Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | BERKSHIRE INCOME REALTY, INC. | |
Entity Central Index Key | 1178862 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | FALSE | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $0 | |
Class A common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Class B common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,406,196 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multifamily apartment communities, net of accumulated depreciation of $190,993,267 and $242,291,624, respectively | $472,942,656 | $381,663,433 | ||
Cash and cash equivalents | 4,369,626 | 15,254,613 | 12,224,361 | 9,645,420 |
Cash restricted for tenant security deposits | 1,202,884 | 1,321,895 | ||
Restricted cash held in escrow for 1031 exchange | 11,920,578 | 0 | ||
Replacement reserve escrow | 1,425,007 | 1,121,258 | ||
Prepaid expenses and other assets | 8,807,199 | 10,675,302 | ||
Investment in unconsolidated multifamily entities | 14,078,222 | 14,294,474 | ||
Acquired in-place leases and tenant relationships, net of accumulated amortization of $1,518,971 and $0, respectively | 1,219,543 | 0 | ||
Deferred expenses, net of accumulated amortization of $2,239,550 and $2,953,066, respectively | 5,706,855 | 2,977,939 | ||
Total assets | 521,672,570 | 427,308,914 | ||
Liabilities: | ||||
Mortgage notes payable | 436,785,408 | 475,525,480 | ||
Credit Facility | 41,000,000 | 0 | ||
Note payable - other | 1,250,000 | 1,250,000 | ||
Due to affiliates, net | 3,085,668 | 2,454,167 | ||
Due to affiliate, incentive advisory fees | 13,698,562 | 8,289,617 | ||
Dividend and distributions payable | 837,607 | 837,607 | ||
Accrued expenses and other liabilities | 12,889,999 | 10,968,053 | ||
Tenant security deposits | 1,451,751 | 1,531,472 | ||
Total liabilities | 510,998,995 | 500,856,396 | ||
Commitments and contingencies | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Total equity (deficit) | 10,673,575 | -73,547,482 | ||
Total liabilities and equity (deficit) | 521,672,570 | 427,308,914 | ||
Noncontrolling interest in properties | ||||
Liabilities: | ||||
Dividend and distributions payable | 0 | 300,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Noncontrolling interest | -25,658 | 879,785 | ||
Total equity (deficit) | -25,658 | 879,785 | 1,527,431 | 346,524 |
Noncontrolling interest in Operating Partnership | ||||
Liabilities: | ||||
Dividend and distributions payable | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Noncontrolling interest | -19,217,779 | -102,297,937 | ||
Total equity (deficit) | -19,217,779 | -102,297,937 | -89,708,267 | -76,785,818 |
Preferred Stock | 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 December 31, 2014 and 2013, respectively | ||||
Liabilities: | ||||
Dividend and distributions payable | 837,607 | 837,607 | 837,607 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Preferred Stock, Value, Outstanding | 70,210,830 | 70,210,830 | ||
Total equity (deficit) | 70,210,830 | 70,210,830 | 70,210,830 | 70,210,830 |
Common Stock | Class A common stock, $.01 par value, 5,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2014 and 2013, respectively | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Common Stock, Value, Outstanding | 0 | 0 | ||
Common Stock | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at December 31, 2014 and 2013, respectively | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Common Stock, Value, Outstanding | 14,062 | 14,062 | ||
Total equity (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 December 31, 2014 and 2013, respectively | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Excess Stock, Value, Outstanding | 0 | 0 | ||
Accumulated deficit | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Accumulated deficit | -40,307,880 | -42,354,222 | ||
Total equity (deficit) | ($40,307,880) | ($42,354,222) | ($42,077,020) | ($41,802,722) |
Consolidated_Balance_Sheets_Ba
Consolidated Balance Sheets Balance Sheet Parentheticals (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated depreciation | $190,993,267 | $242,291,624 | $235,825,752 | $227,600,092 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,518,971 | 0 | ||
Accumulated Amortization, Deferred Finance Costs | $2,239,550 | $2,953,066 | ||
Preferred Stock | Series A Preferred Stock | ||||
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 | Class A common stock | ||||
Common Stock, Shares, Issued | 0 | 0 | ||
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, Outstanding | 0 | 0 | ||
Common Stock | Class B common stock | ||||
Common Stock, Shares, Issued | 1,406,196 | 1,406,196 | ||
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, Outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 |
Excess Stock | ||||
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_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | |||
Rental | $74,525,374 | $73,191,622 | $68,545,521 |
Utility reimbursement | 3,695,364 | 3,441,604 | 2,954,366 |
Other | 3,960,370 | 3,398,904 | 3,013,758 |
Total revenue | 82,181,108 | 80,032,130 | 74,513,645 |
Expenses: | |||
Operating | 19,651,436 | 18,433,143 | 17,585,096 |
Maintenance | 4,541,209 | 4,516,367 | 4,396,133 |
Real estate taxes | 8,676,000 | 7,677,392 | 6,845,669 |
General and administrative | 2,863,965 | 2,504,227 | 2,424,966 |
Management fees | 5,161,658 | 4,824,959 | 4,642,323 |
Incentive advisory fees | 6,142,782 | 2,494,013 | 3,113,100 |
Depreciation | 25,719,316 | 25,481,041 | 24,421,521 |
Interest, inclusive of amortization of deferred financing fees | 27,630,370 | 26,459,722 | 23,937,305 |
Loss on extinguishment of debt | 2,359,624 | 0 | 0 |
Amortization of acquired in-place leases and tenant relationships | 1,518,971 | 5,377 | 68,280 |
Total expenses | 104,265,331 | 92,396,241 | 87,434,393 |
Loss before equity in income (loss) of unconsolidated multifamily entities | -22,084,223 | -12,364,111 | -12,920,748 |
Equity in income (loss) of unconsolidated multifamily entities | 45,599,974 | 888,778 | -268,921 |
Gain on disposition of real estate assets | 100,106,577 | 0 | 0 |
Income (loss) from continuing operations | 123,622,328 | -11,475,333 | -13,189,669 |
Discontinued operations: | |||
Income (loss) from discontinued operations | -114,216 | 36,441 | -1,372,042 |
Gain on disposition of real estate assets, net | 0 | 18,648,525 | 43,582,865 |
Net income (loss) from discontinued operations | -114,216 | 18,684,966 | 42,210,823 |
Net income | 123,508,112 | 7,209,633 | 29,021,154 |
Net income attributable to noncontrolling interest in properties | -186,328 | -107,292 | -9,797,304 |
Net income attributable to noncontrolling interest in Operating Partnership | -113,833,768 | -391,968 | -12,223,771 |
Net income attributable to the Company | 9,488,016 | 6,710,373 | 7,000,079 |
Preferred dividend | -6,700,774 | -6,700,775 | -6,700,777 |
Net income available to common shareholders | $2,787,242 | $9,598 | $299,302 |
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $1.98 | ($0.31) | ($0.34) |
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $0 | $0.32 | $0.55 |
Net income available to common shareholders per common share, basic and diluted | $1.98 | $0.01 | $0.21 |
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Deficit (USD $) | Total | Accumulated deficit | Noncontrolling interest in properties | Noncontrolling interest in Operating Partnership | Total Deficit | Series A Preferred Stock | Class A common stock | Class B common stock |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Preferred Stock | Common Stock | Common Stock | |
USD ($) | USD ($) | |||||||
Beginning balance at Dec. 31, 2011 | ($41,802,722) | $346,524 | ($76,785,818) | ($48,017,124) | $70,210,830 | $14,062 | ||
Common Stock, Shares, Outstanding at Dec. 31, 2011 | 1,406,196 | |||||||
Preferred Stock, Shares Outstanding at Dec. 31, 2011 | 2,978,110 | |||||||
Net income | 29,021,154 | 7,000,079 | 9,797,304 | 12,223,771 | 29,021,154 | 0 | 0 | |
Contributions | 0 | 400,065 | 0 | 400,065 | 0 | 0 | ||
Distributions | 573,600 | 9,016,462 | 25,146,220 | 34,736,282 | 0 | 0 | ||
Change in noncontrolling interest in properties | 0 | |||||||
Distributions to preferred shareholders | 6,700,777 | 0 | 0 | 6,700,777 | 0 | 0 | ||
Ending balance at Dec. 31, 2012 | -42,077,020 | 1,527,431 | -89,708,267 | -60,032,964 | 70,210,830 | 14,062 | ||
Preferred Stock, Shares Outstanding at Dec. 31, 2012 | 2,978,110 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2012 | 1,406,196 | |||||||
Net income | 7,209,633 | 6,710,373 | 107,292 | 391,968 | 7,209,633 | 0 | 0 | |
Contributions | 0 | 670,505 | 0 | 670,505 | 0 | 0 | ||
Distributions | 286,800 | 1,425,443 | 12,981,638 | 14,693,881 | 0 | 0 | ||
Change in noncontrolling interest in properties | 0 | |||||||
Distributions to preferred shareholders | 6,700,775 | 0 | 0 | 6,700,775 | 0 | 0 | ||
Ending balance at Dec. 31, 2013 | -73,547,482 | -42,354,222 | 879,785 | -102,297,937 | -73,547,482 | 70,210,830 | 14,062 | |
Preferred Stock, Shares Outstanding at Dec. 31, 2013 | 2,978,110 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2013 | 0 | 1,406,196 | ||||||
Net income | 123,508,112 | 9,488,016 | 186,328 | 113,833,768 | 123,508,112 | 0 | 0 | |
Contributions | 0 | 665,447 | 0 | 665,447 | 0 | 0 | ||
Distributions | 740,900 | 2,087,044 | 30,753,610 | 33,581,554 | 0 | 0 | ||
Change in noncontrolling interest in properties | 329,826 | 0 | 329,826 | 0 | 329,826 | 0 | 0 | |
Distributions to preferred shareholders | 6,700,774 | 0 | 0 | 6,700,774 | 0 | 0 | ||
Ending balance at Dec. 31, 2014 | $10,673,575 | ($40,307,880) | ($25,658) | ($19,217,779) | $10,673,575 | $70,210,830 | $14,062 | |
Preferred Stock, Shares Outstanding at Dec. 31, 2014 | 2,978,110 | |||||||
Common Stock, Shares, Outstanding at Dec. 31, 2014 | 0 | 1,406,196 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income | $123,508,112 | $7,209,633 | $29,021,154 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred costs | 1,038,408 | 641,809 | 586,792 |
Amortization of acquired in-place leases and tenant relationships | 1,518,971 | 5,377 | 68,280 |
Amortization of fair value premium on mortgage debt | -316,859 | 0 | 0 |
Loss on derivative financial instrument | 208,766 | 0 | 0 |
Depreciation | 25,719,316 | 26,045,630 | 27,484,139 |
Deferred costs | -60,289 | -149,115 | 0 |
Loss on extinguishment of debt | 97,891 | 3,807 | 83,235 |
Equity in (income) loss of unconsolidated multifamily entities | -45,599,974 | -888,778 | 268,921 |
Gain on real estate assets related to involuntary conversion | -138,754 | 0 | 0 |
Gain on disposition of real estate assets | -100,106,577 | -18,648,525 | -43,582,865 |
Increase (decrease) in cash attributable to changes in assets and liabilities: | |||
Tenant security deposits, net | -218,781 | 66,457 | -52,794 |
Prepaid expenses and other assets | 214,240 | 870,664 | 2,240,870 |
Due to/from affiliates | 598,124 | -992,293 | 2,201,313 |
Due to affiliate, incentive advisory fees | 5,408,945 | 1,655,356 | 2,729,981 |
Accrued expenses and other liabilities | -1,938,014 | -488,671 | -1,209,022 |
Distributions of return on investments in unconsolidated multifamily entities | 1,581,438 | 305,401 | 0 |
Net cash provided by operating activities | 11,514,963 | 15,636,752 | 19,840,004 |
Cash flows from investing activities: | |||
Capital improvements | -41,614,053 | -15,505,375 | -39,954,975 |
Acquisition of multifamily apartment communities | -110,540,639 | -314,288 | 0 |
Earnest money deposits on acquisition | 2,000,000 | -2,000,000 | 0 |
Proceeds from sale of multifamily apartment communities | 191,146,270 | 30,958,927 | 75,376,290 |
Interest earned on replacement reserve deposits | -785 | -618 | -2,633 |
Deposit to restricted cash held in escrow for 1031 exchange | -11,920,578 | 0 | 0 |
Deposits to replacement reserve escrow | -302,964 | -175,981 | -167,180 |
Withdrawal from replacement reserve escrow | 0 | 42,131 | 545,020 |
Distributions from investments in unconsolidated multifamily entities | 39,403,439 | 3,468,002 | 1,400,150 |
Investment in unconsolidated multifamily entities | 0 | -305,175 | -821,036 |
Deconsolidation of real estate | -1,279,500 | 0 | 0 |
Net cash provided by investing activities | 66,891,190 | 16,167,623 | 36,375,636 |
Cash flows from financing activities: | |||
Borrowings from mortgage notes payable | 57,968,052 | 12,980,663 | 28,621,545 |
Principal payments on mortgage notes payable | -5,513,666 | -5,636,390 | -5,270,328 |
Repayment of mortgage notes payable | -139,071,895 | -14,833,286 | -29,022,538 |
Borrowings from Credit Facility - Affiliate | 0 | 1,627,000 | 1,691,000 |
Principal payments on Credit Facility - Affiliate | 0 | -1,627,000 | -10,040,422 |
Borrowings from Credit Facility | 116,000,000 | 0 | 0 |
Principal payments on Credit Facility | -75,000,000 | 0 | 0 |
Borrowings from note payable - other | 0 | 0 | 1,250,000 |
Deferred financing costs | -3,797,760 | -260,959 | -128,962 |
Derivative financial instrument | -258,990 | 0 | 0 |
Contribution from noncontrolling interest holders in properties | 665,447 | 670,505 | 400,065 |
Distributions to noncontrolling interest holders in properties | -2,087,044 | -1,725,443 | -8,716,462 |
Distributions to noncontrolling interest partners in Operating Partnership | -30,753,610 | -12,981,638 | -25,146,220 |
Distributions to common shareholders | -740,900 | -286,800 | -573,600 |
Distributions to preferred shareholders | -6,700,774 | -6,700,775 | -6,700,777 |
Net cash used in financing activities | -89,291,140 | -28,774,123 | -53,636,699 |
Net increase (decrease) in cash and cash equivalents | -10,884,987 | 3,030,252 | 2,578,941 |
Cash and cash equivalents at beginning of period | 15,254,613 | 12,224,361 | 9,645,420 |
Cash and cash equivalents at end of period | $4,369,626 | $15,254,613 | $12,224,361 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Supplemental Disclosures (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental disclosure: | |||
Cash paid for interest, net of capitalized interest | $27,613,382 | $26,434,005 | $25,060,420 |
Capitalization of interest | 1,282,631 | 504,266 | 2,654,194 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Capital improvements included in accrued expenses and other liabilities | 3,858,661 | 183,596 | 4,265,639 |
Dividend and distributions payable | 837,607 | 837,607 | |
Write-off of fully amortized acquired in place leases and tenant relationships | 0 | 605,079 | 0 |
Write-off of fully amortized deferred financing costs | 0 | 432,119 | 0 |
Assets acquired: | |||
Multifamily apartment communities | -178,384,392 | -5,600,000 | 0 |
Acquired in-place leases | -2,738,514 | 0 | 0 |
Deferred costs | -55,171 | 0 | 0 |
Prepaid expenses and other assets | -632,521 | 0 | 0 |
Liabilities acquired: | |||
Accrued expenses | 536,639 | 457,217 | 0 |
Tenant security deposit liability | 261,254 | 0 | 0 |
Mortgage assumed | 70,472,066 | 4,828,495 | 0 |
Net cash used for acquisition of multifamily apartment communities | -110,540,639 | -314,288 | 0 |
Sale of real estate: | |||
Gross selling price | 194,200,000 | 31,500,000 | 76,625,000 |
Cost of sale | -3,053,730 | -541,073 | -1,248,710 |
Cash flows from sale of real estate assets | 191,146,270 | 30,958,927 | 75,376,290 |
Deconsolidation of real estate due to change in ownership structure: | |||
Change in multifamily apartment communities, net of accumulative depreciation | 15,667,726 | 0 | 0 |
Change in prepaid expenses and other assets | 475,362 | 0 | 0 |
Change in investments in unconsolidated multifamily entities | 4,831,349 | 0 | 0 |
Change in deferred expenses, net of accumulative amortization | 15,557 | 0 | 0 |
Change in mortgage notes payable | -22,277,770 | 0 | 0 |
Change in due to affiliates, net | 33,377 | 0 | 0 |
Change in accrued expenses and other liabilities | -351,744 | 0 | 0 |
Change in tenant security deposits, net | -3,183 | 0 | 0 |
Change in noncontrolling interest in properties | 329,826 | 0 | 0 |
Decrease in cash due to deconsolidation of real estate | -1,279,500 | 0 | 0 |
Noncontrolling interest in Operating Partnership | |||
Supplemental disclosure of non-cash investing and financing activities: | |||
Dividend and distributions payable | 0 | 0 | |
Deconsolidation of real estate due to change in ownership structure: | |||
Change in noncontrolling interest in properties | 0 | ||
Noncontrolling interest in properties | |||
Supplemental disclosure of non-cash investing and financing activities: | |||
Dividend and distributions payable | 0 | 300,000 | |
Deconsolidation of real estate due to change in ownership structure: | |||
Change in noncontrolling interest in properties | 329,826 | ||
Series A Preferred Stock | Preferred Stock | |||
Supplemental disclosure of non-cash investing and financing activities: | |||
Dividend and distributions payable | 837,607 | 837,607 | 837,607 |
Deconsolidation of real estate due to change in ownership structure: | |||
Change in noncontrolling interest in properties | $0 |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | $436,785,408 | |
Initial costs of buildings and land | 492,461,534 | |
Cost capitalized subsequent to acquisition | 171,474,389 | |
Balance at end of year | 663,935,923 | |
Accumulated depreciation | 190,993,267 | |
Total cost net of accumulated depreciation | 472,942,656 | |
Berkshires of Columbia [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 44,000,000 | [1] |
Initial costs of buildings and land | 13,320,965 | [1] |
Cost capitalized subsequent to acquisition | 13,230,604 | [1] |
Balance at end of year | 26,551,569 | [1] |
Accumulated depreciation | 19,157,063 | [1] |
Total cost net of accumulated depreciation | 7,394,506 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 1983 | [1] |
Seasons of Laurel [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 109,301,104 | [1] |
Initial costs of buildings and land | 63,083,489 | [1] |
Cost capitalized subsequent to acquisition | 37,353,633 | [1] |
Balance at end of year | 100,437,122 | [1] |
Accumulated depreciation | 71,668,653 | [1] |
Total cost net of accumulated depreciation | 28,768,469 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 1985 | [1] |
Berkshires at Citrus Park [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 15,453,699 | [1] |
Initial costs of buildings and land | 27,601,083 | [1] |
Cost capitalized subsequent to acquisition | 2,336,645 | [1] |
Balance at end of year | 29,937,728 | [1] |
Accumulated depreciation | 11,887,630 | [1] |
Total cost net of accumulated depreciation | 18,050,098 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2005 | [1] |
Briarwood Village [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 12,566,132 | [1] |
Initial costs of buildings and land | 13,929,396 | [1] |
Cost capitalized subsequent to acquisition | 3,901,440 | [1] |
Balance at end of year | 17,830,836 | [1] |
Accumulated depreciation | 7,212,647 | [1] |
Total cost net of accumulated depreciation | 10,618,189 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2006 | [1] |
Standard at Lenox Park [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 33,580,389 | [1] |
Initial costs of buildings and land | 47,040,404 | [1] |
Cost capitalized subsequent to acquisition | 9,751,657 | [1] |
Balance at end of year | 56,792,061 | [1] |
Accumulated depreciation | 22,713,889 | [1] |
Total cost net of accumulated depreciation | 34,078,172 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2006 | [1] |
Berkshires at Town Center [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 19,354,145 | [1] |
Initial costs of buildings and land | 20,254,316 | [1] |
Cost capitalized subsequent to acquisition | 14,572,567 | [1] |
Balance at end of year | 34,826,883 | [1] |
Accumulated depreciation | 16,986,512 | [1] |
Total cost net of accumulated depreciation | 17,840,371 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2007 | [1] |
Sunfield Lakes [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 18,932,960 | [1] |
Initial costs of buildings and land | 23,870,680 | [1] |
Cost capitalized subsequent to acquisition | 2,851,187 | [1] |
Balance at end of year | 26,721,867 | [1] |
Accumulated depreciation | 9,369,399 | [1] |
Total cost net of accumulated depreciation | 17,352,468 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2007 | [1] |
Executive House [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 28,191,797 | [1] |
Initial costs of buildings and land | 50,205,199 | [1] |
Cost capitalized subsequent to acquisition | 4,852,293 | [1] |
Balance at end of year | 55,057,492 | [1] |
Accumulated depreciation | 15,788,398 | [1] |
Total cost net of accumulated depreciation | 39,269,094 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2008 | [1] |
Estancia Townhomes [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 27,455,710 | [1] |
Initial costs of buildings and land | 41,394,920 | [1] |
Cost capitalized subsequent to acquisition | 1,373,257 | [1] |
Balance at end of year | 42,768,177 | [1] |
Accumulated depreciation | 8,070,974 | [1] |
Total cost net of accumulated depreciation | 34,697,203 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2011 | [1] |
2020 Lawrence [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 44,842,699 | [1] |
Initial costs of buildings and land | 7,505,898 | [1] |
Cost capitalized subsequent to acquisition | 45,110,312 | [1] |
Balance at end of year | 52,616,210 | [1] |
Accumulated depreciation | 4,335,283 | [1] |
Total cost net of accumulated depreciation | 48,280,927 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2011 | [1] |
Walnut Creek [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 0 | [1] |
Initial costs of buildings and land | 5,870,792 | [1] |
Cost capitalized subsequent to acquisition | 12,216,275 | [1] |
Balance at end of year | 18,087,067 | [1] |
Accumulated depreciation | 0 | [1] |
Total cost net of accumulated depreciation | 18,087,067 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2011 | [1] |
Aura Prestonwood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 13,742,498 | [1] |
Initial costs of buildings and land | 8,302,960 | [1] |
Cost capitalized subsequent to acquisition | 22,427,004 | [1] |
Balance at end of year | 30,729,964 | [1] |
Accumulated depreciation | 0 | [1] |
Total cost net of accumulated depreciation | 30,729,964 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2014 | [1] |
Pavilion Townplace [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 26,993,002 | [1] |
Initial costs of buildings and land | 57,201,053 | [1] |
Cost capitalized subsequent to acquisition | 1,042,900 | [1] |
Balance at end of year | 58,243,953 | [1] |
Accumulated depreciation | 1,642,402 | [1] |
Total cost net of accumulated depreciation | 56,601,551 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2014 | [1] |
Eon at Lindbergh [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 42,371,273 | [1] |
Initial costs of buildings and land | 64,056,966 | [1] |
Cost capitalized subsequent to acquisition | 451,284 | [1] |
Balance at end of year | 64,508,250 | [1] |
Accumulated depreciation | 2,006,621 | [1] |
Total cost net of accumulated depreciation | 62,501,629 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2014 | [1] |
Elan Redmond Town Center [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Emcumbrances | 0 | [1] |
Initial costs of buildings and land | 48,823,413 | [1] |
Cost capitalized subsequent to acquisition | 3,331 | [1] |
Balance at end of year | 48,826,744 | [1] |
Accumulated depreciation | 153,796 | [1] |
Total cost net of accumulated depreciation | $48,672,948 | [1] |
Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 2014 | [1] |
[1] | Depreciation of buildings are calculated over useful lives ranging from 25 to 27.5 years and depreciation of improvements are calculated over useful lives ranging from 5 to 25 years. |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate | |||
Balance at beginning of year | $623,955,057 | $638,824,856 | $650,262,329 |
Acquisitions and improvements | 223,707,625 | 17,031,527 | 40,507,577 |
Dispositions | -183,726,759 | -31,901,326 | -51,945,050 |
Balance at end of year | 663,935,923 | 623,955,057 | 638,824,856 |
Accumulative Depreciation | |||
Balance at beginning of year | 242,291,624 | 235,825,752 | 227,600,092 |
Depreciation expense | 25,719,316 | 26,045,630 | 27,484,139 |
Dispositions | -77,017,673 | -19,579,758 | -19,258,479 |
Balance at end of year | 190,993,267 | 242,291,624 | 235,825,752 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures [Abstract] | |||
Real Estate, Federal Income Tax Basis | 404,024,751 | 436,843,695 | 449,001,683 |
Real Estate Accumulated Depreciation, Federal Income Tax Basis | $145,116,501 | $155,853,377 | $147,915,604 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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. The Company conducts its business through Berkshire Income Realty-OP, L.P. (the "Operating Partnership"). | ||||||||||||||||||||
The Company's consolidated financial statements include the accounts of the Company, its subsidiary, the Operating Partnership, as well as the various subsidiaries of the Operating Partnership. The Company owns preferred and general partner interests in the Operating Partnership. The remaining common limited partnership interests in the Operating Partnership, owned by KRF Company, L.L.C. ("KRF Company") and affiliates, are reflected as "Noncontrolling interest in Operating Partnership" in the financial statements of the Company. | ||||||||||||||||||||
Properties | ||||||||||||||||||||
A summary of the multifamily apartment communities in which the Company owns an interest at December 31, 2014 and 2013 is presented below: | ||||||||||||||||||||
Total # of Units | Ownership Interest | |||||||||||||||||||
as of December 31, | as of December 31, | |||||||||||||||||||
Description | Location | Year Acquired | 2014 (Unaudited) | 2013 (Unaudited) | 2014 | 2013 | ||||||||||||||
Berkshires of Columbia | Columbia, Maryland | 1983 | 316 | 316 | 91.38 | % | 91.38 | % | ||||||||||||
Seasons of Laurel | Laurel, Maryland | 1985 | 1,088 | 1,088 | 100 | % | 100 | % | ||||||||||||
Berkshires at Citrus Park | Tampa, Florida | 2005 | 264 | 264 | 100 | % | 100 | % | ||||||||||||
Briarwood Village | Houston, Texas | 2006 | 342 | 342 | 100 | % | 100 | % | ||||||||||||
Standard at Lenox Park | Atlanta, Georgia | 2006 | 375 | 375 | 100 | % | 100 | % | ||||||||||||
Berkshires at Town Center | Towson, Maryland | 2007 | 199 | 199 | 100 | % | 100 | % | ||||||||||||
Sunfield Lakes | Sherwood, Oregon | 2007 | 200 | 200 | 100 | % | 100 | % | ||||||||||||
Executive House | Philadelphia, Pennsylvania | 2008 | 302 | 302 | 100 | % | 100 | % | ||||||||||||
Estancia Townhomes | Dallas, Texas | 2011 | 207 | 207 | 100 | % | 100 | % | ||||||||||||
2020 Lawrence (1) | Denver, Colorado | 2013 | 231 | 231 | 91.08 | % | 91.08 | % | ||||||||||||
Pavilion Townplace | Dallas, Texas | 2014 | 236 | N/A | 100 | % | N/A | |||||||||||||
EON at Lindbergh | Atlanta, Georgia | 2014 | 352 | N/A | 100 | % | N/A | |||||||||||||
Elan Redmond Town Center | Redmond, Washington | 2014 | 134 | N/A | 100 | % | N/A | |||||||||||||
Walnut Creek (2) | Walnut Creek, California | 2011 | N/A | N/A | 98 | % | 98 | % | ||||||||||||
Aura Prestonwood (2) | Dallas, Texas | 2014 | N/A | N/A | 95 | % | N/A | |||||||||||||
Laurel Woods (3) | Austin, Texas | 2004 | N/A | 150 | N/A | 100 | % | |||||||||||||
Bear Creek (3) | Dallas, Texas | 2004 | N/A | 152 | N/A | 100 | % | |||||||||||||
Bridgewater (3) | Hampton, Virginia | 2004 | N/A | 216 | N/A | 100 | % | |||||||||||||
Reserves at Arboretum (3) | Newport News, Virginia | 2009 | N/A | 143 | N/A | 100 | % | |||||||||||||
Country Place I (4) | Burtonsville, Maryland | 2004 | N/A | 192 | N/A | 58 | % | |||||||||||||
Country Place II (4) | Burtonsville, Maryland | 2004 | N/A | 120 | N/A | 58 | % | |||||||||||||
Yorktowne (3) | Millersville, Maryland | 2004 | N/A | 216 | N/A | 100 | % | |||||||||||||
Berkshires on Brompton (3) | Houston, Texas | 2005 | N/A | 362 | N/A | 100 | % | |||||||||||||
Lakeridge (3) | Hampton, Virginia | 2005 | N/A | 282 | N/A | 100 | % | |||||||||||||
Chisholm Place (3) | Dallas, Texas | 2006 | N/A | 142 | N/A | 100 | % | |||||||||||||
Total | 4,246 | 5,499 | ||||||||||||||||||
All of the properties in the above table are encumbered by mortgages as of December 31, 2014 except Elan Redmond Town Center and Walnut Creek. | ||||||||||||||||||||
-1 | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. | |||||||||||||||||||
-2 | Walnut Creek and Aura Prestonwood were under development as of December 31, 2014. The Company will own a 98.00% interest in Walnut Creek once fully invested. The Company has fully invested its total committed capital amount in Aura Prestonwood and owns a 95.00% interest. | |||||||||||||||||||
-3 | Properties were sold during the year ended December 31, 2014. | |||||||||||||||||||
-4 | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended December 31, 2014. See Note 4 - Investments in Unconsolidated Multifamily Entities. | |||||||||||||||||||
Discussion of acquisitions for the years ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||
On November 1, 2013, the Company, through its joint venture partnership for the Walnut Creek development, a 141-unit multifamily apartment project located in Walnut Creek, California (the "Walnut Creek Project"), acquired the land associated with the development project. The purchase price was $5,600,000 and 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. The acquisition transaction was subject to normal prorations and adjustments. | ||||||||||||||||||||
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's ownership percentage in the project is 95%. Total capital committed to the joint venture is $12,643,500 and is fully funded as of December 31, 2014. 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 acquired these properties 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. | ||||||||||||||||||||
On December 9, 2014, the Company, through its subsidiary BIR Redmond, L.L.C., completed the acquisition of Elan Redmond Town Center, a 134-unit multifamily apartment community located in Redmond, Washington. The seller was an unaffiliated third party. The purchase price for Elan Redmond Town Center was $49,975,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company acquired Elan Redmond Town Center as the replacement property, under Section 1031 of the Internal Revenue Code, for the Company's tenancy-in-common ("TIC") interest in Country Place I and Country Place II. | ||||||||||||||||||||
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 was as follows: | ||||||||||||||||||||
Aura Prestonwood | Pavilion Townplace | EON at | Elan Redmond Town Center | Total | ||||||||||||||||
Lindbergh | ||||||||||||||||||||
Asset acquired: | ||||||||||||||||||||
Multifamily apartment communities | $ | 8,302,960 | $ | 57,201,053 | $ | 64,056,966 | $ | 48,823,413 | $ | 178,384,392 | ||||||||||
Acquired in-place leases and tenant relationships | — | 769,534 | 872,564 | 1,096,416 | 2,738,514 | |||||||||||||||
Deferred leasing costs | — | — | — | 55,171 | 55,171 | |||||||||||||||
Prepaid and other assets | 100,000 | 296,013 | 236,508 | — | 632,521 | |||||||||||||||
Total assets acquired | $ | 8,402,960 | $ | 58,266,600 | $ | 65,166,038 | $ | 49,975,000 | $ | 181,810,598 | ||||||||||
Liabilities assumed: | ||||||||||||||||||||
Accrued expenses | $ | — | $ | 309,154 | $ | 201,997 | $ | 25,488 | $ | 536,639 | ||||||||||
Tenant security deposit liability | — | 119,808 | 121,454 | 19,992 | 261,254 | |||||||||||||||
Mortgage notes payable | — | 27,542,536 | 42,929,530 | — | 70,472,066 | |||||||||||||||
Total liabilities assumed | $ | — | $ | 27,971,498 | $ | 43,252,981 | $ | 45,480 | $ | 71,269,959 | ||||||||||
Discussion of dispositions for the years ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||
On March 23, 2012, the Operating Partnership completed the sale of Riverbirch, a 210-unit multifamily apartment community located in Charlotte, North Carolina, to an unaffiliated buyer. The sale price of the property was $14,200,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The proceeds were used to reduce the outstanding balance of the revolving credit facility and other general uses. | ||||||||||||||||||||
On November 5, 2012, the Company completed the sale of Silver Hill and Arboretum, both located in Newport News, Virginia, to an unaffiliated buyer. The combined sale price was $25,425,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. | ||||||||||||||||||||
On November 30, 2012, the Company completed the sale of Arrowhead and Moorings, both located in Chicago, Illinois, to an unaffiliated buyer. The combined total sale price was $37,000,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. | ||||||||||||||||||||
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 was $31,500,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. | ||||||||||||||||||||
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 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. | ||||||||||||||||||||
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 recognized $15,992,770 of gain from the sale. 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 were used to close the 1031 exchange transaction for Gatehouse 75, which was acquired on March 2, 2015. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Significant Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES | |
Principles of combination and consolidation | ||
The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities which it controls including those entities subject to ASC 810-10. Variable interest entities ("VIEs") are entities in which the equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with ASC 810-10, the Company consolidates VIEs for which it has a variable interest (or a combination of variable interests) that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both, based on an assessment performed at the time the Company becomes involved with the entity. The Company reconsiders this assessment only if the entity's governing documents or the contractual arrangements among the parties involved change in a manner that changes the characteristics or adequacy of the entity's equity investment at risk, some or all of the equity investment is returned to the investors and other parties become exposed to expected losses of the entity, the entity undertakes additional activities or acquires additional assets beyond those that were anticipated at inception or at the last reconsideration date that increase its expected losses, or the entity receives an additional equity investment that is at risk, or curtails or modifies its activities in a way that decreases its expected losses. | ||
For entities not deemed to be VIEs, the Company consolidates those entities in which it owns a majority of the voting securities or interests, except in those instances in which the noncontrolling voting interest owner effectively participates through substantive participative rights, as discussed in ASC 810-10 and ASC 970-323. Substantive participatory rights include the ability to select, terminate, and set compensation of the investee's management, the ability to participate in capital and operating decisions of the investee (including budgets), in the ordinary course of business. | ||
The Company also evaluates its ownership interests in entities not deemed to be VIEs, including partnerships and limited liability companies, to determine if its economic interests result in the Company controlling the entity as promulgated in ASC 810-20, as amended by Accounting Standards Update ("ASU") No. 2009-17. | ||
Real estate | ||
Real estate assets are recorded at depreciated cost. The cost of acquisition (exclusive of transaction costs), development and rehabilitation and improvement of properties are capitalized. Interest costs are capitalized based on qualifying assets and liabilities on development projects until construction is substantially complete. Recurring capital improvements typically include appliances, carpeting, flooring, HVAC equipment, kitchen and bath cabinets, site improvements and various exterior building improvements. Non-recurring upgrades include kitchen and bath upgrades, new roofs, window replacements and the development of on-site fitness, business and community centers. | ||
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 to 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 value of other tenant relationships, based in each case on their fair values. | ||
In making estimates of fair value for purposes of initial accounting of the purchased real estate, the Company utilizes information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also considers our own analysis of recently acquired and existing comparable properties in our portfolio, as well as independent third party appraisers where appropriate. | ||
The Company allocates purchase price to the fair value of the tangible assets of an acquired property (which includes land, building, furniture, fixtures and equipment) determined by valuing the property as if it were vacant. | ||
Above-market and below-market in-place lease values, where appropriate, for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term and any fixed-rate renewal periods in the respective leases. | ||
The total amount of other intangible assets acquired is further allocated to in-place leases and tenant relationships, which includes other tenant relationship intangible values based on management's evaluation of the specific characteristics of the residential leases and the Company's tenant retention history. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases. Value of in-place leases are amortized over the remaining life of the underlying leases. Value of tenant relationships are amortized based on the straight line method of amortization over a 24-period for residential leases and up to a 72-month period for retail leases. | ||
Costs directly associated with the development of properties are capitalized. Additionally, during the development of the project, the Company capitalizes interest, real estate taxes, insurance and project management and development fees. The Company uses judgment to determine when a development project commences and capitalization begins and when a development project is substantially complete and capitalization ceases. Generally, cost capitalization begins during the pre-construction period, defined as activities that are necessary to start the development of the property. A development property is considered substantially complete after major construction has ended and the property is available for occupancy. For properties that are built in phases, capitalization stops on each phase when it is considered substantially complete and ready for use and costs continue to be capitalized only on those phases under construction. | ||
Expenditures for ordinary maintenance and repairs are charged to operations as incurred. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, as follows: | ||
Rental property | 25 to 27.5 years | |
Improvements | 5 to 25 years | |
Appliances and equipment | 3 to 8 years | |
When a property is sold, its costs and related depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. | ||
Pursuant to ASC 360-10, management reviews its long-lived assets used in operations for impairment when there is an event or change in circumstances that indicates an impairment in value, such as operational performance, adverse change in the assets' physical condition, market conditions, legal and environmental concerns and the Company's intent with regard to each asset. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. The Company did not recognize an impairment loss in 2014 or 2013. | ||
Our investments in unconsolidated multifamily entities are reviewed for impairment periodically when events or circumstances indicating that other-than-temporary decline in the fair values below the carrying values has occurred. The ultimate realization of our investment in unconsolidated multifamily entities is dependent on a number of factors, including the performance of each investment and market and economic conditions. The Company did not recognize an other-than-temporary impairment charge in 2014 or 2013. | ||
Cash and cash equivalents | ||
The Company participates in centralized cash management whereby cash receipts are deposited in specific property operating accounts and are then transferred to the Company's central operating account. Bills are paid from a central disbursement account maintained by an affiliate of the Company, which is reimbursed from the Company's central operating account. In management's opinion, the cash and cash equivalents presented in the consolidated financial statements are available and required for normal operations. | ||
The Company invests its cash primarily in deposits and money market funds with commercial banks. All short-term investments with maturities of three months or less from the date of acquisition are included in cash and cash equivalents. The cash investments are recorded at cost, which approximates current market values. | ||
Concentration of credit risk | ||
The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company does not believe that this concentration of credit risk represents a material risk of loss with respect to its financial position as the Company invests with creditworthy institutions including national banks and major financial institutions. | ||
Cash restricted for tenant security deposits | ||
Cash restricted for tenant security deposits represents security deposits held by the Company under the terms of certain tenant lease agreements. | ||
Restricted Cash held in escrow for 1031 exchange | ||
Restricted cash held in escrow for 1031 exchange represents cash deposited with a qualified intermediary for use in an exchange transaction under Section 1031 of the Internal Revenue Code. | ||
Replacement reserve escrows | ||
Certain lenders require escrow accounts for capital improvements. The escrows are funded from operating cash, as needed. | ||
Deferred expenses | ||
Fees and costs incurred to obtain long-term financing are deferred and amortized over the terms of the related loans, on the straight line method which approximates the effective interest method. | ||
Indebtedness | ||
Mortgage notes payable and note payable - other consist of property level mortgage indebtedness collateralized by the respective properties. Credit facilities consist of indebtedness related to the Company's revolving credit facility to an affiliate and credit facility to an unaffiliated lender. The Company states its mortgage notes payable, note payable - other and credit facilities at the outstanding principal balance, exclusive of transaction costs such as prepayment penalties, except in the case of assumed debt where the mortgage is recorded at fair value and the difference is amortized over the life of the loan. | ||
Noncontrolling interest in properties | ||
Unaffiliated third parties have ownership interests in the Company's properties are accounted for as "Noncontrolling interest in properties" in the accompanying financial statements. Allocations of earnings and distributions are made to the Company and noncontrolling holders based upon their respective share allocations. | ||
Noncontrolling interest in Operating Partnership | ||
KRF Company and affiliates' common limited partnership interest in the Operating Partnership is being reflected as "Noncontrolling interest in Operating Partnership" in the financial statements of the Company. | ||
Pursuant to ASC 974-810, for financial reporting purposes prior to January 1, 2009, KRF Company and affiliates' noncontrolling interest in the Operating Partnership had been reflected as zero with common stockholders' equity being reduced for the deficit amount. As of January 1, 2009, in accordance with ASC 810-10, KRF Company and affiliates' noncontrolling interest in the Operating Partnership have been reduced for their share of the current year deficit and are reflected as negative amounts on the balance sheet. | ||
In accordance with ASC 974-810, earnings of the Operating Partnership are first allocated to the preferred interests held by the Company. The remainder of earnings, if any, are allocated to the Company's general partner and KRF Company and affiliates' common limited partnership interests in accordance with their relative ownership percentages. | ||
Stockholders' equity (deficit) | ||
Capital contributions, distributions and profits and losses are allocated in accordance with the terms of the individual partnership and/or limited liability company agreements. Distributions and dividends are accrued and recorded in the period declared. | ||
Equity offering costs | ||
Underwriting commissions and offering costs have been reflected as a reduction of proceeds from issuance of the Preferred Shares. | ||
Debt extinguishment costs | ||
In accordance with ASC 470-50, the Company has determined that debt extinguishment costs do not meet the criteria for classification as extraordinary pursuant to ASC 225-20. Accordingly, costs associated with the early extinguishment of debt for discontinued operations are included in "Income (loss) from discontinued operations" in the accompanying Statements of Operations. Costs associated with the early extinguishment of debt for continuing operations are included in "Loss on extinguishment of debt". | ||
Rental revenue | ||
The properties are leased with terms of generally one year or less. Rental revenue is recognized on a straight-line basis over the related lease term. As a result, deferred rents receivable are created when rental revenue is recognized during the concession period of certain negotiated leases and amortized over the remaining term of the lease. | ||
Utility reimbursements | ||
Recoveries from tenants for utility expenses are recognized in the period when the utility charges are billed to tenants. | ||
Other income | ||
Other income, which consists primarily of income from damages, laundry, cable, phone, pool, month to month tenants, relet fees and pet fees, is recognized when earned. | ||
Income taxes | ||
The Company elected to be treated as a real estate investment trust ("REIT") under Section 856 of the Tax 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 stockholders. | ||
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 years ended December 31, 2014, 2013 and 2012, 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. | ||
The net difference between the tax basis and the reported amounts of the Company's assets and liabilities is approximately $214,034,406 and $100,673,115 as of December 31, 2014 and 2013, respectively. The Company believes that due to its structure and the terms of the partnership agreement of the Operating Partnership, if the net difference is realized under the Tax Code, any impact would be substantially realized by the common partners of the Operating Partnership and the impact on the common and preferred shareholders would be negligible. | ||
The Company monitors the impact of ASC 740-10, which clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements in accordance with ASC 740-10. As of December 31, 2014 and 2013, the Company has determined it does not have a liability related to a tax position taken or expected to be taken in a tax return and therefore has not recorded any adjustments to its financial statements. | ||
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. As of December 31, 2014, the Company is subject to examination for the tax years 2011, 2012, 2013 and 2014 by the major tax jurisdictions under the statute of limitations (with limited exceptions). | ||
Recent Accounting Pronouncements | ||
On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes 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. | ||
Consolidated Statements of Comprehensive Income (Loss) | ||
For the years ended December 31, 2014, 2013 and 2012, comprehensive income (loss) equaled net income (loss). Therefore, the Consolidated Statement of Comprehensive Income and Loss required to be presented has been omitted from the consolidated financial statements. | ||
Use of estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities at the date of financial statements and revenue and expenses during the reporting period. Such estimates include the amortization of acquired in-place leases and tenant relationships, the allowance for depreciation, impairment of multifamily apartment communities and unconsolidated multifamily entities, incentive advisory fees and the fair value of mortgage notes. Actual results could differ from those estimates. |
Multifamily_Apartment_Communit
Multifamily Apartment Communities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
MULTIFAMILY APARTMENT COMMUNITIES [Abstract] | ||||||||||||
Multifamily Apartment Communities Disclosure [Text Block] | MULTIFAMILY APARTMENT COMMUNITIES | |||||||||||
The following summarizes the carrying value of the Company's multifamily apartment communities: | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Land | $ | 80,131,674 | $ | 66,318,761 | ||||||||
Buildings, improvement and personal property | 583,804,249 | 557,636,296 | ||||||||||
Multifamily apartment communities | 663,935,923 | 623,955,057 | ||||||||||
Accumulated depreciation | (190,993,267 | ) | (242,291,624 | ) | ||||||||
Multifamily apartment communities, net | $ | 472,942,656 | $ | 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 to 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. Value of in-place leases are amortized over the remaining life of the underlying leases. Value of tenant relationships are amortized based on the straight line method of amortization over a 24-period for residential leases and up to a 72-month period for retail leases. | ||||||||||||
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 at December 31, 2014 or 2013. | ||||||||||||
The operating results of properties sold in 2013* and 2012* and their discontinued operations for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Rental | $ | — | $ | 1,986,538 | $ | 11,122,693 | ||||||
Utility reimbursement | — | 230,542 | 643,553 | |||||||||
Other | 210 | 297,931 | 665,778 | |||||||||
Total revenue | 210 | 2,515,011 | 12,432,024 | |||||||||
Expenses: | ||||||||||||
Operating | 112,954 | 847,109 | 3,832,843 | |||||||||
Maintenance | — | 132,939 | 835,932 | |||||||||
Real estate taxes | — | 273,580 | 1,159,694 | |||||||||
General and administrative | 1,472 | 31,993 | 40,696 | |||||||||
Management fees | — | 96,567 | 481,335 | |||||||||
Depreciation | — | 564,589 | 3,062,618 | |||||||||
Interest, inclusive of deferred financing fees and prepayment penalties | — | 527,986 | 4,307,713 | |||||||||
Loss on extinguishment of debt | — | 3,807 | 83,235 | |||||||||
Total expenses | 114,426 | 2,478,570 | 13,804,066 | |||||||||
Income (loss) from discontinued operations | $ | (114,216 | ) | $ | 36,441 | $ | (1,372,042 | ) | ||||
* | 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, Reserves at Arboretum and Yorktowne are not presented as part of discontinued operations. Discussion of property sales for the years ended December 31, 2014, 2013 and 2012 is included in Note 1 - Organization and Basis of Presentation. |
Investment_in_Unconsolidated_M
Investment in Unconsolidated Multifamily Entities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments Disclosure [Text Block] | 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 totals $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 December 31, 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 $25,104,682, or approximately 107.3%, of its invested capital. The general partner of BVF is proceeding with BVF's liquidation plan to sell the remaining one asset in the portfolio as of December 31, 2014. | ||||||||||||
The summarized statement of assets, liabilities and partners' equity (deficit) of BVF is as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 116,680,315 | $ | 664,692,480 | ||||||||
Cash and cash equivalents | 25,903,395 | 21,227,583 | ||||||||||
Other assets | 4,801,494 | 11,565,547 | ||||||||||
Total assets | $ | 147,385,204 | $ | 697,485,610 | ||||||||
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT) | ||||||||||||
Mortgage notes payable | $ | 133,445,626 | $ | 686,193,544 | ||||||||
Credit facility | — | 16,200,000 | ||||||||||
Other liabilities | 3,940,477 | 15,049,296 | ||||||||||
Noncontrolling interest | (9,706,447 | ) | (6,961,558 | ) | ||||||||
Partners’ equity (deficit) | 19,705,548 | (12,995,672 | ) | |||||||||
Total liabilities and partners’ equity (deficit) | $ | 147,385,204 | $ | 697,485,610 | ||||||||
Company’s share of partners’ equity (deficit) | $ | 1,379,531 | $ | (604,395 | ) | |||||||
Basis differential (1) | 604,395 | 604,395 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited partnership (2) | $ | 1,983,926 | $ | — | ||||||||
-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 December 31, 2014 and December 31, 2013, the differential related mainly to the $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 December 31, 2014 and has no commitment to make additional contributions to BVF. The carrying value of the investment is $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 year ended December 31, 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 as of December 31, 2014 and 2013, respectively. | ||||||||||||
The summarized statements of operations of BVF for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 74,889,298 | $ | 131,091,773 | $ | 133,860,364 | ||||||
Expenses (1) | (120,067,630 | ) | (167,548,652 | ) | (179,003,696 | ) | ||||||
Gain on property sales and extinguishment of debt (2) | 367,050,290 | 71,224,756 | 41,920,335 | |||||||||
Net income (loss) | 321,871,958 | 34,767,877 | (3,222,997 | ) | ||||||||
Noncontrolling interest | (4,470,736 | ) | (5,549,113 | ) | 4,510,212 | |||||||
Net income attributable to investment | $ | 317,401,222 | $ | 29,218,764 | $ | 1,287,215 | ||||||
Equity in income (loss) in unconsolidated limited partnership (1)(2) | $ | 21,915,053 | $ | 2,350,930 | $ | (3,315,350 | ) | |||||
-1 | There were no impairment indicators in the years ended December 31, 2014, 2013 and 2012. The Company wrote off the impairment on five previously impaired assets as mentioned in (2) below during the year ended December 31, 2013. There were no impairment writeoffs in the years ended December 31, 2014 and 2012. | |||||||||||
-2 | During the year ended December 31, 2014, BVF recorded a net gain on the disposition of 32 properties. The gain on the sale was $367,050,290, of which the Company's share was approximately $25,067,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2014. | |||||||||||
During the year ended December 31, 2013, BVF recorded a net gain on the disposition of ten properties, of which five previously experienced impairment charges. In accordance with ASC 360-10, BVF adjusted the cost basis of the assets to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The gain on the sale of all ten properties was $71,224,756, of which the Company's share was approximately $4,252,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2013. | ||||||||||||
During the year ended December 31, 2012, BVF recorded a net gain on the disposition of eight properties. The gain on the sale was $41,920,335, of which the Company's share was approximately $2,934,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2012. | ||||||||||||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments Disclosure [Text Block] | 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 limited liability company 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 December 31, 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 December 31, 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. | ||||||||||||
On November 14, 2014, the Company completed the sale of its TIC interests in Country Place I and Country Place II 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 sold its TIC interests in Country Place I and Country Place II in an exchange transaction under Section 1031 of the Internal Revenue Code for Elan Redmond Town Center. | ||||||||||||
As of December 31, 2014, the Company's TIC interests 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 and the TIC is as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 120,777,674 | $ | 126,139,123 | ||||||||
Cash and cash equivalents | 5,404,229 | 1,629,885 | ||||||||||
Other assets | 1,425,062 | 546,996 | ||||||||||
Total assets | $ | 127,606,965 | $ | 128,316,004 | ||||||||
LIABILITIES AND MEMBERS’ CAPITAL | ||||||||||||
Mortgage notes payable | $ | 85,466,258 | $ | 85,466,258 | ||||||||
Other liabilities | 850,590 | 756,990 | ||||||||||
Noncontrolling interest | 4,123,182 | 4,209,276 | ||||||||||
Members’ capital | 37,166,935 | 37,883,480 | ||||||||||
Total liabilities and members’ capital | $ | 127,606,965 | $ | 128,316,004 | ||||||||
Company’s share of members’ capital | $ | 10,495,636 | $ | 12,627,826 | ||||||||
Basis differential (1) | 1,598,660 | 1,666,648 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited liability companies (2) | $ | 12,094,296 | $ | 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 December 31, 2014 and has no commitment to make additional contributions to NoMa JV. | |||||||||||
Per the TIC agreement of BIR Country Place II, L.L.C., the Company assumed its proportionate share of any guarantees associated with the mortgages on Country Place I and Country Place II. The Company sold its TIC interests in Country Place I and Country Place II on November 14, 2014. | ||||||||||||
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 other-than-temporary decline in the fair values below the carrying values has occurred. No such other-than-temporary impairment charges have been recognized as of December 31, 2014 and 2013, respectively. | ||||||||||||
The summarized statements of operations of NoMa JV and the TIC for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 13,874,922 | $ | 4,760,366 | $ | 91,033 | ||||||
Expenses | (13,005,986 | ) | (9,488,610 | ) | (1,287,819 | ) | ||||||
Gain on property sales (1) | 40,452,718 | — | — | |||||||||
Net income (loss) | 41,321,654 | (4,728,244 | ) | (1,196,786 | ) | |||||||
Noncontrolling interest | (73,021 | ) | 472,824 | 119,678 | ||||||||
Net income (loss) attributable to investment | $ | 41,248,633 | $ | (4,255,420 | ) | $ | (1,077,108 | ) | ||||
Equity in income (loss) of unconsolidated limited liability companies (1) | 23,752,907 | (1,418,473 | ) | (359,036 | ) | |||||||
Amortization of basis | (67,986 | ) | (43,679 | ) | — | |||||||
Adjusted equity in income (loss) of unconsolidated limited liability companies | $ | 23,684,921 | $ | (1,462,152 | ) | $ | (359,036 | ) | ||||
-1 | During the year ended December 31, 2014, the TIC recorded a net gain on the disposition of Country Place I and Country Place II. The gain on the sale was $40,452,718, of which the Company's share was approximately $23,463,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2014. |
Mortgage_Notes_Payable
Mortgage Notes Payable | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
MORTGAGE NOTES PAYABLE [Abstract] | |||||||||||||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | MORTGAGE NOTES PAYABLE | ||||||||||||||||||||||
Mortgage notes payable consists of the following at December 31, 2014 and 2013: | |||||||||||||||||||||||
Collateralized Property | Original Principal Balance | Principal at December 31, 2014 | Annual Interest | Final Maturity Date | Monthly Payment | Principal at December 31, 2013 | |||||||||||||||||
Rate at | |||||||||||||||||||||||
December 31, 2014 (1) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | $ | 44,000,000 | $ | 44,000,000 | 2.58 | % | 2024 | $ | 97,905 | N/A | ||||||||||||
Berkshires of Columbia | -2 | 26,600,000 | N/A | N/A | N/A | N/A | $ | 23,412,485 | |||||||||||||||
Berkshires of Columbia | -2 | 4,563,000 | N/A | N/A | N/A | N/A | 4,050,347 | ||||||||||||||||
(2nd note) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | 5,181,000 | N/A | N/A | N/A | N/A | 4,875,302 | ||||||||||||||||
(3rd note) | |||||||||||||||||||||||
Seasons of Laurel | 99,200,000 | 99,200,000 | 6.1 | % | 2021 | 521,076 | 99,200,000 | ||||||||||||||||
Seasons of Laurel (2nd note) | 10,210,000 | 10,101,104 | 5.95 | % | 2022 | 60,886 | 10,210,000 | ||||||||||||||||
Savannah at Citrus Park | 16,428,100 | 15,453,699 | 4.55 | % | 2045 | 78,257 | 15,702,639 | ||||||||||||||||
Briarwood | 13,200,000 | 12,566,132 | 6.43 | % | 2018 | 82,826 | 12,747,190 | ||||||||||||||||
Standard at Lenox | 35,000,000 | 33,580,389 | 5.8 | % | 2016 | 205,364 | 34,081,221 | ||||||||||||||||
Berkshires at Town Center | 20,000,000 | 19,354,145 | 5.77 | % | 2017 | 116,969 | 19,617,166 | ||||||||||||||||
Sunfield Lakes | 19,440,000 | 18,932,960 | 6.3 | % | 2017 | 120,265 | 19,176,348 | ||||||||||||||||
Executive House | 27,000,000 | 24,758,282 | 5.52 | % | 2016 | 153,557 | 25,236,927 | ||||||||||||||||
Executive House (2nd note) | 3,617,790 | 3,433,515 | 4.24 | % | 2016 | 17,776 | 3,502,728 | ||||||||||||||||
Estancia | 29,004,000 | 27,455,710 | 5.15 | % | 2021 | 158,369 | 27,909,654 | ||||||||||||||||
2020 Lawrence | -4 | 45,463,100 | 44,810,699 | 4.45 | % | 2053 | 203,531 | 45,159,532 | |||||||||||||||
2020 Lawrence | -5 | 225,554 | 32,000 | 3.25 | % | 2015 | N/A | N/A | |||||||||||||||
Pavilion Townplace | -3 | 27,542,536 | 26,993,002 | 3.91 | % | 2021 | 143,895 | N/A | |||||||||||||||
EON at Lindbergh | -3 | 42,929,530 | 42,371,273 | 3.91 | % | 2022 | 206,615 | N/A | |||||||||||||||
Walnut Creek | -6 | — | — | 5.31 | % | 2024 | N/A | N/A | |||||||||||||||
Walnut Creek | -7 | 4,828,495 | N/A | N/A | N/A | N/A | 4,828,495 | ||||||||||||||||
Aura Prestonwood | -8 | 13,742,498 | 13,742,498 | 2.66 | % | 2017 | N/A | N/A | |||||||||||||||
Laurel Woods | -10 | 4,100,000 | N/A | N/A | N/A | N/A | 3,706,906 | ||||||||||||||||
Laurel Woods (2nd note) | -10 | 1,900,000 | N/A | N/A | N/A | N/A | 1,808,990 | ||||||||||||||||
Bear Creek | -10 | 3,825,000 | N/A | N/A | N/A | N/A | 3,699,087 | ||||||||||||||||
Bridgewater | -10 | 14,212,500 | N/A | N/A | N/A | N/A | 12,611,983 | ||||||||||||||||
Reserves at Arboretum | -10 | 12,950,000 | N/A | N/A | N/A | N/A | 12,490,159 | ||||||||||||||||
Country Place I & II | -9 | 15,520,000 | N/A | N/A | N/A | N/A | 13,742,409 | ||||||||||||||||
Country Place I & II | -9 | 9,676,278 | N/A | N/A | N/A | N/A | 8,789,567 | ||||||||||||||||
(2nd note) | |||||||||||||||||||||||
Yorktowne | -10 | 16,125,000 | N/A | N/A | N/A | N/A | 14,362,762 | ||||||||||||||||
Yorktowne (2nd note) | -10 | 7,050,000 | N/A | N/A | N/A | N/A | 6,425,850 | ||||||||||||||||
Brompton | -10 | 18,600,000 | N/A | N/A | N/A | N/A | 18,335,543 | ||||||||||||||||
Lakeridge | -10 | 13,130,000 | N/A | N/A | N/A | N/A | 11,808,613 | ||||||||||||||||
Lakeridge (2nd note) | -10 | 12,520,000 | N/A | N/A | N/A | N/A | 11,262,190 | ||||||||||||||||
Chisholm | -10 | 6,953,000 | N/A | N/A | N/A | N/A | 6,771,387 | ||||||||||||||||
$ | 624,737,381 | $ | 436,785,408 | $ | 475,525,480 | ||||||||||||||||||
-1 | All interest rates are fixed as of December 31, 2014 with the exception of the variable rate debts of Berkshires of Columbia and Aura Prestonwood. The Berkshires of Columbia mortgage has a variable rate of 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR"). The mortgage of Aura Prestonwood has a variable interest rate of 2.50% above the 1-month LIBOR. | ||||||||||||||||||||||
-2 | The Company closed on a $44,000,000 mortgage loan refinancing for Berkshires of Columbia and paid off the first, second and third mortgages during 2014. | ||||||||||||||||||||||
-3 | The Company assumed mortgage notes payable with outstanding balances of $25,571,949 and $42,000,000, respectively, in connection with the acquisitions of Pavilion Townplace and EON at Lindbergh. The mortgage on Pavilion Townplace has a fixed interest rate of 5.27% and the mortgage on EON at Lindbergh has a fixed interest rate of 4.25%. Original principal balances at December 31, 2014 represent assumed balances of the mortgage note payable as adjusted to its fair value as required by ASC 805-10. Annual interest rates at December 31, 2014 reflect interest rates used to calculate fair value of the debt when assumed. | ||||||||||||||||||||||
-4 | On November 26, 2014, the Company modified the interest rate on the 2020 Lawrence mortgage. The revised rate on the mortgage was reduced to 4.45% from the original rate of 5.00%. The maturity date of the mortgage remains the same at February 1, 2053. | ||||||||||||||||||||||
-5 | Represents promissory note obtained to fund deposits required to close on loan modification as discussed in (4) above. The note initially matured on December 22, 2014, at which time the maturity date of the remaining balance of $32,000 on the note was extended to March 22, 2015. The maturity date was subsequently extended to May 29, 2015. | ||||||||||||||||||||||
-6 | Amount available under the Walnut Creek construction loan is $44,500,000. There were no advances under the loan as of December 31, 2014. | ||||||||||||||||||||||
-7 | December 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. | ||||||||||||||||||||||
-8 | Amount available under the construction loan is $31,054,212. The outstanding balance on the loan as of December 31, 2014 was $13,742,498. | ||||||||||||||||||||||
-9 | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended December 31, 2014. See Note 4 - Investments in Unconsolidated Multifamily Entities. | ||||||||||||||||||||||
-10 | Properties were sold during the year ended December 31, 2014. | ||||||||||||||||||||||
All mortgage notes are collateralized by the referenced property, which are all multifamily residential apartment communities. All payments on the outstanding mortgage notes have been made timely and all mortgage loans were current as of December 31, 2014 and 2013. Also, there were no amounts of principal on the notes that were subject to delinquent principal or interest as of December 31, 2014. | |||||||||||||||||||||||
Combined aggregate principal maturities of mortgage notes payable at December 31, 2014 are as follows: | |||||||||||||||||||||||
2015 | $ | 4,397,551 | |||||||||||||||||||||
2016 | 64,595,695 | ||||||||||||||||||||||
2017 | 56,004,143 | ||||||||||||||||||||||
2018 | 17,158,868 | ||||||||||||||||||||||
2019 | 5,370,886 | ||||||||||||||||||||||
Thereafter | 289,258,265 | ||||||||||||||||||||||
$ | 436,785,408 | ||||||||||||||||||||||
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 $482,196,000 and $505,385,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
On November 1, 2013, the Company, through its joint venture partnership for 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 fully paid off. | |||||||||||||||||||||||
Also on November 1, 2013, the first and second mortgages on Berkshires of Columbia were scheduled to mature. The Company exercised the extension options available under the terms of the loans to extend the maturity dates from November 1, 2013 to November 1, 2014. On November 1, 2013, the mortgages were converted to adjustable rate mortgages with a variable rate of 2.40% above the 1-month LIBOR until the extended maturity date of November 1, 2014. The third mortgage, which has a maturity date of November 1, 2014, was also converted to an adjustable rate mortgage with a variable rate of 2.40% above the 1-month LIBOR until maturity. On January 16, 2014, the Company refinanced all three mortgages for $44,000,000 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 LIBOR and matures on February 1, 2024. | |||||||||||||||||||||||
On December 1, 2013, the mortgage on Bridgewater was scheduled to mature. The Company exercised the extension option available under the terms of the loan to extend the maturity date from December 1, 2013 to December 1, 2014. On December 1, 2013, the mortgage was converted to an adjustable rate mortgage with a variable rate of 2.50% above the Freddie Mac Reference Bill Rate until the extended maturity date of December 1, 2014. | |||||||||||||||||||||||
On December 10, 2013, the Company closed on the financing of the supplemental mortgage on Seasons of Laurel for $10,210,000. The supplemental mortgage has a fixed interest rate of 5.95% and matures on October 1, 2022. | |||||||||||||||||||||||
On January 22, 2014, the Company, through the joint venture for the Prestonwood Project, entered into a loan agreement totaling up to $31,054,212 for the development, 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 December 31, 2014, the outstanding balance on the loan was $13,742,498. | |||||||||||||||||||||||
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 for the Walnut Creek Project, entered into a construction loan agreement totaling up to $44,500,000 for the development. The loan has a fixed interest rate of 5.31% and matures on August 1, 2024. As of December 31, 2014, there was no outstanding balance on the loan. | |||||||||||||||||||||||
On November 7, 2014, the Company obtained a promissory note in the amount of $225,554 to fund deposits required to close on the 2020 Lawrence loan modification as noted below. The Company repaid $193,554 after the loan modification was closed. The note has a fixed rate of 3.25% and initially matured on December 22, 2014, at which time the maturity date of the remaining balance of $32,000 on the note was extended to March 22, 2015 and subsequently extended to May 29, 2015. As of December 31, 2014, the outstanding balance on the note was $32,000. | |||||||||||||||||||||||
On November 26, 2014, the Company modified the interest rate on the 2020 Lawrence mortgage. The revised rate on the mortgage was reduced to 4.45% from the previous rate of 5.00%. The maturity date of the mortgage remains February 1, 2053. |
Revolving_Credit_Facility_Affi
Revolving Credit Facility - Affiliate (Revolving Credit Facility [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Debt Disclosure [Text Block] | 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 has 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 years ended December 31, 2014, 2013 and 2012, the Company borrowed $0, $1,627,000 and $1,691,000 under the Credit Facility - Affiliate, respectively, and repaid advances of $0, $1,627,000 and $10,040,422, respectively, during the same periods. The Company incurred interest of $0, $32,981 and $160,778 related to the Credit Facility - Affiliate during the years ended December 31, 2014, 2013 and 2012, respectively, of which $0, $32,981 and $160,778 were capitalized pursuant to ASC 835-20, respectively, during the same periods. The Company also paid a commitment fee of $0, $0 and $0, respectively, during the years ended December 31, 2014, 2013 and 2012. There were no borrowings outstanding as of December 31, 2014 and 2013. |
Credit_Facility_Notes
Credit Facility (Notes) (Line of Credit [Member]) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2014, the Company borrowed $116,000,000 under the Credit Facility and repaid $75,000,000 of advances during the same period. The Company incurred $1,951,419 of interest expense and $131,551 of unused commitment fee during the year ended December 31, 2014. There was $41,000,000 and $0 outstanding on the Credit Facility as of December 31, 2014 and 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 December 31, 2014. |
Notes_Payable_Other_Level_1_No
Notes Payable - Other Level 1 (Notes) (Notes Payable, Other Payables [Member], 2020 Lawrence [Member]) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Notes Payable, Other Payables [Member] | 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 5.00% 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 December 31, 2014 and December 31, 2013, the outstanding balance on the Colorado Energy Loan was $1,250,000. | ||||
Combined aggregate principal maturities of note payable - other at December 31, 2014 are as follows: | ||||
2015 | $ | 18,545 | ||
2016 | 38,493 | |||
2017 | 40,442 | |||
2018 | 42,489 | |||
2019 | 44,640 | |||
Thereafter | 1,065,391 | |||
$ | 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 5 - Mortgage Notes Payable, the Company has determined that the fair value of the "Note payable - other" approximated $1,374,000 and $1,287,000 at December 31, 2014 and 2013, respectively. |
Declaration_of_Dividend_and_Di
Declaration of Dividend and Distributions | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Tax On Distributions [Line Items] | |||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | DECLARATION OF DIVIDEND AND DISTRIBUTIONS | ||||||||||||||||||||
On March 25, 2003, the Board declared a dividend at an annual rate of 9%, on the stated liquidation preference of $25 per share of the outstanding 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 years ended December 31, 2014 and 2013, the Company's aggregate dividends totaled $6,700,774 and $6,700,775, respectively, of which $837,607 were payable and included on the Consolidated Balance Sheets in "Dividend and distributions payable" as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
On November 6, 2012, the Board authorized the general partner of the Operating Partnership to make a special distribution of $15,000,000 from the proceeds of the sale of Silver Hill and Arboretum to the common general partner and noncontrolling interest partners in Operating Partnership, which was paid on November 7, 2012. On the same day, in respect of the special distribution to the common general partner, the Board declared a common dividend of $0.254943 per share on the Company's Class B common stock. Concurrently with the Operating Partnership distributions, the common dividend was paid from the special distribution proceeds of the common general partner. | |||||||||||||||||||||
On December 19, 2012, the Board authorized the general partner of the Operating Partnership to make a special distribution of $9,000,000 from the proceeds of the sale of Arrowhead and Moorings to the common general partner and noncontrolling interest partners in Operating Partnership, which was paid on the same day. Also on December 19, 2012, the Board declared a common dividend of $0.152966 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 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 common dividends of $219,880 and $66,920, respectively, were paid 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. | |||||||||||||||||||||
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 was paid from the special distribution proceeds of the common general partner on November 17, 2014. | |||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company’s aggregate dividends on the Class B common stock totaled $740,900, $286,800 and $573,600, respectively. There was no dividend payable to the Class B common stockholder as of December 31, 2014 and 2013. | |||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company made tax payments of $494,510, $1,268,438 and $1,719,820, 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 Equity (Deficit). | |||||||||||||||||||||
Holders of the Company's stock receiving distributions are subject to tax on the dividends received and must report those dividends as either ordinary income, capital gains, or non-taxable return of capital. | |||||||||||||||||||||
The Company paid $2.25 of distributions per preferred share (CUSIP 84690205) and $0.526882 of distribution per Class B common share, which is not publicly traded, during the year ended December 31, 2014. Pursuant to Internal Revenue Code Section 857 (b)(3)(C), for the years ended December 31, 2014, 2013 and 2012, the Company determined the taxable composition of the following cash distributions as set forth in the following table: | |||||||||||||||||||||
Tax Year Ended December 31, | |||||||||||||||||||||
Dividend | % | Dividend | % | Dividend | % | ||||||||||||||||
2014 | 2014 | 2013 | 2013 | 2012 | 2012 | ||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | — | — | % | ||||||||||
Taxable capital gain dividend paid per share | 2.25 | 100 | % | 2.25 | 100 | % | 2.25 | 100 | % | ||||||||||||
Non-taxable distributions paid per share | — | — | % | — | — | % | — | — | % | ||||||||||||
Total | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | |||||||||
Common Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | $ | — | — | % | |||||||||
Taxable capital gain dividend paid per share | 0.349332 | 66.3 | % | 0.11509 | 56.4 | % | 0.407909 | 100 | % | ||||||||||||
Non-taxable distributions paid per share | 0.17755 | 33.7 | % | 0.088864 | 43.6 | % | — | — | % | ||||||||||||
Total | $ | 0.526882 | 100 | % | $ | 0.203954 | 100 | % | $ | 0.407909 | 100 | % | |||||||||
Refer to Note 2 - Significant Accounting Policies for additional information regarding the tax status of the Company. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE | |||||||||||||||
Net income (loss) 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 ("EPS") for the year ended December 31, 2014, 2013 and 2012 follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net income (loss) from continuing operations | $ | 123,622,328 | $ | (11,475,333 | ) | $ | (13,189,669 | ) | ||||||||
Adjust: | Net (income) loss from continuing operations attributable to noncontrolling interest in properties | (186,476 | ) | (100,806 | ) | (281,788 | ) | |||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest in Operating Partnership | (113,945,110 | ) | 17,840,095 | 19,690,119 | ||||||||||||
Preferred dividends | (6,700,774 | ) | (6,700,775 | ) | (6,700,777 | ) | ||||||||||
Income (loss) from continuing operations attributable to the Company | $ | 2,789,968 | $ | (436,819 | ) | $ | (482,115 | ) | ||||||||
Net income (loss) from discontinued operations | $ | (114,216 | ) | $ | 18,684,966 | $ | 42,210,823 | |||||||||
Adjust: | Net (income) loss from discontinued operations attributable to noncontrolling interest in properties | 148 | (6,486 | ) | (9,515,516 | ) | ||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest in Operating Partnership | 111,342 | (18,232,063 | ) | (31,913,890 | ) | |||||||||||
Net income (loss) from discontinued operations attributable to the Company | $ | (2,726 | ) | $ | 446,417 | $ | 781,417 | |||||||||
Net income available to common shareholders | $ | 2,787,242 | $ | 9,598 | $ | 299,302 | ||||||||||
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $ | 1.98 | $ | (0.31 | ) | $ | (0.34 | ) | ||||||||
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $ | — | $ | 0.32 | $ | 0.55 | ||||||||||
Net income available to common shareholders per common share, basic and diluted | $ | 1.98 | $ | 0.01 | $ | 0.21 | ||||||||||
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | |||||||||||||
During 2014, the Company identified an error in the calculation of EPS from net income (loss) from continuing operations and EPS from net income (loss) from discontinued operations, in its previously reported financial statements for the years ended December 31, 2013, 2012, and 2011. This error was a result of incorrectly adjusting net income (loss) when calculating EPS from net income (loss) from continuing operations by the improper noncontrolling interest amount and not adjusting EPS from net income (loss) from discontinued operations by the proper noncontrolling interest amount. As noncontrolling interest related to both continuing and discontinued operations, the noncontrolling interest balance should have been allocated appropriately to continuing and discontinued operations. The Company has determined that this presentation error was not material to any prior periods as filed. The previously issued financial statements have been revised to correct for this error. There was no impact on EPS from net income (loss) available to common shareholders. | ||||||||||||||||
As previously reported | As revised | |||||||||||||||
for the years ended December 31, | for the years ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $ | (13.28 | ) | $ | (29.81 | ) | $ | (0.31 | ) | $ | (0.34 | ) | ||||
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $ | 13.29 | $ | 30.02 | $ | 0.32 | $ | 0.55 | ||||||||
Net income available to common shareholders per common share, basic and diluted | $ | 0.01 | $ | 0.21 | $ | 0.01 | $ | 0.21 | ||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company did not have any common stock equivalents; therefore basic and dilutive earnings per share were the same. |
Future_Minimum_Rent_Notes
Future Minimum Rent (Notes) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Future Minimum Rent [Abstract] | ||||
Leases of Lessor Disclosure [Text Block] | FUTURE MINIMUM RENT | |||
Some of the Company’s properties have long term non-cancelable operating leases. Minimum contractual lease payments receivable (excluding tenant reimbursement of expenses) under long term non‑cancelable operating leases, in effect as of December 31, 2014 are as follows: | ||||
2015 | $ | 212,969 | ||
2016 | 261,303 | |||
2017 | 303,120 | |||
2018 | 318,578 | |||
2019 | 245,592 | |||
Thereafter | 1,117,161 | |||
$ | 2,458,723 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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. | |
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, of the increase in fair value of the Company above the Base Value. 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. Refer to Note 16 - Related Party Transactions on page 85 for further discussion. | |
The Company has two active development projects as of December 31, 2014. The Walnut Creek Project is a 141-unit (unaudited) 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 $26.9 million. As of December 31, 2014, the Company has made capital contributions totaling approximately $16.6 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 an investment of its committed capital amount of $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. 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. | |
Subsequent to year-end, on March 19, 2015, the guarantee on Berkshires at Town Center was released. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Financial Instruments [Abstract] | |
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 year ended December 31, 2014, the Company acquired an interest rate cap related to its investment in Berkshires of Columbia for $258,990. 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 December 31, 2014, the value of the interest rate cap is $50,224 and is included in "Prepaid expenses and other assets". | |
The Company did not own any derivative instruments as of December 31, 2013. |
Noncontrolling_Interests_in_Pr
Noncontrolling Interests in Properties (Notes) (Noncontrolling interest in properties) | 12 Months Ended |
Dec. 31, 2014 | |
Noncontrolling interest in properties | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest Disclosure [Text Block] | 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 December 31, 2014. The Company owns 91.38% of interest 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 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. On November 14, 2014, the Company completed the sale of its TIC interest in Country Place I and Country Place II to an unaffiliated buyer. Refer to Note 4 - Investments in Unconsolidated Multifamily Entities for additional information on the transaction. | |
During the years ended December 31, 2014, 2013 and 2012, the Company received $665,447, $670,505 and $400,065, respectively, of contributions from noncontrolling interest holders in properties. | |
During the years ended December 31, 2014, 2013 and 2012, distributions of $2,087,044, $1,425,443 and $9,016,462, respectively, were made to the noncontrolling interest holders in properties. There were no distributions payable to noncontrolling interest holders in properties as of December 31, 2014 and 2013. |
Noncontrolling_Interest_in_Ope
Noncontrolling Interest in Operating Partnership (Noncontrolling interest in Operating Partnership) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling interest in Operating Partnership | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling Interest Disclosure [Text Block] | NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP | |||||||||||
The following table sets forth the calculation of net income attributable to noncontrolling interest in Operating Partnership for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 123,508,112 | $ | 7,209,633 | $ | 29,021,154 | ||||||
Adjust: Noncontrolling common interest in properties | (186,328 | ) | (107,292 | ) | (9,797,304 | ) | ||||||
Income before noncontrolling interest in Operating Partnership | 123,321,784 | 7,102,341 | 19,223,850 | |||||||||
Preferred dividend | (6,700,774 | ) | (6,700,775 | ) | (6,700,777 | ) | ||||||
Income available to common equity | 116,621,010 | 401,566 | 12,523,073 | |||||||||
Noncontrolling interest in Operating Partnership | 97.61 | % | 97.61 | % | 97.61 | % | ||||||
Net income attributable to noncontrolling interest in Operating Partnership | $ | 113,833,768 | $ | 391,968 | $ | 12,223,771 | ||||||
The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership: | ||||||||||||
For the years ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance at beginning of period | $ | (102,297,937 | ) | $ | (89,708,267 | ) | ||||||
Net income attributable to noncontrolling interest in Operating Partnership | 113,833,768 | 391,968 | ||||||||||
Distributions to noncontrolling interest partners in Operating Partnership | (30,753,610 | ) | (12,981,638 | ) | ||||||||
Balance at end of period | $ | (19,217,779 | ) | $ | (102,297,937 | ) | ||||||
As of December 31, 2014 and 2013, noncontrolling interest in Operating Partnership consisted of 5,242,223 Operating Partnership units held by parties other than the Company. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS | |||||||||||
The Company generally pays property management fees to an affiliate for property management services. The fees are payable at a rate of 4% of gross income. | ||||||||||||
The Company pays asset management fees to an affiliate, Berkshire Advisor, for asset management services. These fees are payable quarterly, in arrears, and may be paid only after all distributions currently payable on the Company's Preferred Shares have been paid. Effective April 4, 2003, under the Advisory Services Agreement, the Company will pay Berkshire Advisor an annual asset management fee equal to 0.40%, up to a maximum of $1,600,000 in any calendar year, as per an amendment to management agreement, of the purchase price of real estate properties owned by the Company, as adjusted from time to time to reflect the then current fair market value of the properties. The purchase price is defined as the capitalized basis of an asset under GAAP, including renovation or new construction costs, or other items paid or received that would be considered an adjustment to basis. Annual asset management fees earned by the affiliate in excess of the $1,600,000 maximum payable by the Company represent fees incurred and paid by the noncontrolling partners in the properties. In addition to the maximum fee, effective January 1, 2010, the Company may also pay Berkshire Advisor an incentive advisory fee based on increases in value of the Company, as explained below, 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, of the increase in fair value of the Company above the Base Value. 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 $6,142,782, $2,494,013 and $3,113,100 of incentive advisory fees during the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and December 31, 2013, the accrued liability of $13,698,562 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 the Supplemental Plan participants. Payments to the Supplemental Plan participants 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 $733,837, $838,657 and $383,119 of incentive advisory fee payments during the year ended December 31, 2014, 2013 and 2012, 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. The Company paid a fee on the acquisitions of Pavilion Townplace, EON at Lindbergh and Elan Redmond Town Center in 2014. Pursuant to the Company's adoption of ASC 805-10 as of January 1, 2009, the acquisition fees were charged to operating expenses for the year ended December 31, 2014. | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company incurred acquisition fees on the following acquisition: | ||||||||||||
Acquisition Fees | ||||||||||||
Acquisition | 2014 | 2013 | 2012 | |||||||||
Pavilion Townplace | $ | 560,000 | $ | — | $ | — | ||||||
EON at Lindbergh | 640,000 | — | — | |||||||||
Elan Redmond Town Center | 499,750 | — | — | |||||||||
$ | 1,699,750 | $ | — | $ | — | |||||||
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 $652,416, $253,392 and $194,737 in construction management fees for the year ended December 31, 2014, 2013 and 2012, 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 are based on the project’s development and construction costs. During the years ended December 31, 2014, 2013 and 2012, the Company incurred fees totaling $242,947, $97,695 and $278,820, 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 years ended December 31, 2014, 2013 and 2012. | ||||||||||||
Amounts accrued or paid to the Company's affiliates for the year ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Property management fees (1) | $ | 3,407,126 | $ | 3,200,276 | $ | 3,448,399 | ||||||
Expense reimbursements | 252,577 | 213,084 | 180,758 | |||||||||
Salary reimbursements | 8,093,687 | 8,753,851 | 9,749,185 | |||||||||
Asset management fees | 1,617,707 | 1,631,954 | 1,649,259 | |||||||||
Incentive advisory fee | 6,142,782 | 2,494,013 | 3,113,100 | |||||||||
Acquisition fees | 1,699,750 | — | — | |||||||||
Construction management fees | 652,416 | 253,392 | 194,737 | |||||||||
Development fees | 242,947 | 97,695 | 278,820 | |||||||||
Interest on revolving credit facility | — | 32,981 | 160,778 | |||||||||
Total | $ | 22,108,992 | $ | 16,677,246 | $ | 18,775,036 | ||||||
-1 | During the year ended December 31, 2014, the Company recorded an out of period adjustment that increased management fee expense by an aggregate of $330,403 to reflect the under accrual of property management fees in prior year. The cumulative effect of the out of period adjustment for the year ended December 31, 2014 was a $330,403 decrease in net income. The Company has determined that the adjustment was not material to any prior periods, nor in the current year. | |||||||||||
Amounts due to affiliates of $3,085,668 and $2,454,167 are included in "Due to affiliates, net" at December 31, 2014 and 2013, respectively, and represent intercompany development fees, expense reimbursements, asset management fees and shared services, which consist of amounts due to affiliates of $5,146,525 and $5,070,512 at December 31, 2014 and 2013, respectively, and amounts due from affiliates of $2,060,857 and $2,616,345 at December 31, 2014 and 2013, respectively. | ||||||||||||
During the year ended December 31, 2014, 2013 and 2012, the Company borrowed $0, $1,627,000 and $1,691,000, respectively, under the Credit Facility - Affiliate, and repaid $0, $1,627,000 and $10,040,422 of advances, respectively, during the same periods. The Company incurred interest of $0, $32,981 and $160,778 related to the Credit Facility - Affiliate during the years ended December 31, 2014, 2013 and 2012, respectively, of which $0, $32,981 and $160,778 were capitalized pursuant to ASC 835-20, respectively, during the same periods. The Company did not pay a commitment fee on the Credit Facility - Affiliate during the years ended December 31, 2014, 2013 and 2012. There were no borrowings outstanding as of December 31, 2014 and 2013. | ||||||||||||
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 $252,577, $213,084 and $180,758 for the years ended December 31, 2014, 2013 and 2012, respectively. Salary reimbursements paid were $8,093,687, $8,753,851 and $9,749,185 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
In addition to the fees listed above, the unconsolidated multifamily entities paid or accrued construction management fees of $130,897, $644,014 and $783,248, property management fees of $3,098,375, $5,243,005 and $5,348,359 and asset management fees of $2,401,881, $3,804,320 and $4,008,469 to Berkshire Advisor during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
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. |
Selected_Interim_Financial_Inf
Selected Interim Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Interim Financial Information [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
The operating results have been revised to reflect the sale of Walden Pond and Gables of Texas in 2013. The operating results for all quarters have been reclassed to discontinued operations to provide comparable information.* | ||||||||||||||||
2014 Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
Total revenue | $ | 21,176,665 | $ | 23,406,138 | $ | 19,762,266 | $ | 17,836,039 | ||||||||
Loss before equity in income of unconsolidated multifamily entities | (3,952,056 | ) | (7,750,233 | ) | (5,492,981 | ) | (4,888,953 | ) | ||||||||
Net income (loss) from continuing operations | (3,269,564 | ) | 54,062,703 | 29,596,498 | 43,232,691 | |||||||||||
Net loss from discontinued operations | (114,216 | ) | — | — | — | |||||||||||
Net income (loss) | (3,383,780 | ) | 54,062,703 | 29,596,498 | 43,232,691 | |||||||||||
Preferred dividend | (1,675,194 | ) | (1,675,193 | ) | (1,675,193 | ) | (1,675,194 | ) | ||||||||
Net income (loss) available to common shareholders | $ | (122,459 | ) | $ | 1,249,053 | $ | 666,966 | $ | 993,682 | |||||||
Basic and diluted earnings per share: | ||||||||||||||||
Net income (loss) from continuing operations attributable to the Company | $ | (0.09 | ) | $ | 0.89 | $ | 0.47 | $ | 0.71 | |||||||
Net loss from discontinued operations attributable to the Company | — | — | — | — | ||||||||||||
Net income (loss) available to common shareholders | $ | (0.09 | ) | $ | 0.89 | $ | 0.47 | $ | 0.71 | |||||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||
2013 Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
Total revenue | $ | 19,420,089 | $ | 19,851,078 | $ | 20,202,235 | $ | 20,558,728 | ||||||||
Loss before equity in loss of unconsolidated multifamily entities | (3,338,559 | ) | (3,244,549 | ) | (2,860,893 | ) | (2,920,110 | ) | ||||||||
Net loss from continuing operations | (4,114,526 | ) | (4,099,685 | ) | (2,885,392 | ) | (375,730 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from discontinued operations | 117,850 | (58,070 | ) | (12,444 | ) | (10,895 | ) | |||||||||
Gain on disposition of real estate assets | — | 18,689,058 | — | (40,533 | ) | |||||||||||
Net income (loss) from discontinued operations | 117,850 | 18,630,988 | (12,444 | ) | (51,428 | ) | ||||||||||
Net income (loss) | (3,996,676 | ) | 14,531,303 | (2,897,836 | ) | (427,158 | ) | |||||||||
Preferred dividend | (1,675,194 | ) | (1,675,194 | ) | (1,675,194 | ) | (1,675,193 | ) | ||||||||
Net income (loss) available to common shareholders | $ | (136,024 | ) | $ | 307,373 | $ | (109,906 | ) | $ | (51,845 | ) | |||||
Basic and diluted earnings per share: | ||||||||||||||||
Net loss from continuing operations attributable to the Company | $ | (0.10 | ) | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.04 | ) | ||||
Net income (loss) from discontinued operations attributable to the Company | — | 0.32 | — | — | ||||||||||||
Net income (loss) available to common shareholders | $ | (0.10 | ) | $ | 0.22 | $ | (0.08 | ) | $ | (0.04 | ) | |||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||
* | 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, Reserves at Arboretum and Yorktowne are not presented as part of discontinued operations and are presented in continuing operations. Discussion of property sales for the years ended December 31, 2014, 2013 and 2012 is included in Note 1 - Organization and Basis of Presentation. |
Proforma_Condensed_Financial_I
Proforma Condensed Financial Information (Unaudited) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
PROFORMA CONDENSED FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ||||||||
Business Combination Disclosure [Text Block] | PROFORMA CONDENSED FINANCIAL INFORMATION (UNAUDITED) | |||||||
During the years ended December 31, 2014 and 2013, 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 following unaudited proforma information was prepared as if the 2014 transactions related to the acquisition of Pavilion Townplace, EON at Lindbergh and Elan Redmond Town Center occurred as of January 1, 2013. The proforma financial information is based upon the historical consolidated financial statements and is not necessarily indicative of the consolidated results which actually would have occurred if the transactions had been consummated at January 1, 2013, nor does it purport to represent the results of operations for future periods. Adjustments to the proforma financial information for the year ended December 31, 2014 consist principally of providing net operating activity and recording interest, depreciation and amortization from January 1, 2014 to the acquisition date as appropriate. | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | (unaudited) | |||||||
Revenues from rental property | $ | 86,218,179 | $ | 90,815,514 | ||||
Net income | $ | 123,501,574 | $ | 3,868,152 | ||||
Net loss attributable to common shareholders | $ | 2,780,704 | $ | (3,331,883 | ) | |||
Net loss attributable to common shareholders, per common share, basic and diluted | $ | 1.98 | $ | (2.37 | ) | |||
Included in the consolidated statements of operations for the year ended December 31, 2014 are total revenues of $8,862,947 and net loss of $(4,745,573) since the respective dates of acquisition through December 31, 2014 for Pavilion Townplace, EON at Lindbergh and Elan Redmond Town Center. | ||||||||
Subsequent to year end, the Company acquired Gatehouse 75 (refer to Note 21 - Subsequent Events), however management has not finalized the acquisition accounting for Gatehouse 75 and therefore is not able to provide the disclosures otherwise required by ASC 805. |
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Disclosures About Fair Value of Financial Instruments [Abstract] | |
Fair Value Disclosures [Text Block] | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS |
The following methods and assumptions were used to estimate the fair value of financial instruments: | |
Cash and cash equivalents | |
For those cash equivalents with maturities of three months or less from the date of acquisition, the carrying amount of the investment is a reasonable estimate of fair value. | |
Mortgage notes payable and note payable - other | |
Market fixed rate mortgage notes payable - For fixed rate mortgages that have been obtained in the open market, the fair value is based on the borrowing rates currently available to the Company with similar terms and average maturities. The Company's carrying and estimated fair value amounts of the mortgages are disclosed in Note 5 - Mortgage Notes Payable and Note 8 - Note Payable - Other. | |
Assumed fixed rate mortgage notes payable - For fixed rate mortgage notes payable that the Company has assumed as part of various property acquisitions, the net present value of future cash flows method was used to determine the fair value of the liabilities when recorded by the Company. At December 31, 2014 and 2013, the carrying amount is the fair value of the assumed mortgage notes payable less any principal amortization, plus amortization of fair value adjustment since assumption. |
Legal_Proceedings_Level_1_Note
Legal Proceedings Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
LEGAL PROCEEDINGS [Abstract] | |
Legal Matters and Contingencies [Text Block] | LEGAL PROCEEDINGS |
The Company and our properties are not subject to any material pending legal proceedings and we are not aware of any such proceedings contemplated by governmental authorities. |
Subsequent_Events_Level_1_Note
Subsequent Events Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
On January 22, 2015, the Company executed an amendment to the Credit Facility agreement which increased the maximum commitment on the Credit Facility from $45,000,000 to $60,000,000 through February 28, 2015, at which time the maximum commitment on the Credit Facility was reduced from $60,000,000 to $45,000,000. | |
On February 27, 2015, the Company closed on $19,900,000 of first mortgage and $12,250,000 of second mortgage on Elan Redmond Town Center. The first mortgage has a fixed rate of 3.33%. The second mortgage has a variable rate of 1.99% above the 1-month LIBOR. Both first and second mortgages mature on March 1, 2022. | |
Also on February 27, 2015, the Company made a payment of $31,000,000 on the Credit Facility. The principal payment was made from proceeds of the Elan Redmond Town Center mortgage that closed on February 27, 2015. | |
On March 2, 2015, the Company, through its subsidiary, BIR Gatehouse, L.L.C., completed the acquisition of Gatehouse 75, a 99-unit multifamily apartment community located in Boston, Massachusetts. The seller was an unaffiliated third party. The purchase price for Gatehouse 75 was $54,450,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. Simultaneously with the acquisition, the Company closed on a $36,210,000 mortgage loan to acquire the property. The loan has a fixed rate component of $21,800,000 and a variable rate component of $14,410,000. The interest rate is 3.35% and 1.95% above the 1-month LIBOR for the fixed rate component and variable rate component, respectively. The loan matures on April 1, 2022. | |
On March 2, 2015, the Company borrowed $5,800,000 from an affiliate to fund the acquisition of Gatehouse 75. The promissory note has a variable rate of interest of LIBOR plus 5% and matures on December 31, 2016. | |
On March 9, 2015, the Company received $1,333,333 of distribution from its investment in NoMa JV, or approximately 9.2% of its invested capital. |
Significant_Accounting_Policie1
Significant Accounting Policies Level 2 (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Principles of combination and consolidation | |
The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities which it controls including those entities subject to ASC 810-10. Variable interest entities ("VIEs") are entities in which the equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with ASC 810-10, the Company consolidates VIEs for which it has a variable interest (or a combination of variable interests) that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both, based on an assessment performed at the time the Company becomes involved with the entity. The Company reconsiders this assessment only if the entity's governing documents or the contractual arrangements among the parties involved change in a manner that changes the characteristics or adequacy of the entity's equity investment at risk, some or all of the equity investment is returned to the investors and other parties become exposed to expected losses of the entity, the entity undertakes additional activities or acquires additional assets beyond those that were anticipated at inception or at the last reconsideration date that increase its expected losses, or the entity receives an additional equity investment that is at risk, or curtails or modifies its activities in a way that decreases its expected losses. | ||
For entities not deemed to be VIEs, the Company consolidates those entities in which it owns a majority of the voting securities or interests, except in those instances in which the noncontrolling voting interest owner effectively participates through substantive participative rights, as discussed in ASC 810-10 and ASC 970-323. Substantive participatory rights include the ability to select, terminate, and set compensation of the investee's management, the ability to participate in capital and operating decisions of the investee (including budgets), in the ordinary course of business. | ||
The Company also evaluates its ownership interests in entities not deemed to be VIEs, including partnerships and limited liability companies, to determine if its economic interests result in the Company controlling the entity as promulgated in ASC 810-20, as amended by Accounting Standards Update ("ASU") No. 2009-17. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Real estate | |
Real estate assets are recorded at depreciated cost. The cost of acquisition (exclusive of transaction costs), development and rehabilitation and improvement of properties are capitalized. Interest costs are capitalized based on qualifying assets and liabilities on development projects until construction is substantially complete. Recurring capital improvements typically include appliances, carpeting, flooring, HVAC equipment, kitchen and bath cabinets, site improvements and various exterior building improvements. Non-recurring upgrades include kitchen and bath upgrades, new roofs, window replacements and the development of on-site fitness, business and community centers. | ||
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 to 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 value of other tenant relationships, based in each case on their fair values. | ||
In making estimates of fair value for purposes of initial accounting of the purchased real estate, the Company utilizes information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also considers our own analysis of recently acquired and existing comparable properties in our portfolio, as well as independent third party appraisers where appropriate. | ||
The Company allocates purchase price to the fair value of the tangible assets of an acquired property (which includes land, building, furniture, fixtures and equipment) determined by valuing the property as if it were vacant. | ||
Above-market and below-market in-place lease values, where appropriate, for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term and any fixed-rate renewal periods in the respective leases. | ||
The total amount of other intangible assets acquired is further allocated to in-place leases and tenant relationships, which includes other tenant relationship intangible values based on management's evaluation of the specific characteristics of the residential leases and the Company's tenant retention history. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases. Value of in-place leases are amortized over the remaining life of the underlying leases. Value of tenant relationships are amortized based on the straight line method of amortization over a 24-period for residential leases and up to a 72-month period for retail leases. | ||
Costs directly associated with the development of properties are capitalized. Additionally, during the development of the project, the Company capitalizes interest, real estate taxes, insurance and project management and development fees. The Company uses judgment to determine when a development project commences and capitalization begins and when a development project is substantially complete and capitalization ceases. Generally, cost capitalization begins during the pre-construction period, defined as activities that are necessary to start the development of the property. A development property is considered substantially complete after major construction has ended and the property is available for occupancy. For properties that are built in phases, capitalization stops on each phase when it is considered substantially complete and ready for use and costs continue to be capitalized only on those phases under construction. | ||
Expenditures for ordinary maintenance and repairs are charged to operations as incurred. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, as follows: | ||
Rental property | 25 to 27.5 years | |
Improvements | 5 to 25 years | |
Appliances and equipment | 3 to 8 years | |
When a property is sold, its costs and related depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. | ||
Pursuant to ASC 360-10, management reviews its long-lived assets used in operations for impairment when there is an event or change in circumstances that indicates an impairment in value, such as operational performance, adverse change in the assets' physical condition, market conditions, legal and environmental concerns and the Company's intent with regard to each asset. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. The Company did not recognize an impairment loss in 2014 or 2013. | ||
Our investments in unconsolidated multifamily entities are reviewed for impairment periodically when events or circumstances indicating that other-than-temporary decline in the fair values below the carrying values has occurred. The ultimate realization of our investment in unconsolidated multifamily entities is dependent on a number of factors, including the performance of each investment and market and economic conditions. The Company did not recognize an other-than-temporary impairment charge in 2014 or 2013. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents | |
The Company participates in centralized cash management whereby cash receipts are deposited in specific property operating accounts and are then transferred to the Company's central operating account. Bills are paid from a central disbursement account maintained by an affiliate of the Company, which is reimbursed from the Company's central operating account. In management's opinion, the cash and cash equivalents presented in the consolidated financial statements are available and required for normal operations. | ||
The Company invests its cash primarily in deposits and money market funds with commercial banks. All short-term investments with maturities of three months or less from the date of acquisition are included in cash and cash equivalents. The cash investments are recorded at cost, which approximates current market values. | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk | |
The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company does not believe that this concentration of credit risk represents a material risk of loss with respect to its financial position as the Company invests with creditworthy institutions including national banks and major financial institutions. | ||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash restricted for tenant security deposits | |
Cash restricted for tenant security deposits represents security deposits held by the Company under the terms of certain tenant lease agreements. | ||
Restricted Cash held in escrow for 1031 exchange | ||
Restricted cash held in escrow for 1031 exchange represents cash deposited with a qualified intermediary for use in an exchange transaction under Section 1031 of the Internal Revenue Code. | ||
Replacement reserve escrows | ||
Certain lenders require escrow accounts for capital improvements. The escrows are funded from operating cash, as needed. | ||
Deferred Charges, Policy [Policy Text Block] | Deferred expenses | |
Fees and costs incurred to obtain long-term financing are deferred and amortized over the terms of the related loans, on the straight line method which approximates the effective interest method. | ||
Debt, Policy [Policy Text Block] | Indebtedness | |
Mortgage notes payable and note payable - other consist of property level mortgage indebtedness collateralized by the respective properties. Credit facilities consist of indebtedness related to the Company's revolving credit facility to an affiliate and credit facility to an unaffiliated lender. The Company states its mortgage notes payable, note payable - other and credit facilities at the outstanding principal balance, exclusive of transaction costs such as prepayment penalties, except in the case of assumed debt where the mortgage is recorded at fair value and the difference is amortized over the life of the loan. | ||
Noncontrolling Interest in Properties [Policy Text Block] | Noncontrolling interest in properties | |
Unaffiliated third parties have ownership interests in the Company's properties are accounted for as "Noncontrolling interest in properties" in the accompanying financial statements. Allocations of earnings and distributions are made to the Company and noncontrolling holders based upon their respective share allocations. | ||
Noncontrolling Interest in Operating Partnership [Policy Text Block] | Noncontrolling interest in Operating Partnership | |
KRF Company and affiliates' common limited partnership interest in the Operating Partnership is being reflected as "Noncontrolling interest in Operating Partnership" in the financial statements of the Company. | ||
Pursuant to ASC 974-810, for financial reporting purposes prior to January 1, 2009, KRF Company and affiliates' noncontrolling interest in the Operating Partnership had been reflected as zero with common stockholders' equity being reduced for the deficit amount. As of January 1, 2009, in accordance with ASC 810-10, KRF Company and affiliates' noncontrolling interest in the Operating Partnership have been reduced for their share of the current year deficit and are reflected as negative amounts on the balance sheet. | ||
In accordance with ASC 974-810, earnings of the Operating Partnership are first allocated to the preferred interests held by the Company. The remainder of earnings, if any, are allocated to the Company's general partner and KRF Company and affiliates' common limited partnership interests in accordance with their relative ownership percentages. | ||
Stockholders' Equity, Policy [Policy Text Block] | Stockholders' equity (deficit) | |
Capital contributions, distributions and profits and losses are allocated in accordance with the terms of the individual partnership and/or limited liability company agreements. Distributions and dividends are accrued and recorded in the period declared. | ||
Equity Offering Costs [Policy Text Block] | Equity offering costs | |
Underwriting commissions and offering costs have been reflected as a reduction of proceeds from issuance of the Preferred Shares. | ||
Debt Extinguishment Cost Policy [Policy Text Block] | Debt extinguishment costs | |
In accordance with ASC 470-50, the Company has determined that debt extinguishment costs do not meet the criteria for classification as extraordinary pursuant to ASC 225-20. Accordingly, costs associated with the early extinguishment of debt for discontinued operations are included in "Income (loss) from discontinued operations" in the accompanying Statements of Operations. Costs associated with the early extinguishment of debt for continuing operations are included in "Loss on extinguishment of debt". | ||
Revenue Recognition, Policy [Policy Text Block] | Rental revenue | |
The properties are leased with terms of generally one year or less. Rental revenue is recognized on a straight-line basis over the related lease term. As a result, deferred rents receivable are created when rental revenue is recognized during the concession period of certain negotiated leases and amortized over the remaining term of the lease. | ||
Utility reimbursements | ||
Recoveries from tenants for utility expenses are recognized in the period when the utility charges are billed to tenants. | ||
Other Income Policy [Policy Text Block] | Other income | |
Other income, which consists primarily of income from damages, laundry, cable, phone, pool, month to month tenants, relet fees and pet fees, is recognized when earned. | ||
Income Tax, Policy [Policy Text Block] | Income taxes | |
The Company elected to be treated as a real estate investment trust ("REIT") under Section 856 of the Tax 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 stockholders. | ||
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 years ended December 31, 2014, 2013 and 2012, 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. | ||
The net difference between the tax basis and the reported amounts of the Company's assets and liabilities is approximately $214,034,406 and $100,673,115 as of December 31, 2014 and 2013, respectively. The Company believes that due to its structure and the terms of the partnership agreement of the Operating Partnership, if the net difference is realized under the Tax Code, any impact would be substantially realized by the common partners of the Operating Partnership and the impact on the common and preferred shareholders would be negligible. | ||
The Company monitors the impact of ASC 740-10, which clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements in accordance with ASC 740-10. As of December 31, 2014 and 2013, the Company has determined it does not have a liability related to a tax position taken or expected to be taken in a tax return and therefore has not recorded any adjustments to its financial statements. | ||
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. As of December 31, 2014, the Company is subject to examination for the tax years 2011, 2012, 2013 and 2014 by the major tax jurisdictions under the statute of limitations (with limited exceptions). | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |
On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes 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. | ||
Comprehensive Income, Policy [Policy Text Block] | Consolidated Statements of Comprehensive Income (Loss) | |
For the years ended December 31, 2014, 2013 and 2012, comprehensive income (loss) equaled net income (loss). Therefore, the Consolidated Statement of Comprehensive Income and Loss required to be presented has been omitted from the consolidated financial statements. | ||
Use of Estimates, Policy [Policy Text Block] | Use of estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities at the date of financial statements and revenue and expenses during the reporting period. Such estimates include the amortization of acquired in-place leases and tenant relationships, the allowance for depreciation, impairment of multifamily apartment communities and unconsolidated multifamily entities, incentive advisory fees and the fair value of mortgage notes. Actual results could differ from those estimates. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation Properties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Properties [Line Items] | |||||||||
Schedule of Real Estate Properties [Table Text Block] | A summary of the multifamily apartment communities in which the Company owns an interest at December 31, 2014 and 2013 is presented below: | ||||||||
Total # of Units | Ownership Interest | ||||||||
as of December 31, | as of December 31, | ||||||||
Description | Location | Year Acquired | 2014 (Unaudited) | 2013 (Unaudited) | 2014 | 2013 | |||
Berkshires of Columbia | Columbia, Maryland | 1983 | 316 | 316 | 91.38 | % | 91.38 | % | |
Seasons of Laurel | Laurel, Maryland | 1985 | 1,088 | 1,088 | 100 | % | 100 | % | |
Berkshires at Citrus Park | Tampa, Florida | 2005 | 264 | 264 | 100 | % | 100 | % | |
Briarwood Village | Houston, Texas | 2006 | 342 | 342 | 100 | % | 100 | % | |
Standard at Lenox Park | Atlanta, Georgia | 2006 | 375 | 375 | 100 | % | 100 | % | |
Berkshires at Town Center | Towson, Maryland | 2007 | 199 | 199 | 100 | % | 100 | % | |
Sunfield Lakes | Sherwood, Oregon | 2007 | 200 | 200 | 100 | % | 100 | % | |
Executive House | Philadelphia, Pennsylvania | 2008 | 302 | 302 | 100 | % | 100 | % | |
Estancia Townhomes | Dallas, Texas | 2011 | 207 | 207 | 100 | % | 100 | % | |
2020 Lawrence (1) | Denver, Colorado | 2013 | 231 | 231 | 91.08 | % | 91.08 | % | |
Pavilion Townplace | Dallas, Texas | 2014 | 236 | N/A | 100 | % | N/A | ||
EON at Lindbergh | Atlanta, Georgia | 2014 | 352 | N/A | 100 | % | N/A | ||
Elan Redmond Town Center | Redmond, Washington | 2014 | 134 | N/A | 100 | % | N/A | ||
Walnut Creek (2) | Walnut Creek, California | 2011 | N/A | N/A | 98 | % | 98 | % | |
Aura Prestonwood (2) | Dallas, Texas | 2014 | N/A | N/A | 95 | % | N/A | ||
Laurel Woods (3) | Austin, Texas | 2004 | N/A | 150 | N/A | 100 | % | ||
Bear Creek (3) | Dallas, Texas | 2004 | N/A | 152 | N/A | 100 | % | ||
Bridgewater (3) | Hampton, Virginia | 2004 | N/A | 216 | N/A | 100 | % | ||
Reserves at Arboretum (3) | Newport News, Virginia | 2009 | N/A | 143 | N/A | 100 | % | ||
Country Place I (4) | Burtonsville, Maryland | 2004 | N/A | 192 | N/A | 58 | % | ||
Country Place II (4) | Burtonsville, Maryland | 2004 | N/A | 120 | N/A | 58 | % | ||
Yorktowne (3) | Millersville, Maryland | 2004 | N/A | 216 | N/A | 100 | % | ||
Berkshires on Brompton (3) | Houston, Texas | 2005 | N/A | 362 | N/A | 100 | % | ||
Lakeridge (3) | Hampton, Virginia | 2005 | N/A | 282 | N/A | 100 | % | ||
Chisholm Place (3) | Dallas, Texas | 2006 | N/A | 142 | N/A | 100 | % | ||
Total | 4,246 | 5,499 | |||||||
All of the properties in the above table are encumbered by mortgages as of December 31, 2014 except Elan Redmond Town Center and Walnut Creek. | |||||||||
-1 | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. | ||||||||
-2 | Walnut Creek and Aura Prestonwood were under development as of December 31, 2014. The Company will own a 98.00% interest in Walnut Creek once fully invested. The Company has fully invested its total committed capital amount in Aura Prestonwood and owns a 95.00% interest. | ||||||||
-3 | Properties were sold during the year ended December 31, 2014. | ||||||||
-4 | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended December 31, 2014. See Note 4 - Investments in Unconsolidated Multifamily Entities. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [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 was as follows: | |||||||||||||||||||
Aura Prestonwood | Pavilion Townplace | EON at | Elan Redmond Town Center | Total | ||||||||||||||||
Lindbergh | ||||||||||||||||||||
Asset acquired: | ||||||||||||||||||||
Multifamily apartment communities | $ | 8,302,960 | $ | 57,201,053 | $ | 64,056,966 | $ | 48,823,413 | $ | 178,384,392 | ||||||||||
Acquired in-place leases and tenant relationships | — | 769,534 | 872,564 | 1,096,416 | 2,738,514 | |||||||||||||||
Deferred leasing costs | — | — | — | 55,171 | 55,171 | |||||||||||||||
Prepaid and other assets | 100,000 | 296,013 | 236,508 | — | 632,521 | |||||||||||||||
Total assets acquired | $ | 8,402,960 | $ | 58,266,600 | $ | 65,166,038 | $ | 49,975,000 | $ | 181,810,598 | ||||||||||
Liabilities assumed: | ||||||||||||||||||||
Accrued expenses | $ | — | $ | 309,154 | $ | 201,997 | $ | 25,488 | $ | 536,639 | ||||||||||
Tenant security deposit liability | — | 119,808 | 121,454 | 19,992 | 261,254 | |||||||||||||||
Mortgage notes payable | — | 27,542,536 | 42,929,530 | — | 70,472,066 | |||||||||||||||
Total liabilities assumed | $ | — | $ | 27,971,498 | $ | 43,252,981 | $ | 45,480 | $ | 71,269,959 | ||||||||||
Multifamily_Apartment_Communit1
Multifamily Apartment Communities Multifamily Apartment Communities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Multifamily Apartment Communities, Carrying Value [Abstract] | ||||||||
Schedule of Real Estate and Accumulated Depreciation [Table Text Block] | The following summarizes the carrying value of the Company's multifamily apartment communities: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 80,131,674 | $ | 66,318,761 | ||||
Buildings, improvement and personal property | 583,804,249 | 557,636,296 | ||||||
Multifamily apartment communities | 663,935,923 | 623,955,057 | ||||||
Accumulated depreciation | (190,993,267 | ) | (242,291,624 | ) | ||||
Multifamily apartment communities, net | $ | 472,942,656 | $ | 381,663,433 | ||||
Multifamily_Apartment_Communit2
Multifamily Apartment Communities Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The operating results of properties sold in 2013* and 2012* and their discontinued operations for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: | |||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Rental | $ | — | $ | 1,986,538 | $ | 11,122,693 | ||||||
Utility reimbursement | — | 230,542 | 643,553 | |||||||||
Other | 210 | 297,931 | 665,778 | |||||||||
Total revenue | 210 | 2,515,011 | 12,432,024 | |||||||||
Expenses: | ||||||||||||
Operating | 112,954 | 847,109 | 3,832,843 | |||||||||
Maintenance | — | 132,939 | 835,932 | |||||||||
Real estate taxes | — | 273,580 | 1,159,694 | |||||||||
General and administrative | 1,472 | 31,993 | 40,696 | |||||||||
Management fees | — | 96,567 | 481,335 | |||||||||
Depreciation | — | 564,589 | 3,062,618 | |||||||||
Interest, inclusive of deferred financing fees and prepayment penalties | — | 527,986 | 4,307,713 | |||||||||
Loss on extinguishment of debt | — | 3,807 | 83,235 | |||||||||
Total expenses | 114,426 | 2,478,570 | 13,804,066 | |||||||||
Income (loss) from discontinued operations | $ | (114,216 | ) | $ | 36,441 | $ | (1,372,042 | ) | ||||
* | 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, Reserves at Arboretum and Yorktowne are not presented as part of discontinued operations. Discussion of property sales for the years ended December 31, 2014, 2013 and 2012 is included in Note 1 - Organization and Basis of Presentation. |
Investment_in_Unconsolidated_M1
Investment in Unconsolidated Multifamily Entities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Schedule of Equity Method Investments, Summary of Balance Sheet Information [Table Text Block] | The summarized statement of assets, liabilities and partners' equity (deficit) of BVF is as follows: | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 116,680,315 | $ | 664,692,480 | ||||||||
Cash and cash equivalents | 25,903,395 | 21,227,583 | ||||||||||
Other assets | 4,801,494 | 11,565,547 | ||||||||||
Total assets | $ | 147,385,204 | $ | 697,485,610 | ||||||||
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT) | ||||||||||||
Mortgage notes payable | $ | 133,445,626 | $ | 686,193,544 | ||||||||
Credit facility | — | 16,200,000 | ||||||||||
Other liabilities | 3,940,477 | 15,049,296 | ||||||||||
Noncontrolling interest | (9,706,447 | ) | (6,961,558 | ) | ||||||||
Partners’ equity (deficit) | 19,705,548 | (12,995,672 | ) | |||||||||
Total liabilities and partners’ equity (deficit) | $ | 147,385,204 | $ | 697,485,610 | ||||||||
Company’s share of partners’ equity (deficit) | $ | 1,379,531 | $ | (604,395 | ) | |||||||
Basis differential (1) | 604,395 | 604,395 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited partnership (2) | $ | 1,983,926 | $ | — | ||||||||
Schedule of Equity Method Investments, Summary of Statement of Operations [Table Text Block] | The summarized statements of operations of BVF for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 74,889,298 | $ | 131,091,773 | $ | 133,860,364 | ||||||
Expenses (1) | (120,067,630 | ) | (167,548,652 | ) | (179,003,696 | ) | ||||||
Gain on property sales and extinguishment of debt (2) | 367,050,290 | 71,224,756 | 41,920,335 | |||||||||
Net income (loss) | 321,871,958 | 34,767,877 | (3,222,997 | ) | ||||||||
Noncontrolling interest | (4,470,736 | ) | (5,549,113 | ) | 4,510,212 | |||||||
Net income attributable to investment | $ | 317,401,222 | $ | 29,218,764 | $ | 1,287,215 | ||||||
Equity in income (loss) in unconsolidated limited partnership (1)(2) | $ | 21,915,053 | $ | 2,350,930 | $ | (3,315,350 | ) | |||||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Schedule of Equity Method Investments, Summary of Balance Sheet Information [Table Text Block] | The summarized statement of assets, liabilities and members’ capital of NoMa JV and the TIC is as follows: | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 120,777,674 | $ | 126,139,123 | ||||||||
Cash and cash equivalents | 5,404,229 | 1,629,885 | ||||||||||
Other assets | 1,425,062 | 546,996 | ||||||||||
Total assets | $ | 127,606,965 | $ | 128,316,004 | ||||||||
LIABILITIES AND MEMBERS’ CAPITAL | ||||||||||||
Mortgage notes payable | $ | 85,466,258 | $ | 85,466,258 | ||||||||
Other liabilities | 850,590 | 756,990 | ||||||||||
Noncontrolling interest | 4,123,182 | 4,209,276 | ||||||||||
Members’ capital | 37,166,935 | 37,883,480 | ||||||||||
Total liabilities and members’ capital | $ | 127,606,965 | $ | 128,316,004 | ||||||||
Company’s share of members’ capital | $ | 10,495,636 | $ | 12,627,826 | ||||||||
Basis differential (1) | 1,598,660 | 1,666,648 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited liability companies (2) | $ | 12,094,296 | $ | 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 December 31, 2014 and has no commitment to make additional contributions to NoMa JV. | |||||||||||
Per the TIC agreement of BIR Country Place II, L.L.C., the Company assumed its proportionate share of any guarantees associated with the mortgages on Country Place I and Country Place II. The Company sold its TIC interests in Country Place I and Country Place II on November 14, 2014. | ||||||||||||
Schedule of Equity Method Investments, Summary of Statement of Operations [Table Text Block] | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 13,874,922 | $ | 4,760,366 | $ | 91,033 | ||||||
Expenses | (13,005,986 | ) | (9,488,610 | ) | (1,287,819 | ) | ||||||
Gain on property sales (1) | 40,452,718 | — | — | |||||||||
Net income (loss) | 41,321,654 | (4,728,244 | ) | (1,196,786 | ) | |||||||
Noncontrolling interest | (73,021 | ) | 472,824 | 119,678 | ||||||||
Net income (loss) attributable to investment | $ | 41,248,633 | $ | (4,255,420 | ) | $ | (1,077,108 | ) | ||||
Equity in income (loss) of unconsolidated limited liability companies (1) | 23,752,907 | (1,418,473 | ) | (359,036 | ) | |||||||
Amortization of basis | (67,986 | ) | (43,679 | ) | — | |||||||
Adjusted equity in income (loss) of unconsolidated limited liability companies | $ | 23,684,921 | $ | (1,462,152 | ) | $ | (359,036 | ) | ||||
Mortgage_Notes_Payable_Mortgag
Mortgage Notes Payable Mortgage Notes Payable (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
MORTGAGE NOTES PAYABLE [Abstract] | |||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Mortgage notes payable consists of the following at December 31, 2014 and 2013: | ||||||||||||||||||||||
Collateralized Property | Original Principal Balance | Principal at December 31, 2014 | Annual Interest | Final Maturity Date | Monthly Payment | Principal at December 31, 2013 | |||||||||||||||||
Rate at | |||||||||||||||||||||||
December 31, 2014 (1) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | $ | 44,000,000 | $ | 44,000,000 | 2.58 | % | 2024 | $ | 97,905 | N/A | ||||||||||||
Berkshires of Columbia | -2 | 26,600,000 | N/A | N/A | N/A | N/A | $ | 23,412,485 | |||||||||||||||
Berkshires of Columbia | -2 | 4,563,000 | N/A | N/A | N/A | N/A | 4,050,347 | ||||||||||||||||
(2nd note) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | 5,181,000 | N/A | N/A | N/A | N/A | 4,875,302 | ||||||||||||||||
(3rd note) | |||||||||||||||||||||||
Seasons of Laurel | 99,200,000 | 99,200,000 | 6.1 | % | 2021 | 521,076 | 99,200,000 | ||||||||||||||||
Seasons of Laurel (2nd note) | 10,210,000 | 10,101,104 | 5.95 | % | 2022 | 60,886 | 10,210,000 | ||||||||||||||||
Savannah at Citrus Park | 16,428,100 | 15,453,699 | 4.55 | % | 2045 | 78,257 | 15,702,639 | ||||||||||||||||
Briarwood | 13,200,000 | 12,566,132 | 6.43 | % | 2018 | 82,826 | 12,747,190 | ||||||||||||||||
Standard at Lenox | 35,000,000 | 33,580,389 | 5.8 | % | 2016 | 205,364 | 34,081,221 | ||||||||||||||||
Berkshires at Town Center | 20,000,000 | 19,354,145 | 5.77 | % | 2017 | 116,969 | 19,617,166 | ||||||||||||||||
Sunfield Lakes | 19,440,000 | 18,932,960 | 6.3 | % | 2017 | 120,265 | 19,176,348 | ||||||||||||||||
Executive House | 27,000,000 | 24,758,282 | 5.52 | % | 2016 | 153,557 | 25,236,927 | ||||||||||||||||
Executive House (2nd note) | 3,617,790 | 3,433,515 | 4.24 | % | 2016 | 17,776 | 3,502,728 | ||||||||||||||||
Estancia | 29,004,000 | 27,455,710 | 5.15 | % | 2021 | 158,369 | 27,909,654 | ||||||||||||||||
2020 Lawrence | -4 | 45,463,100 | 44,810,699 | 4.45 | % | 2053 | 203,531 | 45,159,532 | |||||||||||||||
2020 Lawrence | -5 | 225,554 | 32,000 | 3.25 | % | 2015 | N/A | N/A | |||||||||||||||
Pavilion Townplace | -3 | 27,542,536 | 26,993,002 | 3.91 | % | 2021 | 143,895 | N/A | |||||||||||||||
EON at Lindbergh | -3 | 42,929,530 | 42,371,273 | 3.91 | % | 2022 | 206,615 | N/A | |||||||||||||||
Walnut Creek | -6 | — | — | 5.31 | % | 2024 | N/A | N/A | |||||||||||||||
Walnut Creek | -7 | 4,828,495 | N/A | N/A | N/A | N/A | 4,828,495 | ||||||||||||||||
Aura Prestonwood | -8 | 13,742,498 | 13,742,498 | 2.66 | % | 2017 | N/A | N/A | |||||||||||||||
Laurel Woods | -10 | 4,100,000 | N/A | N/A | N/A | N/A | 3,706,906 | ||||||||||||||||
Laurel Woods (2nd note) | -10 | 1,900,000 | N/A | N/A | N/A | N/A | 1,808,990 | ||||||||||||||||
Bear Creek | -10 | 3,825,000 | N/A | N/A | N/A | N/A | 3,699,087 | ||||||||||||||||
Bridgewater | -10 | 14,212,500 | N/A | N/A | N/A | N/A | 12,611,983 | ||||||||||||||||
Reserves at Arboretum | -10 | 12,950,000 | N/A | N/A | N/A | N/A | 12,490,159 | ||||||||||||||||
Country Place I & II | -9 | 15,520,000 | N/A | N/A | N/A | N/A | 13,742,409 | ||||||||||||||||
Country Place I & II | -9 | 9,676,278 | N/A | N/A | N/A | N/A | 8,789,567 | ||||||||||||||||
(2nd note) | |||||||||||||||||||||||
Yorktowne | -10 | 16,125,000 | N/A | N/A | N/A | N/A | 14,362,762 | ||||||||||||||||
Yorktowne (2nd note) | -10 | 7,050,000 | N/A | N/A | N/A | N/A | 6,425,850 | ||||||||||||||||
Brompton | -10 | 18,600,000 | N/A | N/A | N/A | N/A | 18,335,543 | ||||||||||||||||
Lakeridge | -10 | 13,130,000 | N/A | N/A | N/A | N/A | 11,808,613 | ||||||||||||||||
Lakeridge (2nd note) | -10 | 12,520,000 | N/A | N/A | N/A | N/A | 11,262,190 | ||||||||||||||||
Chisholm | -10 | 6,953,000 | N/A | N/A | N/A | N/A | 6,771,387 | ||||||||||||||||
$ | 624,737,381 | $ | 436,785,408 | $ | 475,525,480 | ||||||||||||||||||
-1 | All interest rates are fixed as of December 31, 2014 with the exception of the variable rate debts of Berkshires of Columbia and Aura Prestonwood. The Berkshires of Columbia mortgage has a variable rate of 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR"). The mortgage of Aura Prestonwood has a variable interest rate of 2.50% above the 1-month LIBOR. | ||||||||||||||||||||||
-2 | The Company closed on a $44,000,000 mortgage loan refinancing for Berkshires of Columbia and paid off the first, second and third mortgages during 2014. | ||||||||||||||||||||||
-3 | The Company assumed mortgage notes payable with outstanding balances of $25,571,949 and $42,000,000, respectively, in connection with the acquisitions of Pavilion Townplace and EON at Lindbergh. The mortgage on Pavilion Townplace has a fixed interest rate of 5.27% and the mortgage on EON at Lindbergh has a fixed interest rate of 4.25%. Original principal balances at December 31, 2014 represent assumed balances of the mortgage note payable as adjusted to its fair value as required by ASC 805-10. Annual interest rates at December 31, 2014 reflect interest rates used to calculate fair value of the debt when assumed. | ||||||||||||||||||||||
-4 | On November 26, 2014, the Company modified the interest rate on the 2020 Lawrence mortgage. The revised rate on the mortgage was reduced to 4.45% from the original rate of 5.00%. The maturity date of the mortgage remains the same at February 1, 2053. | ||||||||||||||||||||||
-5 | Represents promissory note obtained to fund deposits required to close on loan modification as discussed in (4) above. The note initially matured on December 22, 2014, at which time the maturity date of the remaining balance of $32,000 on the note was extended to March 22, 2015. The maturity date was subsequently extended to May 29, 2015. | ||||||||||||||||||||||
-6 | Amount available under the Walnut Creek construction loan is $44,500,000. There were no advances under the loan as of December 31, 2014. | ||||||||||||||||||||||
-7 | December 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. | ||||||||||||||||||||||
-8 | Amount available under the construction loan is $31,054,212. The outstanding balance on the loan as of December 31, 2014 was $13,742,498. | ||||||||||||||||||||||
-9 | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended December 31, 2014. See Note 4 - Investments in Unconsolidated Multifamily Entities. | ||||||||||||||||||||||
-10 | Properties were sold during the year ended December 31, 2014. | ||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Combined aggregate principal maturities of mortgage notes payable at December 31, 2014 are as follows: | ||||||||||||||||||||||
2015 | $ | 4,397,551 | |||||||||||||||||||||
2016 | 64,595,695 | ||||||||||||||||||||||
2017 | 56,004,143 | ||||||||||||||||||||||
2018 | 17,158,868 | ||||||||||||||||||||||
2019 | 5,370,886 | ||||||||||||||||||||||
Thereafter | 289,258,265 | ||||||||||||||||||||||
$ | 436,785,408 | ||||||||||||||||||||||
Notes_Payable_Other_Tables
Notes Payable - Other (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Debt Instrument [Line Items] | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Combined aggregate principal maturities of mortgage notes payable at December 31, 2014 are as follows: | |||
2015 | $ | 4,397,551 | ||
2016 | 64,595,695 | |||
2017 | 56,004,143 | |||
2018 | 17,158,868 | |||
2019 | 5,370,886 | |||
Thereafter | 289,258,265 | |||
$ | 436,785,408 | |||
2020 Lawrence [Member] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Combined aggregate principal maturities of note payable - other at December 31, 2014 are as follows: | |||
2015 | $ | 18,545 | ||
2016 | 38,493 | |||
2017 | 40,442 | |||
2018 | 42,489 | |||
2019 | 44,640 | |||
Thereafter | 1,065,391 | |||
$ | 1,250,000 | |||
Declaration_of_Dividend_and_Di1
Declaration of Dividend and Distributions Taxable composition of distributions (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Tax On Distributions [Line Items] | |||||||||||||||||||||
Tax On Distributions [Table Text Block] | The Company paid $2.25 of distributions per preferred share (CUSIP 84690205) and $0.526882 of distribution per Class B common share, which is not publicly traded, during the year ended December 31, 2014. Pursuant to Internal Revenue Code Section 857 (b)(3)(C), for the years ended December 31, 2014, 2013 and 2012, the Company determined the taxable composition of the following cash distributions as set forth in the following table: | ||||||||||||||||||||
Tax Year Ended December 31, | |||||||||||||||||||||
Dividend | % | Dividend | % | Dividend | % | ||||||||||||||||
2014 | 2014 | 2013 | 2013 | 2012 | 2012 | ||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | — | — | % | ||||||||||
Taxable capital gain dividend paid per share | 2.25 | 100 | % | 2.25 | 100 | % | 2.25 | 100 | % | ||||||||||||
Non-taxable distributions paid per share | — | — | % | — | — | % | — | — | % | ||||||||||||
Total | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | |||||||||
Common Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | $ | — | — | % | |||||||||
Taxable capital gain dividend paid per share | 0.349332 | 66.3 | % | 0.11509 | 56.4 | % | 0.407909 | 100 | % | ||||||||||||
Non-taxable distributions paid per share | 0.17755 | 33.7 | % | 0.088864 | 43.6 | % | — | — | % | ||||||||||||
Total | $ | 0.526882 | 100 | % | $ | 0.203954 | 100 | % | $ | 0.407909 | 100 | % | |||||||||
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The reconciliation of the basic and diluted earnings per common share ("EPS") for the year ended December 31, 2014, 2013 and 2012 follows: | ||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss) from continuing operations | $ | 123,622,328 | $ | (11,475,333 | ) | $ | (13,189,669 | ) | |||||
Adjust: | Net (income) loss from continuing operations attributable to noncontrolling interest in properties | (186,476 | ) | (100,806 | ) | (281,788 | ) | ||||||
Net (income) loss from continuing operations attributable to noncontrolling interest in Operating Partnership | (113,945,110 | ) | 17,840,095 | 19,690,119 | |||||||||
Preferred dividends | (6,700,774 | ) | (6,700,775 | ) | (6,700,777 | ) | |||||||
Income (loss) from continuing operations attributable to the Company | $ | 2,789,968 | $ | (436,819 | ) | $ | (482,115 | ) | |||||
Net income (loss) from discontinued operations | $ | (114,216 | ) | $ | 18,684,966 | $ | 42,210,823 | ||||||
Adjust: | Net (income) loss from discontinued operations attributable to noncontrolling interest in properties | 148 | (6,486 | ) | (9,515,516 | ) | |||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest in Operating Partnership | 111,342 | (18,232,063 | ) | (31,913,890 | ) | ||||||||
Net income (loss) from discontinued operations attributable to the Company | $ | (2,726 | ) | $ | 446,417 | $ | 781,417 | ||||||
Net income available to common shareholders | $ | 2,787,242 | $ | 9,598 | $ | 299,302 | |||||||
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $ | 1.98 | $ | (0.31 | ) | $ | (0.34 | ) | |||||
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $ | — | $ | 0.32 | $ | 0.55 | |||||||
Net income available to common shareholders per common share, basic and diluted | $ | 1.98 | $ | 0.01 | $ | 0.21 | |||||||
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||
Earnings_per_Share_EPS_Correct
Earnings per Share EPS Correction (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ||||||||||||||||
As previously reported | As revised | |||||||||||||||
for the years ended December 31, | for the years ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $ | (13.28 | ) | $ | (29.81 | ) | $ | (0.31 | ) | $ | (0.34 | ) | ||||
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $ | 13.29 | $ | 30.02 | $ | 0.32 | $ | 0.55 | ||||||||
Net income available to common shareholders per common share, basic and diluted | $ | 0.01 | $ | 0.21 | $ | 0.01 | $ | 0.21 | ||||||||
Future_Minimum_Rent_Tables
Future Minimum Rent (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leased Assets [Line Items] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Some of the Company’s properties have long term non-cancelable operating leases. Minimum contractual lease payments receivable (excluding tenant reimbursement of expenses) under long term non‑cancelable operating leases, in effect as of December 31, 2014 are as follows: | |||
2015 | $ | 212,969 | ||
2016 | 261,303 | |||
2017 | 303,120 | |||
2018 | 318,578 | |||
2019 | 245,592 | |||
Thereafter | 1,117,161 | |||
$ | 2,458,723 | |||
Noncontrolling_Interest_in_Ope1
Noncontrolling Interest in Operating Partnership Tables (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP [Abstract] | ||||||||||||
Schedule of Calculation of Noncontrolling Interest [Table Text Block] | The following table sets forth the calculation of net income attributable to noncontrolling interest in Operating Partnership for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 123,508,112 | $ | 7,209,633 | $ | 29,021,154 | ||||||
Adjust: Noncontrolling common interest in properties | (186,328 | ) | (107,292 | ) | (9,797,304 | ) | ||||||
Income before noncontrolling interest in Operating Partnership | 123,321,784 | 7,102,341 | 19,223,850 | |||||||||
Preferred dividend | (6,700,774 | ) | (6,700,775 | ) | (6,700,777 | ) | ||||||
Income available to common equity | 116,621,010 | 401,566 | 12,523,073 | |||||||||
Noncontrolling interest in Operating Partnership | 97.61 | % | 97.61 | % | 97.61 | % | ||||||
Net income attributable to noncontrolling interest in Operating Partnership | $ | 113,833,768 | $ | 391,968 | $ | 12,223,771 | ||||||
Schedule of Noncontrolling Interest [Table Text Block] | The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership: | |||||||||||
For the years ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance at beginning of period | $ | (102,297,937 | ) | $ | (89,708,267 | ) | ||||||
Net income attributable to noncontrolling interest in Operating Partnership | 113,833,768 | 391,968 | ||||||||||
Distributions to noncontrolling interest partners in Operating Partnership | (30,753,610 | ) | (12,981,638 | ) | ||||||||
Balance at end of period | $ | (19,217,779 | ) | $ | (102,297,937 | ) |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions by Type (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | Amounts accrued or paid to the Company's affiliates for the year ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Property management fees (1) | $ | 3,407,126 | $ | 3,200,276 | $ | 3,448,399 | ||||||
Expense reimbursements | 252,577 | 213,084 | 180,758 | |||||||||
Salary reimbursements | 8,093,687 | 8,753,851 | 9,749,185 | |||||||||
Asset management fees | 1,617,707 | 1,631,954 | 1,649,259 | |||||||||
Incentive advisory fee | 6,142,782 | 2,494,013 | 3,113,100 | |||||||||
Acquisition fees | 1,699,750 | — | — | |||||||||
Construction management fees | 652,416 | 253,392 | 194,737 | |||||||||
Development fees | 242,947 | 97,695 | 278,820 | |||||||||
Interest on revolving credit facility | — | 32,981 | 160,778 | |||||||||
Total | $ | 22,108,992 | $ | 16,677,246 | $ | 18,775,036 | ||||||
-1 | During the year ended December 31, 2014, the Company recorded an out of period adjustment that increased management fee expense by an aggregate of $330,403 to reflect the under accrual of property management fees in prior year. The cumulative effect of the out of period adjustment for the year ended December 31, 2014 was a $330,403 decrease in net income. The Company has determined that the adjustment was not material to any prior periods, nor in the current year. | |||||||||||
Acquisition Fees [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | During the years ended December 31, 2014, 2013 and 2012, the Company incurred acquisition fees on the following acquisition: | |||||||||||
Acquisition Fees | ||||||||||||
Acquisition | 2014 | 2013 | 2012 | |||||||||
Pavilion Townplace | $ | 560,000 | $ | — | $ | — | ||||||
EON at Lindbergh | 640,000 | — | — | |||||||||
Elan Redmond Town Center | 499,750 | — | — | |||||||||
$ | 1,699,750 | $ | — | $ | — | |||||||
Selected_Interim_Financial_Inf1
Selected Interim Financial Information Selected Interim Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||||||||||||||||||
2014 Quarter Ended | 2013 Quarter Ended | |||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||
Total revenue | $ | 21,176,665 | $ | 23,406,138 | $ | 19,762,266 | $ | 17,836,039 | Total revenue | $ | 19,420,089 | $ | 19,851,078 | $ | 20,202,235 | $ | 20,558,728 | |||||||||||||||
Loss before equity in income of unconsolidated multifamily entities | (3,952,056 | ) | (7,750,233 | ) | (5,492,981 | ) | (4,888,953 | ) | Loss before equity in loss of unconsolidated multifamily entities | (3,338,559 | ) | (3,244,549 | ) | (2,860,893 | ) | (2,920,110 | ) | |||||||||||||||
Net income (loss) from continuing operations | (3,269,564 | ) | 54,062,703 | 29,596,498 | 43,232,691 | Net loss from continuing operations | (4,114,526 | ) | (4,099,685 | ) | (2,885,392 | ) | (375,730 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Net loss from discontinued operations | (114,216 | ) | — | — | — | Income (loss) from discontinued operations | 117,850 | (58,070 | ) | (12,444 | ) | (10,895 | ) | |||||||||||||||||||
Net income (loss) | (3,383,780 | ) | 54,062,703 | 29,596,498 | 43,232,691 | Gain on disposition of real estate assets | — | 18,689,058 | — | (40,533 | ) | |||||||||||||||||||||
Preferred dividend | (1,675,194 | ) | (1,675,193 | ) | (1,675,193 | ) | (1,675,194 | ) | Net income (loss) from discontinued operations | 117,850 | 18,630,988 | (12,444 | ) | (51,428 | ) | |||||||||||||||||
Net income (loss) available to common shareholders | $ | (122,459 | ) | $ | 1,249,053 | $ | 666,966 | $ | 993,682 | |||||||||||||||||||||||
Net income (loss) | (3,996,676 | ) | 14,531,303 | (2,897,836 | ) | (427,158 | ) | |||||||||||||||||||||||||
Basic and diluted earnings per share: | ||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to the Company | $ | (0.09 | ) | $ | 0.89 | $ | 0.47 | $ | 0.71 | Preferred dividend | (1,675,194 | ) | (1,675,194 | ) | (1,675,194 | ) | (1,675,193 | ) | ||||||||||||||
Net income (loss) available to common shareholders | $ | (136,024 | ) | $ | 307,373 | $ | (109,906 | ) | $ | (51,845 | ) | |||||||||||||||||||||
Net loss from discontinued operations attributable to the Company | — | — | — | — | ||||||||||||||||||||||||||||
Basic and diluted earnings per share: | ||||||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (0.09 | ) | $ | 0.89 | $ | 0.47 | $ | 0.71 | Net loss from continuing operations attributable to the Company | $ | (0.10 | ) | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.04 | ) | ||||||||||
Net income (loss) from discontinued operations attributable to the Company | — | 0.32 | — | — | ||||||||||||||||||||||||||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (0.10 | ) | $ | 0.22 | $ | (0.08 | ) | $ | (0.04 | ) | |||||||||||||||||||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||||||||||||||||||
Proforma_Condensed_Financial_I1
Proforma Condensed Financial Information (Unaudited) Proforma Condensed Financial Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Proforma Condensed Financial Information [Abstract] | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | (unaudited) | |||||||
Revenues from rental property | $ | 86,218,179 | $ | 90,815,514 | ||||
Net income | $ | 123,501,574 | $ | 3,868,152 | ||||
Net loss attributable to common shareholders | $ | 2,780,704 | $ | (3,331,883 | ) | |||
Net loss attributable to common shareholders, per common share, basic and diluted | $ | 1.98 | $ | (2.37 | ) | |||
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gross selling price | $194,200,000 | $31,500,000 | $76,625,000 |
Number of Units in Real Estate Property | 4,246 | 5,499 | |
Gain on disposition of real estate assets | 100,106,577 | 0 | 0 |
Riverbirch [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 | 23-Mar-12 | ||
Gross selling price | 14,200,000 | ||
Number of Units in Real Estate Property | 210 | ||
Silver Hill & Arboretum [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 | 5-Nov-12 | ||
Gross selling price | 25,425,000 | ||
Arrowhead & Moorings [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 | 30-Nov-12 | ||
Gross selling price | 37,000,000 | ||
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 | ||
Chisholm Place [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 | 5-May-14 | ||
Gross selling price | 15,000,000 | ||
Gain on disposition of real estate assets | 7,556,301 | ||
Laurel Woods [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 | 12-May-14 | ||
Gross selling price | 13,200,000 | ||
Gain on disposition of real estate assets | 9,211,973 | ||
Bear Creek [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 | 4-Jun-14 | ||
Gross selling price | 9,500,000 | ||
Gain on disposition of real estate assets | 5,988,770 | ||
Berkshires on Brompton [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-14 | ||
Gross selling price | 38,500,000 | ||
Gain on disposition of real estate assets | 26,762,948 | ||
Bridgewater [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 | 18-Aug-14 | ||
Gross selling price | 23,500,000 | ||
Gain on disposition of real estate assets | 11,235,832 | ||
Lakeridge [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 | 18-Aug-14 | ||
Gross selling price | 40,000,000 | ||
Gain on disposition of real estate assets | 16,754,795 | ||
Reserves at Arboretum [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 | 19-Aug-14 | ||
Gross selling price | 21,500,000 | ||
Gain on disposition of real estate assets | 6,603,188 | ||
Yorktowne [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 | 30-Oct-14 | ||
Gross selling price | 33,000,000 | ||
Gain on disposition of real estate assets | $15,992,770 |
Organization_and_Basis_of_Pres4
Organization and Basis of Presentation Properties (Details) | 12 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 15, 2014 | Jan. 23, 2014 | Jan. 18, 2013 | Dec. 24, 2012 | |||
apartments | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Units in Real Estate Property | 4,246 | 5,499 | ||||||
Berkshires of Columbia [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 1983 | [1] | ||||||
Berkshires of Columbia [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 91.38% | 91.38% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Columbia, Maryland | |||||||
Year Acquired | 1983 | |||||||
Number of Units in Real Estate Property | 316 | 316 | ||||||
Seasons of Laurel [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 1985 | [1] | ||||||
Seasons of Laurel [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Laurel, Maryland | |||||||
Year Acquired | 1985 | |||||||
Number of Units in Real Estate Property | 1,088 | 1,088 | ||||||
Berkshires at Citrus Park [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2005 | [1] | ||||||
Berkshires at Citrus Park [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Tampa, Florida | |||||||
Year Acquired | 2005 | |||||||
Number of Units in Real Estate Property | 264 | 264 | ||||||
Briarwood Village [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2006 | [1] | ||||||
Briarwood Village [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Houston, Texas | |||||||
Year Acquired | 2006 | |||||||
Number of Units in Real Estate Property | 342 | 342 | ||||||
Standard at Lenox Park [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2006 | [1] | ||||||
Standard at Lenox Park [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Atlanta, Georgia | |||||||
Year Acquired | 2006 | |||||||
Number of Units in Real Estate Property | 375 | 375 | ||||||
Berkshires at Town Center [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2007 | [1] | ||||||
Berkshires at Town Center [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Towson, Maryland | |||||||
Year Acquired | 2007 | |||||||
Number of Units in Real Estate Property | 199 | 199 | ||||||
Sunfield Lakes [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2007 | [1] | ||||||
Sunfield Lakes [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Sherwood, Oregon | |||||||
Year Acquired | 2007 | |||||||
Number of Units in Real Estate Property | 200 | 200 | ||||||
Executive House [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2008 | [1] | ||||||
Executive House [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Philadelphia, Pennsylvania | |||||||
Year Acquired | 2008 | |||||||
Number of Units in Real Estate Property | 302 | 302 | ||||||
Estancia [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | 100.00% | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Dallas, Texas | |||||||
Year Acquired | 2011 | |||||||
Number of Units in Real Estate Property | 207 | 207 | ||||||
2020 Lawrence [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2011 | [1] | ||||||
2020 Lawrence [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 91.08% | [2] | 91.08% | [2] | ||||
Mortgage Loans on Real Estate, Geographic Location of Property | Denver, Colorado | [2] | ||||||
Year Acquired | 2013 | [2] | ||||||
Number of Units in Real Estate Property | 231 | [2] | 231 | [2] | ||||
Pavilion Townplace [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2014 | [1] | ||||||
Eon at Lindbergh [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2014 | [1] | ||||||
Elan Redmond Town Center [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2014 | [1] | ||||||
Walnut Creek [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2011 | [1] | ||||||
Walnut Creek [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 98.00% | [3] | 98.00% | [3] | ||||
Mortgage Loans on Real Estate, Geographic Location of Property | Walnut Creek, California | [3] | ||||||
Year Acquired | 2011 | [3] | ||||||
Aura Prestonwood [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Year Acquired | 2014 | [1] | ||||||
Aura Prestonwood [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 95.00% | [3] | ||||||
Number of Units in Development Projects | 322 | |||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Dallas, Texas | [3] | ||||||
Year Acquired | 2014 | [3] | ||||||
Laurel Woods [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Austin, Texas | [4] | ||||||
Year Acquired | 2004 | [4] | ||||||
Number of Units in Real Estate Property | 150 | [4] | ||||||
Bear Creek [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Dallas, Texas | [4] | ||||||
Year Acquired | 2004 | [4] | ||||||
Number of Units in Real Estate Property | 152 | [4] | ||||||
Bridgewater [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Hampton, Virginia | [4] | ||||||
Year Acquired | 2004 | [4] | ||||||
Number of Units in Real Estate Property | 216 | [4] | ||||||
Reserves at Arboretum [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Newport News, Virginia | [4] | ||||||
Year Acquired | 2009 | [4] | ||||||
Number of Units in Real Estate Property | 143 | [4] | ||||||
Country Place I [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 58.00% | [5] | 58.00% | |||||
Mortgage Loans on Real Estate, Geographic Location of Property | Burtonsville, Maryland | [5] | ||||||
Year Acquired | 2004 | [5] | ||||||
Number of Units in Real Estate Property | 192 | [5] | ||||||
Country Place II [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 58.00% | [5] | 58.00% | |||||
Mortgage Loans on Real Estate, Geographic Location of Property | Burtonsville, Maryland | [5] | ||||||
Year Acquired | 2004 | [5] | ||||||
Number of Units in Real Estate Property | 120 | [5] | ||||||
Yorktowne [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Millersville, Maryland | [4] | ||||||
Year Acquired | 2004 | [4] | ||||||
Number of Units in Real Estate Property | 216 | [4] | ||||||
Berkshires on Brompton [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Houston, Texas | [4] | ||||||
Year Acquired | 2005 | [4] | ||||||
Number of Units in Real Estate Property | 362 | [4] | ||||||
Lakeridge [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Hampton, Virginia | [4] | ||||||
Year Acquired | 2005 | [4] | ||||||
Number of Units in Real Estate Property | 282 | [4] | ||||||
Chisholm Place [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | [4] | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Dallas, Texas | [4] | ||||||
Year Acquired | 2006 | [4] | ||||||
Number of Units in Real Estate Property | 142 | [4] | ||||||
Development Status, Completed [Member] | 2020 Lawrence [Member] | Partially Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Units in Development Projects | 132 | 99 | ||||||
Pavilion Townplace [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | |||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Dallas, Texas | |||||||
Year Acquired | 2014 | |||||||
Number of Units in Real Estate Property | 236 | |||||||
Eon at Lindbergh [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | |||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Atlanta, Georgia | |||||||
Year Acquired | 2014 | |||||||
Number of Units in Real Estate Property | 352 | |||||||
Elan Redmond Town Center [Member] | Wholly Owned Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 100.00% | |||||||
Mortgage Loans on Real Estate, Geographic Location of Property | Redmond, Washington | |||||||
Year Acquired | 2014 | |||||||
Number of Units in Real Estate Property | 134 | |||||||
[1] | Depreciation of buildings are calculated over useful lives ranging from 25 to 27.5 years and depreciation of improvements are calculated over useful lives ranging from 5 to 25 years. | |||||||
[2] | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. | |||||||
[3] | Walnut Creek and Aura Prestonwood were under development as of DecemberB 31, 2014. The Company will own a 98.00% interest in Walnut Creek once fully invested. The Company has fully invested its total committed capital amount in Aura Prestonwood and owns a 95.00% interest. | |||||||
[4] | Properties were sold during the year ended DecemberB 31, 2014. | |||||||
[5] | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended DecemberB 31, 2014. |
Organization_and_Basis_of_Pres5
Organization and Basis of Presentation Acquisitions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 20, 2014 | Dec. 09, 2014 | Nov. 01, 2013 | Jan. 23, 2014 | |
apartments | ||||||||
Business Acquisition [Line Items] | ||||||||
Commitments and contingencies | $0 | $0 | ||||||
Multifamily apartment communities | 178,384,392 | 5,600,000 | 0 | |||||
Number of Units in Real Estate Property | 4,246 | 5,499 | ||||||
Repayment of mortgage notes payable | 4,828,495 | 139,071,895 | 14,833,286 | 29,022,538 | ||||
Acquired in-place leases | 2,738,514 | 0 | 0 | |||||
Deferred costs | 55,171 | 0 | 0 | |||||
Prepaid expenses and other assets | 632,521 | 0 | 0 | |||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 181,810,598 | |||||||
Accrued expenses | 536,639 | 457,217 | 0 | |||||
Tenant security deposit liability | 261,254 | 0 | 0 | |||||
Mortgage assumed | 70,472,066 | 4,828,495 | 0 | |||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 71,269,959 | |||||||
Walnut Creek [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Development Projects | 141 | |||||||
Aura Prestonwood [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Multifamily apartment communities | 8,302,960 | |||||||
Acquired in-place leases | 0 | |||||||
Deferred costs | 0 | |||||||
Prepaid expenses and other assets | 100,000 | |||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 8,402,960 | |||||||
Accrued expenses | 0 | |||||||
Tenant security deposit liability | 0 | |||||||
Mortgage assumed | 0 | |||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 0 | |||||||
Pavilion Townplace [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Multifamily apartment communities | 57,201,053 | |||||||
Acquired in-place leases | 769,534 | |||||||
Deferred costs | 0 | |||||||
Prepaid expenses and other assets | 296,013 | |||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 58,266,600 | |||||||
Accrued expenses | 309,154 | |||||||
Tenant security deposit liability | 119,808 | |||||||
Mortgage assumed | 27,542,536 | |||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 27,971,498 | |||||||
Eon at Lindbergh [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Multifamily apartment communities | 64,056,966 | |||||||
Acquired in-place leases | 872,564 | |||||||
Deferred costs | 0 | |||||||
Prepaid expenses and other assets | 236,508 | |||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 65,166,038 | |||||||
Accrued expenses | 201,997 | |||||||
Tenant security deposit liability | 121,454 | |||||||
Mortgage assumed | 42,929,530 | |||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 43,252,981 | |||||||
Elan Redmond Town Center [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Multifamily apartment communities | 48,823,413 | |||||||
Acquired in-place leases | 1,096,416 | |||||||
Deferred costs | 55,171 | |||||||
Prepaid expenses and other assets | 0 | |||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 49,975,000 | |||||||
Accrued expenses | 25,488 | |||||||
Tenant security deposit liability | 19,992 | |||||||
Mortgage assumed | 0 | |||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 45,480 | |||||||
Wholly Owned Properties [Member] | Pavilion Townplace [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 236 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | |||||||
Business Acquisition, Property Price | 56,000,000 | |||||||
Debt Instrument, Maturity Date | 1-Jan-21 | |||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 20-Mar-14 | |||||||
Mortgage assumed | 27,542,536 | |||||||
Wholly Owned Properties [Member] | Eon at Lindbergh [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 352 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||
Business Acquisition, Property Price | 64,000,000 | |||||||
Debt Instrument, Maturity Date | 1-May-22 | |||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 20-Mar-14 | |||||||
Mortgage assumed | 42,929,530 | |||||||
Wholly Owned Properties [Member] | Elan Redmond Town Center [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 134 | |||||||
Business Acquisition, Property Price | 49,975,000 | |||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 9-Dec-14 | |||||||
Partially Owned Properties [Member] | Walnut Creek [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Payments to Acquire Land Held-for-use | 5,600,000 | |||||||
Mortgage debt (assigned)/assumed | 4,828,495 | |||||||
Debt Instrument, Maturity Date | 31-Mar-14 | |||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 1-Nov-13 | |||||||
Partially Owned Properties [Member] | Aura Prestonwood [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Development Projects | 322 | |||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 22-Jan-14 | |||||||
Corporate Joint Venture [Member] | Capital Addition Purchase Commitments [Member] | Walnut Creek [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Commitments and contingencies | 26,900,000 | |||||||
Corporate Joint Venture [Member] | Capital Addition Purchase Commitments [Member] | Aura Prestonwood [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Commitments and contingencies | $12,643,500 |
Significant_Accounting_Policie2
Significant Accounting Policies Properties (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Management fees | $5,161,658 | $4,824,959 | $4,642,323 | ||||||||
Difference Between Tax Basis and Reported Amounts of Assets | 214,034,406 | 100,673,115 | 214,034,406 | 100,673,115 | |||||||
Net income | $43,232,691 | $29,596,498 | $54,062,703 | ($3,383,780) | ($427,158) | ($2,897,836) | $14,531,303 | ($3,996,676) | $123,508,112 | $7,209,633 | $29,021,154 |
Apartment Building [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 25 to 27.5 years | ||||||||||
Building Improvements [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 5 to 25 years | ||||||||||
Equipment [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 3 to 8 years |
Significant_Accounting_Policie3
Significant Accounting Policies Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Management fees | $5,161,658 | $4,824,959 | $4,642,323 | ||||||||
Net income (loss) | 43,232,691 | 29,596,498 | 54,062,703 | -3,383,780 | -427,158 | -2,897,836 | 14,531,303 | -3,996,676 | 123,508,112 | 7,209,633 | 29,021,154 |
Difference Between Tax Basis and Reported Amounts of Assets | $214,034,406 | $100,673,115 | $214,034,406 | $100,673,115 |
Multifamily_Apartment_Communit3
Multifamily Apartment Communities Multifamily apartment communities, net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multifamily apartment communities, net [Abstract] | ||||
Land | $80,131,674 | $66,318,761 | ||
Investment Building and Building Improvements | 583,804,249 | 557,636,296 | ||
Real Estate Investment Property, at Cost | 663,935,923 | 623,955,057 | ||
Accumulated depreciation | -190,993,267 | -242,291,624 | -235,825,752 | -227,600,092 |
Real Estate Investment Property, Net | $472,942,656 | $381,663,433 |
Multifamily_Apartment_Communit4
Multifamily Apartment Communities Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental | $0 | $1,986,538 | $11,122,693 |
Utility reimbursement | 0 | 230,542 | 643,553 |
Other | 210 | 297,931 | 665,778 |
Total revenue | 210 | 2,515,011 | 12,432,024 |
Operating | 112,954 | 847,109 | 3,832,843 |
Maintenance | 0 | 132,939 | 835,932 |
Real estate taxes | 0 | 273,580 | 1,159,694 |
General and administrative | 1,472 | 31,993 | 40,696 |
Management fees | 0 | 96,567 | 481,335 |
Depreciation | 0 | 564,589 | 3,062,618 |
Interest, inclusive of deferred financing fees and prepayment penalties | 0 | 527,986 | 4,307,713 |
Loss on extinguishment of debt | 0 | 3,807 | 83,235 |
Total expenses | 114,426 | 2,478,570 | 13,804,066 |
Income (loss) from discontinued operations | ($114,216) | $36,441 | ($1,372,042) |
Investment_in_Unconsolidated_M2
Investment in Unconsolidated Multifamily Entities Summarized Balance Sheets (Details) (Corporate Joint Venture [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | ||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||||
Multifamily apartment communities, net | $116,680,315 | $664,692,480 | ||
Cash and cash equivalents | 25,903,395 | 21,227,583 | ||
Other assets | 4,801,494 | 11,565,547 | ||
Total assets | 147,385,204 | 697,485,610 | ||
Liabilities and Partners' Equity (Deficit) | ||||
Mortgage notes payable | 133,445,626 | 686,193,544 | ||
Credit facility | 0 | 16,200,000 | ||
Other liabilities | 3,940,477 | 15,049,296 | ||
Noncontrolling interest | -9,706,447 | -6,961,558 | ||
Partners equity (deficit) | 19,705,548 | -12,995,672 | ||
Total liabilities and partners' equity (deficit) | 147,385,204 | 697,485,610 | ||
Company's share of partners' equity (deficit) | 1,379,531 | -604,395 | ||
Basis differential | 604,395 | [1] | 604,395 | [1] |
Carrying value of the Company's investment in unconsolidated multifamily entities | 1,983,926 | [2] | 0 | [2] |
Equity Method Investment, Carrying Amount and Underlying Equity, Differential, Syndication Costs | 583,240 | 583,240 | ||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||||
Multifamily apartment communities, net | 120,777,674 | 126,139,123 | ||
Cash and cash equivalents | 5,404,229 | 1,629,885 | ||
Other assets | 1,425,062 | 546,996 | ||
Total assets | 127,606,965 | 128,316,004 | ||
Liabilities and Partners' Equity (Deficit) | ||||
Mortgage notes payable | 85,466,258 | 85,466,258 | ||
Other liabilities | 850,590 | 756,990 | ||
Noncontrolling interest | 4,123,182 | 4,209,276 | ||
Partners equity (deficit) | 37,166,935 | 37,883,480 | ||
Total liabilities and partners' equity (deficit) | 127,606,965 | 128,316,004 | ||
Company's share of partners' equity (deficit) | 10,495,636 | 12,627,826 | ||
Basis differential | 1,598,660 | [3] | 1,666,648 | [3] |
Carrying value of the Company's investment in unconsolidated multifamily entities | $12,094,296 | [4] | $14,294,474 | [4] |
[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 DecemberB 31, 2014 and DecemberB 31, 2013, the differential related mainly to the $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 DecemberB 31, 2014 and has no commitment to make additional contributions to BVF. The carrying value of the investment is $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 year ended DecemberB 31, 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] | 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. | |||
[4] | 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 DecemberB 31, 2014 and has no commitment to make additional contributions to NoMa JV.Per the TIC agreement of BIR Country Place II, L.L.C., the Company assumed its proportionate share of any guarantees associated with the mortgages on Country Place I and Country Place II. The Company sold its TIC interests in Country Place I and Country Place II on November 14, 2014. |
Investment_in_Unconsolidated_M3
Investment in Unconsolidated Multifamily Entities Summarized Statements of Operations (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Summarized statements of operations | ||||||
Adjusted equity in income (loss) of unconsolidated multifamily entities | $45,599,974 | $888,778 | ($268,921) | |||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | ||||||
Summarized statements of operations | ||||||
Revenue | 74,889,298 | 131,091,773 | 133,860,364 | |||
Expenses | -120,067,630 | [1] | -167,548,652 | [1] | -179,003,696 | [1] |
Gain on property sales and extinguishment of debt | 367,050,290 | [2] | 71,224,756 | [2] | 41,920,335 | [2] |
Noncontrolling interest | -4,470,736 | -5,549,113 | 4,510,212 | |||
Net income (loss) attributable to investment | 317,401,222 | 29,218,764 | 1,287,215 | |||
Adjusted equity in income (loss) of unconsolidated multifamily entities | 21,915,053 | [1],[2] | 2,350,930 | [1],[2] | -3,315,350 | [1],[2] |
Equity Method Investment, Summarized Financial Information, Number of Properties Disposed | 32 | 10 | 8 | |||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ||||||
Summarized statements of operations | ||||||
Revenue | 13,874,922 | 4,760,366 | 91,033 | |||
Expenses | -13,005,986 | -9,488,610 | -1,287,819 | |||
Gain on property sales and extinguishment of debt | 40,452,718 | [3] | 0 | [3] | 0 | [3] |
Noncontrolling interest | -73,021 | 472,824 | 119,678 | |||
Net income (loss) attributable to investment | 41,248,633 | -4,255,420 | -1,077,108 | |||
Equity in income (loss) of unconsolidated multifamily entities | 23,752,907 | [3] | -1,418,473 | [3] | -359,036 | [3] |
Amortization of basis | -67,986 | -43,679 | 0 | |||
Adjusted equity in income (loss) of unconsolidated multifamily entities | 23,684,921 | -1,462,152 | -359,036 | |||
Gain Loss on Disposition [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | ||||||
Summarized statements of operations | ||||||
Gain on property sales and extinguishment of debt | 367,050,290 | 71,224,756 | 41,920,335 | |||
Equity Method Investment, Gain (Loss) on Sale of Property and Extinguishment of Debt, Equity Gain (Loss) Recognized | 25,067,000 | 4,252,000 | 2,934,000 | |||
Country Place I & II [Member] | Gain Loss on Disposition [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ||||||
Summarized statements of operations | ||||||
Gain on property sales and extinguishment of debt | 40,452,718 | |||||
Equity Method Investment, Gain (Loss) on Sale of Property and Extinguishment of Debt, Equity Gain (Loss) Recognized | $23,463,000 | |||||
[1] | There were no impairment indicators in the years ended DecemberB 31, 2014, 2013 and 2012. The Company wrote off the impairment on five previously impaired assets as mentioned in (2) below during the year ended December 31, 2013. There were no impairment writeoffs in the years ended DecemberB 31, 2014 and 2012. | |||||
[2] | During the year ended December 31, 2014, BVF recorded a net gain on the disposition of 32 properties. The gain on the sale was $367,050,290, of which the Company's share was approximately $25,067,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2014.During the year ended December 31, 2013, BVF recorded a net gain on the disposition of ten properties, of which five previously experienced impairment charges. In accordance with ASC 360-10, BVF adjusted the cost basis of the assets to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The gain on the sale of all ten properties was $71,224,756, of which the Company's share was approximately $4,252,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2013.During the year ended December 31, 2012, BVF recorded a net gain on the disposition of eight properties. The gain on the sale was $41,920,335, of which the Company's share was approximately $2,934,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2012. | |||||
[3] | During the year ended December 31, 2014, the TIC recorded a net gain on the disposition of Country Place I and Country Place II. The gain on the sale was $40,452,718, of which the Company's share was approximately $23,463,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2014. |
Investment_in_Unconsolidated_M4
Investment in Unconsolidated Multifamily Entities Narrative (Details) (USD $) | 12 Months Ended | 6 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 15, 2014 | Aug. 12, 2005 | Jul. 16, 2014 | Mar. 02, 2011 | |||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Commitments and contingencies | $0 | $0 | |||||||||
Distributions of return on investments in unconsolidated multifamily entities | 1,581,438 | 305,401 | 0 | ||||||||
Distributions from investments in unconsolidated multifamily entities | 39,403,439 | 3,468,002 | 1,400,150 | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 97.61% | 97.61% | 97.61% | ||||||||
Gross selling price | 194,200,000 | 31,500,000 | 76,625,000 | ||||||||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Cumulative Distributions Received | 25,104,682 | ||||||||||
Equity Method Investment, Distribution As Percentage of Total Commitment | 107.30% | ||||||||||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Summarized Financial Information, Expenses | 120,067,630 | [1] | 167,548,652 | [1] | 179,003,696 | [1] | |||||
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | 367,050,290 | [2] | 71,224,756 | [2] | 41,920,335 | [2] | |||||
Equity Method Investment, Carrying Amount and Underlying Equity, Differential, Syndication Costs | 583,240 | 583,240 | |||||||||
Equity Method Investment, Summarized Financial Information, Number of Properties Disposed | 32 | 10 | 8 | ||||||||
Equity Method Investment, Aggregate Cost | 23,400,000 | 23,400,000 | |||||||||
Equity Method Investment, Funding Percentage of Investment | 100.00% | ||||||||||
Equity Method Investment, Ownership Percentage | 7.00% | ||||||||||
Equity Method Investment, Summarized Financial Information, Number of Properties Remained | 1 | ||||||||||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Summarized Financial Information, Expenses | 13,005,986 | 9,488,610 | 1,287,819 | ||||||||
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | 40,452,718 | [3] | 0 | [3] | 0 | [3] | |||||
Equity Method Investment, Accumulated Capitalized Interest Costs | 1,710,327 | ||||||||||
Corporate Joint Venture [Member] | Maximum [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Aggregate Cost | 25,000,000 | ||||||||||
Equity Method Investment, Ownership Percentage | 7.00% | ||||||||||
Gain Loss on Disposition [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | 367,050,290 | 71,224,756 | 41,920,335 | ||||||||
Equity Method Investment, Gain (Loss) on Sale of Property and Extinguishment of Debt, Equity Gain (Loss) Recognized | 25,067,000 | 4,252,000 | 2,934,000 | ||||||||
Country Place I & II [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 42.00% | ||||||||||
Country Place I & II [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 58.00% | ||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 14-Nov-14 | ||||||||||
Gross selling price | 57,300,000 | ||||||||||
Country Place I & II [Member] | Gain Loss on Disposition [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | 40,452,718 | ||||||||||
Equity Method Investment, Gain (Loss) on Sale of Property and Extinguishment of Debt, Equity Gain (Loss) Recognized | 23,463,000 | ||||||||||
NOMA Residental West I, LLC [Member] | Affiliated Entity [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 67.00% | ||||||||||
NOMA Residental West I, LLC [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Funding Percentage of Investment | 100.00% | ||||||||||
Equity Method Investment, Ownership Percentage | 33.00% | 33.00% | |||||||||
Equity Method Investment, Cumulative Distributions Received | 466,667 | ||||||||||
Equity Method Investment, Distribution As Percentage of Total Commitment | 3.20% | ||||||||||
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% | ||||||||||
NOMA Residental West I, LLC [Member] | Capital Addition Purchase Commitments [Member] | Washington, D.C. [Member] | Corporate Joint Venture [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Commitments and contingencies | $14,520,000 | ||||||||||
Partially Owned Properties [Member] | Country Place I & II [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Real Estate Property, Ownership Percentage | 58.00% | [4] | |||||||||
[1] | There were no impairment indicators in the years ended DecemberB 31, 2014, 2013 and 2012. The Company wrote off the impairment on five previously impaired assets as mentioned in (2) below during the year ended December 31, 2013. There were no impairment writeoffs in the years ended DecemberB 31, 2014 and 2012. | ||||||||||
[2] | During the year ended December 31, 2014, BVF recorded a net gain on the disposition of 32 properties. The gain on the sale was $367,050,290, of which the Company's share was approximately $25,067,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2014.During the year ended December 31, 2013, BVF recorded a net gain on the disposition of ten properties, of which five previously experienced impairment charges. In accordance with ASC 360-10, BVF adjusted the cost basis of the assets to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The gain on the sale of all ten properties was $71,224,756, of which the Company's share was approximately $4,252,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2013.During the year ended December 31, 2012, BVF recorded a net gain on the disposition of eight properties. The gain on the sale was $41,920,335, of which the Company's share was approximately $2,934,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2012. | ||||||||||
[3] | During the year ended December 31, 2014, the TIC recorded a net gain on the disposition of Country Place I and Country Place II. The gain on the sale was $40,452,718, of which the Company's share was approximately $23,463,000 and is reflected in "Equity in income (loss) of unconsolidated multifamily entities" recognized for the year ended December 31, 2014. | ||||||||||
[4] | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended DecemberB 31, 2014. |
Mortgage_Notes_Payable_Mortgag1
Mortgage Notes Payable Mortgage Notes Payable by Property (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 | Nov. 01, 2013 | Dec. 10, 2013 | Nov. 26, 2014 | Dec. 22, 2014 | Nov. 07, 2014 | Jul. 23, 2014 | Jan. 23, 2014 | Dec. 01, 2014 | Mar. 20, 2014 | Mar. 31, 2015 | Nov. 25, 2014 | Mar. 31, 2014 | ||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $624,737,381 | ||||||||||||||||||
Long-term Debt | 436,785,408 | 475,525,480 | |||||||||||||||||
Emcumbrances | 436,785,408 | ||||||||||||||||||
Borrowings from mortgage notes payable | 57,968,052 | 12,980,663 | 28,621,545 | ||||||||||||||||
Berkshires of Columbia [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate Terms | 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR") | 2.43% above the 1-month LIBOR | 2.40% above the 1-month LIBOR | ||||||||||||||||
Emcumbrances | 44,000,000 | [1] | |||||||||||||||||
Borrowings from mortgage notes payable | 44,000,000 | 44,000,000 | |||||||||||||||||
Debt Instrument, Maturity Date | 1-Feb-24 | 1-Nov-14 | |||||||||||||||||
Berkshires of Columbia [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 44,000,000 | [2] | 26,600,000 | [2] | |||||||||||||||
Long-term Debt | 44,000,000 | [2] | 23,412,485 | [2] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.58% | [2],[3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2024 | [2] | |||||||||||||||||
Debt Instrument, Periodic Payment | 97,905 | [2] | |||||||||||||||||
Berkshires of Columbia [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,563,000 | [2] | |||||||||||||||||
Long-term Debt | 4,050,347 | [2] | |||||||||||||||||
Berkshires of Columbia [Member] | Third Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 5,181,000 | [2] | |||||||||||||||||
Long-term Debt | 4,875,302 | [2] | |||||||||||||||||
Seasons of Laurel [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Emcumbrances | 109,301,104 | [1] | |||||||||||||||||
Seasons of Laurel [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 99,200,000 | ||||||||||||||||||
Long-term Debt | 99,200,000 | 99,200,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2021 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 521,076 | ||||||||||||||||||
Seasons of Laurel [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 10,210,000 | ||||||||||||||||||
Long-term Debt | 10,101,104 | 10,210,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2022 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 60,886 | ||||||||||||||||||
Borrowings from mortgage notes payable | 10,210,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-Oct-22 | ||||||||||||||||||
Berkshires at Citrus Park [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 16,428,100 | ||||||||||||||||||
Long-term Debt | 15,453,699 | 15,702,639 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2045 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 78,257 | ||||||||||||||||||
Emcumbrances | 15,453,699 | [1] | |||||||||||||||||
Briarwood Village [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 13,200,000 | ||||||||||||||||||
Long-term Debt | 12,566,132 | 12,747,190 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.43% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2018 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 82,826 | ||||||||||||||||||
Emcumbrances | 12,566,132 | [1] | |||||||||||||||||
Standard at Lenox Park [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 35,000,000 | ||||||||||||||||||
Long-term Debt | 33,580,389 | 34,081,221 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2016 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 205,364 | ||||||||||||||||||
Emcumbrances | 33,580,389 | [1] | |||||||||||||||||
Berkshires at Town Center [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 20,000,000 | ||||||||||||||||||
Long-term Debt | 19,354,145 | 19,617,166 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.77% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2017 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 116,969 | ||||||||||||||||||
Emcumbrances | 19,354,145 | [1] | |||||||||||||||||
Sunfield Lakes [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 19,440,000 | ||||||||||||||||||
Long-term Debt | 18,932,960 | 19,176,348 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2017 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 120,265 | ||||||||||||||||||
Emcumbrances | 18,932,960 | [1] | |||||||||||||||||
Executive House [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Emcumbrances | 28,191,797 | [1] | |||||||||||||||||
Executive House [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 27,000,000 | ||||||||||||||||||
Long-term Debt | 24,758,282 | 25,236,927 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.52% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2016 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 153,557 | ||||||||||||||||||
Executive House [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,617,790 | ||||||||||||||||||
Long-term Debt | 3,433,515 | 3,502,728 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2016 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 17,776 | ||||||||||||||||||
Estancia Townhomes [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 29,004,000 | ||||||||||||||||||
Long-term Debt | 27,455,710 | 27,909,654 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | [3] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2021 | ||||||||||||||||||
Debt Instrument, Periodic Payment | 158,369 | ||||||||||||||||||
Emcumbrances | 27,455,710 | [1] | |||||||||||||||||
2020 Lawrence [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||||||||
Emcumbrances | 44,842,699 | [1] | |||||||||||||||||
Debt Instrument, Maturity Date | 11-Jun-22 | ||||||||||||||||||
2020 Lawrence [Member] | Construction Loans [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 45,463,100 | [4] | |||||||||||||||||
Long-term Debt | 44,810,699 | [4] | 45,159,532 | [4] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | [3],[4] | 5.00% | ||||||||||||||||
Debt Instrument, Maturity Date in Year | 2053 | [4] | |||||||||||||||||
Debt Instrument, Periodic Payment | 203,531 | [4] | |||||||||||||||||
Debt Instrument, Maturity Date | 1-Feb-53 | ||||||||||||||||||
2020 Lawrence [Member] | Notes Payable to Banks [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 225,554 | [5] | |||||||||||||||||
Long-term Debt | 32,000 | [5] | 32,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | [3],[5] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2015 | [5] | |||||||||||||||||
Borrowings from mortgage notes payable | 225,554 | ||||||||||||||||||
Debt Instrument, Maturity Date | 22-Mar-15 | 22-Dec-14 | |||||||||||||||||
Pavilion Townplace [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 27,542,536 | [6] | |||||||||||||||||
Long-term Debt | 26,993,002 | [6] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | [3],[6] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2021 | [6] | |||||||||||||||||
Debt Instrument, Periodic Payment | 143,895 | [6] | |||||||||||||||||
Emcumbrances | 26,993,002 | [1] | |||||||||||||||||
Eon at Lindbergh [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 42,929,530 | [6] | |||||||||||||||||
Long-term Debt | 42,371,273 | [6] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | [3],[6] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2022 | [6] | |||||||||||||||||
Debt Instrument, Periodic Payment | 206,615 | [6] | |||||||||||||||||
Emcumbrances | 42,371,273 | [1] | |||||||||||||||||
Walnut Creek [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Emcumbrances | 0 | [1] | |||||||||||||||||
Walnut Creek [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,828,495 | [7] | |||||||||||||||||
Long-term Debt | 4,828,495 | [7] | |||||||||||||||||
Walnut Creek [Member] | Construction Loans [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | [8] | |||||||||||||||||
Long-term Debt | 0 | [8] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.31% | [8] | 6.00% | [3] | |||||||||||||||
Debt Instrument, Maturity Date in Year | 2024 | ||||||||||||||||||
Debt Instrument, Maturity Date | 31-Mar-14 | 1-Aug-24 | |||||||||||||||||
Debt Instrument, Borrowing Capacity, Amount | 44,500,000 | 44,500,000 | |||||||||||||||||
Aura Prestonwood [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Emcumbrances | 13,742,498 | [1] | |||||||||||||||||
Aura Prestonwood [Member] | Construction Loans [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate Terms | 2.50% above the 1-month LIBOR | 2.50% above the 1-month LIBOR | |||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 13,742,498 | [9] | |||||||||||||||||
Long-term Debt | 13,742,498 | [9] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.66% | [3],[9] | |||||||||||||||||
Debt Instrument, Maturity Date in Year | 2017 | [9] | |||||||||||||||||
Debt Instrument, Maturity Date | 22-Jan-17 | ||||||||||||||||||
Debt Instrument, Borrowing Capacity, Amount | 31,054,212 | 31,054,212 | |||||||||||||||||
Laurel Woods [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,100,000 | [10] | |||||||||||||||||
Long-term Debt | 3,706,906 | [10] | |||||||||||||||||
Laurel Woods [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,900,000 | [10] | |||||||||||||||||
Long-term Debt | 1,808,990 | [10] | |||||||||||||||||
Bear Creek [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,825,000 | [10] | |||||||||||||||||
Long-term Debt | 3,699,087 | [10] | |||||||||||||||||
Bridgewater [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate Terms | 2.50% above the Freddie Mac Reference Bill Rate | ||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 14,212,500 | [10] | |||||||||||||||||
Long-term Debt | 12,611,983 | [10] | |||||||||||||||||
Debt Instrument, Maturity Date | 1-Dec-14 | ||||||||||||||||||
Reserves at Arboretum [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 12,950,000 | [10] | |||||||||||||||||
Long-term Debt | 12,490,159 | [10] | |||||||||||||||||
Country Place I & II [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 15,520,000 | [11] | |||||||||||||||||
Long-term Debt | 13,742,409 | [11] | |||||||||||||||||
Country Place I & II [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 9,676,278 | [11] | |||||||||||||||||
Long-term Debt | 8,789,567 | [11] | |||||||||||||||||
Yorktowne [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 16,125,000 | [10] | |||||||||||||||||
Long-term Debt | 14,362,762 | [10] | |||||||||||||||||
Yorktowne [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 7,050,000 | [10] | |||||||||||||||||
Long-term Debt | 6,425,850 | [10] | |||||||||||||||||
Berkshires on Brompton [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 18,600,000 | [10] | |||||||||||||||||
Long-term Debt | 18,335,543 | [10] | |||||||||||||||||
Lakeridge [Member] | First Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 13,130,000 | [10] | |||||||||||||||||
Long-term Debt | 11,808,613 | [10] | |||||||||||||||||
Lakeridge [Member] | Second Mortgage [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 12,520,000 | [10] | |||||||||||||||||
Long-term Debt | 11,262,190 | [10] | |||||||||||||||||
Chisholm Place [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 6,953,000 | [10] | |||||||||||||||||
Long-term Debt | 6,771,387 | [10] | |||||||||||||||||
Pavilion Townplace [Member] | Wholly Owned Properties [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | ||||||||||||||||||
Noncash or Part Noncash Acquisition, Carrying Value of Debt Assumed | 25,571,949 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-Jan-21 | ||||||||||||||||||
Eon at Lindbergh [Member] | Wholly Owned Properties [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||||||||
Noncash or Part Noncash Acquisition, Carrying Value of Debt Assumed | $42,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-May-22 | ||||||||||||||||||
Subsequent Event [Member] | 2020 Lawrence [Member] | Notes Payable to Banks [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | 29-May-15 | ||||||||||||||||||
[1] | Depreciation of buildings are calculated over useful lives ranging from 25 to 27.5 years and depreciation of improvements are calculated over useful lives ranging from 5 to 25 years. | ||||||||||||||||||
[2] | The Company closed on a $44,000,000 mortgage loan refinancing for Berkshires of Columbia and paid off the first, second and third mortgages during 2014. | ||||||||||||||||||
[3] | All interest rates are fixed as of DecemberB 31, 2014 with the exception of the variable rate debts of Berkshires of Columbia and Aura Prestonwood. The Berkshires of Columbia mortgage has a variable rate of 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR"). The mortgage of Aura Prestonwood has a variable interest rate of 2.50% above the 1-month LIBOR. | ||||||||||||||||||
[4] | On NovemberB 26, 2014, the Company modified the interest rate on the 2020 Lawrence mortgage. The revised rate on the mortgage was reduced to 4.45% from the original rate of 5.00%. The maturity date of the mortgage remains the same at FebruaryB 1, 2053. | ||||||||||||||||||
[5] | Represents promissory note obtained to fund deposits required to close on loan modification as discussed in (4) above. The note initially matured on DecemberB 22, 2014, at which time the maturity date of the remaining balance of $32,000 on the note was extended to MarchB 22, 2015. The maturity date was subsequently extended to MayB 29, 2015. | ||||||||||||||||||
[6] | The Company assumed mortgage notes payable with outstanding balances of $25,571,949 and $42,000,000, respectively, in connection with the acquisitions of Pavilion Townplace and EON at Lindbergh. The mortgage on Pavilion Townplace has a fixed interest rate of 5.27% and the mortgage on EON at Lindbergh has a fixed interest rate of 4.25%. Original principal balances at DecemberB 31, 2014 represent assumed balances of the mortgage note payable as adjusted to its fair value as required by ASC 805-10. Annual interest rates at DecemberB 31, 2014 reflect interest rates used to calculate fair value of the debt when assumed. | ||||||||||||||||||
[7] | December 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. | ||||||||||||||||||
[8] | Amount available under the Walnut Creek construction loan is $44,500,000. There were no advances under the loan as of DecemberB 31, 2014. | ||||||||||||||||||
[9] | Amount available under the construction loan is $31,054,212. The outstanding balance on the loan as of DecemberB 31, 2014 was $13,742,498. | ||||||||||||||||||
[10] | Properties were sold during the year ended DecemberB 31, 2014. | ||||||||||||||||||
[11] | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended DecemberB 31, 2014. See Note 4 - Investments in Unconsolidated Multifamily Entities. |
Mortgage_Notes_Payable_Mortgag2
Mortgage Notes Payable Mortgage Notes Payable by Maturity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
2015 | $4,397,551 | |
2016 | 64,595,695 | |
2017 | 56,004,143 | |
2018 | 17,158,868 | |
2019 | 5,370,886 | |
Thereafter | 289,258,265 | |
Long-term Debt | $436,785,408 | $475,525,480 |
Mortgage_Notes_Payable_Narrati
Mortgage Notes Payable Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 | Nov. 01, 2013 | Jul. 23, 2014 | Dec. 01, 2014 | Dec. 10, 2013 | Jan. 23, 2014 | Nov. 26, 2014 | Dec. 22, 2014 | Nov. 07, 2014 | Mar. 31, 2015 | Mar. 20, 2014 | Nov. 25, 2014 | ||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | $436,785,408 | $475,525,480 | |||||||||||||||||
Principal payments on mortgage notes payable | 5,513,666 | 5,636,390 | 5,270,328 | ||||||||||||||||
Mortgage assumed | 70,472,066 | 4,828,495 | 0 | ||||||||||||||||
Fair Value Measurements, Loan-to-Value Percentage Threshold for Further Stratification of Valuation Model | 80.00% | ||||||||||||||||||
Loans Payable, Fair Value Disclosure | 482,196,000 | 505,385,000 | |||||||||||||||||
Gross selling price | 194,200,000 | 31,500,000 | 76,625,000 | ||||||||||||||||
Repayment of mortgage notes payable | 4,828,495 | 139,071,895 | 14,833,286 | 29,022,538 | |||||||||||||||
Borrowings from mortgage notes payable | 57,968,052 | 12,980,663 | 28,621,545 | ||||||||||||||||
Berkshires of Columbia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | 1-Feb-24 | 1-Nov-14 | |||||||||||||||||
Repayment of mortgage notes payable | 32,254,894 | ||||||||||||||||||
Borrowings from mortgage notes payable | 44,000,000 | 44,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate Terms | 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR") | 2.43% above the 1-month LIBOR | 2.40% above the 1-month LIBOR | ||||||||||||||||
Bridgewater [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 12,611,983 | [1] | |||||||||||||||||
Debt Instrument, Maturity Date | 1-Dec-14 | ||||||||||||||||||
Debt Instrument, Interest Rate Terms | 2.50% above the Freddie Mac Reference Bill Rate | ||||||||||||||||||
2020 Lawrence [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | 11-Jun-22 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||||||||
First Mortgage [Member] | Walnut Creek [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 4,828,495 | [2] | |||||||||||||||||
First Mortgage [Member] | Berkshires of Columbia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 44,000,000 | [3] | 23,412,485 | [3] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.58% | [3],[4] | |||||||||||||||||
First Mortgage [Member] | Seasons of Laurel [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 99,200,000 | 99,200,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | [4] | |||||||||||||||||
Second Mortgage [Member] | Berkshires of Columbia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 4,050,347 | [3] | |||||||||||||||||
Second Mortgage [Member] | Seasons of Laurel [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 10,101,104 | 10,210,000 | |||||||||||||||||
Debt Instrument, Maturity Date | 1-Oct-22 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | [4] | |||||||||||||||||
Borrowings from mortgage notes payable | 10,210,000 | ||||||||||||||||||
Third Mortgage [Member] | Berkshires of Columbia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 4,875,302 | [3] | |||||||||||||||||
Construction Loans [Member] | Walnut Creek [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 0 | [5] | |||||||||||||||||
Debt Instrument, Maturity Date | 31-Mar-14 | 1-Aug-24 | |||||||||||||||||
Mortgage debt (assigned)/assumed | 4,828,495 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [4] | 5.31% | [5] | |||||||||||||||
Debt Instrument, Borrowing Capacity, Amount | 44,500,000 | 44,500,000 | |||||||||||||||||
Construction Loans [Member] | Aura Prestonwood [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 13,742,498 | [6] | |||||||||||||||||
Debt Instrument, Maturity Date | 22-Jan-17 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.66% | [4],[6] | |||||||||||||||||
Debt Instrument, Interest Rate Terms | 2.50% above the 1-month LIBOR | 2.50% above the 1-month LIBOR | |||||||||||||||||
Debt Instrument, Borrowing Capacity, Amount | 31,054,212 | 31,054,212 | |||||||||||||||||
Construction Loans [Member] | 2020 Lawrence [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 44,810,699 | [7] | 45,159,532 | [7] | |||||||||||||||
Debt Instrument, Maturity Date | 1-Feb-53 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | [4],[7] | 5.00% | ||||||||||||||||
Notes Payable to Banks [Member] | 2020 Lawrence [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 32,000 | [8] | 32,000 | ||||||||||||||||
Debt Instrument, Maturity Date | 22-Mar-15 | 22-Dec-14 | |||||||||||||||||
Principal payments on mortgage notes payable | 193,554 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | [4],[8] | |||||||||||||||||
Borrowings from mortgage notes payable | 225,554 | ||||||||||||||||||
Subsequent Event [Member] | Notes Payable to Banks [Member] | 2020 Lawrence [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | 29-May-15 | ||||||||||||||||||
Partially Owned Properties [Member] | Aura Prestonwood [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of Units in Development Projects | 322 | ||||||||||||||||||
Eon at Lindbergh [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Mortgage assumed | 42,929,530 | ||||||||||||||||||
Eon at Lindbergh [Member] | Wholly Owned Properties [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Noncash or Part Noncash Acquisition, Carrying Value of Debt Assumed | 42,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-May-22 | ||||||||||||||||||
Mortgage assumed | 42,929,530 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||||||||
Pavilion Townplace [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Mortgage assumed | 27,542,536 | ||||||||||||||||||
Pavilion Townplace [Member] | Wholly Owned Properties [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Noncash or Part Noncash Acquisition, Carrying Value of Debt Assumed | 25,571,949 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-Jan-21 | ||||||||||||||||||
Mortgage assumed | $27,542,536 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | ||||||||||||||||||
[1] | Properties were sold during the year ended DecemberB 31, 2014. | ||||||||||||||||||
[2] | December 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. | ||||||||||||||||||
[3] | The Company closed on a $44,000,000 mortgage loan refinancing for Berkshires of Columbia and paid off the first, second and third mortgages during 2014. | ||||||||||||||||||
[4] | All interest rates are fixed as of DecemberB 31, 2014 with the exception of the variable rate debts of Berkshires of Columbia and Aura Prestonwood. The Berkshires of Columbia mortgage has a variable rate of 2.43% above the 1-month London Inter-Bank Offered Rate ("LIBOR"). The mortgage of Aura Prestonwood has a variable interest rate of 2.50% above the 1-month LIBOR. | ||||||||||||||||||
[5] | Amount available under the Walnut Creek construction loan is $44,500,000. There were no advances under the loan as of DecemberB 31, 2014. | ||||||||||||||||||
[6] | Amount available under the construction loan is $31,054,212. The outstanding balance on the loan as of DecemberB 31, 2014 was $13,742,498. | ||||||||||||||||||
[7] | On NovemberB 26, 2014, the Company modified the interest rate on the 2020 Lawrence mortgage. The revised rate on the mortgage was reduced to 4.45% from the original rate of 5.00%. The maturity date of the mortgage remains the same at FebruaryB 1, 2053. | ||||||||||||||||||
[8] | Represents promissory note obtained to fund deposits required to close on loan modification as discussed in (4) above. The note initially matured on DecemberB 22, 2014, at which time the maturity date of the remaining balance of $32,000 on the note was extended to MarchB 22, 2015. The maturity date was subsequently extended to MayB 29, 2015. |
Revolving_Credit_Facility_Affi1
Revolving Credit Facility - Affiliate Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2011 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit, Clean Up Period Required | 365 days | |||
Borrowings from Credit Facility - Affiliate | $0 | $1,627,000 | $1,691,000 | |
Principal payments on Credit Facility - Affiliate | 0 | 1,627,000 | 10,040,422 | |
Capitalization of interest | 1,282,631 | 504,266 | 2,654,194 | |
Related Party Transaction, Amounts of Transaction | 22,108,992 | 16,677,246 | 18,775,036 | |
Affiliated Entity [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | 40,000,000 | ||
Line of Credit Facility, Interest Rate Description | 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 | |||
Affiliated Entity [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capitalization of interest | 0 | 32,981 | 160,778 | |
Maximum [Member] | Affiliated Entity [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Amount | 400,000 | |||
Commitment Fee on Revolving Credit Facility [Member] | Affiliated Entity [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | 0 | 0 | 0 | |
Interest on Revolving Credit Facility [Member] | Affiliated Entity [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $0 | $32,981 | $160,778 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 21, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Aug. 30, 2014 | Feb. 28, 2015 | Feb. 27, 2015 | Jan. 22, 2015 | Jan. 21, 2015 | |
Line of Credit Facility [Line Items] | |||||||||||
Credit Facility | $41,000,000 | $0 | |||||||||
Borrowings from Credit Facility | 116,000,000 | 0 | 0 | ||||||||
Principal payments on Credit Facility | 75,000,000 | 0 | 0 | ||||||||
Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest Expense | 1,951,419 | ||||||||||
Line of Credit Facility, Commitment Fee Amount | 131,551 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,000,000 | 90,000,000 | 60,000,000 | 75,000,000 | |||||||
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%. | ||||||||||
Line of Credit Facility, Interest Rate Description | 3.75% above the 30-day LIBOR | ||||||||||
Line of Credit Facility, Expiration Date | 21-Jan-17 | ||||||||||
Subsequent Event [Member] | Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,000,000 | 60,000,000 | 60,000,000 | 45,000,000 | |||||||
Principal payments on Credit Facility | $31,000,000 |
Notes_Payable_Other_Narrative_
Notes Payable - Other Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 12, 2012 | |
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, Payment Period | 10 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Debt Instrument, Maturity Date | 11-Jun-22 | ||
2020 Lawrence [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable, Fair Value Disclosure | 1,374,000 | $1,287,000 |
Notes_Payable_Other_Note_Payab
Notes Payable - Other Note Payable by Maturity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
2015 | $4,397,551 | |
2016 | 64,595,695 | |
2017 | 56,004,143 | |
2018 | 17,158,868 | |
2019 | 5,370,886 | |
Thereafter | 289,258,265 | |
Long-term Debt | 436,785,408 | 475,525,480 |
Notes Payable, Other Payables [Member] | 2020 Lawrence [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 18,545 | |
2016 | 38,493 | |
2017 | 40,442 | |
2018 | 42,489 | |
2019 | 44,640 | |
Thereafter | 1,065,391 | |
Long-term Debt | $1,250,000 |
Declaration_of_Dividend_and_Di2
Declaration of Dividend and Distributions Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Nov. 15, 2014 | Aug. 15, 2014 | 15-May-14 | Feb. 15, 2014 | Mar. 25, 2003 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax On Distributions [Line Items] | ||||||||
Distributions to preferred shareholders | $6,700,774 | $6,700,775 | $6,700,777 | |||||
Dividend and distributions payable | 837,607 | 837,607 | ||||||
Distributions to common shareholders | 740,900 | 286,800 | 573,600 | |||||
Distribution, Declaration Date | 4-Nov-14 | 6-Aug-13 | ||||||
Distributions | 12,000,000 | |||||||
Noncontrolling interest in properties | ||||||||
Tax On Distributions [Line Items] | ||||||||
Dividend and distributions payable | 0 | 300,000 | ||||||
Noncontrolling interest in Operating Partnership | ||||||||
Tax On Distributions [Line Items] | ||||||||
Dividend and distributions payable | 0 | 0 | ||||||
Adjustments Related to Tax Withholding for Sale of Property | 494,510 | 1,268,438 | 1,719,820 | |||||
Installment 1 FY2012 [Member] | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distribution, Payment Date | 7-Nov-12 | |||||||
Distribution, Declaration Date | 6-Nov-12 | |||||||
Distributions | 15,000,000 | |||||||
Installment 2 FY2012 [Member] | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distribution, Payment Date | 19-Dec-12 | |||||||
Distribution, Declaration Date | 19-Dec-12 | |||||||
Distributions | 9,000,000 | |||||||
Installment 1 FY2013 [Member] | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distribution, Payment Date | 28-Aug-13 | |||||||
Distributions | 9,200,000 | |||||||
Installment 2 FY2013 [Member] | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distribution, Payment Date | 12-Dec-13 | |||||||
Distributions | 2,800,000 | |||||||
Installment 1 FY2014 [Member] | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distribution, Payment Date | 17-Jan-14 | |||||||
Distribution, Declaration Date | 16-Jan-14 | |||||||
Distributions | 20,000,000 | |||||||
Installment 2 FY2014 [Member] | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distribution, Payment Date | 17-Nov-14 | |||||||
Distribution, Declaration Date | 4-Nov-14 | |||||||
Distributions | 11,000,000 | |||||||
Series A Preferred Stock | Preferred Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $0.56 | $0.56 | $0.56 | $0.56 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $2.25 | $2.25 | $2.25 | |||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | |||||||
Preferred Stock, Liquidation Preference Per Share | $25 | |||||||
Dividend and distributions payable | 837,607 | 837,607 | 837,607 | |||||
Class B common stock | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.53 | $0.20 | $0.41 | |||||
Common Stock, Dividends, Per Share, Declared | $0.20 | |||||||
Class B common stock | Installment 1 FY2012 [Member] | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.25 | |||||||
Class B common stock | Installment 2 FY2012 [Member] | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.15 | |||||||
Class B common stock | Installment 1 FY2013 [Member] | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distributions to common shareholders | 219,880 | |||||||
Class B common stock | Installment 2 FY2013 [Member] | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Distributions to common shareholders | $66,920 | |||||||
Class B common stock | Installment 1 FY2014 [Member] | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $0.34 | |||||||
Class B common stock | Installment 2 FY2014 [Member] | Common Stock | ||||||||
Tax On Distributions [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $0.19 |
Declaration_of_Dividend_and_Di3
Declaration of Dividend and Distributions Tax Composition of Distributions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series A Preferred Stock | Preferred Stock | |||
Tax On Distributions [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $2.25 | $2.25 | $2.25 |
Preferred Stock dividend per share by distribution type, percentage | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock | Preferred Stock | Distribution Type, Taxable Ordinary [Member] | |||
Tax On Distributions [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Preferred Stock dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Series A Preferred Stock | Preferred Stock | Distribution Type, Taxable Capital [Member] | |||
Tax On Distributions [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $2.25 | $2.25 | $2.25 |
Preferred Stock dividend per share by distribution type, percentage | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock | Preferred Stock | Distribution Type, Non-Taxable [Member] | |||
Tax On Distributions [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Preferred Stock dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Class B common stock | Common Stock | |||
Tax On Distributions [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.53 | $0.20 | $0.41 |
Common dividend per share by distribution type, percentage | 100.00% | 100.00% | 100.00% |
Class B common stock | Common Stock | Distribution Type, Taxable Ordinary [Member] | |||
Tax On Distributions [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Common dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Class B common stock | Common Stock | Distribution Type, Taxable Capital [Member] | |||
Tax On Distributions [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.35 | $0.12 | $0.41 |
Common dividend per share by distribution type, percentage | 66.30% | 56.40% | 100.00% |
Class B common stock | Common Stock | Distribution Type, Non-Taxable [Member] | |||
Tax On Distributions [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.18 | $0.09 | $0 |
Common dividend per share by distribution type, percentage | 33.70% | 43.60% | 0.00% |
Earnings_per_Share_Earnings_pe1
Earnings per Share Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (loss) from continuing operations | $43,232,691 | $29,596,498 | $54,062,703 | ($3,269,564) | ($375,730) | ($2,885,392) | ($4,099,685) | ($4,114,526) | $123,622,328 | ($11,475,333) | ($13,189,669) |
Net (income) loss from continuing operations attributable to noncontrolling interest in properties | -186,476 | -100,806 | -281,788 | ||||||||
Net (income) loss from continuing operations attributable to noncontrolling interest in Operating Partnership | -113,945,110 | 17,840,095 | 19,690,119 | ||||||||
Preferred dividend | -1,675,194 | -1,675,193 | -1,675,193 | -1,675,194 | -1,675,193 | -1,675,194 | -1,675,194 | -1,675,194 | -6,700,774 | -6,700,775 | -6,700,777 |
Income (loss) from continuing operations attributable to the Company | 2,789,968 | -436,819 | -482,115 | ||||||||
Net income (loss) from discontinued operations | -114,216 | 18,684,966 | 42,210,823 | ||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest in properties | 148 | -6,486 | -9,515,516 | ||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interest in Operating Partnership | 111,342 | -18,232,063 | -31,913,890 | ||||||||
Net income (loss) from discontinued operations attributable to the Company | -2,726 | 446,417 | 781,417 | ||||||||
Net income available to common shareholders | $993,682 | $666,966 | $1,249,053 | ($122,459) | ($51,845) | ($109,906) | $307,373 | ($136,024) | $2,787,242 | $9,598 | $299,302 |
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $0.71 | $0.47 | $0.89 | ($0.09) | ($0.04) | ($0.08) | ($0.10) | ($0.10) | $1.98 | ($0.31) | ($0.34) |
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $0 | $0 | $0 | $0 | $0 | $0 | $0.32 | $0 | $0 | $0.32 | $0.55 |
Net income available to common shareholders per common share, basic and diluted | $0.71 | $0.47 | $0.89 | ($0.09) | ($0.04) | ($0.08) | $0.22 | ($0.10) | $1.98 | $0.01 | $0.21 |
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 |
Earnings_per_Share_EPS_Correct1
Earnings per Share EPS Correction (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $0.71 | $0.47 | $0.89 | ($0.09) | ($0.04) | ($0.08) | ($0.10) | ($0.10) | $1.98 | ($0.31) | ($0.34) |
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $0 | $0 | $0 | $0 | $0 | $0 | $0.32 | $0 | $0 | $0.32 | $0.55 |
Net income available to common shareholders per common share, basic and diluted | $0.71 | $0.47 | $0.89 | ($0.09) | ($0.04) | ($0.08) | $0.22 | ($0.10) | $1.98 | $0.01 | $0.21 |
Adjustments for Error Corrections, Out of Period Adjustment [Member] | Scenario, Previously Reported [Member] | |||||||||||
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | ($13.28) | ($29.81) | |||||||||
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $13.29 | $30.02 | |||||||||
Net income available to common shareholders per common share, basic and diluted | $0.01 | $0.21 |
Future_Minimum_Rent_Details
Future Minimum Rent (Details) (USD $) | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $212,969 |
2016 | 261,303 |
2017 | 303,120 |
2018 | 318,578 |
2019 | 245,592 |
Thereafter | 1,117,161 |
Operating Leases, Future Minimum Payments Receivable | $2,458,723 |
Commitments_and_Contingencies_
Commitments and Contingencies Narrative (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 23, 2014 | |||
apartments | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitments and contingencies | 0 | 0 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 11,700,000 | ||||
Walnut Creek [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of Units in Development Projects | 141 | ||||
Capital Addition Purchase Commitments [Member] | Corporate Joint Venture [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of Real Estate Development Projects | 2 | 3 | |||
Capital Addition Purchase Commitments [Member] | Walnut Creek [Member] | Corporate Joint Venture [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitments and contingencies | 26,900,000 | ||||
Investment Owned, at Cost | 16,600,000 | ||||
Capital Addition Purchase Commitments [Member] | Aura Prestonwood [Member] | Corporate Joint Venture [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitments and contingencies | 12,643,500 | ||||
Partially Owned Properties [Member] | Aura Prestonwood [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of Units in Development Projects | 322 | ||||
Walnut Creek [Member] | Capital Addition Purchase Commitments [Member] | Corporate Joint Venture [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Development Projects, Ownership Percentage | 98.00% | ||||
Walnut Creek [Member] | Partially Owned Properties [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Real Estate Property, Ownership Percentage | 98.00% | [1] | 98.00% | [1] | |
Aura Prestonwood [Member] | Partially Owned Properties [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of Units in Development Projects | 322 | ||||
Real Estate Property, Ownership Percentage | 95.00% | [1] | |||
Construction Loans [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 44,500,000 | ||||
Incentive Advisory Fee [Member] | Berkshire Advisor [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Related Party Transaction, Required Accrual Rate Above the Established Base Value | 10.00% | ||||
Incentive Advisory Fee [Member] | Maximum [Member] | Berkshire Advisor [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Related Party Transaction, Required Accrual Rate Above the Established Base Value | 12.00% | ||||
[1] | Walnut Creek and Aura Prestonwood were under development as of DecemberB 31, 2014. The Company will own a 98.00% interest in Walnut Creek once fully invested. The Company has fully invested its total committed capital amount in Aura Prestonwood and owns a 95.00% interest. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivative Financial Instrument (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Derivative financial instrument | $258,990 | $0 | $0 |
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 | $50,224 |
Noncontrolling_Interests_in_Pr1
Noncontrolling Interests in Properties (Details) (USD $) | 12 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 15, 2014 | Jul. 16, 2014 | ||||
Noncontrolling Interest [Line Items] | ||||||||
Distributions to noncontrolling interest holders in properties | $2,087,044 | $1,725,443 | $8,716,462 | |||||
Dividend and distributions payable | 837,607 | 837,607 | ||||||
Contribution from noncontrolling interest holders in properties | 665,447 | 670,505 | 400,065 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 97.61% | 97.61% | 97.61% | |||||
Country Place I & II [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 42.00% | |||||||
Partially Owned Properties [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Number of Real Estate Properties | 4 | |||||||
Partially Owned Properties [Member] | Berkshires of Columbia [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 91.38% | 91.38% | ||||||
Partially Owned Properties [Member] | Country Place I [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 58.00% | [1] | 58.00% | |||||
Partially Owned Properties [Member] | Country Place II [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 58.00% | [1] | 58.00% | |||||
Partially Owned Properties [Member] | Country Place I & II [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 58.00% | [1] | ||||||
Partially Owned Properties [Member] | Walnut Creek [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 98.00% | [2] | 98.00% | [2] | ||||
Partially Owned Properties [Member] | 2020 Lawrence [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 91.08% | [3] | 91.08% | [3] | ||||
Partially Owned Properties [Member] | Aura Prestonwood [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Real Estate Property, Ownership Percentage | 95.00% | [2] | ||||||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Country Place I & II [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 58.00% | |||||||
Noncontrolling interest in properties | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Dividend and distributions payable | 0 | 300,000 | ||||||
Contributions | 665,447 | 670,505 | 400,065 | |||||
Distributions | $2,087,044 | $1,425,443 | $9,016,462 | |||||
[1] | The Company discontinued the use of the consolidation method of accounting for its investment in Country Place I and Country Place II as a result of change in ownership structure and sold the properties during the year ended DecemberB 31, 2014. | |||||||
[2] | Walnut Creek and Aura Prestonwood were under development as of DecemberB 31, 2014. The Company will own a 98.00% interest in Walnut Creek once fully invested. The Company has fully invested its total committed capital amount in Aura Prestonwood and owns a 95.00% interest. | |||||||
[3] | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. |
Noncontrolling_Interest_in_Ope2
Noncontrolling Interest in Operating Partnership Noncontrolling Interest in Operating Partnership Calculation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | |||||||||||
Document Period End Date | 31-Dec-14 | ||||||||||
Net income | $43,232,691 | $29,596,498 | $54,062,703 | ($3,383,780) | ($427,158) | ($2,897,836) | $14,531,303 | ($3,996,676) | $123,508,112 | $7,209,633 | $29,021,154 |
Net income attributable to noncontrolling interest in properties | -186,328 | -107,292 | -9,797,304 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest in Operating Partnership | 123,321,784 | 7,102,341 | 19,223,850 | ||||||||
Preferred dividend | -1,675,194 | -1,675,193 | -1,675,193 | -1,675,194 | -1,675,193 | -1,675,194 | -1,675,194 | -1,675,194 | -6,700,774 | -6,700,775 | -6,700,777 |
Net Income (Loss), Available to Operating Partnerships | 116,621,010 | 401,566 | 12,523,073 | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 97.61% | 97.61% | 97.61% | 97.61% | 97.61% | ||||||
Net income attributable to noncontrolling interest in Operating Partnership | 113,833,768 | 391,968 | 12,223,771 | ||||||||
Noncontrolling interest in Operating Partnership | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Net income | 113,833,768 | 391,968 | 12,223,771 | ||||||||
Net income attributable to noncontrolling interest in Operating Partnership | $113,833,768 | $391,968 | $12,223,771 |
Noncontrolling_Interest_in_Ope3
Noncontrolling Interest in Operating Partnership Summary of Noncontrolling Interest in Operating Partnership (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | |||
Net income attributable to noncontrolling interest in Operating Partnership | $113,833,768 | $391,968 | $12,223,771 |
Noncontrolling Interest, Ownership Units Held by Noncontrolling Owners | 5,242,223 | 5,242,223 | |
Distributions | -12,000,000 | ||
Noncontrolling interest in Operating Partnership | |||
Noncontrolling Interest [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | -102,297,937 | ||
Net income attributable to noncontrolling interest in Operating Partnership | 113,833,768 | 391,968 | 12,223,771 |
Distributions | 30,753,610 | 12,981,638 | 25,146,220 |
Stockholders' Equity Attributable to Noncontrolling Interest | ($19,217,779) | ($102,297,937) |
Related_Party_Transactions_Rel1
Related Party Transactions Related Party Transactions by Type (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | $22,108,992 | $16,677,246 | $18,775,036 | |||||||||||
Net income | 43,232,691 | 29,596,498 | 54,062,703 | -3,383,780 | -427,158 | -2,897,836 | 14,531,303 | -3,996,676 | 123,508,112 | 7,209,633 | 29,021,154 | |||
Property Management Fees [Member] | Berkshire Advisor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | 3,407,126 | [1] | 3,200,276 | [1] | 3,448,399 | [1] | ||||||||
Interest on Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Affiliated Entity [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | 0 | 32,981 | 160,778 | |||||||||||
Scenario, Adjustment [Member] | Adjustments for Error Corrections, Out of Period Adjustment [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Net income | -330,403 | |||||||||||||
Scenario, Adjustment [Member] | Adjustments for Error Corrections, Out of Period Adjustment [Member] | Property Management Fees [Member] | Berkshire Advisor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | $330,403 | [1] | ||||||||||||
[1] | During the year ended December 31, 2014, the Company recorded an out of period adjustment that increased management fee expense by an aggregate of $330,403 to reflect the under accrual of property management fees in prior year. The cumulative effect of the out of period adjustment for the year ended December 31, 2014 was a $330,403 decrease in net income. The Company has determined that the adjustment was not material to any prior periods, nor in the current year. |
Related_Party_Transactions_Nar
Related Party Transactions Narrative (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates, net | ($3,085,668) | ($2,454,167) | ||||
Due to Affiliate | 5,146,525 | 5,070,512 | ||||
Due from Affiliates | 2,060,857 | 2,616,345 | ||||
Borrowings from Credit Facility - Affiliate | 0 | 1,627,000 | 1,691,000 | |||
Principal payments on Credit Facility - Affiliate | 0 | 1,627,000 | 10,040,422 | |||
Related Party Transaction, Amounts of Transaction | 22,108,992 | 16,677,246 | 18,775,036 | |||
Incentive advisory fees | 6,142,782 | 2,494,013 | 3,113,100 | |||
Capitalization of interest | 1,282,631 | 504,266 | 2,654,194 | |||
Due to affiliate, incentive advisory fees | 13,698,562 | 8,289,617 | ||||
Revolving Credit Facility [Member] | Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Capitalization of interest | 0 | 32,981 | 160,778 | |||
Property Management Fees [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 3,407,126 | [1] | 3,200,276 | [1] | 3,448,399 | [1] |
Property Management Fees [Member] | Corporate Joint Venture [Member] | Equity Method Investee [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 3,098,375 | 5,243,005 | 5,348,359 | |||
Salary Reimbursements [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 8,093,687 | 8,753,851 | 9,749,185 | |||
Incentive Advisory Fee [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 6,142,782 | 2,494,013 | 3,113,100 | |||
Related Party Transaction, Required Accrual Rate Above the Established Base Value | 10.00% | |||||
Related Party Transaction, Amount Received (Paid) During Period | 733,837 | 838,657 | 383,119 | |||
Incentive Advisory Fee [Member] | Maximum [Member] | Berkshire Advisor [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% | |||||
Commitment Fee on Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 0 | 0 | 0 | |||
Interest on Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 0 | 32,981 | 160,778 | |||
Construction Management Fees [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 652,416 | 253,392 | 194,737 | |||
Construction Management Fees [Member] | Corporate Joint Venture [Member] | Equity Method Investee [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 130,897 | 644,014 | 783,248 | |||
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 | 1,617,707 | 1,631,954 | 1,649,259 | |||
Asset Management Fees [Member] | Maximum [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 1,600,000 | |||||
Asset Management Fees [Member] | Corporate Joint Venture [Member] | Equity Method Investee [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 2,401,881 | 3,804,320 | 4,008,469 | |||
Development Fees [Member] | Berkshire Residental Development [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 242,947 | 97,695 | 278,820 | |||
Expense Reimbursements [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 252,577 | 213,084 | 180,758 | |||
Acquisition Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 1,699,750 | 0 | 0 | |||
Acquisition Fees [Member] | Berkshire Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Fee, Rate | 1.00% | |||||
Acquisition Fees [Member] | Pavilion Townplace [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 560,000 | 0 | 0 | |||
Acquisition Fees [Member] | Eon at Lindbergh [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 640,000 | 0 | 0 | |||
Acquisition Fees [Member] | Elan Redmond Town Center [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $499,750 | $0 | $0 | |||
[1] | During the year ended December 31, 2014, the Company recorded an out of period adjustment that increased management fee expense by an aggregate of $330,403 to reflect the under accrual of property management fees in prior year. The cumulative effect of the out of period adjustment for the year ended December 31, 2014 was a $330,403 decrease in net income. The Company has determined that the adjustment was not material to any prior periods, nor in the current year. |
Selected_Interim_Financial_Inf2
Selected Interim Financial Information Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Revenues | $17,836,039 | $19,762,266 | $23,406,138 | $21,176,665 | $20,558,728 | $20,202,235 | $19,851,078 | $19,420,089 | $82,181,108 | $80,032,130 | $74,513,645 |
Loss before equity in income (loss) of unconsolidated multifamily entities | -4,888,953 | -5,492,981 | -7,750,233 | -3,952,056 | -2,920,110 | -2,860,893 | -3,244,549 | -3,338,559 | -22,084,223 | -12,364,111 | -12,920,748 |
Income (loss) from continuing operations | 43,232,691 | 29,596,498 | 54,062,703 | -3,269,564 | -375,730 | -2,885,392 | -4,099,685 | -4,114,526 | 123,622,328 | -11,475,333 | -13,189,669 |
Income (loss) from discontinued operations | -10,895 | -12,444 | -58,070 | 117,850 | -114,216 | 36,441 | -1,372,042 | ||||
Gain on disposition of real estate assets, net | -40,533 | 0 | 18,689,058 | 0 | 0 | 18,648,525 | 43,582,865 | ||||
Net income (loss) from discontinued operations | 0 | 0 | 0 | -114,216 | -51,428 | -12,444 | 18,630,988 | 117,850 | -114,216 | 18,684,966 | 42,210,823 |
Net income (loss) | 43,232,691 | 29,596,498 | 54,062,703 | -3,383,780 | -427,158 | -2,897,836 | 14,531,303 | -3,996,676 | 123,508,112 | 7,209,633 | 29,021,154 |
Preferred dividend | 1,675,194 | 1,675,193 | 1,675,193 | 1,675,194 | 1,675,193 | 1,675,194 | 1,675,194 | 1,675,194 | 6,700,774 | 6,700,775 | 6,700,777 |
Net income (loss) available to common shareholders | $993,682 | $666,966 | $1,249,053 | ($122,459) | ($51,845) | ($109,906) | $307,373 | ($136,024) | $2,787,242 | $9,598 | $299,302 |
Net income (loss) from continuing operations attributable to the Company per common share, basic and diluted | $0.71 | $0.47 | $0.89 | ($0.09) | ($0.04) | ($0.08) | ($0.10) | ($0.10) | $1.98 | ($0.31) | ($0.34) |
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | $0 | $0 | $0 | $0 | $0 | $0 | $0.32 | $0 | $0 | $0.32 | $0.55 |
Net income (loss) available to common shareholders per common share, basic and diluted | $0.71 | $0.47 | $0.89 | ($0.09) | ($0.04) | ($0.08) | $0.22 | ($0.10) | $1.98 | $0.01 | $0.21 |
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 |
Proforma_Condensed_Financial_I2
Proforma Condensed Financial Information (Unaudited) Detail (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $17,836,039 | $19,762,266 | $23,406,138 | $21,176,665 | $20,558,728 | $20,202,235 | $19,851,078 | $19,420,089 | $82,181,108 | $80,032,130 | $74,513,645 |
Business Acquisition, Pro Forma Revenue | 86,218,179 | 90,815,514 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 123,501,574 | 3,868,152 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders | 2,780,704 | -3,331,883 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders, per Share, Basic | $1.98 | ($2.37) | |||||||||
Loss before equity in income (loss) of unconsolidated multifamily entities | -4,888,953 | -5,492,981 | -7,750,233 | -3,952,056 | -2,920,110 | -2,860,893 | -3,244,549 | -3,338,559 | -22,084,223 | -12,364,111 | -12,920,748 |
Pavilion, EON & Elan [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 8,862,947 | ||||||||||
Loss before equity in income (loss) of unconsolidated multifamily entities | ($4,745,573) |
Subsequent_Events_Narrative_De
Subsequent Events Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 02, 2015 | Mar. 31, 2015 | Feb. 27, 2015 | Mar. 09, 2015 | Sep. 30, 2014 | Aug. 30, 2014 | Jan. 21, 2014 | Feb. 28, 2015 | Jan. 22, 2015 | Jan. 21, 2015 | Feb. 17, 2011 | |
Subsequent Event [Line Items] | ||||||||||||||
Borrowings from mortgage notes payable | $57,968,052 | $12,980,663 | $28,621,545 | |||||||||||
Borrowings from note payable - other | 0 | 0 | 1,250,000 | |||||||||||
Principal payments on Credit Facility | 75,000,000 | 0 | 0 | |||||||||||
Number of Units in Real Estate Property | 4,246 | 5,499 | ||||||||||||
Distributions of return on investments in unconsolidated multifamily entities | 1,581,438 | 305,401 | 0 | |||||||||||
Gatehouse 75 [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Borrowings from mortgage notes payable | 36,210,000 | |||||||||||||
Debt Instrument, Maturity Date | 1-Apr-22 | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,000,000 | 60,000,000 | 75,000,000 | 90,000,000 | ||||||||||
Line of Credit [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Subsequent Event, Date | 27-Feb-15 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000,000 | 45,000,000 | 60,000,000 | 45,000,000 | ||||||||||
Principal payments on Credit Facility | 31,000,000 | |||||||||||||
Wholly Owned Properties [Member] | Gatehouse 75 [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Business Acquisition, Effective Date of Acquisition | 2-Mar-15 | |||||||||||||
Number of Units in Real Estate Property | 99 | |||||||||||||
Business Acquisition, Property Price | 54,450,000 | |||||||||||||
First Mortgage [Member] | Elan Redmond Town Center [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Borrowings from mortgage notes payable | 19,900,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.33% | |||||||||||||
Debt Instrument, Maturity Date | 1-Mar-22 | |||||||||||||
First Mortgage [Member] | Gatehouse 75 [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Borrowings from mortgage notes payable | 21,800,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | |||||||||||||
Second Mortgage [Member] | Elan Redmond Town Center [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Borrowings from mortgage notes payable | 12,250,000 | |||||||||||||
Debt Instrument, Interest Rate Terms | 1.99% above the 1-month LIBOR | |||||||||||||
Debt Instrument, Maturity Date | 1-Mar-22 | |||||||||||||
Second Mortgage [Member] | Gatehouse 75 [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Borrowings from mortgage notes payable | 14,410,000 | |||||||||||||
Debt Instrument, Interest Rate Terms | 1.95% above the 1-month LIBOR | |||||||||||||
Affiliated Entity [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | 40,000,000 | ||||||||||||
Affiliated Entity [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | LIBOR plus 5% | |||||||||||||
Debt Instrument, Maturity Date | 31-Dec-16 | |||||||||||||
Borrowings from note payable - other | 5,800,000 | |||||||||||||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | NOMA Residental West I, LLC [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Equity Method Investment, Distribution As Percentage of Total Commitment | 3.20% | |||||||||||||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | NOMA Residental West I, LLC [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Distributions of return on investments in unconsolidated multifamily entities | $1,333,333 | |||||||||||||
Equity Method Investment, Distribution As Percentage of Total Commitment | 9.20% |