to Berkshire Advisor at 10%, which can be increased to 12% from time to time, based on the increase in fair value of the Company above the Base Value established by the Advisor.  On May 12, 2014, the Audit Committee of the Company approved an amendment to the Supplemental Plan which allows reissuance of previously forfeited or settled carried interests. The Company has recorded $5,040,718 and $1,796,933 of incentive advisory fees during the nine-month periods ended September 30, 2014 and 2013, respectively. As of September 30, 2014 and December 31, 2013, the accrued liability of $12,759,433 and $8,289,617, respectively, was included in "Due to affiliate, incentive advisory fees" on the Consolidated Balance Sheets.  Payments from the Company to Berkshire Advisor approximate the amounts Berkshire Advisor pays to its employees. Payments to employees by Berkshire Advisor pursuant to the Supplemental Plan are generally paid over a four-year period in quarterly installments. Additional limits have been placed on the total amount of payments that can be made by the Company in any given year, with interest accruing at the rate of 7% on any payments due but not yet paid.  The Company made $570,902 and $838,657 of incentive advisory fee payments during the nine-month periods ended September 30, 2014 and 2013, respectively.
	The Company pays acquisition fees to an affiliate, Berkshire Advisor, for acquisition services.  These fees are payable upon the closing of an acquisition of real property.  The fee is equal to 1% of the purchase price of any new property acquired directly or indirectly by the Company.  The purchase price is defined as the capitalized basis of an asset under GAAP, including renovations or new construction costs, or other items paid or received that would be considered an adjustment to basis.  The purchase price does not include acquisition fees and capital costs of a recurring nature.  During the nine-month period ended September 30, 2014, the Company paid acquisition fees of $560,000 and $640,000 on the acquisitions of Pavilion Townplace and EON at Lindbergh, respectively. The Company did not acquire any properties in the nine-month period ended September 30, 2013.
	The Company pays a construction management fee to an affiliate, Berkshire Advisor, for services related to the management and oversight of renovation and rehabilitation projects at its properties.  The Company paid or accrued $315,548 and $207,043 in construction management fees for the nine-month periods ended September 30, 2014 and 2013, respectively.  The fees are capitalized as part of the project cost in the year they are incurred.
	The Company pays development fees to an affiliate, Berkshire Residential Development, L.L.C. ("BRD"), for property development services.  The fees were based on the project’s development and construction costs. During the nine-month periods ended September 30, 2014 and 2013, the Company incurred $193,634 and $69,715, respectively, on the 2020 Lawrence Project, the Walnut Creek Project and the Prestonwood Project. The Company did not incur any development fees on the NoMa Project to BRD for the nine-month periods ended September 30, 2014 and 2013.
	During the nine-month periods ended September 30, 2014 and 2013, the Company borrowed $0 and $1,627,000, respectively, under the Credit Facility - Affiliate and repaid $0 and $1,627,000 of advances, respectively, during the same periods.  The Company incurred interest of $0 and $32,981 related to the Credit Facility - Affiliate during the nine-month periods ended September 30, 2014 and 2013, respectively. The Company did not pay any commitment fees during the nine-month periods ended September 30, 2014 or 2013. There was no outstanding balance under the Credit Facility - Affiliate as of September 30, 2014 and December 31, 2013.
	Related party arrangements are approved by the independent directors of the Company and are evidenced by a written agreement between the Company and the affiliated entity providing the services.

Legal_Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2014
LEGAL PROCEEDINGS [Abstract]	'
Legal Proceedings	'
	LEGAL PROCEEDINGS
	The Company is party to certain legal actions arising in the ordinary course of its business, such as those relating to tenant issues.  All such proceedings taken together are not expected to have a material adverse effect on the Company.  While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. The Company is not aware of any proceedings contemplated by governmental authorities.

Proforma_Condensed_Financial_I

Proforma Condensed Financial Information	9 Months Ended
	Sep. 30, 2014
Proforma Condensed Financial Information [Abstract]	'
Business Combination Disclosure [Text Block]	'
	PROFORMA CONDENSED FINANCIAL INFORMATION
	As discussed in Note 1 - Organization and Basis of Presentation, during the nine-month periods ended September 30, 2014, the Company acquired Pavilion Townplace and EON at Lindbergh, which were deemed to be individually significant in accordance with Regulation S-X, Rule 3-14 “Special Instructions for Real Estate Operations to be Acquired”.
	The proforma financial information set forth below is based upon the Company's historical Consolidated Statements of Operations for the three- and nine-month periods ended September 30, 2014 and 2013, adjusted to give effect to the transaction at the beginning of each of the periods presented.
	The proforma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of each year, nor does it attempt to represent the results of operations for future periods.
		Three months ended September 30,					Nine months ended September 30,
		2014		2013			2014		2013
		(unaudited)		(unaudited)			(unaudited)		(unaudited)
	Revenue from rental property	$	19,762,266	$	22,967,342		$	66,663,562	$	67,543,461
	Net income (loss)	$	29,656,043	$	(3,102,840	)	$	81,194,157	$	6,719,024
	Net income (loss) attributable to common shareholders	$	726,511	$	(314,910	)	$	2,712,296	$	(856,324	)
	Net income (loss) attributable to common shareholders, per common share, basic and diluted	$	0.52	$	(0.22	)	$	1.93	$	(0.61	)

Subsequent_Events_Notes

Subsequent Events (Notes)	9 Months Ended
	Sep. 30, 2014
Subsequent Event [Line Items]	'
Subsequent Events [Text Block]	'
	SUBSEQUENT EVENTS
	On October 30, 2014, the Company completed the sale of Yorktowne, located in Millersville, Maryland, to an unaffiliated buyer. The sale price of $33,000,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company has designated Yorktowne as the relinquished property in the exchange transaction for a replacement property, under Section 1031 of the Internal Revenue Code. The proceeds from the sale of Yorktowne were deposited with a qualified intermediary and will be used to close the 1031 exchange transaction for the replacement property.
	On November 4, 2014, the Board authorized the general partner of the Operating Partnership to make a special distribution of $11,000,000 from the net proceeds of the sales of Bear Creek, Laurel Woods and Reserves at Arboretum to the common general and noncontrolling interest partners in Operating Partnership, payable on November 17, 2014. Also on November 4, 2014, the Board declared a common dividend of $0.186958 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. Concurrently with the Operating Partnership distributions, the common dividend will be paid from the special distribution proceeds of the common general partner on November 17, 2014.
	On November 7, 2014, the Company rate locked a loan modification to the 2020 Lawrence mortgage. The revised rate on the mortgage will be reduced to 4.45% from the current rate of 5.00%. The maturity date of the mortgage remains the same at February 1, 2053. The closing date for the loan modification is November 28, 2014.
	On November 14, 2014, the Company completed the sale of its interest in Country Place I and Country Place II, both located in Burtonsville, Maryland, to an unaffiliated buyer. The combined sale price of $57,300,000 was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company has designated its Country Place I and Country Place II interests as relinquished properties in an exchange transaction for a replacement property, under Section 1031 of the Internal Revenue Code. The proceeds from the sale of Country Place I and Country Place II were deposited with a qualified intermediary and will be used to close the 1031 exchange transaction for the replacement property.

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2014
ORGANIZATION AND BASIS OF PRESENTATION [Abstract]	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements. The standard is applied prospectively and is effective in 2015 with early adoption permitted. The Company has elected to early adopt this standard effective with the interim period beginning April 1, 2014. Prior to April 1, 2014, disposed properties are presented in discontinued operations.
	On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additional, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently assessing the potential impact that the adoption of this guidance will have on its financial position and results of operations.

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation Tables (Tables)	9 Months Ended
	Sep. 30, 2014
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	Accounting Standards Codification ("ASC") 805-10 requires that identifiable assets acquired and liabilities assumed be recorded at fair value as of the acquisition date. As of the acquisition date, the amounts recognized for each major class of assets acquired and liabilities assumed is as follows:
		Aura Prestonwood		Pavilion Townplace		EON at		Total
						Lindbergh
	Asset acquired:
	Multifamily apartment communities	$	8,302,960	$	57,201,053	$	64,056,966	$	129,560,979
	Acquired in-place leases and tenant relationships	—		769,534		872,564		1,642,098
	Prepaid and other assets	100,000		296,013		236,508		632,521
	Total assets acquired	$	8,402,960	$	58,266,600	$	65,166,038	$	131,835,598
	Liabilities assumed:
	Accrued expenses	$	—	$	309,154	$	201,997	$	511,151
	Tenant security deposit liability	—		119,808		121,454		241,262
	Mortgage notes payable	—		27,542,536		42,929,530		70,472,066
	Total liabilities assumed	$	—	$	27,971,498	$	43,252,981	$	71,224,479

Multifamily_Apartment_Communit1

Multifamily Apartment Communities (Tables)	9 Months Ended
	Sep. 30, 2014
MULTIFAMILY APARTMENT COMMUNITIES [Abstract]	'
Schedule of Real Estate and Accumulated Depreciation	'
	The following summarizes the carrying value of the Company’s multifamily apartment communities:
		September 30,			December 31,
		2014			2013
		(unaudited)			(audited)
	Land	$	75,834,596		$	66,318,761
	Buildings, improvement and personal property	553,675,119			557,636,296
	Multifamily apartment communities	629,509,715			623,955,057
	Accumulated depreciation	(200,046,571		)	(242,291,624		)
	Multifamily apartment communities, net	$	429,463,144		$	381,663,433
Schedule of Discontinued Operations, Income Statement	'
	The operating results of properties sold in 2013* and their discontinued operations for the three- and nine-month periods ended September 30, 2014 and 2013 are presented in the following table.
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenue:
	Rental	$	—		$	5,203		$	—		$	2,020,361
	Utility reimbursement	—			—			—			230,542
	Other	—			52,604			210			297,838
	Total revenue	—			57,807			210			2,548,741
	Expenses:
	Operating	—			37,440			112,954			810,822
	Maintenance	—			7,697			—			136,819
	Real estate taxes	—			23,097			—			288,619
	General and administrative	—			—			1,472			31,663
	Management fees	—			2,017			—			96,567
	Depreciation	—			—			—			605,122
	Interest, inclusive of amortization of deferred financing fees	—			—			—			527,986
	Loss on extinguishment of debt	—			—			—			3,807
	Total expenses	—			70,251			114,426			2,501,405
	Income (loss) from discontinued operations	$	—		$	(12,444	)	$	(114,216	)	$	47,336
	*	On April 1, 2014, the Company early adopted ASU 2014-08 and as such, the dispositions of Chisholm Place, Laurel Woods, Bear Creek, Berkshires on Brompton, Bridgewater, Lakeridge and Reserves at Arboretum are not presented as part of discontinued operations. Discussion of property sales is included in Note 1 - Organization and Basis of Presentation.

Investment_in_Unconsolidated_M1

Investment in Unconsolidated Multifamily Entities (Tables)	9 Months Ended
	Sep. 30, 2014
Equity Method Investee, Unconsolidated Limited Partnership [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Equity Method Investments, Summary of Balance Sheet Information	'
	The summarized statement of assets, liabilities and partners’ equity (deficit) of BVF is as follows:
		September 30,			December 31,
		2014			2013
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	282,954,958		$	664,692,480
	Cash and cash equivalents	29,301,208			21,227,583
	Other assets	7,353,430			11,565,547
	Total assets	$	319,609,596		$	697,485,610
	LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
	Mortgage notes payable	$	311,808,441		$	686,193,544
	Credit facility	—			16,200,000
	Other liabilities	16,526,249			15,049,296
	Noncontrolling interest	(9,806,491		)	(6,961,558		)
	Partners’ equity (deficit)	1,081,397			(12,995,672		)
	Total liabilities and partners’ equity (deficit)	$	319,609,596		$	697,485,610
	Company’s share of partners’ equity (deficit)	$	75,701		$	(604,395	)
	Basis differential (1)	604,395			604,395
	Carrying value of the Company’s investment in unconsolidated limited partnership (2)	$	680,096		$	—
	-1	This amount represents the difference between the Company’s investment in BVF and its share of the underlying equity in the net assets of BVF (adjusted to conform with GAAP).  At September 30, 2014 and December 31, 2013, the differential was comprised mainly of $583,240, which represents the Company’s share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call.
	-2	Per the partnership agreement of BVF, the Company’s liability is limited to its investment in BVF.  The Company does not guarantee any third-party debt held by BVF.  The Company has fully funded its obligations under the partnership agreement as of September 30, 2014 and has no commitment to make additional contributions to BVF. The carrying value of the investment was $0 at December 31, 2013, as distributions from the investment have exceeded the Company's invested equity as adjusted for the Company's share of gains and losses over the holding period of the investment. The Company resumed equity method earnings in BVF during the nine-month period ended September 30, 2014, as its share of BVF's earnings during the period exceeded the excess distributions and net losses not recognized during the period the equity method was suspended.
Equity Method Investments, Summary of Statement of Operations	'
	The summarized statements of operations of BVF for the three- and nine-month periods ended September 30, 2014 and 2013 are as follows:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenue	$	13,473,383		$	34,116,230		$	67,486,238		$	101,002,262
	Expenses	(15,608,589		)	(42,051,265		)	(101,489,789		)	(125,568,161		)
	Gain (loss) on property sales and extinguishment of debt (2)	(397,093		)	14,339,915			224,943,500			14,261,091
	Noncontrolling interest	936,401			1,196,501			2,837,120			3,799,608
	Net income (loss) attributable to investment	$	(1,595,898	)	$	7,601,381		$	193,777,069		$	(6,505,200	)
	Equity in income (loss) of unconsolidated limited partnership (1)(2)	$	(111,725	)	$	532,154		$	13,260,440		$	(455,413	)
	-1	There were no impairment indicators or impairment writeoffs in the nine-month periods ended September 30, 2014 or 2013.
	The Company has determined that its valuation of the real estate was categorized within Level 3 of the fair value hierarchy in accordance with ASC 820-10, as it utilized significant unobservable inputs in its assessment.
	-2	During the nine-month period ended September 30, 2013, BVF recorded a net gain on the disposition of one property. The gain on the sale was $14,261,091, of which the Company's share was approximately $998,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended September 30, 2013.
	During the nine-month period ended September 30, 2014, BVF recorded a net gain on the disposition of fifteen properties. The gain on the sale was $224,943,500, of which the Company's share was approximately $15,746,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended September 30, 2014.
Equity Method Investee, Unconsolidated Limited Liability Company [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Equity Method Investments, Summary of Balance Sheet Information	'
	The summarized statement of assets, liabilities and members’ capital of NoMa JV, Country Place I and Country Place II is as follows:
		September 30,			December 31,
		2014			2013
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	137,563,537		$	126,139,123
	Cash and cash equivalents	5,009,328			1,629,885
	Other assets	2,197,000			546,996
	Total assets	$	144,769,865		$	128,316,004
	LIABILITIES AND MEMBERS’ CAPITAL
	Mortgage note payable	$	107,646,455		$	85,466,258
	Other liabilities	1,103,429			756,990
	Noncontrolling interest	4,098,975			4,209,276
	Members’ capital	31,921,006			37,883,480
	Total liabilities and members’ capital	$	144,769,865		$	128,316,004
	Company’s share of members’ capital	$	7,591,459		$	12,627,826
	Basis differential (1)	$	1,615,659		$	1,666,648
	Carrying value of the Company’s investment in unconsolidated limited liability companies (2)	$	9,207,118		$	14,294,474
	-1	This amount represents capitalized interest, net of amortization, pursuant to ASC 835-20, related to the Company's equity investment in NoMa JV. The capitalized interest was computed on the amounts borrowed by the Company to finance its investment in NoMa JV and was not an item required to be funded via a capital call.
	-2	Per the limited liability company agreement of NoMa JV, the Company's liability is limited to its investment in NoMa JV. The Company has fully funded its maximum obligation under the limited liability company agreement as of September 30, 2014 and has no commitment to make additional contributions to NoMa JV.
	Per the tenancy in common agreement of BIR Country Place II, L.L.C., the Company assumes its proportionate share of any damages associated with the mortgages on Country Place I and Country Place II, which are guaranteed by the Operating Partnership.
Equity Method Investments, Summary of Statement of Operations	'
	The summarized statements of operations of NoMa JV, Country Place I and Country Place II for the three- and nine-month periods ended September 30, 2014 and 2013 are as follows:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenue	$	4,596,853		$	1,522,546		$	9,857,261		$	2,804,862
	Expenses	(2,717,670		)	(3,290,569		)	(9,152,862		)	(6,718,005		)
	Noncontrolling interest	(166,274		)	176,802			(48,814		)	391,314
	Net income (loss) attributable to investment	$	1,712,909		$	(1,591,221	)	$	655,585		$	(3,521,829	)
	Equity in income (loss) of unconsolidated limited liability companies	$	624,385		$	(530,407	)	$	261,649		$	(1,173,943	)
	Amortization of basis	(16,996		)	(26,246		)	(50,989		)	(26,246		)
	Adjusted equity in income (loss) of unconsolidated limited liability companies	$	607,389		$	(556,653	)	$	210,660		$	(1,200,189	)

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
	The reconciliation of the basic and diluted earnings per common share for the three- and nine-month periods ended September 30, 2014 and 2013 follows:
			Three months ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
	Income (loss) from continuing operations prior to adjustments		$	29,596,498		$	(2,885,392	)	$	80,389,637		$	(11,099,603	)
	Add:	Net loss attributable to noncontrolling interest in Operating Partnership	$	—		$	4,488,677		—			—
	Less:	Preferred dividends	$	(1,675,193	)	$	(1,675,194	)	(5,025,580		)	(5,025,582		)
		Net income attributable to noncontrolling interest in properties	$	(14,734	)	$	(25,553	)	(205,457		)	(40,361		)
		Net income attributable to noncontrolling interest in Operating Partnership	$	(27,239,605	)	$	—		(73,250,824		)	(2,509,405		)
	Income (loss) from continuing operations		$	666,966		$	(97,462	)	$	1,907,776		$	(18,674,951	)
	Net income (loss) from discontinued operations		$	—		$	(12,444	)	$	(114,216	)	$	18,736,394
	Net income (loss) available to common shareholders		$	666,966		$	(109,906	)	$	1,793,560		$	61,443
	Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted		$	0.47		$	(0.07	)	$	1.36		$	(13.28	)
	Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted		$	—		$	(0.01	)	$	(0.08	)	$	13.32
	Net income (loss) available to common shareholders per common share, basic and diluted		$	0.47		$	(0.08	)	$	1.28		$	0.04
	Weighted average number of common shares outstanding, basic and diluted		1,406,196			1,406,196			1,406,196			1,406,196
	Dividend declared per common share		$	—		$	0.203954		$	0.339924		$	0.203954

Noncontrolling_Interest_in_Ope1

Noncontrolling Interest in Operating Partnership (Tables)	9 Months Ended
	Sep. 30, 2014
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP [Abstract]	'
Schedule of Calculation of Noncontrolling Interest	'
	The following table sets forth the calculation of net income (loss) attributable to noncontrolling interest in the Operating Partnership for the three- and nine-month periods ended September 30, 2014 and 2013:
			Three months ended							Nine months ended
			September 30,							September 30,
			2014				2013			2014			2013
	Net income (loss)		$	29,596,498			$	(2,897,836	)	$	80,275,421		$	7,636,791
	Adjust:	Net income attributable to noncontrolling interest in properties	(14,734		)		(25,553		)	(205,457		)	(40,361		)
	Income (loss) before noncontrolling interest in Operating Partnership		29,581,764				(2,923,389		)	80,069,964			7,596,430
	Preferred dividend		(1,675,193		)		(1,675,194		)	(5,025,580		)	(5,025,582		)
	Income (loss) available to common equity		27,906,571				(4,598,583		)	75,044,384			2,570,848
	Noncontrolling interest in Operating Partnership		97.61		%		97.61		%	97.61		%	97.61		%
	Net income (loss) attributable to noncontrolling interest in Operating Partnership		$	27,239,605			$	(4,488,677	)	$	73,250,824		$	2,509,405
Schedule of Noncontrolling Interest	'
	The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership:
		For the nine months ended
		September 30,
		2014				2013
	Balance at beginning of period	$	(102,297,937	)		$	(89,708,267	)
	Net income attributable to noncontrolling interest in Operating Partnership	73,250,824				2,509,405
	Distributions to noncontrolling interest partners in Operating Partnership	(19,946,010		)		(12,897,338		)
	Balance at end of period	$	(48,993,123	)		$	(100,096,200	)

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions	'
	Amounts accrued or paid to the Company’s affiliates are as follows:
		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Property management fees	$	746,158	$	781,559	$	2,430,511	$	2,418,068
	Expense reimbursements	60,135		60,228		192,442		159,035
	Salary reimbursements	1,930,810		2,083,615		6,394,087		6,633,072
	Asset management fees	397,739		407,913		1,213,565		1,223,740
	Incentive advisory fee	2,367,299		423,153		5,040,718		1,796,933
	Acquisition fees	—		—		1,200,000		—
	Construction management fees	206,004		87,925		315,548		207,043
	Development fees	69,663		—		193,634		69,715
	Interest on Credit Facility - Affiliate	—		—		—		32,981
	Total	$	5,777,808	$	3,844,393	$	16,980,505	$	12,540,587

Proforma_Condensed_Financial_I1

Proforma Condensed Financial Information Proforma (Tables)	9 Months Ended
	Sep. 30, 2014
Proforma Condensed Financial Information [Abstract]	'
Proforma Condensed Financial Information	'
	The proforma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of each year, nor does it attempt to represent the results of operations for future periods.
		Three months ended September 30,					Nine months ended September 30,
		2014		2013			2014		2013
		(unaudited)		(unaudited)			(unaudited)		(unaudited)
	Revenue from rental property	$	19,762,266	$	22,967,342		$	66,663,562	$	67,543,461
	Net income (loss)	$	29,656,043	$	(3,102,840	)	$	81,194,157	$	6,719,024
	Net income (loss) attributable to common shareholders	$	726,511	$	(314,910	)	$	2,712,296	$	(856,324	)
	Net income (loss) attributable to common shareholders, per common share, basic and diluted	$	0.52	$	(0.22	)	$	1.93	$	(0.61	)

Organization_and_Basis_of_Pres3

Organization and Basis of Presentation (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 23, 2014

Jan. 23, 2014

Mar. 20, 2014

Mar. 20, 2014

apartments

apartments

Bridgewater [Member]

Chisholm Place [Member]

Walden and Gables [Member]

Laurel Woods [Member]

Bear Creek [Member]

Berkshires on Brompton [Member]

Lakeridge [Member]

Reserves at Arboretum [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

communities

communities

properties

Aura Prestonwood [Member]

Aura Prestonwood [Member]

Aura Prestonwood [Member]

Pavilion Townplace [Member]

EON at Lindbergh [Member]

projects

projects

apartments

apartments

apartments

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal

'

'

'

'

'

18-Aug-14

5-May-14

25-Jun-13

12-May-14

4-Jun-14

25-Jun-14

18-Aug-14

19-Aug-14

'

'

'

'

'

'

Gross selling price

'

'

$161,200,000

$31,500,000

'

$23,500,000

$15,000,000

$31,500,000

$13,200,000

$9,500,000

$38,500,000

$40,000,000

$21,500,000

'

'

'

'

'

'

Gain on disposition of real estate assets

34,593,815

0

84,113,807

0

'

11,235,832

7,556,301

'

9,211,973

5,988,770

26,762,948

16,754,795

6,603,188

'

'

'

'

'

'

Business Acquisition, Effective Date of Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22-Jan-14

'

'

Number of Real Estate Properties

13

'

13

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

Number of Units in Real Estate Property

4,328

'

4,328

'

'

'

'

'

'

'

'

'

'

'

'

'

'

236

352

Number of Real Estate Development Projects

2

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Equity Investments

3

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

REIT Required TaxableIncome Distribution Rate

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Units in Development Projects

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

322

'

'

'

Real Estate Property, Ownership Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

95.00%

'

95.00%

'

'

Commitments and contingencies

0

'

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Acquire Land Held-for-use

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,302,960

'

'

Purchase Options, Land

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

Business Acquisition, Property Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$56,000,000

$64,000,000

Organization_and_Basis_of_Pres4

Organization and Basis of Presentation Business Combinations (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Assets acquired:	'	'
Multifamily apartment communities	$129,560,979	$0
Acquired in-place leases and tenant relationships	1,642,098	0
Prepaid expenses and other assets	632,521	0
Total assets acquired	131,835,598	'
Liabilities assumed:	'	'
Accrued expenses	511,151	0
Tenant security deposit liability	241,262	0
Mortgage notes payable	-70,472,066	0
Total liabilities assumed	71,224,479	'
Aura Prestonwood [Member]	'	'
Assets acquired:	'	'
Multifamily apartment communities	8,302,960	'
Acquired in-place leases and tenant relationships	0	'
Prepaid expenses and other assets	100,000	'
Total assets acquired	8,402,960	'
Liabilities assumed:	'	'
Accrued expenses	0	'
Tenant security deposit liability	0	'
Mortgage notes payable	0	'
Total liabilities assumed	0	'
Pavilion Townplace [Member]	'	'
Assets acquired:	'	'
Multifamily apartment communities	57,201,053	'
Acquired in-place leases and tenant relationships	769,534	'
Prepaid expenses and other assets	296,013	'
Total assets acquired	58,266,600	'
Liabilities assumed:	'	'
Accrued expenses	309,154	'
Tenant security deposit liability	119,808	'
Mortgage notes payable	-27,542,536	'
Total liabilities assumed	27,971,498	'
EON at Lindbergh [Member]	'	'
Assets acquired:	'	'
Multifamily apartment communities	64,056,966	'
Acquired in-place leases and tenant relationships	872,564	'
Prepaid expenses and other assets	236,508	'
Total assets acquired	65,166,038	'
Liabilities assumed:	'	'
Accrued expenses	201,997	'
Tenant security deposit liability	121,454	'
Mortgage notes payable	-42,929,530	'
Total liabilities assumed	$43,252,981	'

Multifamily_Apartment_Communit2

Multifamily Apartment Communities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Real Estate Investment Property, Net [Abstract]	'	'
Land	$75,834,596	$66,318,761
Buildings, improvement and personal property	553,675,119	557,636,296
Multifamily apartment communities	629,509,715	623,955,057
Accumulated depreciation	-200,046,571	-242,291,624
Multifamily apartment communities, net	$429,463,144	$381,663,433

Multifamily_Apartment_Communit3

Multifamily Apartment Communities : Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	apartments		apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Number of Units in Real Estate Property	4,328	'	4,328	'
Gross selling price	'	'	$161,200,000	$31,500,000
Revenue:	'	'	'	'
Rental	0	5,203	0	2,020,361
Utility reimbursement	0	0	0	230,542
Other	0	52,604	210	297,838
Total revenue	0	57,807	210	2,548,741
Expenses:	'	'	'	'
Operating	0	37,440	112,954	810,822
Maintenance	0	7,697	0	136,819
Real estate taxes	0	23,097	0	288,619
General and administrative	0	0	1,472	31,663
Management fees	0	2,017	0	96,567
Depreciation	0	0	0	605,122
Interest, inclusive of deferred financing fees	0	0	0	527,986
Loss on extinguishment of debt	0	0	0	3,807
Total expenses	0	70,251	114,426	2,501,405
Income (loss) from discontinued operations	0	-12,444	-114,216	47,336
Walden and Gables [Member]	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal	'	'	'	25-Jun-13
Gross selling price	'	'	'	$31,500,000

Investment_in_Unconsolidated_M2

Investment in Unconsolidated Multifamily Entities : Narrative (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Aug. 12, 2005

Sep. 30, 2014

Dec. 31, 2013

Aug. 12, 2005

Sep. 30, 2014

Sep. 30, 2013

Mar. 02, 2011

Mar. 02, 2011

Sep. 30, 2014

Mar. 02, 2011

Sep. 30, 2014

Jul. 15, 2014

Jul. 16, 2014

Dec. 31, 2014

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Maximum [Member]

Gain Loss on Disposition [Member]

Gain Loss on Disposition [Member]

NOMA Residental West I, LLC [Member]

NOMA Residental West I, LLC [Member]

NOMA Residental West I, LLC [Member]

NOMA Residental West I, LLC [Member]

NOMA Residental West I, LLC [Member]

Country Place I & II [Member]

Country Place I & II [Member]

Subsequent Event [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Joint Venture [Member]

Affiliated Entity [Member]

Joint Venture [Member]

Joint Venture [Member]

Capital Addition Purchase Commitments [Member]

Joint Venture [Member]

Joint Venture [Member]

properties

properties

properties

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Washington, D.C. [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Equity Method Investee, Unconsolidated Limited Partnership [Member]

apartments

Joint Venture [Member]

properties

Schedule of Equity Method Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investments

'

'

'

'

$680,096

[1]

'

$680,096

[1]

'

$0

[1]

'

$9,207,118

[2]

$14,294,474

[2]

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investment, Summarized Financial Information, Number of Properties Disposed

'

'

'

'

'

'

15

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17

Gain on property sales and extinguishment of debt

'

'

'

'

-397,093

[3]

14,339,915

[3]

224,943,500

[3]

14,261,091

[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investment, Aggregate Cost

'

'

'

'

23,400,000

'

23,400,000

'

'

23,400,000

'

'

25,000,000

'

'

'

'

14,520,000

'

'

'

'

'

Equity Method Investment, Ownership Percentage

'

'

'

'

7.00%

'

7.00%

'

'

'

'

'

7.00%

'

'

'

67.00%

33.00%

33.00%

'

'

58.00%

'

Equity Method Investment, Funding Percentage of Investment

'

'

'

'

100.00%

'

100.00%

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

Proceeds from Equity Method Investment, Cumulative

'

'

'

17,753,897

'

'

'

'

'

'

'

'

'

'

'

'

'

466,667

'

'

'

'

'

Equity Method Investment, Dividend or Distributions, Return of Capital Percentage of Funded Investment

'

'

'

75.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

3.20%

'

'

'

'

'

Distributions from investment in unconsolidated multifamily entities

12,580,344

868,093

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity in income (loss) of unconsolidated multifamily entities

'

'

'

'

'

'

'

'

'

'

'

'

'

15,746,000

998,000

'

'

'

'

'

'

'

'

Equity Method Investment, Business Acquisition, Ownership Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

Equity Method Investment, Number of Units in Real Estate Property

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

603

'

'

'

'

'

'

'

Equity Method Investment, Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

Equity Method Investment, Accumulated Capitalized Interest Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,710,327

'

'

'

'

'

Commitments and contingencies

$0

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$14,520,000

'

'

'

Equity Method Investment, Summarized Financial Information, Number of Properties Remained

'

'

'

'

18

'

18

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling interest, ownership percentage by noncontrolling partners

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42.00%

'

'

[1]

Per the partnership agreement of BVF, the Companybs liability is limited to its investment in BVF. The Company does not guarantee any third-party debt held by BVF. The Company has fully funded its obligations under the partnership agreement as of SeptemberB 30, 2014 and has no commitment to make additional contributions to BVF. The carrying value of the investment was $0 at DecemberB 31, 2013, as distributions from the investment have exceeded the Company's invested equity as adjusted for the Company's share of gains and losses over the holding period of the investment. The Company resumed equity method earnings in BVF during the nine-month period ended SeptemberB 30, 2014, as its share of BVF's earnings during the period exceeded the excess distributions and net losses not recognized during the period the equity method was suspended.

[2]

Per the limited liability company agreement of NoMa JV, the Company's liability is limited to its investment in NoMa JV. The Company has fully funded its maximum obligation under the limited liability company agreement as of SeptemberB 30, 2014 and has no commitment to make additional contributions to NoMa JV.Per the tenancy in common agreement of BIR Country Place II, L.L.C., the Company assumes its proportionate share of any damages associated with the mortgages on Country Place I and Country Place II, which are guaranteed by the Operating Partnership.

[3]

During the nine-month period ended SeptemberB 30, 2013, BVF recorded a net gain on the disposition of one property. The gain on the sale was $14,261,091, of which the Company's share was approximately $998,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended SeptemberB 30, 2013.During the nine-month period ended SeptemberB 30, 2014, BVF recorded a net gain on the disposition of fifteen properties. The gain on the sale was $224,943,500, of which the Company's share was approximately $15,746,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended SeptemberB 30, 2014.

Investment_in_Unconsolidated_M3

Investment in Unconsolidated Multifamily Entities : Summarized Balance Sheets (Details) (Joint Venture [Member], USD $)	Sep. 30, 2014		Dec. 31, 2013
Equity Method Investee, Unconsolidated Limited Partnership [Member]	'		'
ASSETS	'		'
Multifamily apartment communities, net	$282,954,958		$664,692,480
Cash and cash equivalents	29,301,208		21,227,583
Other assets	7,353,430		11,565,547
Total assets	319,609,596		697,485,610
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)/MEMBERS' CAPITAL	'		'
Mortgage notes payable	311,808,441		686,193,544
Revolving credit facility	0		16,200,000
Other liabilities	16,526,249		15,049,296
Noncontrolling interest	-9,806,491		-6,961,558
Partners' Equity (Deficit)/Members' capital	1,081,397		-12,995,672
Total liabilities and members' equity (deficit)/partners' capital	319,609,596		697,485,610
Company's share of partners' capital	75,701		-604,395
Basis differential	604,395	[1]	604,395	[1]
Carrying value of the Company's investment	680,096	[2]	0	[2]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Syndication Costs	583,240		'
Equity Method Investee, Unconsolidated Limited Liability Company [Member]	'		'
ASSETS	'		'
Multifamily apartment communities, net	137,563,537		126,139,123
Cash and cash equivalents	5,009,328		1,629,885
Other assets	2,197,000		546,996
Total assets	144,769,865		128,316,004
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)/MEMBERS' CAPITAL	'		'
Mortgage notes payable	107,646,455		85,466,258
Other liabilities	1,103,429		756,990
Noncontrolling interest	4,098,975		4,209,276
Partners' Equity (Deficit)/Members' capital	31,921,006		37,883,480
Total liabilities and members' equity (deficit)/partners' capital	144,769,865		128,316,004
Company's share of partners' capital	7,591,459		12,627,826
Basis differential	1,615,659		1,666,648
Carrying value of the Company's investment	$9,207,118	[3]	$14,294,474	[3]
[1]	This amount represents the difference between the Companybs investment in BVF and its share of the underlying equity in the net assets of BVF (adjusted to conform with GAAP). At SeptemberB 30, 2014 and DecemberB 31, 2013, the differential was comprised mainly of $583,240, which represents the Companybs share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call.
[2]	Per the partnership agreement of BVF, the Companybs liability is limited to its investment in BVF. The Company does not guarantee any third-party debt held by BVF. The Company has fully funded its obligations under the partnership agreement as of SeptemberB 30, 2014 and has no commitment to make additional contributions to BVF. The carrying value of the investment was $0 at DecemberB 31, 2013, as distributions from the investment have exceeded the Company's invested equity as adjusted for the Company's share of gains and losses over the holding period of the investment. The Company resumed equity method earnings in BVF during the nine-month period ended SeptemberB 30, 2014, as its share of BVF's earnings during the period exceeded the excess distributions and net losses not recognized during the period the equity method was suspended.
[3]	Per the limited liability company agreement of NoMa JV, the Company's liability is limited to its investment in NoMa JV. The Company has fully funded its maximum obligation under the limited liability company agreement as of SeptemberB 30, 2014 and has no commitment to make additional contributions to NoMa JV.Per the tenancy in common agreement of BIR Country Place II, L.L.C., the Company assumes its proportionate share of any damages associated with the mortgages on Country Place I and Country Place II, which are guaranteed by the Operating Partnership.

Investment_in_Unconsolidated_M4

Investment in Unconsolidated Multifamily Entities : Statement of Operations (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Schedule of Equity Method Investments [Line Items]	'		'		'		'
Equity in income (loss) of unconsolidated multifamily entities	$495,664		($24,499)		$13,471,100		($1,655,602)
Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member]	'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'
Revenue	13,473,383		34,116,230		67,486,238		101,002,262
Expenses	-15,608,589		-42,051,265		-101,489,789		-125,568,161
Gain on property sales and extinguishment of debt	-397,093	[1]	14,339,915	[1]	224,943,500	[1]	14,261,091	[1]
Noncontrolling interest	936,401		1,196,501		2,837,120		3,799,608
Net income (loss) attributable to investment	-1,595,898		7,601,381		193,777,069		-6,505,200
Equity in income (loss) of unconsolidated multifamily entities	-111,725	[1],[2]	532,154	[1],[2]	13,260,440	[1],[2]	-455,413	[1],[2]
Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member]	'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'
Net income (loss) attributable to investment	1,712,909		-1,591,221		655,585		-3,521,829
Equity in income (loss) of unconsolidated multifamily entities	$607,389		($556,653)		$210,660		($1,200,189)
[1]	During the nine-month period ended SeptemberB 30, 2013, BVF recorded a net gain on the disposition of one property. The gain on the sale was $14,261,091, of which the Company's share was approximately $998,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended SeptemberB 30, 2013.During the nine-month period ended SeptemberB 30, 2014, BVF recorded a net gain on the disposition of fifteen properties. The gain on the sale was $224,943,500, of which the Company's share was approximately $15,746,000 and is reflected in the "Equity in income (loss) of unconsolidated multifamily entities" for the nine-month period ended SeptemberB 30, 2014.
[2]	There were no impairment indicators or impairment writeoffs in the nine-month periods ended SeptemberB 30, 2014 or 2013.The Company has determined that its valuation of the real estate was categorized within Level 3 of the fair value hierarchy in accordance with ASC 820-10, as it utilized significant unobservable inputs in its assessment.

Mortgage_Notes_Payable_Details

Mortgage Notes Payable (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Jan. 17, 2014

Sep. 30, 2014

Mar. 20, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 20, 2014

Sep. 30, 2014

Jan. 23, 2014

Sep. 30, 2014

Jul. 23, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2014

apartments

Walnut Creek [Member]

Berkshires of Columbia [Member]

Pavilion Townplace [Member]

Pavilion Townplace [Member]

Pavilion Townplace [Member]

EON at Lindbergh [Member]

EON at Lindbergh [Member]

EON at Lindbergh [Member]

Construction Loans [Member]

Construction Loans [Member]

Construction Loans [Member]

Construction Loans [Member]

Construction Loans [Member]

Construction Loans [Member]

Construction Loans [Member]

apartments

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

Aura Prestonwood [Member]

Aura Prestonwood [Member]

Walnut Creek [Member]

Walnut Creek [Member]

Walnut Creek [Member]

Walnut Creek [Member]

Walnut Creek [Member]

apartments

apartments

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Units in Development Projects

'

'

'

141

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Assumed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,828,495

'

Debt Instrument, Borrowing Capacity, Amount

'

'

'

'

'

'

'

'

'

'

'

31,054,212

'

44,500,000

'

'

'

'

Borrowings from mortgage notes payable

51,063,010

2,770,663

'

'

44,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate Terms

'

'

'

'

'2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR")

'

'

'

'

'

'

'2.50% above the 1-month LIBOR

'

'

'

'

'

'

Mortgage notes payable

451,660,736

'

475,525,480

'

'

'

'

'

'

'

'

'

7,063,010

'

'

'

'

0

Noncash or Part Noncash Acquisition, Debt Assumed

'

'

'

'

'

'

25,571,949

'

'

42,000,000

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

5.27%

'

'

4.25%

'

'

'

6.00%

6.00%

'

5.31%

Number of Units in Real Estate Property

4,328

'

'

'

'

'

236

'

'

352

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date

'

'

'

'

1-Feb-24

'

1-Jan-21

'

'

1-May-22

'

22-Jan-17

'

1-Aug-24

'

31-Mar-14

'

'

Mortgage notes payable

70,472,066

0

'

'

'

27,542,536

27,542,536

'

42,929,530

42,929,530

'

'

'

'

'

'

'

'

Repayments of mortgage notes payable

118,642,979

14,833,286

'

'

32,254,894

'

'

'

'

'

'

'

'

'

4,828,495

'

'

'

Fair Value Measurements, Loan-to-Value Percentage Threshold for Further Stratification of Valuation Model

80.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans Payable, Fair Value Disclosure

$492,589,000

'

$505,385,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revolving_Credit_Facility_Affi1

Revolving Credit Facility - Affiliate (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended	9 Months Ended			9 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jan. 21, 2014	Sep. 30, 2014	Aug. 30, 2014	Aug. 29, 2014	Sep. 30, 2014	Feb. 17, 2011	Sep. 30, 2014
					Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]
									Affiliated Entity [Member]	Affiliated Entity [Member]	Affiliated Entity [Member]
											Maximum [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	'	$90,000,000	$60,000,000	$75,000,000	$90,000,000	$20,000,000	$40,000,000	'
Line of Credit Facility, Interest Rate Description	'	'	'	'	'3.75% above the 30-day LIBOR	'	'	'	'5% above the 30-day LIBOR rate, as announced by Reuter's	'	'
Line of Credit, Termination Notice Period	'	'	'	'	'	'	'	'	'60 days	'	'
Line of Credit Clean Up Requirement, Consecutive Days	'	'	'	'	'	'	'	'	'14 days	'	'
Line of Credit, Clean Up Period Required	'	'	'	'	'	'	'	'	'365 days	'	'
Line of Credit Facility, Commitment Fee Amount	'	'	'	'	'	76,354	'	'	'	'	400,000
Proceeds from revolving credit facility - affiliate	'	'	0	1,627,000	'	'	'	'	'	'	'
Principal payments on revolving credit facility - affiliate	'	'	0	1,627,000	'	'	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	$5,777,808	$3,844,393	$16,980,505	$12,540,587	'	'	'	'	'	'	'

Credit_Facility_Details

Credit Facility (Details) (USD $)	9 Months Ended			0 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Jan. 21, 2014	Sep. 30, 2014	Aug. 30, 2014	Aug. 29, 2014	Dec. 31, 2014
				Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Subsequent Event [Member]
								Line of Credit [Member]
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'	'
Interest Expense	'	'	'	'	$1,781,471	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	90,000,000	60,000,000	75,000,000	90,000,000	45,000,000
Line of Credit Facility, Interest Rate Description	'	'	'	'3.75% above the 30-day LIBOR	'	'	'	'
Line of Credit Facility, Expiration Date	'	'	'	21-Jan-17	'	'	'	'
Line of Credit Facility, Commitment Fee Description	'	'	'	'The Credit Facility provides for unused commitment fees of 0.50% per annum if the unused amount is equal to or greater than 50% of the applicable maximum commitment and 0.35% per annum if such unused amount is less than 50%.	'	'	'	'
Borrowings from Credit Facility	80,000,000	0	'	'	'	'	'	'
Repayments of Lines of Credit	75,000,000	0	'	'	'	'	'	'
Line of Credit Facility, Commitment Fee Amount	'	'	'	'	76,354	'	'	'
Credit Facility	$5,000,000	'	$0	'	'	'	'	'

Note_Payable_Other_Details

Note Payable - Other (Details) (USD $)	0 Months Ended
	Jun. 12, 2012	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Note payable - other	'	$1,250,000	$1,250,000
Zocalo [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt Instrument, Borrowing Capacity, Amount	1,250,000	'	'
2020 Lawrence [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt Instrument, Interest Rate, Stated Percentage	5.00%	'	'
Debt Instrument, Maturity Date	11-Jun-22	'	'
Notes Payable, Fair Value Disclosure	'	$1,340,000	$1,287,000

Equity_Deficit_Details

Equity / Deficit (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Aug. 15, 2014

15-May-14

Feb. 15, 2014

Jan. 17, 2014

Nov. 15, 2013

Aug. 06, 2013

Mar. 25, 2003

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 17, 2014

Aug. 06, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 28, 2013

Aug. 28, 2013

Dec. 12, 2013

Dec. 12, 2013

Common Class B

Common Class B

Preferred Stock [Member]

Preferred Stock [Member]

Common Stock [Member]

Common Stock [Member]

Noncontrolling interest in Operating Partnership

Noncontrolling interest in Operating Partnership

Installment 1 FY2013 [Member]

Installment 1 FY2013 [Member]

Installment 2 FY2013 [Member]

Installment 2 FY2013 [Member]

Series A Preferred Stock

Series A Preferred Stock

Common Class B

Common Class B

Common Stock [Member]

Common Stock [Member]

Common Class B

Common Class B

Distributions Made to Partners [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears

$0.56

$0.56

$0.56

'

$0.56

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Dividend Rate, Percentage

'

'

'

'

'

'

9.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Liquidation Preference Per Share

'

'

'

'

'

'

$25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments of Ordinary Dividends, Preferred Stock and Preference Stock

'

'

'

'

'

'

'

'

'

$5,025,580

$5,025,582

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend and distributions payable

'

'

'

'

'

'

'

837,607

'

837,607

'

837,607

'

'

837,607

837,607

0

66,920

0

2,733,080

'

'

'

'

Distributions

'

'

'

20,000,000

'

12,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,200,000

'

2,800,000

'

Distributions to common shareholders

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

219,880

'

66,920

Distribution, Payment Date

'

'

'

17-Jan-14

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Dividends, Per Share, Declared

'

'

'

'

'

'

'

$0

$0.20

$0.34

$0.20

'

$0.34

$0.20

'

'

'

'

'

'

'

'

'

'

Dividends Payable, Date to be Paid

'

'

'

'

'

'

'

'

'

'

'

'

17-Jan-14

'

'

'

'

'

'

'

'

'

'

'

Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

0

19,946,010

12,897,338

'

'

'

'

Distributions to common shareholders

'

'

'

'

'

'

'

'

'

478,000

219,880

'

'

'

'

'

'

'

'

'

'

'

'

'

Adjustments Related to Tax Withholding for Sale of Property

'

'

'

'

'

'

'

'

'

76,000

'

'

'

'

'

'

'

'

424,010

1,184,138

'

'

'

'

Distributions to noncontrolling interest partners in Operating Partnership

'

'

'

'

'

'

'

'

'

($19,946,010)

($10,164,258)

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jan. 17, 2014	Aug. 06, 2013
					Common Class B	Common Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'	'	'	'	'
Income (loss) from continuing operations	$29,596,498	($2,885,392)	$80,389,637	($11,099,603)	'	'
Net (income) loss attributable to noncontrolling interest in Operating Partnership	-27,239,605	4,488,677	-73,250,824	-2,509,405	'	'
Net income attributable to noncontrolling interest in properties	-14,734	-25,553	-205,457	-40,361	'	'
Preferred dividend	-1,675,193	-1,675,194	-5,025,580	-5,025,582	'	'
Income (Loss) from continuing operations attributable to the Company	666,966	-97,462	1,907,776	-18,674,951	'	'
Net income (loss) from discontinued operations	0	-12,444	-114,216	18,736,394	'	'
Net income (loss) available to common shareholders	$666,966	($109,906)	$1,793,560	$61,443	'	'
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted (dollars per share)	$0.47	($0.07)	$1.36	($13.28)	'	'
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted (dollars per share)	$0	($0.01)	($0.08)	$13.32	'	'
Net income (loss) available to common shareholders per common share, basic and diluted	$0.47	($0.08)	$1.28	$0.04	'	'
Weighted average number of common shares outstanding, basic and diluted (shares)	1,406,196	1,406,196	1,406,196	1,406,196	'	'
Common Stock, Dividends, Per Share, Declared	$0	$0.20	$0.34	$0.20	$0.34	$0.20

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 23, 2014

Sep. 30, 2014

Sep. 30, 2014

projects

Joint Venture [Member]

Joint Venture [Member]

Walnut Creek, California [Member]

Walnut Creek [Member]

Walnut Creek [Member]

Aura Prestonwood [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Mortgage Loans on Real Estate [Member]

Construction Loans [Member]

Capital Addition Purchase Commitments [Member]

Capital Addition Purchase Commitments [Member]

Joint Venture [Member]

apartments

Joint Venture [Member]

Joint Venture [Member]

Walnut Creek [Member]

Aura Prestonwood [Member]

Aura Prestonwood [Member]

projects

projects

Capital Addition Purchase Commitments [Member]

Capital Addition Purchase Commitments [Member]

Capital Addition Purchase Commitments [Member]

apartments

Long-term Purchase Commitment [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments and contingencies

$0

$0

'

'

'

'

$26,800,000

$12,643,500

'

'

'

'

'

Number of Real Estate Development Projects

2

'

2

1

'

'

'

'

'

'

'

'

'

Number of Units in Development Projects

'

'

'

'

'

141

'

'

'

'

322

'

'

Development Projects, Ownership Percentage

'

'

'

'

98.00%

'

'

'

'

'

'

'

'

Funding Percentage of Investment

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

Investment Owned, at Cost

'

'

'

'

'

'

13,700,000

'

'

'

'

'

'

Real Estate Property, Ownership Percentage

'

'

'

'

'

'

'

'

98.00%

95.00%

'

'

'

Guarantor Obligations, Maximum Exposure, Undiscounted

'

'

'

'

'

'

'

'

'

'

'

$11,700,000

$44,500,000

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Derivative [Line Items]	'
Derivative, Cap Interest Rate	4.25%
Derivative, Notional Amount	$44,000,000
Derivative, Maturity Date	1-Feb-18
Interest Rate Derivative Assets, at Fair Value	$86,775

Noncontrolling_Interest_in_Pro1

Noncontrolling Interest in Properties (Details) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2014

Jul. 15, 2014

Jul. 15, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 15, 2014

Jul. 16, 2014

communities

Noncontrolling interest in properties

Noncontrolling interest in properties

Noncontrolling interest in properties

Partially Owned Properties [Member]

Berkshires of Columbia [Member]

Country Place I [Member]

Country Place II [Member]

2020 Lawrence [Member]

Walnut Creek [Member]

Aura Prestonwood [Member]

Country Place I & II [Member]

Joint Venture [Member]

properties

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Partially Owned Properties [Member]

Equity Method Investee, Unconsolidated Limited Liability Company [Member]

Country Place I & II [Member]

Noncontrolling Interest [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Real Estate Properties

13

'

'

'

'

'

4

'

'

'

'

'

'

'

'

Real Estate Property, Ownership Percentage

'

'

'

'

'

'

'

91.38%

58.00%

58.00%

91.08%

98.00%

95.00%

'

'

Contribution from noncontrolling interest holders in properties

$665,447

$399,718

'

'

'

'

'

'

'

'

'

'

'

'

'

Adjustments Related to Tax Withholding for Sale of Property

76,000

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

1,943,985

1,221,443

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend and distributions payable

$837,607

'

$837,607

'

$0

$300,000

'

'

'

'

'

'

'

'

'

Equity Method Investment, Ownership Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

58.00%

Noncontrolling interest, ownership percentage by noncontrolling partners

'

'

'

'

'

'

'

'

'

'

'

'

'

42.00%

'

Noncontrolling_Interest_in_Ope2

Noncontrolling Interest in Operating Partnership (Details) (USD $)	0 Months Ended		3 Months Ended		9 Months Ended
	Jan. 17, 2014	Aug. 06, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'
Net income (loss)	'	'	$29,596,498	($2,897,836)	$80,275,421	$7,636,791	'
Net income attributable to noncontrolling interest in properties	'	'	14,734	25,553	205,457	40,361	'
Income (loss) before noncontrolling interest in Operating Partnership	'	'	29,581,764	-2,923,389	80,069,964	7,596,430	'
Preferred dividend	'	'	-1,675,193	-1,675,194	-5,025,580	-5,025,582	'
Distributions	20,000,000	12,000,000	'	'	'	'	'
Income (loss) available to common equity	'	'	27,906,571	-4,598,583	75,044,384	2,570,848	'
Net income (loss) attributable to noncontrolling interest in Operating Partnership	'	'	27,239,605	-4,488,677	73,250,824	2,509,405	'
Noncontrolling Interest, Ownership Units Held by Noncontrolling Owners	'	'	5,242,223	'	5,242,223	'	5,242,223
Noncontrolling interest in Operating Partnership	'	'	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'
Net income (loss)	'	'	'	'	73,250,824	2,509,405	'
Noncontrolling interest, ownership percentage by noncontrolling partners	'	'	97.61%	97.61%	97.61%	97.61%	'
Net income (loss) attributable to noncontrolling interest in Operating Partnership	'	'	$27,239,605	($4,488,677)	$73,250,824	$2,509,405	'

Noncontrolling_Interest_in_Ope3

Noncontrolling Interest in Operating Partnership Summary of Noncontrolling Interest (Details) (USD $)	0 Months Ended		3 Months Ended		9 Months Ended
	Jan. 17, 2014	Aug. 06, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'
Net income (loss) attributable to noncontrolling interest in Operating Partnership	'	'	$27,239,605	($4,488,677)	$73,250,824	$2,509,405	'
Noncontrolling Interest, Ownership Units Held by Noncontrolling Owners	'	'	5,242,223	'	5,242,223	'	5,242,223
Distributions	20,000,000	12,000,000	'	'	'	'	'
Noncontrolling interest in Operating Partnership	'	'	'	'	'	'	'
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'
Net income (loss) attributable to noncontrolling interest in Operating Partnership	'	'	27,239,605	-4,488,677	73,250,824	2,509,405	'
Distributions	'	'	'	'	19,946,010	12,897,338	'
Balance at beginning of period	'	'	'	-100,096,200	-102,297,937	'	'
Noncontrolling interest, ownership percentage by noncontrolling partners	'	'	97.61%	97.61%	97.61%	97.61%	'
Balance at end of period	'	'	($48,993,123)	'	($48,993,123)	'	'

Related_Party_Transactions_Amo

Related Party Transactions : Amount Accrued or Paid to Affiliates (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	$5,777,808	$3,844,393	$16,980,505	$12,540,587
Acquisition fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	'	'	1,200,000	0
Berkshire Advisor [Member] | Property management fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	746,158	781,559	2,430,511	2,418,068
Berkshire Advisor [Member] | Expense reimbursements [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	60,135	60,228	192,442	159,035
Berkshire Advisor [Member] | Salary reimbursements [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	1,930,810	2,083,615	6,394,087	6,633,072
Berkshire Advisor [Member] | Asset management fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	397,739	407,913	1,213,565	1,223,740
Berkshire Advisor [Member] | Incentive advisory fee [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amount Received (Paid) During Period	'	'	570,902	838,657
Related Party Transaction, Amounts of Transaction	2,367,299	423,153	5,040,718	1,796,933
Berkshire Advisor [Member] | Construction management fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	206,004	87,925	315,548	207,043
Berkshire Residental Development [Member] | Development fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	69,663	0	193,634	69,715
Affiliated Entity [Member] | Interest on revolving credit facility [Member] | Revolving Credit Facility [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Amounts of Transaction	$0	$0	$0	$32,981

Related_Party_Transactions_Rel

Related Party Transactions : Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	projects		projects
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Due from (to) Related Party	($2,678,796)	'	($2,678,796)	'	($2,454,167)
Due to Affiliate	4,873,292	'	4,873,292	'	5,070,512
Due from Affiliates	2,194,496	'	2,194,496	'	2,616,345
Proceeds from revolving credit facility - affiliate	'	'	0	1,627,000	'
Principal payments on revolving credit facility - affiliate	'	'	0	-1,627,000	'
Related Party Transaction, Amounts of Transaction	5,777,808	3,844,393	16,980,505	12,540,587	'
Due to affiliate, incentive advisory fees	12,759,433	'	12,759,433	'	8,289,617
Number of Real Estate Development Projects	2	'	2	'	'
Borrowings from Credit Facility	'	'	80,000,000	0	'
Property management fees [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Fee, Rate	'	'	4.00%	'	'
Related Party Transaction, Amounts of Transaction	746,158	781,559	2,430,511	2,418,068	'
Expense reimbursements [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	60,135	60,228	192,442	159,035	'
Salary reimbursements [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	1,930,810	2,083,615	6,394,087	6,633,072	'
Asset management fees [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Fee, Rate	'	'	0.40%	'	'
Related Party Transaction, Amounts of Transaction	397,739	407,913	1,213,565	1,223,740	'
Asset management fees [Member] | Berkshire Advisor [Member] | Maximum [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	'	'	1,600,000	'	'
Incentive advisory fee [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	2,367,299	423,153	5,040,718	1,796,933	'
Related Party Transaction, Required Accrual Rate Above the Established Base Value	'	'	10.00%	'	'
Related Party Transaction, Amount Received (Paid) During Period	'	'	570,902	838,657	'
Incentive advisory fee [Member] | Berkshire Advisor [Member] | Maximum [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Required Accrual Rate Above the Established Base Value	'	'	12.00%	'	'
Related Party Transaction, Rate	'	'	7.00%	'	'
Acquisition fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	'	'	1,200,000	0	'
Acquisition fees [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Fee, Rate	'	'	1.00%	'	'
Construction management fees [Member] | Berkshire Advisor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	206,004	87,925	315,548	207,043	'
Development fees [Member] | Berkshire Residental Development [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	69,663	0	193,634	69,715	'
Interest on revolving credit facility [Member] | Affiliated Entity [Member] | Revolving Credit Facility [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	0	0	0	32,981	'
Pavilion Townplace [Member] | Acquisition fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	'	'	560,000	'	'
EON at Lindbergh [Member] | Acquisition fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Amounts of Transaction	'	'	$640,000	'	'

Proforma_Condensed_Financial_I2

Proforma Condensed Financial Information Details (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]	'	'	'	'
Business Acquisition, Pro Forma Revenue	$19,762,266	$22,967,342	$66,663,562	$67,543,461
Business Acquisition, Pro Forma Net Income (Loss)	29,656,043	-3,102,840	81,194,157	6,719,024
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders	$726,511	($314,910)	$2,712,296	($856,324)
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders, per Share, Basic	$0.52	($0.22)	$1.93	($0.61)

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

Jan. 17, 2014

Aug. 06, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Nov. 04, 2014

Dec. 31, 2014

Jun. 12, 2012

Dec. 31, 2014

Nov. 07, 2014

Sep. 30, 2014

Jan. 17, 2014

Aug. 06, 2013

Nov. 04, 2014

Subsequent Event [Member]

Yorktowne [Member]

2020 Lawrence [Member]

Country Place I & II [Member]

Construction Loans [Member]

Construction Loans [Member]

Common Class B

Common Class B

Common Class B

Subsequent Event [Member]

Subsequent Event [Member]

2020 Lawrence [Member]

Partially Owned Properties [Member]

Subsequent Event [Member]

Subsequent Event [Member]

2020 Lawrence [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal

'

'

'

'

'

'

'

30-Oct-14

'

14-Nov-14

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

5.00%

'

4.45%

5.00%

'

'

'

Debt Instrument, Maturity Date

'

'

'

'

'

'

'

'

11-Jun-22

'

1-Feb-53

'

'

'

'

Gross selling price

'

'

'

'

$161,200,000

$31,500,000

'

$33,000,000

'

$57,300,000

'

'

'

'

'

Subsequent Event, Date

'

'

'

'

'

'

'

'

'

'

28-Nov-14

'

'

'

'

Distributions

$20,000,000

$12,000,000

'

'

'

'

$11,000,000

'

'

'

'

'

'

'

'

Dividends Payable, Date Declared

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4-Nov-14

Dividends Payable, Date to be Paid

'

'

'

'

'

'

'

'

'

'

'

'

17-Jan-14

'

17-Nov-14

Common Stock, Dividends, Per Share, Declared

'

'

$0

$0.20

$0.34

$0.20

'

'

'

'

'

'

$0.34

$0.20

$0.19