Berkshire Income Realty 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2015	14-May-15
Entity Information [Line Items]
Entity Registrant Name	BERKSHIRE INCOME REALTY, INC.
Entity Central Index Key	1178862
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,406,196

Consolidated_Balance_Sheets_St

Consolidated Balance Sheets Statement (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Multifamily apartment communities, net of accumulated depreciation of $197,479,523 and $190,993,267, respectively	$533,856,962	$472,942,656
Cash and cash equivalents	12,922,191	4,369,626	14,220,451	15,254,613
Cash restricted for tenant security deposits	1,230,356	1,202,884
Restricted cash held in escrow for 1031 exchange	0	11,920,578
Replacement reserve escrow	1,492,548	1,425,007
Prepaid expenses and other assets	7,349,357	8,807,199
Investment in unconsolidated multifamily entities	12,770,521	14,078,222
Acquired in-place leases and tenant relationships, net of accumulated amortization of $2,141,202 and $1,518,971, respectively	1,236,437	1,219,543
Deferred expenses, net of accumulated amortization of $2,643,498 and $2,239,550, respectively	5,757,368	5,706,855
Total assets	576,615,740	521,672,570
Liabilities:
Mortgage notes payable	511,538,866	436,785,408
Credit Facility	19,000,000	41,000,000
Note payable - affiliate	5,800,000	0
Note payable - other	1,250,000	1,250,000
Due to affiliates, net	3,148,517	3,085,668
Due to affiliate, incentive advisory fees	13,868,578	13,698,562
Dividend and distributions payable	1,462,907	837,607
Accrued expenses and other liabilities	14,810,192	12,889,999
Tenant security deposits	1,608,731	1,451,751
Total liabilities	572,487,791	510,998,995
Commitments and contingencies	0	0
Equity:
Total equity (deficit)	4,127,949	10,673,575
Total liabilities and equity	576,615,740	521,672,570
Noncontrolling interest in properties
Equity:
Noncontrolling interest	-58,498	-25,658
Total equity (deficit)	-58,498	-25,658	615,734	879,785
Noncontrolling interest in Operating Partnership
Equity:
Noncontrolling interest	-25,589,851	-19,217,779	-126,878,188
Total equity (deficit)	-25,589,851	-19,217,779	-126,878,188	-102,297,937
Noncontrolling interest in Operating Partnership | 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 March 31, 2015 and December 31, 2014, respectively
Liabilities:
Dividend and distributions payable	625,300		0
Preferred Stock [Member] | Series A 9% Cumulative Redeemable Preferred Stock, no par value, $25 stated value, 5,000,000 shares authorized, 2,978,110 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively
Liabilities:
Dividend and distributions payable	837,607		837,607
Equity:
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 [Member] | Class A common stock, $.01 par value, 5,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively
Equity:
Common Stock, Value, Outstanding	0	0
Common Stock [Member] | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively
Equity:
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 March 31, 2015 and December 31, 2014, respectively
Equity:
Excess Stock, Value, Outstanding	0	0
Accumulated deficit
Equity:
Accumulated deficit	-40,448,594	-40,307,880
Total equity (deficit)	($40,448,594)	($40,307,880)	($42,954,681)	($42,354,222)

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parentheticals (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Multifamily apartment communities, accumulated depreciation	$197,479,523	$190,993,267
Acquire in-place leases and tenant relationships, accumulated amortization	2,141,202	1,518,971
Deferred expenses, accumulated amortization	$2,643,498	$2,239,550
Preferred Stock [Member] | Series A Preferred Stock
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock, Par or Stated Value Per Share	$25	$25
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	2,978,110	2,978,110
Preferred Stock, Shares Outstanding	2,978,110	2,978,110	2,978,110	2,978,110
Common Stock [Member] | Common Class A
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$0.01	$0.01
Common Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Common Stock [Member] | Common Class B
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$0.01	$0.01
Common Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Shares, Issued	1,406,196	1,406,196
Common Stock, Shares, Outstanding	1,406,196	1,406,196	1,406,196	1,406,196
Excess Stock
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Excess stock, Par or Stated Value Per Share	$0.01	$0.01
Excess Stock, Shares Authorized	15,000,000	15,000,000
Excess Stock, Shares Issued	0	0
Excess Stock, Shares Outstanding	0	0

Consolidated_Statements_of_Ope

Consolidated Statements of Operations Statement (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Rental	$16,928,674	$19,289,286
Utility reimbursement	752,397	918,837
Other	984,582	968,542
Total revenue	18,665,653	21,176,665
Expenses:
Operating	4,772,734	6,321,228
Maintenance	921,638	1,132,823
Real estate taxes	2,114,675	2,183,181
General and administrative	715,228	621,161
Management fees	1,152,463	1,226,253
Incentive advisory fees	338,605	264,045
Depreciation	6,486,256	6,286,212
Interest, inclusive of amortization of deferred financing fees	5,796,484	7,093,818
Amortization of acquired in-place leases and tenant relationships	622,231	0
Total expenses	22,920,314	25,128,721
Loss before equity in income of unconsolidated multifamily entities	-4,254,661	-3,952,056
Equity in income of unconsolidated multifamily entities	25,632	682,492
Net loss from continuing operations	-4,229,029	-3,269,564
Discontinued operations:
Net loss from discontinued operations	0	-114,216
Net loss	-4,229,029	-3,383,780
Net (income) loss attributable to noncontrolling interest in properties	16,736	-64,836
Net loss attributable to noncontrolling interest in Operating Partnership	5,746,772	5,001,351
Net income attributable to the Company	1,534,479	1,552,735
Preferred dividend	-1,675,193	-1,675,194
Net loss available to common shareholders	($140,714)	($122,459)
Net loss from continuing operations attributable to the Company per common share, basic and diluted (dollars per share)	($0.10)	($0.09)
Net loss from discontinued operations attributable to the Company per common share, basic and diluted (dollars per share)	$0	$0
Net loss available to common shareholders per common share, basic and diluted	($0.10)	($0.09)
Weighted average number of common shares outstanding, basic and diluted	1,406,196	1,406,196

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Deficit Statement (USD $)	Total	Accumulated deficit	Noncontrolling interest in properties	Noncontrolling interest in Operating Partnership	Total Deficit	Series A Preferred Stock	Common Class B
						Preferred Stock [Member]	Common Stock [Member]
Beginning balance at Dec. 31, 2013		($42,354,222)	$879,785	($102,297,937)	($73,547,482)	$70,210,830	$14,062
Common Stock, Shares, Outstanding at Dec. 31, 2013							1,406,196
Preferred Stock, Shares Outstanding at Dec. 31, 2013						2,978,110
Net income (loss)	-3,383,780	1,552,735	64,836	-5,001,351	-3,383,780	0	0
Contributions		0	619,093	0	619,093	0	0
Distributions		-478,000	-947,980	-19,578,900	-21,004,880	0	0
Distributions to preferred shareholders		-1,675,194	0	0	-1,675,194	0	0
Ending balance at Mar. 31, 2014		-42,954,681	615,734	-126,878,188	-98,992,243	70,210,830	14,062
Preferred Stock, Shares Outstanding at Mar. 31, 2014						2,978,110
Common Stock, Shares, Outstanding at Mar. 31, 2014							1,406,196
Beginning balance at Dec. 31, 2014	10,673,575	-40,307,880	-25,658	-19,217,779	10,673,575	70,210,830	14,062
Common Stock, Shares, Outstanding at Dec. 31, 2014							1,406,196
Preferred Stock, Shares Outstanding at Dec. 31, 2014						2,978,110
Net income (loss)	-4,229,029	1,534,479	-16,736	-5,746,772	-4,229,029	0	0
Contributions		0	0	0	0	0	0
Distributions		0	-16,104	-625,300	-641,404	0	0
Distributions to preferred shareholders		-1,675,193	0	0	-1,675,193	0	0
Ending balance at Mar. 31, 2015	$4,127,949	($40,448,594)	($58,498)	($25,589,851)	$4,127,949	$70,210,830	$14,062
Preferred Stock, Shares Outstanding at Mar. 31, 2015						2,978,110
Common Stock, Shares, Outstanding at Mar. 31, 2015							1,406,196

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows Statement (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($4,229,029)	($3,383,780)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of deferred costs	242,263	249,082
Amortization of acquired in-place leases and tenant relationships	622,231	0
Amortization of fair value premium on debt	-96,048	-31,432
Loss on derivative financial instrument	26,287	208,766
Depreciation	6,486,256	6,286,212
Deferred costs	-18,366	-10,577
Equity in income of unconsolidated multifamily entities	-25,632	-682,492
Increase (decrease) in cash attributable to changes in assets and liabilities:
Tenant security deposits, net	49,426	86,515
Prepaid expenses and other assets	1,431,555	1,259,196
Due to/from affiliates	62,849	850,373
Due to affiliate - incentive advisory fees	170,016	117,942
Accrued expenses and other liabilities	100,818	-1,213,833
Distributions of return on investments in unconsolidated multifamily entities	1,333,333	400,421
Net cash provided by operating activities	6,155,959	4,136,393
Cash flows from investing activities:
Capital improvements	-11,944,096	-5,303,819
Acquisition of multifamily apartment communities	-54,020,670	-60,611,119
Distributions from investment in unconsolidated multifamily entities	0	544,680
Return of restricted cash held in escrow for 1031 exchange	11,920,578	0
Interest earned on replacement reserve deposits	-115	-216
Deposits to replacement reserve escrow	-67,426	-106,259
Net cash used in investing activities	-54,111,729	-65,476,733
Cash flows from financing activities:
Borrowings from mortgage notes payable	75,789,994	44,001,003
Principal payments on mortgage notes payable	-940,488	-1,577,183
Repayments of mortgage notes payable	0	-37,083,389
Borrowings from Credit Facility	9,000,000	80,000,000
Principal payments on Credit Facility	-31,000,000	0
Borrowings from note payable - affiliate	5,800,000	0
Deferred financing costs	-449,874	-2,973,272
Contribution from noncontrolling interest holders in properties	0	619,093
Distributions to noncontrolling interest holders in properties	-16,104	-947,980
Distributions to noncontrolling interest partners in Operating Partnership	0	-19,578,900
Distributions to common shareholders	0	-478,000
Distributions to preferred shareholders	-1,675,193	-1,675,194
Net cash provided by financing activities	56,508,335	60,306,178
Net increase (decrease) in cash and cash equivalents	8,552,565	-1,034,162
Cash and cash equivalents at beginning of period	4,369,626	15,254,613
Cash and cash equivalents at end of period	12,922,191	14,220,451
Noncontrolling interest in Operating Partnership
Cash flows from operating activities:
Net loss	($5,746,772)	($5,001,351)

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows Supplemental Disclosures (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental disclosure:
Cash paid for interest, net of capitalized interest	$5,144,018	$7,407,646
Capitalization of interest	490,687	215,996
Supplemental disclosure of non-cash investing and financing activities:
Capital improvements included in accrued expenses and other liabilities	5,653,788	1,433,990
Dividend and distributions payable	1,462,907
Assets acquired:
Multifamily apartment communities	-53,485,875	-129,560,979
Acquired in-place leases and tenant relationships	-639,125	-1,642,098
Prepaid expenses and other assets	0	-632,521
Liabilities assumed:
Accrued expenses	24,248	511,151
Tenant security deposit liability	80,082	241,262
Mortgage notes payable	0	70,472,066
Net cash used for acquiistion of multifamily apartment communities	-54,020,670	-60,611,119
Series A Preferred Stock | Preferred Stock [Member]
Supplemental disclosure of non-cash investing and financing activities:
Dividend and distributions payable	837,607	837,607
Series A Preferred Stock | Noncontrolling interest in Operating Partnership
Supplemental disclosure of non-cash investing and financing activities:
Dividend and distributions payable	$625,300	$0

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
ORGANIZATION AND BASIS OF PRESENTATION [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION
	Berkshire Income Realty, Inc. (the “Company”), a Maryland corporation, was incorporated on July 19, 2002 and 100 Class B common shares were issued upon organization.  The Company is in the business of acquiring, owning, operating, developing and rehabilitating multifamily apartment communities.  As of March 31, 2015, the Company owned, or had an interest in, 14 multifamily apartment communities consisting of 4,345 total apartment units, two multifamily development projects and two unconsolidated multifamily entities. The Company conducts its business through Berkshire Income Realty-OP, L.P. (the "Operating Partnership").
	The Company elected to be treated as a real estate investment trust ("REIT") under Section 856 of the Tax Code (the "Code"), with the filing of its first tax return. As a result, the Company generally is not subject to federal corporate income tax on its taxable income that is distributed to its shareholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income. The Company's policy is to make sufficient distributions of its taxable income to meet the REIT distribution requirements. The Company must also meet other operational requirements with respect to its investments, assets and income. The Company monitors these various requirements on a quarterly basis and believes that as of and for the three-month periods ended March 31, 2015 and 2014, it was in compliance on all such requirements. Accordingly, the Company has made no provision for federal income taxes in the accompanying consolidated financial statements. The Company is subject to certain state level taxes based on the location of its properties.
	Discussion of acquisitions for the three-month period ended March 31, 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 $54,125,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The Company has acquired Gatehouse 75 as a replacement property in an exchange transaction under Section 1031 of the Internal Revenue Code for Yorktowne, which was sold in 2014.
	Accounting Standards Codification ("ASC") 805-10 requires that identifiable assets acquired and liabilities assumed be recorded at fair value as of the acquisition date. As of the acquisition date, the amounts recognized for each major class of assets acquired and liabilities assumed is as follows:
		Gatehouse 75
	Asset acquired:
	Multifamily apartment communities	$	53,485,875
	Acquired in-place leases and tenant relationships	639,125
	Total assets acquired	$	54,125,000
	Liabilities assumed:
	Accrued expenses	$	24,248
	Tenant security deposit liability	80,082
	Total liabilities assumed	$	104,330
	Discussion of dispositions for the three-month period ended March 31, 2015
	The Company did not dispose of any properties during the three-month period ended March 31, 2015.
	Recent Accounting Pronouncements
	On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements. The standard is applied prospectively and is effective in 2015 with early adoption permitted. The Company has elected to early adopt this standard effective with the interim period beginning April 1, 2014. Prior to April 1, 2014, disposed properties are presented in discontinued operations.
	On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, 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.
	On February 18, 2015, the FASB issued ASU 2015-02, Amendment to the Consolidation Analysis (Topic 810), which changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are variable interest entities ("VIEs") or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption 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.
	On April 7, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The Company is currently assessing the potential impact that the adoption of this guidance will have on its financial position and results of operations.
	Unaudited interim consolidated financial statements
	The accompanying interim consolidated financial statements of the Company are unaudited; however, the consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted.  In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement for the interim periods have been included.  The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The interim financial statements and notes thereto should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	Consolidated Statements of Comprehensive Loss
	For the three-month periods ended March 31, 2015 and 2014, comprehensive loss equaled net loss.  Therefore, the Consolidated Statements of Comprehensive Income and Loss required to be presented have been omitted from the consolidated financial statements.

Multifamily_Apartment_Communit

Multifamily Apartment Communities	3 Months Ended
	Mar. 31, 2015
MULTIFAMILY APARTMENT COMMUNITIES [Abstract]
Multifamily Apartment Communities	MULTIFAMILY APARTMENT COMMUNITIES
	The following summarizes the carrying value of the Company’s multifamily apartment communities:
		March 31,			December 31,
		2015			2014
		(unaudited)			(audited)
	Land	$	85,531,674		$	80,131,674
	Buildings, improvement and personal property	645,804,811			583,804,249
	Multifamily apartment communities	731,336,485			663,935,923
	Accumulated depreciation	(197,479,523		)	(190,993,267		)
	Multifamily apartment communities, net	$	533,856,962		$	472,942,656
	The Company accounts for its acquisitions of investments in real estate in accordance with ASC 805-10, which requires the fair value of the real estate acquired be allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment and identified intangible assets and liabilities, consisting of the value of the above-market and below-market leases, the value of in-place leases and the value of other tenant relationships, based in each case on their fair values. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases. 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 during the three-month period ended March 31, 2015 or the year ended December 31, 2014.
	Discontinued Operations
	The residual operating results of properties sold in 2013 and their discontinued operations for the three-month periods ended March 31, 2015 and 2014 are presented in the following table.
		Three months ended
		March 31,
		2015			2014
	Revenue:
	Other	—			210
	Total revenue	—			210
	Expenses:
	Operating	—			112,954
	General and administrative	—			1,472
	Total expenses	—			114,426
	Loss from discontinued operations	$	—		$	(114,216	)

Investment_in_Unconsolidated_M

Investment in Unconsolidated Multifamily Entities	3 Months Ended
	Mar. 31, 2015
Equity Method Investee, Unconsolidated Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	INVESTMENT IN UNCONSOLIDATED LIMITED PARTNERSHIP
	On August 12, 2005, the Company, together with affiliates and other unaffiliated parties, entered into a subscription agreement to invest in the Berkshire Multifamily Value Fund, L.P. (“BVF”), an affiliate of Berkshire Property Advisors, L.L.C. (“Berkshire Advisor” or the “Advisor”).  Under the terms of the agreement and the related limited partnership agreement, the Company and its affiliates agreed to invest up to $25,000,000, or approximately 7%, of the total capital of the partnership.  The Company’s final commitment under the subscription agreement with BVF totaled $23,400,000, which represented an ownership interest of 7% in BVF.  BVF’s investment strategy was to acquire middle-market properties where there is an opportunity to add value through repositioning or rehabilitation.
	In accordance with ASC 810-10 issued by FASB, as amended by ASU 2009-17, related to the consolidation of variable interest entities, the Company has performed an analysis of its investment in BVF to determine whether it would qualify as a 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 March 31, 2015, 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 one remaining asset in its portfolio.
	The summarized statement of assets, liabilities and partners’ equity of BVF is as follows:
		March 31,			December 31,
		2015			2014
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	115,007,655		$	116,680,315
	Cash and cash equivalents	25,078,474			25,903,395
	Other assets	4,402,380			4,801,494
	Total assets	$	144,488,509		$	147,385,204
	LIABILITIES AND PARTNERS’ EQUITY
	Mortgage notes payable	$	132,985,494		$	133,445,626
	Other liabilities	3,286,749			3,940,477
	Noncontrolling interest	(10,769,407		)	(9,706,447		)
	Partners’ equity	18,985,673			19,705,548
	Total liabilities and partners’ equity	$	144,488,509		$	147,385,204
	Company’s share of partners’ equity	$	1,329,134		$	1,379,531
	Basis differential (1)	604,395			604,395
	Carrying value of the Company’s investment in unconsolidated limited partnership (2)	$	1,933,529		$	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 March 31, 2015 and December 31, 2014, the differential was comprised mainly of $583,240, which represents the Company’s share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call.
	-2	Per the partnership agreement of BVF, the Company’s liability is limited to its investment in BVF.  The Company does not guarantee any third-party debt held by BVF.  The Company has fully funded its obligations under the partnership agreement as of March 31, 2015 and has no commitment to make additional contributions to BVF.
	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 other-than-temporary decline in the fair values below the carrying values has occurred.  No such other-than-temporary impairment charges have been recognized during the three-month period ended March 31, 2015 or the year ended December 31, 2014.
	The summarized statements of operations of BVF for the three-month periods ended March 31, 2015 and 2014 are as follows:
		Three months ended
		March 31,
		2015			2014
	Revenue	$	4,128,825		$	28,763,720
	Expenses	(5,911,660		)	(37,257,755		)
	Gain on property sales and extinguishment of debt (2)	—			15,247,953
	Noncontrolling interest	1,062,960			1,026,400
	Net income (loss) attributable to investment	$	(719,875	)	$	7,780,318
	Equity in income (loss) of unconsolidated limited partnership (1)(2)	$	(50,397	)	$	945,101
	-1	There were no impairment indicators or impairment write offs in the three-month periods ended March 31, 2015 or 2014.
	-2	BVF did not have any dispositions during the three-month period ended March 31, 2015.
	During the three-month period ended March 31, 2014, BVF recorded a net gain on the disposition of two properties. The gain on the sale was $15,247,953, of which the Company's share was approximately $1,067,000 and is reflected in the "Equity in income of unconsolidated multifamily entities" for the three-month period ended March 31, 2014.
Equity Method Investee, Unconsolidated Limited Liability Company [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	INVESTMENT IN UNCONSOLIDATED LIMITED LIABILITY COMPANIES
	On March 2, 2011, the Operating Partnership executed an agreement with Berkshire Multifamily Value Fund II ("BVF II"), an affiliated entity, to create a joint venture, BIR/BVF-II NoMa JV, L.L.C. ("NoMa JV"), to participate in and take an ownership position in a real estate development project. BVF II is the managing member of NoMa JV and has a percentage ownership interest of approximately 67% while the Operating Partnership has a percentage ownership interest of approximately 33%.
	Also on March 2, 2011, NoMa JV acquired a 90% interest in NOMA Residential West I, LLC. (“NOMA Residential”).  NOMA Residential has developed and is operating a 603-unit multifamily apartment community in Washington, D.C. (the "NoMa Project"). The remaining 10% interest in NOMA Residential is owned by the developer, an unrelated third party (the “NoMa Developer”).  The governing agreements for NOMA Residential give the NoMa Developer the authority to manage the construction and development of, and subsequent to completion, the day-to-day operations of NOMA Residential.  The agreement also provides for fees to the NoMa Developer, limits the authority of the NoMa Developer and provides for distributions based on percentage interest and thereafter in accordance with achievement of economic hurdles.
	In accordance with ASC 810-10, as amended by ASU 2009-17, related to the consolidation of variable interest entities, the Company has performed an analysis of its investment in NoMa JV to determine whether it would qualify as a VIE and whether it should be consolidated or accounted for as an equity investment in an unconsolidated joint venture. As a result of the Company's qualitative assessment to determine whether its investment is a VIE, the Company determined that the investment is a VIE based upon the holders of the equity investment at risk lacking the power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance.  Under the terms of the limited liability company agreement of NoMa JV, the managing member has the full, exclusive and complete right, power, authority, discretion, obligation and responsibility to make all decisions affecting the business of NoMa JV.
	After making the determination that its investment in NoMa JV was a VIE, the Company performed an assessment of which partner would be considered the primary beneficiary of NoMa JV and would be required to consolidate the VIE's balance sheet and results of operations. This assessment was based upon which entity (1) had the power to direct matters that most significantly impact the activities of NoMa JV, and (2) had the obligation to absorb losses or the right to receive benefits of NoMa JV that could potentially be significant to the VIE based upon the terms of the 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 March 31, 2015, 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 March 31, 2015, the Company had received distributions from operations of $1,800,000 from NoMa JV, or approximately 12.4%, 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 March 31, 2015, the Company's residual TIC interest 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 of unconsolidated multifamily entities".
	The summarized statement of assets, liabilities and members’ capital of NoMa JV and the TIC is as follows:
		March 31,			December 31,
		2015			2014
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	119,584,745		$	120,777,674
	Cash and cash equivalents	2,684,176			5,404,229
	Other assets	1,131,677			1,425,062
	Total assets	$	123,400,598		$	127,606,965
	LIABILITIES AND MEMBERS’ CAPITAL
	Mortgage note payable	$	85,466,258		$	85,466,258
	Other liabilities	799,418			850,590
	Noncontrolling interest	3,701,033			4,123,182
	Members’ capital	33,433,889			37,166,935
	Total liabilities and members’ capital	$	123,400,598		$	127,606,965
	Company’s share of members’ capital	$	9,255,328		$	10,495,636
	Basis differential (1)	$	1,581,664		$	1,598,660
	Carrying value of the Company’s investment in unconsolidated limited liability companies (2)	$	10,836,992		$	12,094,296
	-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 March 31, 2015 and has no commitment to make additional contributions to NoMa JV.
	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 during the three-month period ended March 31, 2015 or the year ended December 31, 2014.
	The summarized statements of operations of NoMa JV and the TIC for the three-month periods ended March 31, 2015 and 2014 are as follows:
		Three months ended
		March 31,
		2015			2014
	Revenue	$	3,226,117		$	2,381,898
	Expenses	(2,931,313		)	(3,166,281		)
	Noncontrolling interest	(27,851		)	78,429
	Net income (loss) attributable to investment	$	266,953		$	(705,954	)
	Equity in income (loss) of unconsolidated limited liability companies	$	93,025		$	(245,613	)
	Amortization of basis	(16,996		)	(16,996		)
	Adjusted equity in income (loss) of unconsolidated limited liability companies	$	76,029		$	(262,609	)

Mortgage_Notes_Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2015
MORTGAGE NOTES PAYABLE [Abstract]
Mortgage Notes Payable	MORTGAGE NOTES PAYABLE
	On January 22, 2014, the Company, through its joint venture partnership for the development of the 322-unit multifamily apartment building in Dallas, Texas (the "Prestonwood Project"), entered into a loan agreement totaling up to $31,054,212 for the development. The loan has a variable interest rate of 2.50% above the 1-month LIBOR and matures on January 22, 2017. As of March 31, 2015, the outstanding balance on the loan was $21,082,493.
	On July 23, 2014, the Company, through its joint venture partnership for the development of the 141-unit multifamily apartment building in Walnut Creek, California (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 March 31, 2015, the outstanding balance on the loan was $0.
	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. 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 March 31, 2015, the outstanding balance on the note was $32,000.
	On February 27, 2015, the Company closed on a $19,990,000 first mortgage and $12,250,000 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.
	On March 2, 2015, simultaneously with the acquisition of Gatehouse 75, 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.
	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 $543,800,000 and $482,196,000 at March 31, 2015 and December 31, 2014, respectively.

Revolving_Credit_Facility_Affi

Revolving Credit Facility - Affiliate (Revolving Credit Facility [Member])	3 Months Ended
	Mar. 31, 2015
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Disclosure [Text Block]	REVOLVING CREDIT FACILITY - AFFILIATE
	On June 30, 2005, the Company obtained financing in the form of a revolving credit facility. The revolving credit facility in the amount of $20,000,000 was provided by an affiliate of the Company (the "Credit Facility - Affiliate"). The Credit Facility - Affiliate was amended on May 31, 2007 to add additional terms to the Credit Facility - Affiliate ("Amendment No. 1"), on February 17, 2011 to add an amendment period with a temporary increase in the commitment amount to $40,000,000 ("Amendment No. 2"), and on May 24, 2011 to increase the commitment fee ("Amendment No. 3"). The Credit Facility - Affiliate provides for interest on borrowings at a rate of 5% above the 30-day LIBOR rate, as announced by Reuter's, and fees based on borrowings under the Credit Facility - Affiliate and various operational and financial covenants, including a maximum leverage ratio and a maximum debt service ratio. The agreement had a maturity date of December 31, 2006, with a one-time six-month extension available at the option of the Company. The terms of the Credit Facility - Affiliate were agreed upon through negotiations and were approved by the Audit Committee (which committee is comprised of our three directors who are independent under applicable rules and regulations of the SEC and the NYSE MKT LLC) ("Audit Committee"). Subsequent to its exercise of extension rights, the Company on May 31, 2007 executed Amendment No.1 that provides for an extension of the maturity date by replacing the then current maturity date of June 30, 2007 with a 60-day notice of termination provision by which the lender can affect a termination of the commitment under the agreement and render all outstanding amounts due and payable. Amendment No. 1 also added a clean-up requirement to the agreement, which requires the borrower to repay in full all outstanding loans and have no outstanding obligations under the agreement for a 14 consecutive day period during each 365-day period. The last 365-day clean-up period requirement was satisfied on July 9, 2013 and the Company has not borrowed from the Credit Facility - Affiliate subsequent to that date.
	On February 17, 2011, the Company executed Amendment No. 2 which provides for a temporary modification of certain provisions of the Credit Facility - Affiliate during a period commencing with the date of execution and ending on July 31, 2012 (the "Amendment Period"), subject to extension. During the Amendment Period, certain provisions of the Credit Facility - Affiliate were modified and included: an increase in the amount of the commitment from $20,000,000 to $40,000,000; elimination of the leverage ratio covenant and clean-up requirement (each as defined in the Credit Facility - Affiliate agreement); and computation and payment of interest on a quarterly basis. At the conclusion of the Amendment Period, including extensions, the provisions modified pursuant to Amendment No. 2 reverted back to the provisions of the Credit Facility - Affiliate agreement prior to the Amendment Period.
	On May 24, 2011, the Company executed Amendment No. 3 which limits the total commitment fee provided for in the agreement to be no greater than $400,000 in the aggregate.
	On July 31, 2012, the provisions of the Amendment Period, as described above, expired as the Company did not exercise the extension provision to the Amendment Period of the Credit Facility - Affiliate, as provided for in Amendment No. 2. As a result, the specific provisions, which had been modified pursuant to Amendment No. 2, reverted back to the original provisions of the Credit Facility - Affiliate agreement prior to the Amendment Period.
	During the three-month periods ended March 31, 2015 and 2014, the Company did not borrow or repay any advances under the Credit Facility - Affiliate.  The Company did not pay any interest charges or commitment fees during the three-month periods ended March 31, 2015 or 2014. There was no outstanding balance under the Credit Facility - Affiliate as of March 31, 2015 and December 31, 2014.

Credit_Facility_Notes

Credit Facility (Notes) (Line of Credit [Member])	3 Months Ended
	Mar. 31, 2015
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.
	On February 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 to $45,000,000.
	During the three-month periods ended March 31, 2015 and 2014, the Company borrowed $9,000,000 and $80,000,000, respectively, under the Credit Facility and repaid $31,000,000 and $0 of advances, respectively, during the same periods.  The Company incurred $368,008 and $323,841of interest expense, respectively, and $17,676 and $48,028 of unused commitment fee, respectively, during the three-month periods ended March 31, 2015 and 2014. There was $19,000,000 and $41,000,000 outstanding on the Credit Facility as of March 31, 2015 and December 31, 2014, respectively.
	The Company determines the fair value of the Credit Facility in accordance with authoritative guidance related to fair value measurement. Based on the fair value analysis using the same method as described in Note 4 - Mortgage Notes Payable, the Company has determined the fair value of the Credit Facility approximated the outstanding principal balance of the Credit Facility at March 31, 2015 and December 31, 2014.

Note_Payable_Affiliate_Notes

Note Payable - Affiliate (Notes) (Affiliated Entity [Member])	3 Months Ended
	Mar. 31, 2015
Affiliated Entity [Member]
Debt Instrument [Line Items]
Debt Disclosure [Text Block]	NOTE PAYABLE - AFFILIATE
	On March 2, 2015, the Company entered into a promissory note agreement with an affiliate and borrowed $5,800,000 to fund the acquisition of Gatehouse 75. The promissory note has a variable interest rate of 5.00% above the 1-month LIBOR and matures on December 31, 2016. As of March 31, 2015 and December 31, 2014, the outstanding balance on the promissory note was $5,800,000 and $0.
	The Company determines the fair value of the "Note payable - affiliate" in accordance with authoritative guidance related to fair value measurement. Based on the fair value analysis using the same method as described in Note 4 - Mortgage Notes Payable, the Company has determined that the fair value of the "Note payable - affiliate" approximated the outstanding principal balance at March 31, 2015 and December 31, 2014, respectively.

Note_Payable_Other_Notes

Note Payable - Other (Notes) (2020 Lawrence [Member])	3 Months Ended
	Mar. 31, 2015
2020 Lawrence [Member]
Debt Instrument [Line Items]
Debt Disclosure [Text Block]	NOTE PAYABLE - OTHER
	On June 12, 2012, Zocalo Community Development, Inc. ("Zocalo"), the managing member of the joint venture ("JV 2020 Lawrence") that the Operating Partnership formed with its subsidiary, BIR 2020 Lawrence, L.L.C. ("BIR 2020"), Zocalo and JB 2020, LLC, entered into a financing agreement with the State of Colorado, through the Colorado Energy Office, for $1,250,000 (the "Colorado Energy Loan") to be used for inclusion of energy efficient components in the construction of a mid-rise multifamily apartment building in Denver, Colorado (the "2020 Lawrence Project"). The Colorado Energy Loan has a term of 10 years and an interest rate of 5% per annum. The Colorado Energy Loan will mature on June 11, 2022. Zocalo has pledged all of its membership interests, both currently owned and subsequently acquired, in JV 2020 Lawrence as collateral for the Colorado Energy Loan. Pursuant to an authorizing resolution adopted by the members of JV 2020 Lawrence, Zocalo advanced the proceeds of the Colorado Energy Loan, as received from time to time, to JV 2020 Lawrence for application to the 2020 Lawrence Project. Such advances to JV 2020 Lawrence will not be considered contributions of capital to JV 2020 Lawrence. Also, Zocalo is authorized and directed to cause JV 2020 Lawrence to repay such advances, including principal and interest, made by Zocalo at such times as required by the Colorado Energy Loan. Any payments pursuant to the authorizing resolution shall be payable only from surplus cash of the 2020 Lawrence Project as defined by the U.S. Department of Housing and Urban Development ("HUD") in the governing regulatory agreement of the primary financing on the project as described above. If surplus cash is not available to satisfy Zocalo's payment obligations under the Colorado Energy Loan, then either Zocalo or BIR 2020 may issue a funding notice, pursuant to the JV 2020 Lawrence limited liability company agreement, for payment obligation amounts due and payable. As of March 31, 2015 and December 31, 2014, the outstanding balance on the Colorado Energy Loan was $1,250,000.
	The Company determines the fair value of the "Note payable - other" in accordance with authoritative guidance related to fair value measurement. Based on the fair value analysis using the same method as described in Note 4 - Mortgage Notes Payable, the Company has determined that the fair value of the "Note payable - other" approximated $1,362,000 and $1,374,000 at March 31, 2015 and December 31, 2014, respectively.

Equity_Deficit

Equity / Deficit	3 Months Ended
	Mar. 31, 2015
EQUITY / DEFICIT [Abstract]
Equity / Deficit	EQUITY / DEFICIT
	On March 25, 2003, the Board of Directors (“Board”) declared a dividend at an annual rate of 9%, on the stated liquidation preference of $25 per share of the outstanding 9% Series A Cumulative Redeemable Preferred Stock ("Preferred Shares") which is payable quarterly in arrears, on February 15, May 15, August 15, and November 15 of each year to shareholders of record in the amount of $0.5625 per share per quarter.  For the three-month periods ended March 31, 2015 and 2014, the Company’s aggregate dividends on the Preferred Shares totaled $1,675,193 and $1,675,194, respectively, of which $837,607 was payable and included on the Consolidated Balance Sheets in "Dividends and distributions payable" as of March 31, 2015 and December 31, 2014.
	On January 16, 2014, the Board authorized the general partner of the Operating Partnership to make a special distribution of $20,000,000 from proceeds of the supplemental loan on Seasons of Laurel, which closed in December 2013, and the refinancing of Berkshires of Columbia, which closed in January 2014, to the common general and noncontrolling interest partners in Operating Partnership, which was paid on January 17, 2014. Also on January 16, 2014, the Board declared a common dividend of $0.339924 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. Concurrently with the Operating Partnership distributions, the common dividend was paid from the special distribution proceeds of the common general partner on January 17, 2014.
	For the three-month periods ended March 31, 2015 and 2014, the Company's aggregate dividends on the Class B common stock totaled $0 and $478,000, respectively. There were no dividends payable to the Class B common stockholders as of March 31, 2015 and December 31, 2014.
	During the three-month periods ended March 31, 2015 and 2014, the Company made tax payments of $0 and $56,900, 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).
	For the three-month periods ended March 31, 2015 and 2014, the Company's aggregate distribution to noncontrolling interest partners in Operating Partnership totaled $625,300 and $19,578,900, respectively. Distributions payable to the noncontrolling interest partners in Operating Partnership as of March 31, 2015 and December 31, 2014 were $625,300 and $0, respectively.
	The Company’s policy to provide for common distributions is based on available cash and Board approval.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE
	Net income (loss) available to common shareholders per common share, basic and diluted, is computed as net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the applicable period, basic and diluted.
	The reconciliation of the basic and diluted earnings per common share ("EPS") for the three-month periods ended March 31, 2015 and 2014 follows:
			Three months ended
			March 31,
			2015				2014
	Net loss from continuing operations		$	(4,229,029	)		$	(3,269,564	)
	Adjust:	Net (income) loss from continuing operations attributable to noncontrolling interest in properties	16,736				(64,984		)
		Net loss from continuing operations attributable to noncontrolling interest in Operating Partnership	5,746,772				4,890,009
		Preferred dividends	(1,675,193		)		(1,675,194		)
	Loss from continuing operations attributable to the Company		$	(140,714	)		$	(119,733	)
	Net loss from discontinued operations		$	—			$	(114,216	)
	Adjust:	Net loss from discontinued operations attributable to noncontrolling interest in properties	—				148
		Net loss from discontinued operations attributable to noncontrolling interest in Operating Partnership	—				111,342
	Net loss from discontinued operations attributable to the Company		$	—			$	(2,726	)
	Net loss available to common shareholders		$	(140,714	)		$	(122,459	)
	Net loss from continuing operations attributable to the Company per common share, basic and diluted		$	(0.10	)		$	(0.09	)
	Net loss from discontinued operations attributable to the Company per common share, basic and diluted		$	—			$	—
	Net loss available to common shareholders per common share, basic and diluted		$	(0.10	)		$	(0.09	)
	Weighted average number of common shares outstanding, basic and diluted		1,406,196				1,406,196
	Dividend declared per common share		$	—			$	0.339924
	For the three-month periods ended March 31, 2015 and 2014, the Company did not have any common stock equivalents; therefore basic and dilutive earnings per share were the same.
	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 and the related quarters including the quarter ended March 31, 2014.  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.
	The table below shows as previously reported and as revised EPS for the three-month period ended March 31, 2014:
		Three months ended March 31, 2014
		As previously reported				As revised
	Net loss from continuing operations attributable to the Company per common share, basic and diluted	$	(0.01	)		$	(0.09	)
	Net loss from discontinued operations attributable to the Company per common share, basic and diluted	$	(0.08	)		$	—
	Net loss available to common shareholders per common share, basic and diluted	$	(0.09	)		$	(0.09	)

Future_Minimum_Rent_Notes

Future Minimum Rent (Notes)	3 Months Ended
	Mar. 31, 2015
Operating Leased Assets [Line Items]
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 March 31, 2015 are as follows:
	2015	$	185,457
	2016	315,467
	2017	358,535
	2018	375,282
	2019	303,622
	Thereafter	2,511,620
		$	4,049,983

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES
	The Company is party to certain legal actions arising in the ordinary course of its business, such as those relating to tenant issues.  All such proceedings taken together are not expected to have a material adverse effect on the Company.  While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.
	The Company has commitments to two joint venture multifamily development projects as of March 31, 2015. The Walnut Creek Project is a 141-unit multifamily apartment development project located in Walnut Creek, California. The Company will own a 98% interest in the project once fully invested and its current commitment in the joint venture is approximately $26.9 million. As of March 31, 2015, the Company has made capital contributions totaling approximately $18.7 million. The Company consolidates its investment in the Walnut Creek Project.
	The Prestonwood Project is a 322-unit multifamily apartment development project located in Dallas, Texas. The Company has a 95% interest in the joint venture and has made a commitment to invest $12.6 million in the project. The Company has no obligation to fund capital to the Prestonwood Project in excess of its commitment of capital of $12.6 million. As of March 31, 2015, the Company has invested 100% of its total committed capital amount. The Company consolidates its investment in the Prestonwood Project.
	In connection with mortgage financings collateralized by the Standard at Lenox Park, Berkshires at Town Center and Sunfield Lake properties, the Operating Partnership agreed to guarantee approximately $11.7 million of mortgage debt, at origination, related to its obligation to achieve certain revenue targets at the properties. On March 19, 2015, the guarantee in the amount of $3 million on Berkshires at Town Center was released. In connection with the construction loan financing collateralized by the Walnut Creek Project, the Operating Partnership agreed to guarantee approximately $44.5 million, at origination, of construction loan debt. Additionally, the Company has guaranteed payment of the obligation under the Credit Facility, in full, when due at maturity or otherwise.

Derivative_Financial_Instrumen

Derivative Financial Instruments (Notes)	3 Months Ended
	Mar. 31, 2015
Derivative [Line Items]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVE FINANCIAL INSTRUMENTS
	The Company utilizes interest rate caps to add stability to interest expense, to manage our exposure to interest rate movements and as required by our lenders when entering into variable interest mortgage debt. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above a certain level in exchange for an upfront premium.
	During the three-month period ended March 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. The Company has determined that the significant inputs used in the valuation model are observable in active markets, therefore, the Company considers the interest rate cap value of $23,937 and $50,224 as of March 31, 2015 and December 31, 2014, respectively, as level 2 classifications within the fair value hierarchy. The value of the interest rate cap is included in "Prepaid expenses and other assets".

Noncontrolling_Interest_in_Pro

Noncontrolling Interest in Properties (Notes) (Noncontrolling interest in properties)	3 Months Ended
	Mar. 31, 2015
Noncontrolling interest in properties
Noncontrolling Interest [Line Items]
Noncontrolling Interest	NONCONTROLLING INTEREST IN PROPERTIES
	Four of the Company's properties, Berkshires of Columbia, 2020 Lawrence, Walnut Creek and Aura Prestonwood, are owned in joint ventures with third parties as of March 31, 2015. The Company owns interests of 91.38% in Berkshires of Columbia, 91.08% in 2020 Lawrence, 95.00% in Aura Prestonwood and will own a 98.00% interest in Walnut Creek once fully invested.
	On July 16, 2014, the Company converted its ownership in Country Place I and Country Place II from a joint venture limited liability company, of which it held a 58% controlling interest, into a TIC undivided ownership interest of 58% in each property. As a result, the Company discontinued the use of the consolidation method of accounting for its investment in the joint venture and adopted the equity method of accounting for its ownership interest in the properties prospectively. Such deconsolidation resulted in the removal of the 42% noncontrolling interest in properties for Country Place I and Country Place II. Please refer to Note 3 - Investments in Unconsolidated Multifamily Entities for additional information on the transaction.
	During the three-month periods ended March 31, 2015 and 2014, the Company received $0 and $619,093, respectively, of contributions from noncontrolling interest holders in properties.
	During the three-month periods ended March 31, 2015 and 2014, distributions of $16,104 and $947,980, respectively, were made to the noncontrolling interest holders in properties. There were no distributions payable to noncontrolling interest holders in properties as of March 31, 2015 or December 31, 2014.

Noncontrolling_Interest_in_Ope

Noncontrolling Interest in Operating Partnership (Noncontrolling interest in Operating Partnership)	3 Months Ended
	Mar. 31, 2015
Noncontrolling interest in Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling Interest	NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP
	The following table sets forth the calculation of net loss attributable to noncontrolling interest in the Operating Partnership for the three-month periods ended March 31, 2015 and 2014:
			Three months ended
			March 31,
			2015				2014
	Net loss		$	(4,229,029	)		$	(3,383,780	)
	Adjust:	Net (income) loss attributable to noncontrolling interest in properties	16,736				(64,836		)
	Loss before noncontrolling interest in Operating Partnership		(4,212,293		)		(3,448,616		)
	Preferred dividend		(1,675,193		)		(1,675,194		)
	Loss available to common equity		(5,887,486		)		(5,123,810		)
	Noncontrolling interest in Operating Partnership		97.61		%		97.61		%
	Net loss attributable to noncontrolling interest in Operating Partnership		$	(5,746,772	)		$	(5,001,351	)
	The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership:
		For the three months ended
		March 31,
		2015				2014
	Balance at beginning of period	$	(19,217,779	)		$	(102,297,937	)
	Net loss attributable to noncontrolling interest in Operating Partnership	(5,746,772		)		(5,001,351		)
	Distributions to noncontrolling interest partners in Operating Partnership	(625,300		)		(19,578,900		)
	Balance at end of period	$	(25,589,851	)		$	(126,878,188	)
	As of March 31, 2015 and December 31, 2014, the noncontrolling interest in the Operating Partnership consisted of 5,242,223 Operating Partnership units held by parties other than the Company.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS
	Amounts accrued or paid to the Company’s affiliates are as follows:
		Three months ended
		March 31,
		2015		2014
	Property management fees	$	720,666	$	785,785
	Expense reimbursements	119,428		60,135
	Salary reimbursements	1,871,321		2,170,753
	Asset management fees	402,155		407,913
	Incentive advisory fee	338,605		264,045
	Acquisition fees	541,250		1,200,000
	Construction management fees	142,278		5,844
	Development fees	49,313		97,551
	Interest	24,673		—
	Total	$	4,209,689	$	4,992,026
	Amounts due to affiliates of $3,148,517 and $3,085,668 are included in “Due to affiliates, net” at March 31, 2015 and December 31, 2014, respectively, and represent intercompany development fees, expense reimbursements, asset management fees and shared services, which consist of amounts due to affiliates of $5,264,543 and $5,146,525 at March 31, 2015 and December 31, 2014, respectively, and amounts due from affiliates of $2,116,026 and $2,060,857 at March 31, 2015 and December 31, 2014, respectively.
	The Company pays property management fees to an affiliate, Berkshire Advisor, for property management services.  The fees are payable at a rate of 4% of gross income, except Aura Prestonwood, which are payable at a rate of 2.75% of gross income. The Company incurred $720,666 and $785,785 of property management fees in the three-month periods ended March 31, 2015 and 2014, respectively.
	The Company also reimburses Berkshire Advisor for administrative services for our operation, including property management, legal, accounting, data processing, transfer agent and other necessary services. Under the terms of the Advisory Services Agreement, the Company reimburses Berkshire Advisor for actual property employee salary and benefit expenses incurred in the operation of the properties under management. Additionally, Berkshire Advisor allocates a portion of its corporate level personnel and overhead expense to the Company on the basis of an employee's time spent on duties and activities performed on behalf of the Company. Expense reimbursements paid were $119,428 and $60,135 for the three-month periods ended March 31, 2015 and 2014, respectively. Salary reimbursements paid were $1,871,321 and $2,170,753 for the three-month periods ended March 31, 2015 and 2014, respectively.
	The Company pays Berkshire Advisor a fixed annual asset management fee equal to 0.40%, up to a maximum of $1,600,000 in any calendar year, of the purchase price of real estate properties owned by the Company, as adjusted from time to time to reflect the then current fair value of the properties.  Annual asset management fees earned by the affiliate in excess of the $1,600,000 maximum payable by the Company represent fees attributable to and paid by the noncontrolling partners in the properties.  As discussed below, in addition to the fixed fee, effective January 1, 2010, the Company may also pay Berkshire Advisor an incentive advisory fee based on increases in value of the Company that would not be subject to the $1,600,000 maximum.
	On November 12, 2009, the Audit Committee of the Company approved an amendment to the advisory services agreement with Berkshire Advisor which included an incentive advisory fee component to the existing asset management fees payable to Berkshire Advisor (the "Advisory Services Amendment") pursuant to Berkshire Advisor's Supplemental Long Term Incentive Plan (the "Supplemental Plan"). The Advisory Services Amendment became effective January 1, 2010 and provides for an incentive advisory fee based on the increase in fair value of the Company, as calculated and approved by management, over the base value ("Base Value").  The Company accrues incentive advisory fees payable to Berkshire Advisor at 10%, which can be increased to 12% from time to time, based on the increase in fair value of the Company above the Base Value established by the Advisor.  On May 12, 2014, the Audit Committee of the Company approved an amendment to the Supplemental Plan which allows reissuance of previously forfeited or settled carried interests. The Company has recorded $338,605 and $264,045 of incentive advisory fees during the three-month periods ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and December 31, 2014, the accrued liability of $13,868,578 and $13,698,562, respectively, was included in "Due to affiliate, incentive advisory fees" on the Consolidated Balance Sheets.  Payments from the Company to Berkshire Advisor approximate the amounts Berkshire Advisor pays to its employees. Payments to employees by Berkshire Advisor pursuant to the Supplemental Plan are generally paid over a four-year period in quarterly installments. Additional limits have been placed on the total amount of payments that can be made by the Company in any given year, with interest accruing at the rate of 7% on any payments due but not yet paid.  The Company made $168,589 and $146,103 of incentive advisory fee payments during the three-month periods ended March 31, 2015 and 2014, respectively.
	The Company pays acquisition fees to an affiliate, Berkshire Advisor, for acquisition services.  These fees are payable upon the closing of an acquisition of real property.  The fee is equal to 1% of the purchase price of any new property acquired directly or indirectly by the Company.  The purchase price is defined as the capitalized basis of an asset under GAAP, including renovations or new construction costs, or other items paid or received that would be considered an adjustment to basis.  The purchase price does not include acquisition fees and capital costs of a recurring nature.  During the three-month period ended March 31, 2015, the Company paid an acquisition fee of $541,250 on the acquisition of Gatehouse 75. During the three-month period ended March 31, 2014, the Company paid acquisition fees of $560,000 and $640,000 on the acquisitions of Pavilion Townplace and EON at Lindbergh, respectively.
	The Company 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 $142,278 and $5,844 in construction management fees for the three-month periods ended March 31, 2015 and 2014, respectively.  The fees are capitalized as part of the project cost in the year they are incurred.
	The Company pays development fees to an affiliate, Berkshire Residential Development, L.L.C. ("BRD"), for property development services.  The fees were based on the project’s development and construction costs. During the three-month periods ended March 31, 2015 and 2014, the Company incurred $49,313 and $97,551, respectively, on the Walnut Creek Project and the Prestonwood Project. The Company did not incur any development fees on the NoMa Project to BRD for the three-month periods ended March 31, 2015 and 2014.
	During the three-month periods ended March 31, 2015 and 2014, the Company did not borrow under the Credit Facility - Affiliate or repay any advances, respectively, during the same periods.  The Company did not pay any interest expenses or commitment fees during the three-month periods ended March 31, 2015 or 2014. There was no outstanding balance under the Credit Facility - Affiliate as of March 31, 2015 and December 31, 2014.
	On March 2, 2015, the Company entered into a promissory note agreement with an affiliate and borrowed $5,800,000 to fund the acquisition of Gatehouse 75. During the three-month period ended March 31, 2015, the Company incurred interest of $24,673.
	Related party arrangements are approved by the independent directors of the Company and are evidenced by a written agreement between the Company and the affiliated entity providing the services.

Legal_Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2015
LEGAL PROCEEDINGS [Abstract]
Legal Proceedings	LEGAL PROCEEDINGS
	The Company is party to certain legal actions arising in the ordinary course of its business, such as those relating to tenant issues.  All such proceedings taken together are not expected to have a material adverse effect on the Company.  While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. The Company is not aware of any proceedings contemplated by governmental authorities.

Proforma_Condensed_Financial_I

Proforma Condensed Financial Information	3 Months Ended
	Mar. 31, 2015
Proforma Condensed Financial Information [Abstract]
Business Combination Disclosure [Text Block]	PROFORMA CONDENSED FINANCIAL INFORMATION
	As discussed in Note 1 - Organization and Basis of Presentation, during the three-month period ended March 31, 2015, the Company acquired Gatehouse 75, which was deemed not to be individually significant in accordance with Regulation S-X, Rule 3-14 “Special Instructions for Real Estate Operations to be Acquired” ("Rule 3-14"). During the three-month period ended March 31, 2014, the Company acquired Pavilion Townplace and EON at Lindbergh, which were deemed to be individually significant in accordance with Rule 3-14. During the year ended December 31, 2014, the Company acquired Elan Redmond, which was not deemed to be individually significant in accordance with Rule 3-14.
	The proforma financial information set forth below is based upon the Company's historical Consolidated Statements of Operations for the three-month periods ended March 31, 2015 and 2014, adjusted to give effect to the transactions at the beginning of each of the periods presented.
	The proforma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of each year, nor does it attempt to represent the results of operations for future periods.
		Three months ended March 31,
		2015			2014
		(unaudited)			(unaudited)
	Revenue from rental property	$	19,250,744		$	24,297,435
	Net loss	$	(3,561,673	)	$	(4,008,889	)
	Net income (loss) attributable to common shareholders	$	526,642		$	(747,568	)
	Net income (loss) attributable to common shareholders, per common share, basic and diluted	$	0.37		$	(0.53	)
	Included in the consolidated statements of operations for the three-month periods ended March 31, 2015 and 2014 are total revenue of $3,918,465 and $320,573, respectively, and net loss of $(1,739,667) and $(1,167,703), respectively, since the respective dates of acquisition through March 31, 2015 and 2014 for Pavilion Townplace, EON at Lindbergh, Elan Redmond Town Center and Gatehouse 75.

Subsequent_Events_Notes

Subsequent Events (Notes)	3 Months Ended
	Mar. 31, 2015
Subsequent Event [Line Items]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS
	The Company has no reportable subsequent events.

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
ORGANIZATION AND BASIS OF PRESENTATION [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements. The standard is applied prospectively and is effective in 2015 with early adoption permitted. The Company has elected to early adopt this standard effective with the interim period beginning April 1, 2014. Prior to April 1, 2014, disposed properties are presented in discontinued operations.
	On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, 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.
	On February 18, 2015, the FASB issued ASU 2015-02, Amendment to the Consolidation Analysis (Topic 810), which changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are variable interest entities ("VIEs") or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption 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.
	On April 7, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The Company is currently assessing the potential impact that the adoption of this guidance will have on its financial position and results of operations.

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation Tables (Tables)	3 Months Ended
	Mar. 31, 2015
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Accounting Standards Codification ("ASC") 805-10 requires that identifiable assets acquired and liabilities assumed be recorded at fair value as of the acquisition date. As of the acquisition date, the amounts recognized for each major class of assets acquired and liabilities assumed is as follows:
		Gatehouse 75
	Asset acquired:
	Multifamily apartment communities	$	53,485,875
	Acquired in-place leases and tenant relationships	639,125
	Total assets acquired	$	54,125,000
	Liabilities assumed:
	Accrued expenses	$	24,248
	Tenant security deposit liability	80,082
	Total liabilities assumed	$	104,330

Multifamily_Apartment_Communit1

Multifamily Apartment Communities (Tables)	3 Months Ended
	Mar. 31, 2015
MULTIFAMILY APARTMENT COMMUNITIES [Abstract]
Schedule of Real Estate and Accumulated Depreciation	The following summarizes the carrying value of the Company’s multifamily apartment communities:
		March 31,			December 31,
		2015			2014
		(unaudited)			(audited)
	Land	$	85,531,674		$	80,131,674
	Buildings, improvement and personal property	645,804,811			583,804,249
	Multifamily apartment communities	731,336,485			663,935,923
	Accumulated depreciation	(197,479,523		)	(190,993,267		)
	Multifamily apartment communities, net	$	533,856,962		$	472,942,656
Schedule of Discontinued Operations, Income Statement	The residual operating results of properties sold in 2013 and their discontinued operations for the three-month periods ended March 31, 2015 and 2014 are presented in the following table.
		Three months ended
		March 31,
		2015			2014
	Revenue:
	Other	—			210
	Total revenue	—			210
	Expenses:
	Operating	—			112,954
	General and administrative	—			1,472
	Total expenses	—			114,426
	Loss from discontinued operations	$	—		$	(114,216	)

Investment_in_Unconsolidated_M1

Investment in Unconsolidated Multifamily Entities (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investee, Unconsolidated Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments, Summary of Balance Sheet Information	The summarized statement of assets, liabilities and partners’ equity of BVF is as follows:
		March 31,			December 31,
		2015			2014
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	115,007,655		$	116,680,315
	Cash and cash equivalents	25,078,474			25,903,395
	Other assets	4,402,380			4,801,494
	Total assets	$	144,488,509		$	147,385,204
	LIABILITIES AND PARTNERS’ EQUITY
	Mortgage notes payable	$	132,985,494		$	133,445,626
	Other liabilities	3,286,749			3,940,477
	Noncontrolling interest	(10,769,407		)	(9,706,447		)
	Partners’ equity	18,985,673			19,705,548
	Total liabilities and partners’ equity	$	144,488,509		$	147,385,204
	Company’s share of partners’ equity	$	1,329,134		$	1,379,531
	Basis differential (1)	604,395			604,395
	Carrying value of the Company’s investment in unconsolidated limited partnership (2)	$	1,933,529		$	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 March 31, 2015 and December 31, 2014, the differential was comprised mainly of $583,240, which represents the Company’s share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call.
	-2	Per the partnership agreement of BVF, the Company’s liability is limited to its investment in BVF.  The Company does not guarantee any third-party debt held by BVF.  The Company has fully funded its obligations under the partnership agreement as of March 31, 2015 and has no commitment to make additional contributions to BVF.
Equity Method Investments, Summary of Statement of Operations	The summarized statements of operations of BVF for the three-month periods ended March 31, 2015 and 2014 are as follows:
		Three months ended
		March 31,
		2015			2014
	Revenue	$	4,128,825		$	28,763,720
	Expenses	(5,911,660		)	(37,257,755		)
	Gain on property sales and extinguishment of debt (2)	—			15,247,953
	Noncontrolling interest	1,062,960			1,026,400
	Net income (loss) attributable to investment	$	(719,875	)	$	7,780,318
	Equity in income (loss) of unconsolidated limited partnership (1)(2)	$	(50,397	)	$	945,101
	-1	There were no impairment indicators or impairment write offs in the three-month periods ended March 31, 2015 or 2014.
	-2	BVF did not have any dispositions during the three-month period ended March 31, 2015.
	During the three-month period ended March 31, 2014, BVF recorded a net gain on the disposition of two properties. The gain on the sale was $15,247,953, of which the Company's share was approximately $1,067,000 and is reflected in the "Equity in income of unconsolidated multifamily entities" for the three-month period ended March 31, 2014.
Equity Method Investee, Unconsolidated Limited Liability Company [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments, Summary of Balance Sheet Information	The summarized statement of assets, liabilities and members’ capital of NoMa JV and the TIC is as follows:
		March 31,			December 31,
		2015			2014
		(unaudited)			(audited)
	ASSETS
	Multifamily apartment communities, net	$	119,584,745		$	120,777,674
	Cash and cash equivalents	2,684,176			5,404,229
	Other assets	1,131,677			1,425,062
	Total assets	$	123,400,598		$	127,606,965
	LIABILITIES AND MEMBERS’ CAPITAL
	Mortgage note payable	$	85,466,258		$	85,466,258
	Other liabilities	799,418			850,590
	Noncontrolling interest	3,701,033			4,123,182
	Members’ capital	33,433,889			37,166,935
	Total liabilities and members’ capital	$	123,400,598		$	127,606,965
	Company’s share of members’ capital	$	9,255,328		$	10,495,636
	Basis differential (1)	$	1,581,664		$	1,598,660
	Carrying value of the Company’s investment in unconsolidated limited liability companies (2)	$	10,836,992		$	12,094,296
	-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 March 31, 2015 and has no commitment to make additional contributions to NoMa JV.
Equity Method Investments, Summary of Statement of Operations	The summarized statements of operations of NoMa JV and the TIC for the three-month periods ended March 31, 2015 and 2014 are as follows:
		Three months ended
		March 31,
		2015			2014
	Revenue	$	3,226,117		$	2,381,898
	Expenses	(2,931,313		)	(3,166,281		)
	Noncontrolling interest	(27,851		)	78,429
	Net income (loss) attributable to investment	$	266,953		$	(705,954	)
	Equity in income (loss) of unconsolidated limited liability companies	$	93,025		$	(245,613	)
	Amortization of basis	(16,996		)	(16,996		)
	Adjusted equity in income (loss) of unconsolidated limited liability companies	$	76,029		$	(262,609	)

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The reconciliation of the basic and diluted earnings per common share ("EPS") for the three-month periods ended March 31, 2015 and 2014 follows:
			Three months ended
			March 31,
			2015			2014
	Net loss from continuing operations		$	(4,229,029	)	$	(3,269,564	)
	Adjust:	Net (income) loss from continuing operations attributable to noncontrolling interest in properties	16,736			(64,984		)
		Net loss from continuing operations attributable to noncontrolling interest in Operating Partnership	5,746,772			4,890,009
		Preferred dividends	(1,675,193		)	(1,675,194		)
	Loss from continuing operations attributable to the Company		$	(140,714	)	$	(119,733	)
	Net loss from discontinued operations		$	—		$	(114,216	)
	Adjust:	Net loss from discontinued operations attributable to noncontrolling interest in properties	—			148
		Net loss from discontinued operations attributable to noncontrolling interest in Operating Partnership	—			111,342
	Net loss from discontinued operations attributable to the Company		$	—		$	(2,726	)
	Net loss available to common shareholders		$	(140,714	)	$	(122,459	)
	Net loss from continuing operations attributable to the Company per common share, basic and diluted		$	(0.10	)	$	(0.09	)
	Net loss from discontinued operations attributable to the Company per common share, basic and diluted		$	—		$	—
	Net loss available to common shareholders per common share, basic and diluted		$	(0.10	)	$	(0.09	)
	Weighted average number of common shares outstanding, basic and diluted		1,406,196			1,406,196
	Dividend declared per common share		$	—		$	0.339924

Earnings_Per_Share_EPS_Correct

Earnings Per Share EPS Correction (Tables)	3 Months Ended
	Mar. 31, 2015
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	The table below shows as previously reported and as revised EPS for the three-month period ended March 31, 2014:
		Three months ended March 31, 2014
		As previously reported			As revised
	Net loss from continuing operations attributable to the Company per common share, basic and diluted	$	(0.01	)	$	(0.09	)
	Net loss from discontinued operations attributable to the Company per common share, basic and diluted	$	(0.08	)	$	—
	Net loss available to common shareholders per common share, basic and diluted	$	(0.09	)	$	(0.09	)

Future_Minimum_Rent_Tables

Future Minimum Rent (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 are as follows:
	2015	$	185,457
	2016	315,467
	2017	358,535
	2018	375,282
	2019	303,622
	Thereafter	2,511,620
		$	4,049,983

Noncontrolling_Interest_in_Ope1

Noncontrolling Interest in Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2015
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP [Abstract]
Schedule of Calculation of Noncontrolling Interest	The following table sets forth the calculation of net loss attributable to noncontrolling interest in the Operating Partnership for the three-month periods ended March 31, 2015 and 2014:
			Three months ended
			March 31,
			2015				2014
	Net loss		$	(4,229,029	)		$	(3,383,780	)
	Adjust:	Net (income) loss attributable to noncontrolling interest in properties	16,736				(64,836		)
	Loss before noncontrolling interest in Operating Partnership		(4,212,293		)		(3,448,616		)
	Preferred dividend		(1,675,193		)		(1,675,194		)
	Loss available to common equity		(5,887,486		)		(5,123,810		)
	Noncontrolling interest in Operating Partnership		97.61		%		97.61		%
	Net loss attributable to noncontrolling interest in Operating Partnership		$	(5,746,772	)		$	(5,001,351	)
Schedule of Noncontrolling Interest	The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership:
		For the three months ended
		March 31,
		2015				2014
	Balance at beginning of period	$	(19,217,779	)		$	(102,297,937	)
	Net loss attributable to noncontrolling interest in Operating Partnership	(5,746,772		)		(5,001,351		)
	Distributions to noncontrolling interest partners in Operating Partnership	(625,300		)		(19,578,900		)
	Balance at end of period	$	(25,589,851	)		$	(126,878,188	)

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts accrued or paid to the Company’s affiliates are as follows:
		Three months ended
		March 31,
		2015		2014
	Property management fees	$	720,666	$	785,785
	Expense reimbursements	119,428		60,135
	Salary reimbursements	1,871,321		2,170,753
	Asset management fees	402,155		407,913
	Incentive advisory fee	338,605		264,045
	Acquisition fees	541,250		1,200,000
	Construction management fees	142,278		5,844
	Development fees	49,313		97,551
	Interest	24,673		—
	Total	$	4,209,689	$	4,992,026

Proforma_Condensed_Financial_I1

Proforma Condensed Financial Information Proforma (Tables)	3 Months Ended
	Mar. 31, 2015
Proforma Condensed Financial Information [Abstract]
Proforma Condensed Financial Information	The proforma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of each year, nor does it attempt to represent the results of operations for future periods.
		Three months ended March 31,
		2015			2014
		(unaudited)			(unaudited)
	Revenue from rental property	$	19,250,744		$	24,297,435
	Net loss	$	(3,561,673	)	$	(4,008,889	)
	Net income (loss) attributable to common shareholders	$	526,642		$	(747,568	)
	Net income (loss) attributable to common shareholders, per common share, basic and diluted	$	0.37		$	(0.53	)

Organization_and_Basis_of_Pres3

Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2015
	projects
	communities
	apartments
Real Estate Properties [Line Items]
Number of Real Estate Properties	14
Number of Units in Real Estate Property	4,345
Number of Real Estate Development Projects	2
Number of Equity Investments	2
ReitRequiredTaxableIncomeDistributionRate	90.00%
Partially Owned Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	4
Wholly Owned Properties [Member] | Gatehouse 75 [Member]
Real Estate Properties [Line Items]
Number of Units in Real Estate Property	99

Organization_and_Basis_of_Pres4

Organization and Basis of Presentation Business Combinations (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Assets acquired:
Multifamily apartment communities	$53,485,875	$129,560,979
Acquired in-place leases and tenant relationships	639,125	1,642,098
Prepaid expenses and other assets	0	632,521
Liabilities assumed:
Accrued expenses	24,248	511,151
Tenant security deposit liability	80,082	241,262
Mortgage notes payable	0	70,472,066
Gatehouse 75 [Member]
Assets acquired:
Multifamily apartment communities	53,485,875
Acquired in-place leases and tenant relationships	639,125
Total assets acquired	54,125,000
Liabilities assumed:
Accrued expenses	24,248
Tenant security deposit liability	80,082
Total liabilities assumed	104,330
Wholly Owned Properties [Member] | Gatehouse 75 [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	2-Mar-15
Business Acquisition, Property Price	$54,125,000

Multifamily_Apartment_Communit2

Multifamily Apartment Communities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Real Estate Investment Property, Net [Abstract]
Land	$85,531,674	$80,131,674
Buildings, improvement and personal property	645,804,811	583,804,249
Multifamily apartment communities	731,336,485	663,935,923
Accumulated depreciation	-197,479,523	-190,993,267
Multifamily apartment communities, net	$533,856,962	$472,942,656

Multifamily_Apartment_Communit3

Multifamily Apartment Communities : Discontinued Operations (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Other	$0	$210
Total revenue	0	210
Expenses:
Operating	0	112,954
General and administrative	0	1,472
Total expenses	0	114,426
Income (loss) from discontinued operations	$0	($114,216)

Investment_in_Unconsolidated_M2

Investment in Unconsolidated Multifamily Entities : Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014		Aug. 12, 2005	Mar. 02, 2011	Jul. 15, 2014	Jul. 16, 2014
							apartments
Schedule of Equity Method Investments [Line Items]
Distributions from investment in unconsolidated multifamily entities	$0		$544,680
Commitments and contingencies	0			0
Equity Method Investee, Unconsolidated Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Cumulative	25,104,682
Equity Method Investment, Distribution As Percentage of Total Commitment	107.30%
Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of the Company's investment	1,933,529	[1]		1,983,926	[1]
Equity Method Investment, Summarized Financial Information, Number of Properties Disposed			2
Gain on property sales and extinguishment of debt	0		15,247,953
Equity Method Investment, Aggregate Cost	23,400,000					23,400,000
Equity Method Investment, Ownership Percentage	7.00%
Equity Method Investment, Funding Percentage of Investment	100.00%
Equity Method Investment, Summarized Financial Information, Number of Properties Remained	1
Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of the Company's investment	10,836,992	[2]		12,094,296	[2]
Maximum [Member] | Joint Venture [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] | Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of unconsolidated multifamily entities			1,067,000
NOMA Residental West I, LLC [Member] | Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member]
Schedule of Equity Method Investments [Line Items]
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] | 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] | Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Aggregate Cost	14,520,000
Equity Method Investment, Ownership Percentage	33.00%						33.00%
Equity Method Investment, Funding Percentage of Investment	100.00%
Proceeds from Equity Method Investment, Cumulative	1,800,000
Equity Method Investment, Distribution As Percentage of Total Commitment	12.40%
Equity Method Investment, Accumulated Capitalized Interest Costs	1,710,327
NOMA Residental West I, LLC [Member] | Capital Addition Purchase Commitments [Member] | Washington, D.C. [Member] | Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Commitments and contingencies	$14,520,000
Country Place I & II [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling partners								42.00%
Country Place I & II [Member] | 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%
[1]	Per the partnership agreement of BVF, the Companybs liability is limited to its investment in BVF. The Company does not guarantee any third-party debt held by BVF. The Company has fully funded its obligations under the partnership agreement as of MarchB 31, 2015 and has no commitment to make additional contributions to BVF.
[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 MarchB 31, 2015 and has no commitment to make additional contributions to NoMa JV.

Investment_in_Unconsolidated_M3

Investment in Unconsolidated Multifamily Entities : Summarized Balance Sheets (Details) (Joint Venture [Member], USD $)	Mar. 31, 2015		Dec. 31, 2014
Equity Method Investee, Unconsolidated Limited Partnership [Member]
ASSETS
Multifamily apartment communities, net	$115,007,655		$116,680,315
Cash and cash equivalents	25,078,474		25,903,395
Other assets	4,402,380		4,801,494
Total assets	144,488,509		147,385,204
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)/MEMBERS' CAPITAL
Mortgage notes payable	132,985,494		133,445,626
Other liabilities	3,286,749		3,940,477
Noncontrolling interest	-10,769,407		-9,706,447
Partners' Equity (Deficit)/Members' capital	18,985,673		19,705,548
Total liabilities and members' equity (deficit)/partners' capital	144,488,509		147,385,204
Company's share of partners' capital	1,329,134		1,379,531
Basis differential	604,395	[1]	604,395	[1]
Carrying value of the Company's investment	1,933,529	[2]	1,983,926	[2]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Syndication Costs	583,240
Equity Method Investee, Unconsolidated Limited Liability Company [Member]
ASSETS
Multifamily apartment communities, net	119,584,745		120,777,674
Cash and cash equivalents	2,684,176		5,404,229
Other assets	1,131,677		1,425,062
Total assets	123,400,598		127,606,965
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)/MEMBERS' CAPITAL
Mortgage notes payable	85,466,258		85,466,258
Other liabilities	799,418		850,590
Noncontrolling interest	3,701,033		4,123,182
Partners' Equity (Deficit)/Members' capital	33,433,889		37,166,935
Total liabilities and members' equity (deficit)/partners' capital	123,400,598		127,606,965
Company's share of partners' capital	9,255,328		10,495,636
Basis differential	1,581,664	[3]	1,598,660	[3]
Carrying value of the Company's investment	$10,836,992	[4]	$12,094,296	[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 MarchB 31, 2015 and DecemberB 31, 2014, the differential was comprised mainly of $583,240, which represents the Companybs share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call.
[2]	Per the partnership agreement of BVF, the Companybs liability is limited to its investment in BVF. The Company does not guarantee any third-party debt held by BVF. The Company has fully funded its obligations under the partnership agreement as of MarchB 31, 2015 and has no commitment to make additional contributions to BVF.
[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 MarchB 31, 2015 and has no commitment to make additional contributions to NoMa JV.

Investment_in_Unconsolidated_M4

Investment in Unconsolidated Multifamily Entities : Statement of Operations (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of unconsolidated multifamily entities	$25,632	$682,492
Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	4,128,825	28,763,720
Expenses	-5,911,660	-37,257,755
Gain on property sales and extinguishment of debt	0	15,247,953
Noncontrolling interest	1,062,960	1,026,400
Net income (loss) attributable to investment	-719,875	7,780,318
Equity in income (loss) of unconsolidated multifamily entities	-50,397	945,101
Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	3,226,117	2,381,898
Expenses	-2,931,313	-3,166,281
Noncontrolling interest	-27,851	78,429
Net income (loss) attributable to investment	266,953	-705,954
Equity in income (loss) of unconsolidated mutlifamily entities, before amortization of basis	93,025	-245,613
Amortization of basis	-16,996	-16,996
Equity in income (loss) of unconsolidated multifamily entities	$76,029	($262,609)

Mortgage_Notes_Payable_Details

Mortgage Notes Payable (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 12, 2012	Mar. 02, 2015	Jan. 23, 2014	Jul. 23, 2014	Dec. 22, 2014	Nov. 07, 2014	Feb. 27, 2015	Dec. 31, 2014
	apartments
Debt Instrument [Line Items]
Borrowings from mortgage notes payable	$75,789,994	$44,001,003
Repayments of Secured Debt	940,488	1,577,183
Mortgage notes payable	511,538,866									436,785,408
Number of Units in Real Estate Property	4,345
Mortgage notes payable	0	70,472,066
Repayments of mortgage notes payable	0	37,083,389
Fair Value Measurements, Loan-to-Value Percentage Threshold for Further Stratification of Valuation Model	80.00%
Loans Payable, Fair Value Disclosure	543,800,000									482,196,000
2020 Lawrence [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Debt Instrument, Maturity Date			11-Jun-22
Gatehouse 75 [Member]
Debt Instrument [Line Items]
Borrowings from mortgage notes payable				36,210,000
Debt Instrument, Maturity Date				1-Apr-22
Walnut Creek [Member]
Debt Instrument [Line Items]
Number of Units in Development Projects						141
Construction Loans [Member] | Aura Prestonwood [Member]
Debt Instrument [Line Items]
Debt Instrument, Borrowing Capacity, Amount					31,054,212
Debt Instrument, Interest Rate Terms					2.50% above the 1-month LIBOR
Mortgage notes payable	21,082,493
Debt Instrument, Maturity Date					22-Jan-17
Construction Loans [Member] | Walnut Creek [Member]
Debt Instrument [Line Items]
Debt Instrument, Borrowing Capacity, Amount						44,500,000
Mortgage notes payable	0
Debt Instrument, Interest Rate, Stated Percentage						5.31%
Debt Instrument, Maturity Date						1-Aug-24
Notes Payable to Banks [Member] | 2020 Lawrence [Member]
Debt Instrument [Line Items]
Borrowings from mortgage notes payable								225,554
Repayments of Secured Debt								193,554
Mortgage notes payable	32,000
Debt Instrument, Interest Rate, Stated Percentage								3.25%
Debt Instrument, Maturity Date	29-May-15						22-Mar-15	22-Dec-14
First Mortgage [Member] | Elan Redmond Town Center [Member]
Debt Instrument [Line Items]
Borrowings from mortgage notes payable									19,990,000
Debt Instrument, Interest Rate, Stated Percentage									3.33%
Debt Instrument, Maturity Date									1-Mar-22
First Mortgage [Member] | Gatehouse 75 [Member]
Debt Instrument [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]
Debt Instrument [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]
Debt Instrument [Line Items]
Borrowings from mortgage notes payable				$14,410,000
Debt Instrument, Interest Rate Terms				1.95% above the 1-month LIBOR

Revolving_Credit_Facility_Affi1

Revolving Credit Facility - Affiliate (Details) (USD $)	0 Months Ended	3 Months Ended
	Jan. 21, 2014	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015	Jan. 22, 2015	Jan. 21, 2015	Dec. 30, 2014	Aug. 30, 2014	Aug. 29, 2014	Feb. 17, 2011
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$90,000,000	$45,000,000		$45,000,000	$60,000,000	$45,000,000	$60,000,000	$75,000,000	$90,000,000
Line of Credit Facility, Interest Rate Description	3.75% above the 30-day LIBOR
Line of Credit Facility, Commitment Fee Amount		17,676	48,028
Revolving Credit Facility [Member] | Affiliated Entity [Member]
Debt Instrument [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
Line of Credit, Clean Up Period Required		365 days
Revolving Credit Facility [Member] | Affiliated Entity [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Amount		$400,000

Credit_Facility_Details

Credit Facility (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 21, 2014	Dec. 31, 2014	Feb. 28, 2015	Jan. 22, 2015	Jan. 21, 2015	Dec. 30, 2014	Aug. 30, 2014	Aug. 29, 2014
Line of Credit Facility [Line Items]
Borrowings from Credit Facility	$9,000,000	$80,000,000
Repayments of Lines of Credit	31,000,000	0
Credit Facility	19,000,000			41,000,000
Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest Expense	368,008	323,841
Line of Credit Facility, Maximum Borrowing Capacity	45,000,000		90,000,000		45,000,000	60,000,000	45,000,000	60,000,000	75,000,000	90,000,000
Line of Credit Facility, Interest Rate Description			3.75% above the 30-day LIBOR
Line of Credit Facility, Expiration Date			21-Jan-17
Line of Credit Facility, Commitment Fee Description			The Credit Facility provides for unused commitment fees of 0.50% per annum if the unused amount is equal to or greater than 50% of the applicable maximum commitment and 0.35% per annum if such unused amount is less than 50%.
Line of Credit Facility, Commitment Fee Amount	$17,676	$48,028

Note_Payable_Affiliate_Details

Note Payable - Affiliate (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 02, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowings from note payable - affiliate	$5,800,000	$0
Note payable - affiliate	5,800,000			0
Affiliated Entity [Member]
Debt Instrument [Line Items]
Borrowings from note payable - affiliate	5,800,000
Note payable - affiliate				$0
Debt Instrument, Interest Rate Terms			5.00% above the 1-month LIBOR
Debt Instrument, Maturity Date			31-Dec-16

Note_Payable_Other_Details

Note Payable - Other (Details) (USD $)	0 Months Ended
	Jun. 12, 2012	Mar. 31, 2015	Dec. 31, 2014
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
Notes Payable, Fair Value Disclosure		$1,362,000	$1,374,000

Equity_Deficit_Details

Equity / Deficit (Details) (USD $)	0 Months Ended						3 Months Ended
	Feb. 15, 2015	Nov. 15, 2014	Aug. 15, 2014	15-May-14	Jan. 17, 2014	Mar. 25, 2003	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Distributions Made to Partners [Line Items]
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears	$0.56	$0.56	$0.56	$0.56
Preferred Stock, Dividend Rate, Percentage						9.00%
Preferred Stock, Liquidation Preference Per Share						$25
Payments of Ordinary Dividends, Preferred Stock and Preference Stock							$1,675,193	$1,675,194
Dividend and distributions payable							1,462,907		837,607
Distributions					20,000,000
Distribution, Payment Date					17-Jan-14
Common Stock, Dividends, Per Share, Declared							$0	$0.34
Distributions to common shareholders							0	478,000
Distributions to noncontrolling interest partners in Operating Partnership							0	19,578,900
Common Class B
Distributions Made to Partners [Line Items]
Common Stock, Dividends, Per Share, Declared					$0.34
Dividends Payable, Date to be Paid					17-Jan-14
Preferred Stock [Member] | Series A Preferred Stock
Distributions Made to Partners [Line Items]
Dividend and distributions payable							837,607	837,607
Distributions							0	0
Common Stock [Member] | Common Class B
Distributions Made to Partners [Line Items]
Distributions							0	0
Noncontrolling interest in Operating Partnership
Distributions Made to Partners [Line Items]
Distributions							625,300	19,578,900
Adjustments Related to Tax Withholding for Sale of Property							0	56,900
Noncontrolling interest in Operating Partnership | Series A Preferred Stock
Distributions Made to Partners [Line Items]
Dividend and distributions payable							$625,300	$0

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 17, 2014
Loss from continuing operations attributable to the Company
Net loss from continuing operations	($4,229,029)	($3,269,564)
Net (income) loss from continuing operations attributable to noncontrolling interest in properties	16,736	-64,984
Net loss from continuing operations attributable to noncontrolling interest in Operating Partnership	5,746,772	4,890,009
Preferred dividend	-1,675,193	-1,675,194
Loss from continuing operations attributable to the Company	-140,714	-119,733
Net loss from discontinued operations attributable to the Company
Net loss from discontinued operations	0	-114,216
Net loss from discontinued operations attributable to noncontrolling interest in properties	0	148
Net loss from discontinued operations attributable to noncontrolling interest in Operating Partnership	0	111,342
Net loss from discontinued operations attributable to the Company	0	-2,726
Net loss available to common shareholders	($140,714)	($122,459)
Net loss from continuing operations attributable to the Company per common share, basic and diluted (dollars per share)	($0.10)	($0.09)
Net loss from discontinued operations attributable to the Company per common share, basic and diluted (dollars per share)	$0	$0
Net loss available to common shareholders per common share, basic and diluted	($0.10)	($0.09)
Weighted average number of common shares outstanding, basic and diluted (shares)	1,406,196	1,406,196
Common Stock, Dividends, Per Share, Declared	$0	$0.34
Common Class B
Net loss from discontinued operations attributable to the Company
Common Stock, Dividends, Per Share, Declared			$0.34

Earnings_Per_Share_EPS_Correct1

Earnings Per Share EPS Correction (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net loss from continuing operations attributable to the Company per common share, basic and diluted (dollars per share)	($0.10)	($0.09)
Net loss from discontinued operations attributable to the Company per common share, basic and diluted (dollars per share)	$0	$0
Net loss available to common shareholders per common share, basic and diluted	($0.10)	($0.09)
Adjustments for Error Corrections, Out of Period Adjustment [Member] | Scenario, Previously Reported [Member]
Net loss from continuing operations attributable to the Company per common share, basic and diluted (dollars per share)		($0.01)
Net loss from discontinued operations attributable to the Company per common share, basic and diluted (dollars per share)		($0.08)
Net loss available to common shareholders per common share, basic and diluted		($0.09)

Future_Minimum_Rent_Details

Future Minimum Rent (Details) (USD $)	Mar. 31, 2015
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	$185,457
Operating Leases, Future Minimum Payments Receivable, in Two Years	315,467
Operating Leases, Future Minimum Payments Receivable, in Three Years	358,535
Operating Leases, Future Minimum Payments Receivable, in Four Years	375,282
Operating Leases, Future Minimum Payments Receivable, in Five Years	303,622
Operating Leases, Future Minimum Payments Receivable, Thereafter	2,511,620
Operating Leases, Future Minimum Payments Receivable	$4,049,983

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Jan. 23, 2014	Jul. 23, 2014
			apartments	apartments
Long-term Purchase Commitment [Line Items]
Commitments and contingencies	0	$0
Number of Real Estate Development Projects	2
Joint Venture [Member] | Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment [Line Items]
Number of Real Estate Development Projects	2	2
Walnut Creek [Member] | Joint Venture [Member] | Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment [Line Items]
Development Projects, Ownership Percentage	98.00%
Aura Prestonwood [Member] | Joint Venture [Member] | Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment [Line Items]
Funding Percentage of Investment	100.00%
Partially Owned Properties [Member] | Walnut Creek [Member]
Long-term Purchase Commitment [Line Items]
Real Estate Property, Ownership Percentage	98.00%
Partially Owned Properties [Member] | Aura Prestonwood [Member]
Long-term Purchase Commitment [Line Items]
Real Estate Property, Ownership Percentage	95.00%
Mortgage Loans on Real Estate [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	11,700,000
Mortgage Loans on Real Estate [Member] | Berkshires at Town Center [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	3,000,000
Construction Loans [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	44,500,000
Aura Prestonwood [Member] | Joint Venture [Member] | Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment [Line Items]
Commitments and contingencies	12,600,000
Aura Prestonwood [Member] | Partially Owned Properties [Member]
Long-term Purchase Commitment [Line Items]
Number of Units in Development Projects			322
Walnut Creek [Member]
Long-term Purchase Commitment [Line Items]
Number of Units in Development Projects				141
Walnut Creek [Member] | Joint Venture [Member] | Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment [Line Items]
Commitments and contingencies	26,900,000
Investment Owned, at Cost	18,700,000

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative [Line Items]
Payments for Hedge, Financing Activities		$258,990
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	$23,937		$50,224

Noncontrolling_Interest_in_Pro1

Noncontrolling Interest in Properties (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 15, 2014	Dec. 31, 2014	Jul. 16, 2014
	communities
Noncontrolling Interest [Line Items]
Number of Real Estate Properties	14
Contribution from noncontrolling interest holders in properties	$0	$619,093
Payments to Noncontrolling Interests	16,104	947,980
Dividend and distributions payable	1,462,907			837,607
Noncontrolling interest in properties
Noncontrolling Interest [Line Items]
Contributions	0	619,093
Distributions	$16,104	$947,980
Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Number of Real Estate Properties	4
Berkshires of Columbia [Member] | Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Real Estate Property, Ownership Percentage	91.38%
Country Place I [Member] | Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Real Estate Property, Ownership Percentage			58.00%
Country Place II [Member] | Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Real Estate Property, Ownership Percentage			58.00%
2020 Lawrence [Member] | Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Real Estate Property, Ownership Percentage	91.08%
Walnut Creek [Member] | Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Real Estate Property, Ownership Percentage	98.00%
Aura Prestonwood [Member] | Partially Owned Properties [Member]
Noncontrolling Interest [Line Items]
Real Estate Property, Ownership Percentage	95.00%
Country Place I & II [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling partners			42.00%
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_Ope2

Noncontrolling Interest in Operating Partnership (Details) (USD $)	0 Months Ended	3 Months Ended
	Jan. 17, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Net loss		($4,229,029)	($3,383,780)
Net (income) loss attributable to noncontrolling interest in properties		16,736	-64,836
Loss before noncontrolling interest in Operating Partnership		-4,212,293	-3,448,616
Preferred dividend		-1,675,193	-1,675,194
Distributions	20,000,000
Loss available to common equity		-5,887,486	-5,123,810
Net loss attributable to noncontrolling interest in Operating Partnership		-5,746,772	-5,001,351
Noncontrolling Interest, Ownership Units Held by Noncontrolling Owners		5,242,223		5,242,223
Noncontrolling interest in Operating Partnership
Noncontrolling Interest [Line Items]
Net loss		-5,746,772	-5,001,351
Noncontrolling interest, ownership percentage by noncontrolling partners		97.61%	97.61%
Net loss attributable to noncontrolling interest in Operating Partnership		($5,746,772)	($5,001,351)

Noncontrolling_Interest_in_Ope3

Noncontrolling Interest in Operating Partnership Summary of Noncontrolling Interest (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Redeemable Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interest in Operating Partnership	($5,746,772)	($5,001,351)
Noncontrolling Interest, Ownership Units Held by Noncontrolling Owners	5,242,223		5,242,223
Noncontrolling interest in Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interest in Operating Partnership	-5,746,772	-5,001,351
Distributions to noncontrolling interest partners in Operating Partnership	625,300	19,578,900
Balance at beginning of period	-19,217,779
Noncontrolling interest, ownership percentage by noncontrolling partners	97.61%	97.61%
Balance at end of period	($25,589,851)	($126,878,188)

Related_Party_Transactions_Amo

Related Party Transactions : Amount Accrued or Paid to Affiliates (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$4,209,689	$4,992,026

Related_Party_Transactions_Rel

Related Party Transactions : Related Party Transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	($3,148,517)		($3,085,668)
Due to Affiliate	5,264,543		5,146,525
Due from Affiliates	2,116,026		2,060,857
Note payable - affiliate	5,800,000		0
Related Party Transaction, Amounts of Transaction	4,209,689	4,992,026
Borrowings from note payable - affiliate	5,800,000	0
Due to affiliate, incentive advisory fees	13,868,578		13,698,562
Borrowings from Credit Facility	9,000,000	80,000,000
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Note payable - affiliate			0
Borrowings from note payable - affiliate	5,800,000
Property management fees [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Fee, Rate	4.00%
Related Party Transaction, Amounts of Transaction	720,666	785,785
Property management fees [Member] | Aura Prestonwood [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Fee, Rate	2.75%
Expense reimbursements [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	119,428	60,135
Salary reimbursements [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	1,871,321	2,170,753
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	402,155	407,913
Asset management fees [Member] | Berkshire Advisor [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	1,600,000
Incentive advisory fee [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	338,605	264,045
Related Party Transaction, Required Accrual Rate Above the Established Base Value	10.00%
Related Party Transaction, Amount Received (Paid) During Period	168,589	146,103
Incentive advisory fee [Member] | Berkshire Advisor [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Required Accrual Rate Above the Established Base Value	12.00%
Related Party Transaction, Rate	7.00%
Acquisition fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	541,250	1,200,000
Acquisition fees [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Fee, Rate	1.00%
Acquisition fees [Member] | Gatehouse 75 [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	541,250
Acquisition fees [Member] | Pavilion Townplace [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		560,000
Acquisition fees [Member] | EON at Lindbergh [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		640,000
Construction management fees [Member] | Berkshire Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	142,278	5,844
Development fees [Member] | Berkshire Residental Development [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	49,313	97,551
Interest Expense [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$24,673	$0

Proforma_Condensed_Financial_I2

Proforma Condensed Financial Information Details (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$19,250,744	$24,297,435
Business Acquisition, Pro Forma Net Income (Loss)	-3,561,673	-4,008,889
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders	526,642	-747,568
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders, per Share, Basic	$0.37	($0.53)
Revenues	18,665,653	21,176,665
Net loss	-4,229,029	-3,383,780
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Revenues	3,918,465	320,573
Net loss	($1,739,667)	($1,167,703)