Trade Street Residential (TSRE) 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 03, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Document Fiscal Period Focus	'Q3	'
Document Period End Date	30-Sep-14	'
Entity Registrant Name	'Trade Street Residential, Inc.	'
Trading Symbol	'tsre	'
Entity Central Index Key	'0001299901	'
Entity Filer Category	'Non-accelerated Filer	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Document Fiscal Year Focus	'2014	'
Entity Common Stock, Shares Outstanding	'	36,698,469

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate assets	'	'
Land and improvements	$88,559	$58,560
Buildings and improvements	464,439	272,849
Furniture, fixtures, and equipment	15,649	9,016
Gross investment in operating properties	568,647	340,425
Less accumulated depreciation	-23,899	-14,369
Net investment in operating properties	544,748	326,056
Land held for future development (including $0 and $1,477 of consolidated variable interest entity, respectively)	'	31,963
Real estate assets held for sale	24,125	'
Net real estate assets	568,873	358,019
Other assets:	'	'
Investment in unconsolidated joint venture, held for sale	2,279	2,421
Cash and cash equivalents (including $0 and $148 of consolidated variable interest entity, respectively)	16,713	9,037
Restricted cash and lender reserves	2,660	3,203
Deferred financing costs, net	4,908	3,022
Intangible assets, net	663	1,571
Prepaid expenses and other assets	2,314	9,560
Due from related parties	'	803
Assets related to real estate assets held for sale	585	'
Total other assets	30,122	29,617
TOTAL ASSETS	598,995	387,636
LIABILITIES:	'	'
Indebtedness	344,863	249,584
Accrued interest payable	886	840
Accounts payable and accrued expenses	7,437	6,119
Dividends payable	3,789	1,247
Security deposits, deferred rent and other liabilities	1,795	1,443
Liabilities related to real estate assets held for sale	421	'
TOTAL LIABILITIES	359,191	259,233
Commitments & contingencies	'	'
STOCKHOLDERS' EQUITY:	'	'
Class A preferred stock; $0.01 par value; 423 shares authorized, 309 shares issued and outstanding at September 30, 2014 and December 31, 2013	3	3
Common stock, $0.01 par value per share; 1,000,000 authorized; 36,723 and 11,469 issued and outstanding at September 30, 2014 and December 31, 2013, respectively	367	115
Additional paid-in capital	303,529	162,681
Accumulated deficit	-79,683	-52,053
TOTAL STOCKHOLDERS' EQUITY - TRADE STREET RESIDENTIAL, INC.	224,216	110,746
Noncontrolling interest	15,588	17,657
TOTAL STOCKHOLDERS' EQUITY	239,804	128,403
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$598,995	$387,636

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Land held for future development	'	$31,963
Cash and cash equivalents	16,713	9,037
Preferred stock par value per share	$0.01	$0.01
Preferred stock shares authorized	423,000	423,000
Preferred stock shares issued	309,000	309,000
Preferred stock shares outstanding	309,000	309,000
Common stock par value per share	$0.01	$0.01
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	36,723,000	11,469,000
Common stock shares outstanding	36,723,000	11,469,000
Variable Interest Entity, Primary Beneficiary [Member]	'	'
Land held for future development	0	1,477
Cash and cash equivalents	$0	$148

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property revenues	'	'	'	'
Rental revenue	$13,831	$7,168	$37,330	$17,864
Other property revenues	1,475	859	4,039	1,885
Total property revenues	15,306	8,027	41,369	19,749
Property expenses	'	'	'	'
Property operations and maintenance	4,323	2,576	11,972	6,295
Real estate taxes and insurance	2,128	982	6,369	2,633
Total property expenses	6,451	3,558	18,341	8,928
Other expenses	'	'	'	'
General and administrative	1,943	3,099	6,356	6,482
Management transition expenses	'	'	9,291	'
Interest expense	3,381	2,210	9,572	6,110
Depreciation and amortization	4,922	3,312	15,389	8,479
Development and pursuit costs	217	52	356	67
Acquisition costs	'	472	1,641	916
Amortization of deferred financing costs	236	275	788	994
Loss on early extinguishment of debt	'	'	1,629	1,146
Total other expenses	10,699	9,420	45,022	24,194
Other income	1	26	45	70
Income (loss) from unconsolidated joint venture	20	-13	21	42
Impairment associated with land holdings	-7,962	'	-7,962	-613
Gain on sales of real estate assets	353	'	353	'
Gain on bargain purchase	'	6,900	'	6,900
Income (loss) from continuing operations	-9,432	1,962	-29,537	-6,974
Income (loss) from operation of discontinued rental property, including gains/losses on disposals (See Note L)	'	-80	'	1,696
Net income (loss)	-9,432	1,882	-29,537	-5,278
(Income) loss allocated to noncontrolling interest holders	566	-258	1,907	911	[1]
Dividends declared and accreted on preferred stock and units	-234	-234	-693	-707
Dividends to restricted stockholders	'	-29	'	-29
Extinguishment of equity securities	'	'	'	11,716
Adjustments attributable to participating securities	14	-1	44	-2,492
Net income (loss) attributable to common stockholders	($9,086)	$1,360	($28,279)	$4,121
Earnings (loss) per common share - basic and diluted:	'	'	'	'
Continuing operations	($0.25)	$0.13	($0.81)	$0.31
Discontinued operations	'	($0.01)	'	$0.21
Net earnings (loss) per share attributable to common	($0.25)	$0.12	($0.81)	$0.52
Weighted average number of shares - basic and diluted	36,468	11,099	34,908	7,931
[1]	Net of $0.04 million income allocated to discontinued operations in the first quarter of 2013.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement Of Stockholders' Equity (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]	Total
In Thousands, except Share data
Preferred stock, Equity Balance at Dec. 31, 2013	$3	'	'	'	'	$3
Equity balance at Dec. 31, 2013	'	115	162,681	-52,053	17,657	128,403
Preferred stock shares balance at Dec. 31, 2013	309,000	'	'	'	'	309,000
Common stock shares balance at Dec. 31, 2013	'	11,469,000	'	'	'	11,469,000
Proceeds from sale of common stock, net	'	249	146,971	'	'	147,220
Proceeds from sale of common stock, net, shares	'	24,882,000	'	'	'	'
Net loss	'	'	'	-27,630	-1,907	-29,537
Distributions to stockholders and unit holders	'	'	-10,685	'	-667	-11,352
Stock-based compensation - management transition	'	4	3,310	'	'	3,314
Stock-based compensation - management transition, Shares	'	375,000	'	'	'	'
Stock-based compensation, net of forfeitures	'	1	312	'	'	313
Stock-based compensation, net of forfeitures , shares	'	130,000	'	'	'	'
Surrender of shares to cover tax withholding from stock compensation	'	-2	-1,008	'	'	-1,010
Surrender of shares to cover tax withholding from stock compensation, shares	'	-133,000	'	'	'	'
Conversion of Class B contingent units into Common OP units	'	'	1,948	'	505	2,453
Preferred stock, Equity Balance at Sep. 30, 2014	3	'	'	'	'	3
Equity balance at Sep. 30, 2014	'	$367	$303,529	($79,683)	$15,588	$239,804
Preferred stock shares balance at Sep. 30, 2014	309,000	'	'	'	'	309,000
Common stock shares balance at Sep. 30, 2014	'	36,723,000	'	'	'	36,723,000

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement Of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($29,537)	($5,278)
Income from discontinued operations	'	-1,696
Loss from continuing operations	-29,537	-6,974
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	15,389	8,479
Impairment associated with land holdings	7,962	613
Amortization of tax abatement	264	'
Amortization of deferred financing costs	788	994
Loss on early extinguishment of debt	1,629	1,146
Non-cash compensation from conversion of Class B contingent units into common OP units	2,453	'
Stock compensation	3,627	1,440
Income of unconsolidated joint venture	-21	-42
Interest accrued on related party receivable	-15	-66
Gain on sales of real estate assets	-353	'
Gain on bargain purchase	'	-6,900
Net changes in assets and liabilities:	'	'
Restricted cash and lender reserves	-7	-1,152
Prepaid expenses and other assets	7,248	-37
Accounts payable, accrued expenses and accrued interest payable	1,494	402
Due to related parties	-120	-83
Security deposits, deferred rent and other liabilities	766	551
Net cash provided by (used in) operating activities - continuing operations	11,567	-1,629
Net cash provided by operating activities - discontinued operations	'	702
Net cash provided by (used in) operating activities	11,567	-927
Cash flows from investing activities:	'	'
Proceeds from sale of real estate assets	7,839	'
Cash distributions received from unconsolidated joint venture	159	174
(Deconsolidation) Consolidation of variable interest entity	-148	148
Acquisitions of communities	-135,098	-62,178
Acquisition of mortgage loan	'	-1,450
Property capital expenditures	-2,499	-1,815
Net cash used in investing activities - continuing operations	-129,747	-65,121
Net cash provided by investing activities - discontinued operations	'	5,678
Net cash used in investing activities	-129,747	-59,443
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock, net of offering costs	147,220	54,492
Proceeds from indebtedness	134,750	62,000
Repayments of indebtedness	-142,796	-39,812
Payments of deferred loan costs	-3,597	-2,394
Prepayment fees for early extinguishment of debt	-706	-1,014
Distributions to stockholders and unitholders	-8,811	-3,271
Reduction in related party receivable	806	158
Payments for redemption of noncontrolling interests	'	-3,757
Shares surrender for payment of withholding taxes	-1,010	'
Net cash provided by financing activities - continuing operations	125,856	66,402
Net cash used in financing activities - discontinued operations	'	-4,136
Net cash provided by provided by financing activities	125,856	62,266
Net change in cash and cash equivalents	7,676	1,896
Cash and cash equivalents at beginning of period	9,037	4,898
Cash and cash equivalents at end of period	16,713	6,794
Supplemental Disclosure of Cash Flow Information:	'	'
Cash paid during the period for interest, net of capitalized interest of $0 and $145, respectively.	9,527	5,768
Non-Cash Investing & Financing Activities:	'	'
Note payable issued as consideration for purchase of business	103,325	98,322
Stock issued in connection with rights offering	7,500	'
Acquisition consideration payable in preferred stock	294	294
Stock issued for consideration of business acquisition	'	3,318
Transfer preferred shares/units to permanent equity	'	46,250
Offering costs included in accounts payable and accrued expenses	'	$164

Condensed_Consolidated_Stateme3

Condensed Consolidated Statement Of Cash Flows (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Condensed Consolidated Statements Of Cash Flows [Abstract]	'	'
Capitalized interest	$0	$145

Nature_Of_Business_And_Signifi

Nature Of Business And Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Nature Of Business And Significant Accounting Policies [Abstract]	'
Nature Of Business And Significant Accounting Policies	'
	TRADE STREET RESIDENTIAL, INC.
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
	NOTE A—NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
	Trade Street Residential, Inc. (formerly Feldman Mall Properties, Inc. (the “Company” or “TSRE”)), is a Maryland corporation that qualifies and has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purpose. The Company conducts substantially all of its operations through Trade Street Operating Partnership, LP (the “Operating Partnership”).  The Company’s condensed consolidated financial statements as of and for the three and nine months ended September 30, 2014 and 2013 reflect the combination of certain real estate entities and management operations that were contributed to the Company in June 2012 in a reverse recapitalization transaction (the “recapitalization”). The transaction was accounted for as a reverse recapitalization, as it was a capital transaction in substance, rather than a business combination. As a reverse recapitalization, no goodwill was recorded. For accounting purposes, the legal acquiree was treated as the continuing reporting entity that acquired the legal acquirer.
	The Company completed its initial public offering in May 2013.  On January 16, 2014, the Company completed a common stock and subscription rights offering granted to TSRE’s existing stockholders (“Rights Offering”)  (as more fully described in Note G).
	The Company is engaged in the business of acquiring, owning, operating and managing high quality, conveniently located apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States, including Texas.
	As of September 30, 2014, the Company had interests in 5,129 apartment units in 20 communities, including 240 apartment units in one community held through an unconsolidated joint venture in which the Company has a 50% interest (see Note F).  In addition, the Company owns four parcels of land that are zoned for multifamily development, as well as one parcel of undeveloped land (collectively the “Land Investments”) on which the Company foreclosed in March 2014 (see Note C).  During the nine months ended September 30, 2014, the Company classified its Land Investments as real estate assets held for sale (see Note L).  The Company, through its affiliates, actively manages the acquisition and operations of its real estate investments.
	Summary of Significant Accounting Policies
	Basis of Presentation: The accompanying condensed consolidated financial statements have been prepared by the Company’s management pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and represent the assets and liabilities and operating results of the Company. Accordingly, these financial statements do not include all information and footnote disclosures required for annual financial statements.  While management believes the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated financial statements herein.  Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results which may be expected for the full year ending December 31, 2014. Additionally, see Note L for information regarding new accounting guidance that the Company adopted effective as of January 1, 2014.
	Principles of Consolidation:  The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their wholly-owned subsidiaries.  Until March 2013, certain properties were not wholly owned, resulting in noncontrolling interests. Income (loss) allocations, if any, to noncontrolling interests includes the pro rata share of such properties’ net real estate income (loss). All significant intercompany balances and transactions have been eliminated in consolidation.
	Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, “Consolidation,” when a reporting entity is the primary beneficiary of an entity that is a variable interest entity (“VIE”) as defined in FASB ASC 810, the VIE must be consolidated into the financial statements of the reporting entity. The determination of which owner is the primary beneficiary of a VIE requires management to make significant estimates and judgments about the rights, obligations, and economic interests of each interest holder in the VIE. A primary beneficiary has both the power to direct the activities that most significantly impact the VIE and the obligation to absorb losses or the right to receive benefits from the VIE. During the first quarter of 2013, the Company sold its 70% interest in a VIE to its joint venture partner (see Note L) and began consolidation of another VIE, which was deconsolidated during the first quarter of 2014 upon completion of foreclosure proceedings (see Note C).
	Unconsolidated joint ventures in which the Company does not have a controlling interest but exercises significant influence are accounted for using the equity method, under which the Company recognizes its proportionate share of the joint venture’s earnings and losses.  The Company holds a 50% interest in BSF/BR Augusta JV, LLC (the owner of The Estates at Perimeter, an operating property), which is accounted for under the equity method (see Note F).  As of September 30, 2014, the Company is party to an agreement to sell its interest in this operating property and, accordingly, has classified this joint venture investment as held for sale in the Company’s condensed consolidated balance sheets.
	Use of Estimates: The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in these condensed consolidated financial statements and accompanying notes. The more significant estimates include those related to whether the carrying values of real estate assets have been impaired and estimates related to the valuation of the Company’s investment in a joint venture. While management believes that the estimates used are reasonable, actual results could differ from the estimates.
	Acquisition of Operating Properties: The Company has accounted for acquisitions of its operating properties, consisting of multifamily apartment communities and land held for future development, as business combinations in accordance with GAAP. Estimates of fair value based on future cash flows and other valuation techniques are used to allocate the purchase price between land, buildings, building improvements, equipment, identifiable intangible assets such as in-place leases and tax abatements, and other assets and liabilities. The acquisition of a multifamily apartment community typically qualifies as a business combination.
	Transaction costs related to the acquisition of an operating property, such as broker fees, certain transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and are included in acquisition costs in the condensed consolidated statements of operations.
	Real Estate Assets: Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired, as described below. Depreciation on real estate is computed using the straight-line method over the estimated useful lives of the related assets, generally 35 to 50 years for buildings, 2 to 15 years for long-lived improvements and 3 to 7 years for furniture, fixtures and equipment. Expenditures that enhance the value of existing real estate assets or substantially extend the lives of those assets are capitalized and depreciated over the expected useful lives of such enhancements.  Expenditures necessary to maintain a real estate asset in ordinary operating condition are expensed as incurred.
	Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized to the extent the total carrying value of the property does not exceed the estimated net realizable value of the completed property. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Real estate taxes, construction costs, insurance, and interest costs incurred during construction periods are capitalized. Capitalized real estate taxes and interest costs are amortized over periods which are consistent with the constructed assets. If the Company determines the completion of development or redevelopment is no longer probable, it expenses all capitalized costs which are not recoverable.
	Land Held for Future Development:  Land held for future development represents real estate the Company plans to develop in the future, but on which, as of each period presented, no construction or predevelopment activities were ongoing.  In such cases, all predevelopment efforts have been advanced to appropriate states and no further predevelopment activities are ongoing; therefore, interest, property taxes, insurance and all other costs are expensed as incurred and are included in development and pursuit costs in the accompanying condensed statements of operations.
	Real Estate Assets Held for Sale:  The Company periodically classifies real estate assets, including land, as held for sale. An asset is classified as real estate assets held for sale after the Company’s board of directors commits to a plan to sell an asset, the asset is ready to be sold in its current condition, an active program to locate buyers has been initiated and the sale is expected to be completed in one year.   Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reported at the lower of net book value or estimated fair value, less costs to sell the asset.  Real estate assets held for sale are stated separately in the accompanying condensed consolidated balance sheets.  Subsequent to classifying an operating property as held for sale, no further depreciation expense is recorded.  For periods beginning January 1, 2014, operating results from real estate assets held for sale are included in loss from continuing operations in the accompanying condensed statements of operations.
	Impairment of Real Estate Assets: The Company periodically evaluates its real estate assets when events or circumstances indicate that the carrying amounts of such assets may not be recoverable. The Company assesses the recoverability of such carrying amounts by comparing the carrying amount of the property to its estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the property and is reported as a component of continuing operations. For real estate owned through unconsolidated real estate joint ventures or other similar real estate investment structures, at each reporting date the Company compares the estimated fair value of its real estate investment to the carrying value and records an impairment charge to the extent fair value is less than the carrying amount and the decline in value is determined to be other than temporary. In estimating fair value, management uses appraisals, internal estimates, and discounted cash flow calculations, which maximizes inputs from a marketplace participant’s perspective (see Note L).
	Noncontrolling Interests: Until March 1, 2013, the Company held majority interests in certain properties through wholly-owned subsidiaries that were party to operating agreements with third parties. The Company recorded noncontrolling third-party interests in these properties at their historical allocated cost, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests were not redeemable by the third-party owners and were presented as part of permanent equity. Subsequent to the Company’s initial public offering on May 16, 2013, noncontrolling interests also include common units in the Operating Partnership held by certain limited partners other than the Company. Through December 31, 2013, income and losses were allocated to the noncontrolling interest holders based on their economic ownership percentage.  For periods beginning January 1, 2014, due to the conversion of all remaining contingent B units into common units of the Operating Partnership as discussed in Note G, the Company allocates income and loss to noncontrolling interests based on the weighted-average common unit ownership interest in the Operating Partnership, which was 6.0% and 6.3% for the three and nine months ended September 30, 2014, respectively.
	Intangible Assets: The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets (consisting of the value of in-place leases and any property tax abatement agreements) based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data.
	The value of in-place leases is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases, typically a period of six months. The purchase prices of acquired properties are not expected to include allocations to tenant relationships, considering the short terms of the leases and the high expected levels of renewals.
	Property tax abatements provide graduated tax relief for five years from the completion of development of the respective property.  Amortization of tax abatement intangible assets is recorded based on the actual tax savings in each period and is included in real estate taxes and insurance in the condensed consolidated statements of operations.
	See Note C for a detailed discussion of the property acquisitions completed during the nine months ended September 30, 2014 and 2013.
	Fair Value of Financial Instruments: For financial assets and liabilities recorded at fair value on a recurring basis, fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
	In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
		·		Level 1: Quoted prices for identical instruments in active markets.
		·		Level 2: Quoted prices for similar instruments in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
		·		Level 3:  Significant inputs to the valuation model are unobservable.
	The following methods and assumptions were used to estimate the fair value of each class of financial instruments:
		·		The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash and lender reserves, amounts due from related parties, accounts payable and accrued expenses, security deposits, deferred rent and other liabilities approximate their fair values due to the short-term nature of these items.
		·		There is no material difference between the carrying amounts and fair values of mortgage notes payable as interest rates and other terms approximate current market rates and terms for similar types of debt instruments available to the Company (Level 2).
	Disclosures about the fair value of financial instruments are based on pertinent information available to management as of September 30, 2014 and December 31, 2013.
	Non-recurring Fair Value Disclosures: Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets, which are recorded at fair value when they are impaired. The fair value methodologies used to measure long-lived assets are described above at “Impairment of Real Estate Assets”. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy.
	The following table sets forth by level, within the fair value hierarchy the Company’s Land Investments that are measured at fair value on a non-recurring basis as of September 30, 2014 and December 31, 2013 (see Note L for additional information regarding an impairment charge associated with these Land Investments recognized during the nine months ended September 30, 2014):
			As of September 30, 2014
	(in thousands)		Level 1		Level 2		Level 3		Total
	Estates of Millenia - Phase II		$	-	$	-	$	6,188	$	6,188
	Venetian			-		-		3,960		3,960
	Midlothian Town Center - East			-		-		3,492		3,492
	The Estates at Maitland			-		-		9,000		9,000
	Sunnyside			-		-		1,485		1,485
			$	-	$	-	$	24,125	$	24,125
			As of December 31, 2013
	(in thousands)		Level 1		Level 2		Level 3		Total
	Venetian		$	-	$	-	$	4,360	$	4,360
	Midlothian Town Center - East			-		-		4,165		4,165
	The Estates at Maitland			-		-		9,000		9,000
			$	-	$	-	$	17,525	$	17,525
	These Land Investments were reclassified from land held for future development to real estate assets held for sale during the nine months ended September 30, 2014 (See Note L).
	Prepaid expenses and other assets: As of September 30, 2014, prepaid expenses and other assets primarily consist of deposits made for potential future acquisitions of real estate assets in the aggregate amount of $0.2 million.  As of December 31, 2013, prepaid expenses and other assets primarily consist of deferred offering costs in the amount of approximately $2.7 million as well as deposits made for potential future acquisitions of real estate assets in the aggregate amount of $5.9 million.
	Reclassifications: Certain 2013 balances in the condensed consolidated statements of operations associated with properties classified as real estate held for sale during the nine months ended September 30, 2014 have been reclassified to conform to the current year presentation (see Note L).
	Recent Accounting Standards:  In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for annual periods ending after December 31, 2016 and is not expected to have an impact on the Company’s consolidated financial statements.
	n May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which converges the FASB and the International Accounting Standards Board standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2016. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our condensed consolidated financial statements or related disclosures.
	In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted.  As a result of ASU 2014-08, the disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. Effective January 1, 2014, the Company elected to adopt this standard on a prospective basis for transactions that may occur after the adoption. Adoption of ASU 2014-008 did not have a material impact on the Company’s condensed consolidated financial position or results of operations. Under this standard, the Company anticipates that the majority of any future property sales will not be classified as discontinued operations.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	NOTE B—EARNINGS PER SHARE
	The Company reports earnings per share (“EPS”) using the two-class method as required under GAAP. The two-class method is an earnings allocation method for computing EPS when an entity’s capital structure includes either two or more classes of common stock or includes common stock and participating securities. The two-class method calculates EPS based on distributed earnings and undistributed earnings. Undistributed losses are not allocated to participating securities under the two-class method unless the participating security has a contractual obligation to share in losses on a basis that is objectively determinable.
	Potentially dilutive shares of common stock, and the related impact to earnings, are considered when calculating EPS on a diluted basis using the if-converted method. For periods where the Company reports a net loss available for common stockholders, the effect of dilutive shares is excluded from EPS calculations because including such shares would be anti-dilutive.
	As further described in Note G, on January 17, 2013, the Company effected a 1-for-150 reverse stock split of its common stock, which is reflected in the weighted average shares of common stock in the table below.
	A reconciliation of basic and diluted EPS computations for the three and nine months ended September 30, 2014 and 2013 are presented below:
			Three Months Ended                       September 30,				Nine Months Ended                       September 30,
	(in thousands, except per share amounts)		2014		2013		2014		2013
	Net income (loss)		$	-9,432	$	1,882	$	-29,537	$	-5,278
	(Income) loss allocated to noncontrolling interest holders			566		-258		1,907		911	-1
	Dividends declared and accreted on preferred stock and units			-234		-234		-693		-707
	Dividends to restricted stockholders			-		-29		-		-29
	Extinguishment of equity securities (Note G)			-		-		-		11,716
	Adjustments attributable to participating securities			14		-1		44		-2,492
	Net income (loss) attributable to common stockholders		$	-9,086	$	1,360	$	-28,279	$	4,121
	Continuing operations		$	-9,086	$	1,440	$	-28,279	$	2,425
	Discontinued operations (Note L)			-		-80		-		1,696
	Net income (loss) attributable to common stockholders		$	-9,086	$	1,360	$	-28,279	$	4,121
	Earnings (loss) per common share - basic and diluted
	Continuing operations		$	-0.25	$	0.13	$	-0.81	$	0.31
	Discontinued operations			-		-0.01		-		0.21
	Net earnings (loss) per share attributable to common stockholders		$	-0.25	$	0.12	$	-0.81	$	0.52
	Weighted average number of shares - basic and diluted			36,468		11,099		34,908		7,931
	Weighted average, potentially dilutive securities excluded from
	diluted earnings (loss) per share because they were antidilutive
	or performance conditions were not met:
	Warrants (2)			139		139		139		139
	Common units of the Operating Partnership (3)			2,343		-		2,343		-
	Unvested restricted stock awards (4)			204		149		202		75
	Class A preferred stock (5)			-		-		-		-
		-1		Net of $0.04 million income allocated to discontinued operations in the first quarter of 2013.
		-2		Exercisable until May 14, 2015 at a split-adjusted exercise price of $21.60 of the Company’s common stock.
		-3		Class B contingent units were converted into common OP units in February 2014 and were excluded from potentially dilutive shares of common stock in the 2013 period presented since their conversion had been contingent upon the achievement of future conditions (see Notes A and G).
		-4		Granted pursuant to the Company’s Equity Incentive Plan (see Note H).
		-5		Excluded from potentially dilutive shares of common stock since conversion was contingent upon the achievement of future conditions and due to their redemption on October 17, 2014 (see Notes G and M).

Acquisitions_Of_Multifamily_Ap

Acquisitions Of Multifamily Apartment Communities	9 Months Ended
	Sep. 30, 2014
Acquisitions Of Multifamily Apartment Communities [Abstract]	'
Acquisitions Of Multifamily Apartment Communities	'
	NOTE C—ACQUISITIONS OF MULTIFAMILY APARTMENT COMMUNITIES
	During the nine months ended September 30, 2014 and 2013, the Company through its Operating Partnership completed various acquisitions of multifamily apartment communities from unrelated, third-party sellers. The acquisitions involved the acquisition of the operating real estate, but no management or other business operations were acquired in such acquisitions. The fair value of the net assets acquired and the related purchase price allocation are summarized below.
	2014 Acquisitions:
	Waterstone at Big Creek (“Big Creek”) - On April 7, 2014, the Company acquired Big Creek, a 270-unit apartment community located in Alpharetta (Atlanta), Georgia for a total purchase price of $40.5 million. The purchase price was funded with cash on hand of approximately $3.5 million and $37.0 million drawn from the Revolver (see Note D). From the date of acquisition through September 30, 2014, Big Creek generated revenue of approximately $1.9 million and  net income of approximately $0.03 million.  As of September 30, 2014, the Company is party to an agreement to purchase an additional 100 units that are currently under construction on a parcel adjacent to Big Creek for $15.0 million, for which a $0.2 million nonrefundable deposit has been paid by the Company (see Note J).
	Avenues of Craig Ranch (“Craig Ranch”) - On March 18, 2014, the Company acquired Craig Ranch, a 334-unit apartment community located in McKinney (Dallas), Texas.  The purchase price of $42.4 million was funded with approximately $21.2 million cash proceeds from the net proceeds of the Rights Offering and a new mortgage loan in the amount of $21.2 million (see Note D).  From the date of acquisition through September 30, 2014, Craig Ranch generated revenue of approximately $2.2 million and a net loss of approximately ($0.7) million.
	Waterstone at Brier Creek (“Brier Creek”) - On March 10, 2014, the Company acquired Brier Creek, a 232-unit apartment community located in Raleigh, North Carolina. The purchase price of $32.7 million was funded with approximately $16.4 million cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $16.3 million (see Note D). From the date of acquisition through September 30, 2014, Brier Creek generated revenue of approximately $1.1 million and a net loss of approximately ($0.8) million.
	The Aventine Greenville (“Aventine”) - On February 6, 2014, the Company acquired Aventine, a 346-unit apartment community located in Greenville, South Carolina.  The purchase price of $41.9 million was funded with approximately $20.9 million cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $21.0 million (see Note D).  From the date of acquisition through September 30, 2014, Aventine generated revenue of approximately $2.6 million and a net loss of approximately ($0.6) million.
	The Estates at Wake Forest (“Wake Forest”) - On January 21, 2014, the Company acquired Wake Forest, a 288-unit apartment community located in Wake Forest (Raleigh), North Carolina.  The purchase price of $37.3 million was funded with approximately $18.7 million of cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $18.6 million (see Note D). From the date of acquisition through September 30, 2014, Aventine generated revenue of approximately $1.8 million and a net loss of approximately ($1.3) million.
	Miller Creek at Germantown (“Miller Creek”) - On January 21, 2014, the Company acquired Miller Creek, a 330-unit apartment community located in Germantown (Memphis), Tennessee.  The purchase price of approximately $43.8 million was funded with approximately $17.5 million of cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $26.3 million (see Note D). From the date of acquisition through September 30, 2014, Miller Creek generated revenue of approximately $3.1 million and a net loss of approximately ($1.1) million.
	The table below details the total fair values assigned to the assets and liabilities acquired related to the above acquisitions during the nine months ended September 30, 2014:
	(in thousands)		Miller Creek		Wake Forest		Aventine		Brier Creek		Craig Ranch		Big Creek		Total
	Fair Value of Net Assets Acquired		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	40,500	$	238,423
	Purchase Price		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	40,500	$	238,423
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	2,173	$	2,677	$	2,888	$	3,031	$	3,444	$	3,910	$	18,123
	Site Improvements			2,460		2,618		1,926		1,681		3,210		1,763		13,658
	Building			37,332		30,633		34,720		26,989		33,317		33,106		196,097
	Furniture, fixtures and equipment			1,011		860		1,494		679		1,673		978		6,695
	Intangible assets - in place leases			774		462		838		302		731		743		3,850
	Total		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	40,500	$	238,423
	2013 Acquisitions:
	Fountains Southend (“Southend”) - On September 24, 2013, the Company acquired a 100% equity interest in Fountains at New Bern Station, LLC which owned 100% of Fountains Southend (f/k/a Fountains at New Bern), a 208-unit apartment community located in Charlotte, North Carolina. The purchase price of $34.0 million was funded by net proceeds of a new mortgage loan of $30.0 million and cash of $4.0 million. In conjunction with the acquisition of Southend, the Company recorded a gain on bargain purchase in the amount of $6.9 million which has been included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2013. The Company placed the property under contract for a purchase price of $34.0 million in December 2012 while the property was early in its construction period. As a result of the strong leasing market in Charlotte, North Carolina and the compression in multi-family capitalization rates during the construction and lease-up, the property appraised for $40.9 million as of the time of purchase. The gain represents the difference between the fair value of net assets acquired of $40.9 million and the fair value of the consideration paid of $34.0 million. The Company performed a reassessment and verified that all assets acquired and liabilities assumed were properly identified. From the date of acquisition through September 30, 2013, Southend generated revenue of approximately $0.1 million and a net loss of approximately ($0.1) million, excluding the gain on bargain purchase.
	Talison Row at Daniel Island (“Talison”) - On August 26, 2013, the Company acquired Talison, a 274-unit apartment community located in Charleston, South Carolina. The purchase price of $48.1 million was funded by net proceeds of a new mortgage loan of approximately $33.6 million and cash of approximately $14.5 million. From the date of acquisition through September 30, 2013, Talison Row generated revenue of approximately ($0.4) million and a net loss of approximately $0.5 million.
	Creekstone at RTP (“Creekstone”) - On May 17, 2013, the Company acquired Creekstone, (f/k/a/ Woodfield Creekstone), a 256-unit apartment community located in Durham, North Carolina.  The purchase price of $35.8 million was comprised of a mortgage note payable of $23.3 million and cash of $12.5 million from proceeds of the Company's public offering.  From the date of acquisition through September 30, 2013, Creekstone generated revenue of approximately $1.1 million and a net loss of approximately ($0.6) million.
	St. James at Goose Creek (“St. James”) - On May 16, 2013, the Company acquired St. James, (f/k/a/ Woodfield St. James), a 244-unit apartment community located in Goose Creek (Charleston), South Carolina for $27.4 million. The purchase was funded with proceeds from the Company’s public offering of its common stock. In connection with the acquisition, the Company obtained mortgage financing for $19.0 million.  From the date of acquisition through September 30, 2013, St. James generated revenue of approximately $1.1 million and a net loss of approximately ($0.4) million.
	Bridge Pointe (“Bridge Pointe”) - On March 4, 2013, the Company acquired Bridge Pointe, (f/k/a Vintage at Madison Crossing), a 178-unit apartment community located in Huntsville, Alabama. The purchase price of $15.3 million was funded by net proceeds of a new mortgage loan of $11.4 million plus cash on hand of $3.8 million. From the date of acquisition through September 30, 2013, Bridge Pointe generated revenue of approximately $1.0 million and a net loss of approximately ($0.8) million.
	The table below details the total fair values assigned to the assets and liabilities acquired related to the above acquisitions during the nine months ended September  30, 2013:
	(in thousands)		Bridge Pointe		St. James		Creekstone		Talison Row		Southend		Total
	Fair Value of Net Assets Acquired		$	15,250	$	27,400	$	35,800	$	48,050	$	40,900	$	167,400
	Purchase Price		$	15,250	$	27,400	$	35,800	$	48,050	$	34,000	$	160,500
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	1,140	$	3,003	$	2,970	$	4,018	$	6,263	$	17,394
	Site Improvements			943		1,033		1,024		1,161		1,380		5,541
	Building			12,437		22,255		30,823		41,294		30,740		137,549
	Furniture, fixtures and equipment			311		441		302		804		730		2,588
	Intangible assets - in place leases			419		668		681		773		772		3,313
	Intangible assets - property tax abatement			-		-		-		-		1,015		1,015
	Total		$	15,250	$	27,400	$	35,800	$	48,050	$	40,900	$	167,400
	The Company incurred approximately $1.6 million and $0.9 million of acquisition-related costs during the nine months ended September 30, 2014 and 2013, respectively.
	Sunnyside Loan - BSP/Sunnyside, LLC (“Sunnyside”), the owner of undeveloped land located in Panama City, Florida, was a subsidiary of BCOM Real Estate Fund, LLC Liquidating Trust, a successor to one of the contributors of entities in the recapitalization, which is also a stockholder of the Company. Sunnyside was not contributed to the Company in the recapitalization. On October 2, 2012, Sunnyside executed a Settlement Stipulation, which provided Sunnyside or its assignee the option, for a non-refundable fee of $0.2 million, to acquire its delinquent loan (with a principal balance of $4.5 million) from its lender within 120 days of the date of the Settlement Stipulation for the net amount of $1.4 million, after a credit of the $0.2 million paid for the option.  On January 30, 2013, the Company exercised its rights under the option and purchased the loan for $1.4 million. As a result of the acquisition of the loan on January 30, 2013, pursuant to ASC 810, the Company was considered the primary beneficiary and, as such, began consolidation of Sunnyside in the Company’s financial statements. The total consideration paid of $1.6 million was not considered a business combination and was allocated as follows to the assets of Sunnyside (in thousands):
	Cash	$	148
	Land	$	1,477
	In December 2013, the Company initiated foreclosure proceedings, which were completed on March 10, 2014, with the Company obtaining title to the Sunnyside asset.  As a result of the foreclosure, the Company deconsolidated Sunnyside due to lack of ongoing variable interest.  The deconsolidation of Sunnyside did not have a material impact on the condensed consolidated financial statements of the Company.  During the nine months ended September 30, 2014, the Company recorded an impairment charge of $0.1 million associated with the Sunnyside asset due to its inclusion in a transaction to redeem all of the Company’s outstanding shares of Class A preferred stock, which closed on October 17, 2014 (see Note M).  As of September 30, 2014, $1.5 million is included in real estate assets held for sale in the accompanying condensed consolidated balance sheets relating to Sunnyside (see Note L).
	Pro Forma Financial Information:
	The revenues and results of operations of the acquired apartment communities are included in the condensed consolidated financial statements beginning on the date of each respective acquisition. The following unaudited consolidated pro forma information for the three and nine months ended September 30, 2014 and 2013 is presented as if the Company had acquired each apartment community on January 1, 2013.
	The information presented below is not necessarily indicative of what the actual results of operations would have been had the Company completed these transactions on January 1, 2013, nor does it purport to represent the Company’s future operations.
	(in thousands)		Three Months Ended         September 30,				Nine Months Ended             September 30,
			2014		2013		2014		2013
	Unaudited pro forma financial information:
	Pro forma revenue		$	15,306	$	10,293	$	43,456	$	25,280
	Pro forma loss from continuing operations		$	-8,339	$	-2,715	$	-19,725	$	-17,505

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2014
Indebtedness [Abstract]	'
Indebtedness	'
	NOTE D—INDEBTEDNESS
	As of September 30, 2014 and December 31, 2013, the Company had total indebtedness of approximately $344.9 million and $249.6 million, respectively. Borrowings relate to individual property mortgages as well as the Company’s Revolver (as defined below).
	The following is a summary of debt originated during the nine months ended September 30, 2014:
	Craig Ranch - On March 18, 2014, in conjunction with the acquisition of Craig Ranch (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $21.2 million, which bears a fixed interest rate of 3.78% and requires monthly payments of interest only for the term of the loan and a payment of the unpaid principal amount due at maturity on April 10, 2021.  The mortgage note is secured by Craig Ranch.
	Brier Creek - On March 10, 2014, in conjunction with the acquisition of Brier Creek (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $16.3 million, which bears a fixed interest rate of 3.70% and requires monthly payments of interest only for the term of the loan and a payment of the unpaid principal amount due at maturity on April 5, 2022. The mortgage note is secured by Brier Creek.
	Aventine - On February 6, 2014, in conjunction with the acquisition of Aventine (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $21.0 million, which bears a fixed interest rate of 3.70% and requires monthly payments of interest only for the initial 60 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule.  The loan matures on February 10, 2021. The mortgage note is secured by Aventine.
	Wake Forest - On January 21, 2014, in conjunction with the acquisition at Wake Forest (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $18.6 million, which bears a fixed interest rate of 3.94% and requires monthly payments of interest only for the term of the loan and a payment of the unpaid principal amount due at maturity on February 10, 2021. The mortgage note is secured by Wake Forest.
	Miller Creek - On January 21, 2014, in conjunction with the acquisition of Miller Creek (see Note C above) the Company, through its subsidiary entered into a mortgage note payable in the amount of $26.3 million, which bears a fixed rate interest rate of 4.6% and requires monthly payments of interest only for the initial 36 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule.  The loan matures on February 10, 2024. The mortgage note is secured by Miller Creek.
	Revolving Credit Facility
	On January 31, 2014, the Company and the Operating Partnership entered into a Credit Agreement (the “Credit Agreement”) for a $75 million senior secured credit facility (the “Revolver”) with Regions Bank as lead arranger and U.S. Bank National Association as a participant. The Revolver is comprised of an initial $75 million commitment with an accordion feature allowing the Company to increase borrowing capacity to $250 million (the “Revolver Amount”), subject to certain approvals and meeting certain criteria. The Revolver also includes a sublimit for the issuance of standby letters of credit (“Letter of Credit”) for up to the greater of $10.0 million and 10.0% of the Revolver Amount and a sublimit for discretionary swingline loans (“Swingline Loan”) for up to the greater of $10.0 million and 10.0% of the Revolver Amount, in each case subject to borrowing availability under the Revolver. No Swingline Loan may be outstanding for more than ten consecutive business days.
	The Revolver has an initial three-year term that can be extended at the Company's option for up to two additional one-year periods and has a variable interest rate of LIBOR (as defined in the Credit Agreement) plus a spread of 1.75% to 2.75%, depending on the Company’s consolidated leverage ratio. The current borrowing rate of the Revolver is LIBOR plus 2.50%. The Revolver is guaranteed by the Company and certain subsidiaries of the Company and is secured by first priority mortgages on designated properties that make up the borrowing base (“Borrowing Base”) as defined in the Credit Agreement. Availability under the Revolver is permitted up to 65% of the value of the Borrowing Base subject to the limitations set forth in the Revolver. The Revolver contains customary affirmative and negative covenants with respect to, among other things, insurance, maintaining at least one class of exchange listed common stock, the guaranty in connection with the Revolver, liens, intercompany transfers, transactions with affiliates, mergers, consolidation and asset sales, ERISA plan assets, modification of organizational documents and material contracts, derivative contracts, environmental matters, and management agreements and fees. In addition, the Operating Partnership pays a commitment fee of 0.20% to 0.30% quarterly in arrears based on the unused portion of the revolving credit commitment. As of September 30, 2014, the commitment fee was 0.20%.  As of September 30, 2014, the weighted average interest rate was approximately 2.69%.
	The Revolver requires the Company to satisfy certain financial covenants, including the following:
		·		minimum tangible net worth of at least $158.0 million plus 75% of the net proceeds of any equity issuances effected at any time after September 30, 2013 by the Operating Partnership or any of its subsidiaries;
		·		maintaining a ratio of funded indebtedness to total asset value of no greater than 0.65 to 1.0;
		·		maintaining a ratio of adjusted EBITDA to fixed charges of no less than (i) 1.3 to 1.0 from the effective date of the Credit Agreement to and including March 31, 2014, (ii) 1.4 to 1.0 from April 1, 2014 to and including June 30, 2014, and (iii) 1.5 to 1.0 from July 1, 2014 and at all times thereafter;
		·		limits on investments in unimproved land, mortgage receivables, interests in unconsolidated affiliates, construction-in-progress on development properties, and marketable securities and non-affiliated entities, in each case, based on the value of such investments relative to total asset value, as set forth in the Credit Agreement; and
		·		restrictions on certain dividend and distribution payments.
	The Company was in compliance with all applicable covenants, including these financial covenants, as of September 30, 2014.
	In conjunction with the closing of Credit Agreement, the Company made an initial draw of approximately $27.0 million to pay down, in full, indebtedness secured by Fox Trails ($14.9 million), Mercé Apartments ($5.5 million) and Post Oak ($5.3 million) and to pay fees associated therewith, as these properties serve as collateral on the Revolver.  The remainder of the amount borrowed was used for closing costs and other expenses related to the Revolver of approximately $0.9 million and approximately $0.4 million for general corporate and working capital purposes, respectively.
	During the nine months ended September 30, 2014, in addition to the initial draw described above, the Company borrowed approximately $37.0 million to acquire Big Creek (see Note C above) and repaid approximately $17.0 million under the Revolver.  As of September 30, 2014, the Revolver had an outstanding principal balance of $47.0 million, which is secured by certain properties, and there remained approximately $11.1 million available for draw on the borrowing base.
	On February 24, 2014, the parties executed a First Amendment to the Credit Agreement with Regions to modify the definition of the components of EBITDA to include non-recurring cash costs in an amount not to exceed $4.0 million incurred during the first quarter of 2014, as a result of the separation of various officers of the Company.
	On April 7, 2014, the Company and the Operating Partnership executed a Second Amendment to the Credit Agreement and an Accession Agreement with the participating banks in the Revolver to modify certain terms and conditions of the Revolver related to the addition of new borrowing base properties.
	On August 5, 2014, the Company and the Operating Partnership executed a Third Amendment to the Credit Agreement to modify certain terms and conditions of the Revolver related to cash dividends paid by the Company for any fiscal year ending after December 31, 2014 shall not exceed the greater of (i) the amount required to be distributed for the Parent to remain in compliance with its REIT status or (ii)  95.0% of Funds From Operations of the Parent and its Subsidiaries for such period.
	On October 16, 2014, the Company and the Operating Partnership executed a Fourth Amendment to the Credit Agreement to modify certain terms and conditions in the Revolver related to the weighting of the borrowing base properties value with any one geographic area and to reduce the required minimum tangible net worth to $123.0 million plus 75% of the net proceeds of any equity issuances by the Operating Partnership or any of its subsidiaries due to the redemption of the Company’s Class a preferred stock on October 17, 2014 (see Note M).
	Indebtedness Refinancing and Payoffs
	2014
	On February 11, 2014, the Company, through a subsidiary, completed the refinancing of Millenia 700 with a mortgage note payable in the amount of $25.0 million with a 7-year term.  The mortgage loan bears a fixed interest rate of 3.83% with monthly payments of interest only for the initial 48 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule. The loan matures on March 5, 2021. The mortgage note is secured by Millenia 700.  In conjunction with obtaining this loan, the Company repaid the existing $35.0 million mortgage note payable with the proceeds from the new mortgage note payable and $10.0 million from cash proceeds from the Company’s Rights Offering and the related transactions.  In connection with the refinancing of the mortgage indebtedness, the Company wrote-off of deferred financing costs (net of accumulated amortization) and incurred a prepayment penalty of $0.1 million and $0.2 million, respectively, which are included in loss of early extinguishment of debt in the condensed consolidated statement of operations for the nine months ended September 30, 2014.
	On January 23, 2014, the Company, through a subsidiary, completed the refinancing of Fountains Southend with a mortgage note payable in the amount of $23.8 million with a 10-year term.  The mortgage loan bears a fixed interest rate of 4.31% with monthly payments of interest only for the initial 36 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule. The loan matures on February 5, 2024. The mortgage note is secured by the Fountains Southend property.  In conjunction with obtaining this loan, the Company repaid the $30.0 million interim mortgage note payable with the proceeds from the new mortgage note payable and $6.2 million from cash proceeds from the Company’s Rights Offering and the related transactions.  In connection with the refinancing of the mortgage indebtedness, the Company wrote-off deferred financing costs (net of accumulated amortization) and incurred a prepayment penalty of $0.1 million and $0.3 million, respectively, which are included in loss of early extinguishment of debt in the condensed consolidated statement of operations for the nine months ended September 30, 2014.
	On January 21, 2014, the Company, through a subsidiary, paid in full the indebtedness secured by the Estates at Maitland property in the amount of $4.2 million from the cash proceeds from the Company’s Rights Offering and the related transactions.
	On January 17, 2014 the Company, through a subsidiary, paid in full the BMO Harris Bank N.A. secured revolving credit facility indebtedness secured by the Arbors River Oaks in the amount of $9.0 million from the cash proceeds from the Company’s Rights Offering and the related transactions.  In connection with the payoff of the indebtedness, the Company wrote-off deferred financing costs (net of accumulated amortization) of $0.2 million, which is included in loss of early extinguishment of debt in the condensed consolidated statement of operations for the nine months ended September 30, 2014.
	2013
	On May 31, 2013, the Company refinanced the mortgage for The Pointe at Canyon Ridge property with a mortgage note payable in the amount of $25.8 million.  The loan bears interest at a fixed rate of 4.10% with two years of interest only payments followed by principal and interest payments based on a 30-year amortization schedule thereafter until maturity on June 1, 2025.  The mortgage note is secured by the Pointe at Canyon Ridge property.  In connection with the refinancing of the mortgage indebtedness, a prepayment penalty of $0.3 million has been included in loss on early extinguishment of debt in the condensed consolidated statements of operations for the nine months ended September 30, 2013.
	On April 25, 2013, a subsidiary of the Company refinanced The Estates at Maitland property with a mortgage note payable in the amount of $4.2 million.  The Company was the guarantor of this indebtedness.  The loan had a term of one year and provided a variable rate of prime rate plus 3.50% and required monthly interest-only payments for the term of the loan.  In connection with the refinancing of the mortgage indebtedness, $0.1 million of deferred financing costs (net of accumulated amortization) were written off and have been included in loss on early extinguishment of debt in the condensed consolidated statements of operations for the nine months ended September 30, 2013.
	Predecessor Secured Revolving Credit Facility
	On January 31, 2013, the Operating Partnership entered into a $14.0 million predecessor senior secured revolving credit facility (“Predecessor Credit Facility”) for which BMO Harris Bank N.A. served as sole lead arranger and administrative agent. The Company guaranteed the obligations of the Operating Partnership as the borrower under the predecessor credit facility.  The Predecessor Credit Facility had a term of three years and allowed for borrowings of up to $14.0 million, with an accordion feature that allowed the Operating Partnership to increase the availability thereunder by $66.0 million to an aggregate of $80.0 million under certain conditions as additional properties are included in the borrowing base. The Arbors River Oaks property was the only property included in the borrowing base.  During the nine months ended September 30, 2013, the Operating Partnership used borrowings of $10.5 million drawn on the Predecessor Credit Facility to repay in full a mortgage loan on the Arbors River Oaks property, which had a balance of approximately $9.0 million as of December 31, 2012, as well as to fund prepayment penalties, closing costs and other related fees. The prepayment penalty of $0.7 million is included in loss of extinguishment of early debt in the condensed consolidated statement of operations for the nine months ended September 30, 2013.  During the first quarter of 2013, the Operating Partnership borrowed an additional $2.5 million under the Predecessor Credit Facility, which was used for general corporate purposes.  The Operating Partnership could elect whether interest on the option was calculated either at a base rate plus a margin of 150 basis points to 225 basis points, or at the rate of LIBOR plus a margin of 250 basis points to 325 basis points, in each case depending on the Company’s leverage ratio. As of December 31, 2013, the weighted average interest rate was 3.42%. In addition, the Operating Partnership paid a commitment fee of 0.25% to 0.35% quarterly in arrears based on the unused revolving credit commitment. As of December 31, 2013, the commitment fee was 0.25%.
	As of September 30, 2014, the Company’s indebtedness consists of the following:
			Outstanding Principal			Remaining
			Balance as of			Term in
	Property		30-Sep-14		Interest Rate	Years
			(in thousands)
	Fixed Rate Secured Indebtedness
	Lakeshore on the Hill		$	6,654	4.48%	3.25
	The Trails of Signal Mountain			8,169	4.92%	3.67
	Westmont Commons			17,920	3.84%	8.25
	Bridge Pointe			11,360	4.19%	8.50
	The Pointe at Canyon Ridge			25,800	4.10%	10.67
	St. James at Goose Creek			19,000	3.75%	8.75
	Creekstone at RTP			23,250	3.88%	8.69
	Talison Row at Daniel Island			33,635	4.06%	8.94
	Millenia 700			25,000	3.83%	6.43
	Fountains Southend			23,750	4.31%	9.35
	Miller Creek			26,250	4.60%	9.36
	Craig Ranch			21,200	3.78%	6.53
	Wake Forest			18,625	3.94%	6.36
	Aventine			21,000	3.70%	6.36
	Brier Creek			16,250	3.70%	7.51
	Total fixed rate secured indebtedness			297,863	4.03%	8.00
	Variable Rate Secured Indebtedness
	Revolver			47,000	2.69%	2.33
	Total outstanding indebtedness		$	344,863	3.85%	7.22
	The scheduled maturities of outstanding indebtedness as of September 30, 2014 are as follows:
	(in thousands)		Amount
	Remainder of 2014		$	110
2015			1,210
2016			1,976
2017			56,668
2018			11,467
Thereafter			273,432
		$	344,863
The weighted average interest rate on the indebtedness balance outstanding at September 30, 2014 and December 31, 2013 was 3.85% and 4.42%, respectively.  The mortgages notes evidencing the fixed rate secured indebtedness may be prepaid subject to a prepayment penalty equal to a yield-maintenance premium, defeasance, or a percentage of the loan balances as defined in the respective loan agreements.

Intangible_Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2014
Intangible Assets [Abstract]	'
Intangible Assets	'
	NOTE E – INTANGIBLE ASSETS
	The following table provides gross and net carrying amounts for each major class of intangible assets:
		As of September 30, 2014						As of December 31, 2013
		Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	(in thousands)	amount		amortization		Value		amount		amortization		Value
	Intangible assets - in place leases	$	10,988	$	-10,988	$	-	$	7,401	$	-6,757	$	644
	Intangible assets - property
	tax abatement		1,015		-352		663		1,015		-88		927
		$	12,003	$	-11,340	$	663	$	8,416	$	-6,845	$	1,571
	Amortization expense related to the in-place leases included in depreciation and amortization expense in the condensed consolidated statements of operations was $1.1 million and $1.3 million for the three months ended September 30, 2014 and 2013, respectively, and $4.5 million and $3.3 million for the nine months ended September 30, 2014 and 2013, respectively.
	Amortization expense pertaining to the tax abatement intangible asset of approximately $0.1 million and $0.3 million during the three and nine months ended September 30, 2014, respectively, is included in real estate taxes and insurance in the condensed consolidated statements of operations.  There was no tax abatement amortization expense during the three and nine months ended September 30, 2013.
	Estimated amortization expense for the next five years related to the tax abatement intangible asset is as follows:
	(in thousands)	Amount
	Remainder of 2014	$	75
	2015		274
	2016		181
	2017		102
	2018		31
	Thereafter		-
		$	663

Investment_In_Unconsolidated_J

Investment In Unconsolidated Joint Venture	9 Months Ended
	Sep. 30, 2014
Investment In Unconsolidated Joint Venture [Abstract]	'
Investment In Unconsolidated Joint Venture	'
	NOTE F—INVESTMENT IN UNCONSOLIDATED JOINT VENTURE
	The Company owns 50% of the membership interests of BSF/BR Augusta JV, LLC (the “JV”), which owns 100% of the membership interests of BSF/BR Augusta, LLC, a legal entity that was formed for the sole purpose of owning the real property known as The Estates at Perimeter (“Perimeter”). Perimeter is a multifamily apartment community located in Augusta, Georgia. The property contains 240 garden-style apartment units contained in ten three-story residential buildings located on approximately 13 acres of land. The Company, through its subsidiaries, acquired its interest in the JV in September 2010 for $3.8 million. The carrying value of this investment is $2.3 million and $2.4 million as of September 30, 2014 and December 31, 2013, respectively.
	The following table summarizes the condensed consolidated financial information for this unconsolidated joint venture for the periods presented:
		Three Months Ended                  September 30,				Nine Months Ended                 September 30,
	(in thousands)	2014		2013		2014		2013
	Total property revenue	$	731	$	692	$	2,097	$	2,072
	Net income	$	41	$	-27	$	42	$	83
	Company share of income from
	unconsolidated joint venture activities	$	20	$	-13	$	21	$	42
	The JV follows GAAP and its accounting policies are similar to those of the Company. The Company shares in profits and losses of the JV in accordance with the JV operating agreement. The Company received cash distributions of $0.2 million for each of the nine months ended September 30, 2014 and 2013.   No contributions were made during the nine months ended September 30, 2014 and 2013.
	On September 30, 2014, the Company committed to a plan to sell its 50% membership interest in Perimeter by entering into a contract along with its joint venture partner to sell their respective 50% membership interests in that property to an unaffiliated third party for $26.0 million.  The sale of Perimeter is expected to close prior to December 31, 2014 and result in a gain to the Company of approximately $1.2 million.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity [Abstract]	'
Stockholders' Equity	'
	NOTE G—STOCKHOLDERS’ EQUITY
	Common Stock Offerings
	On January 16, 2014, the Company completed the Rights Offering, which consisted of an offering of 15,797,789 shares of common stock at $6.33 per share to the holders of subscription rights granted to the Company’s existing stockholders and the related transactions and a concurrent $50 million private placement (the "Private Placement") of shares of common stock to certain investment entities managed or advised by Senator Investment Group LP (collectively, "Senator") at $6.33 per share. In addition, Senator agreed to purchase all shares not purchased by holders of rights in the Rights Offering (the "Backstop Commitment"). Former executives of the Company agreed to purchase an aggregate of approximately $1.8 million of common stock in a  private placement concurrently with the closing of the Rights Offering.
	In addition, the holders of subscription rights in the Rights Offering, including these former executives who acquired their entire allotment in a private placement, acquired an aggregate of 15,565,462 shares for gross proceeds to the Company of approximately $98.5 million, or approximately 98.5% of the shares available in the Rights Offering. Pursuant to its Backstop Commitment, Senator acquired 232,327 shares of common stock for gross proceeds to the Company of approximately $1.5 million, or approximately 1.5% of the shares available in the Rights Offering. Combined with the shares acquired by Senator in the Private Placement and the shares issued to Senator as a fee for Senator's Backstop Commitment and the Private Placement, Senator owned 9,316,055 shares, representing approximately 25.6% of the 36,350,182 shares of outstanding common stock of the Company after the recapitalization.
	Pursuant to a stockholder agreement with Senator (the “Stockholders Agreement”), Senator has a right to seek liquidity with respect to shares of common stock that it owns if, on or after the 3.5-year anniversary of the closing of the Rights Offering (the “Liquidity Right Measurement Date”), the closing price of the Company’s common stock has not exceeded $10.00 per share (subject to certain adjustments set forth in the Stockholders Agreement) during any consecutive 10 trading day period during the 180 days prior to the Liquidity Right Measurement Date and Senator continues to own 4.9% or greater of the Company’s outstanding common stock.
	The Company contributed the net cash proceeds from the sale of 24,881,517 shares of the Company’s common stock offered in the Rights Offering and the related transactions of approximately $147.2 million after deducting offering expenses of approximately $2.8 million to the Operating Partnership in exchange for common units of the Operating Partnership. The Operating Partnership used approximately (i) $94.6 million to acquire five communities, (ii) $26.0 million to repay borrowings under the Revolver, (iii) $16.7 million to pay down, in part, certain indebtedness secured by two communities in conjunction with refinancing, and (iv) $4.2 million to pay down certain indebtedness secured by land held for development leaving approximately $5.7 million for working capital and general corporate purposes.
	On May 16, 2013, the Company closed a public offering of 6,250,000 shares of its common stock, $0.01 par value per share, at a public offering price of $10.00 per share. The shares began trading on the NASDAQ Global Market under the symbol “TSRE” on May 14, 2013. The Company received approximately $53.2 million in total net proceeds from the offering after deducting underwriting discounts and commissions and offering expenses payable by the Company, prior to any exercise of the underwriters' over-allotment option. Deferred offering costs, which totaled approximately $5.1 million, were recorded against additional paid-in capital in the statement of stockholders’ equity.
	On June 13, 2013, the Company sold an additional 103,443 shares of its common stock, $0.01 par value per share, at a price per share of $10.00 upon the partial exercise of the underwriters’ over-allotment option (the “Over-Allotment”), generating aggregate gross proceeds of $1.03 million. The proceeds to the Company of the Over-Allotment were $0.97 million, net of the underwriting discounts and commissions.
	Reverse Stock Split
	On January 17, 2013, the Company effected a 1-for-150 reverse stock split of its common stock and the common units of the Operating Partnership. All common stock and per share data included in these consolidated financial statements give effect to the reverse stock split and have been adjusted retroactively for all periods presented. Prior to the reverse stock split, the redemption of shares of the Class A preferred stock and the preferred units was not solely within the Company’s control since there were not sufficient shares of common stock available to cover all equity instruments potentially convertible into common stock, and accordingly, the Company classified the shares of common stock and common units as temporary equity in the consolidated balance sheet as of December 31, 2012. As a result of the amendment to the terms of the Class A preferred stock and Class B contingent units to provide for a minimum share price of $9.00 for purposes of the conversion of shares of Class A preferred stock into common stock and Class B contingent units into common units, as well as the reverse stock split, there are sufficient available shares of the Company’s common stock to cover all equity instruments potentially convertible into common stock and, accordingly, $26.8 million for Class A preferred stock and $19.4 million for the Class B and Class C preferred units are included in permanent equity in the condensed consolidated balance sheet as of December 31, 2013.
	Dividends Declared
	The following table summarizes the dividends declared and/or paid by the Company during the nine months ended September 30, 2014:
			Distributions Per		Total
			Share of Common		Dividend declared			Dividend		Dividend
			Stock/Common Unit		(in thousands)			Declared Date		Payable Date
	2014
	Third Quarter	$	0.095		$	3,711		12-Aug-14		15-Oct-14
	Second Quarter	$	0.095		$	3,713		13-May-14		15-Jul-14
	First Quarter	$	0.095		$	3,697		12-Feb-14		15-Apr-14
	2013
	Fourth Quarter	$	0.095		$	1,090		2-Dec-13		17-Jan-14
	In addition, in connection with each dividend, the Company declared that all cumulative unpaid dividends on its Class A preferred stock through each declaration date were payable, as required by the terms of the Class A preferred stock in the Company’s charter, of which approximately $0.1 million remained payable as of September 30, 2014 and December 31, 2013.
	There were no dividends in arrears as of September 30, 2014.
	Class A Preferred Stock, Common OP Units and Contingent B Units
	The following table presents the Company’s issued and outstanding Class A preferred stock, common OP units and Class B contingent units in the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013:
		Optional
		Redemption		Annual		As of			As of
	(in thousands, except  share amounts)	Date		Dividend		30-Sep-14			31-Dec-13
	Class A Preferred Stock, cumulative redeemable, liquidation preference $100.00 per share plus all accumulated, accrued and unpaid dividends (if any), 309,130 shares outstanding at September 30, 2014 and December 31, 2013	Jun-19		-1		$	26,855		$	26,624
	Common OP Units,  2,343,500 and 0 units outstanding at September  30, 2014 and December 31, 2013, respectively (4)	Feb-15		-2		$	15,588		$	-
	Class B Contingent Units, 0 and 210,915 units outstanding at September 30, 2014 and December 31, 2013, respectively (4)	Jun-15		-3		$	-		$	17,657
	(1)Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.
	(2)Dividend per common OP unit is the same as the dividend per share on the Company’s common stock.
	(3)Non-cumulative distribution of 1.5% per annum of the stated value per Class B contingent unit were to be ($0.375 per quarter) until December 31, 2014; 3.0% per annum of the stated value per Class B contingent unit ($0.75 per quarter) from January 1, 2015 through December 31, 2015; and 4.5% per annum of the stated value per Class B contingent unit ($1.125 per quarter) thereafter.
	(4)On February 23, 2014, 210,915 Class B contingent units were converted into 2,343,500 common OP units.
	Class A Preferred Stock
	The Class A preferred stock ranks senior in preference to the Company’s common stock with respect to the payment of dividends and the distribution of assets in the event of liquidation, dissolution or winding up of the Company (but excluding a merger, change of control, sale of substantially all assets or bankruptcy of the Company, upon the occurrence of any of which all shares of Class A preferred stock will be automatically converted). The Class A preferred stock ranks junior to any class or series of stock the terms of which specifically provide that the holders thereof are entitled to receive dividends or amounts distributable upon liquidation, dissolution or winding up of the Company in preference or priority to the holders of shares of Class A preferred stock. The Class A preferred stock ranks on parity with any class or series of stock the terms of which specifically provide that the holders thereof are entitled to receive dividends or amounts distributable upon liquidation, dissolution or winding up of the Company without preference or priority of one over the other. The Class A preferred stock has no voting rights except in certain limited instances.
	On January 14, 2013, the terms of the Class A preferred stock were amended to provide that in calculating the number of shares of common stock to be issued upon conversion of shares of Class A preferred stock, the average market price of the Company’s common stock in the conversion calculation would not be less than $9.00 per share. As amended, shares of the Class A preferred stock are convertible into shares of the Company’s common stock at such time as the last of the properties contributed to the Company to be developed and opened for occupancy has attained 90% physical occupancy or has previously been disposed of by the Company. The shares are convertible at a conversion rate equal to the liquidation preference (as adjusted for certain decreases in value, in any, below June 1, 2012 levels) divided by the average market price of the Company’s common stock for the 20 trading days immediately preceding conversion, subject to a minimum price of $9.00 per share, subject to adjustments for any subsequent stock split, combination or exchange of the common stock after the date of issuance of the Class A preferred stock. The addition of the minimum conversion price of $9.00 per share and other changes in terms related to the Class A preferred stock was accounted for as an extinguishment that resulted in an increase of $3.5 million in net income attributable to common stockholders presented for the nine months ended September 30, 2013 in the accompanying condensed consolidated statement of operations.
	On December 3, 2012, the Company and the Operating Partnership entered into a Contribution Agreement with BREF/BUSF Millenia Associates, LLC (the “Seller”) for the purchase of all of the Seller’s membership interests in Millenia 700, LLC, the owner of the 297 unit apartment community located in Orlando, Florida known as the Estates at Millenia (the “Developed Property”) and the 7-acre development site adjacent to the Developed Property (the “Development Property”) that is currently approved for 403 apartment units. The Developed Property and the Development Property were contributed to the Operating Partnership on December 3, 2012. Consideration for the purchase included 100,000 shares of Class A preferred stock, plus an additional 35,804 shares of Class A preferred stock issued on March 14, 2013, for which a liability of $3.3 million was included in acquisition consideration payable in preferred stock as of December 31, 2012. The issued shares were not registered under the Securities Act, and are, therefore, subject to certain restrictions on transfer. Upon receipt of the final certificate of occupancy for the Development Property, the Company shall issue to the Seller that number of additional shares of Class A preferred stock equal to 20% of the increase in value of the Development Property, for which a liability for the contingent consideration of $0.3 million has been recorded in the accompanying condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013.
	The Class A preferred stock is redeemable, at the Company’s option, on or after the 7th anniversary of issuance. No shares of Class A preferred stock have been converted or redeemed as of September  30, 2014.  On October 17, 2014, the Company executed and closed on an agreement with the holders of the Class A preferred stock to redeem all outstanding shares in exchange for the transfer of title to certain Land Investments of the Company plus a cash payment of $5.0 million (see Note M).
	Common and Preferred OP Units, Contingent B Units
	On February 23, 2014, Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership of Trade Street Operating Partnership, LP converted all of the 210,915 Class B contingent units into 2,343,500 common units of limited partnership interest in the Operating Partnership. The common units are redeemable after February 23, 2015, at the Company’s option, for cash or shares of the Company’s common stock on a one-for-one basis.
	The exchange of the common units for additional Class B contingent units on March 26, 2013 was accounted for as an extinguishment that reduced noncontrolling interest in the accompanying condensed consolidated balance sheets by approximately $8.2 million, that resulted in an increase of $8.2 million in net income attributable to common stockholders presented for the nine months ended September 30, 2013 in the accompanying condensed consolidated statement of operations.  On February 8, 2013, the agreement of limited partnership for the Operating Partnership was amended and restated to combine the 98,304 Class B preferred units and the 98,304 Class C preferred units issued in the recapitalization into a single class of partnership units, designated as Class B contingent units, and to amend certain other terms.  The Operating Partnership issued one Class B contingent unit for each outstanding Class C preferred unit and all remaining Class B preferred units became Class B contingent units, resulting in a total of 196,608 Class B contingent units.
	On March 26, 2013, the partners of the Operating Partnership executed the Second Amended and Restated Agreement of Limited Partnership to amend the terms of the Class B contingent units. The 546,132 common units were exchanged for 14,307 additional Class B contingent units. As amended, the Class B contingent units were entitled to non-cumulative quarterly distributions that were preferred with respect to the payment of distributions on common units and pari passu with the payment of distributions on Class A preferred units. The quarterly distributions on the Class B contingent units were to be declared and set aside for payment prior to any distributions being declared on the common units for that quarterly period. The amount of the distributions were to be $0.375 per quarter (1.5% per annum of the stated value per Class B contingent unit) until December 31, 2014, $0.75 per quarter (3.0% per annum of the stated value per Class B contingent unit) from January 1, 2015 through December 31, 2015 and $1.125 per quarter (4.5% per annum of the stated value per Class B contingent unit) thereafter.
	The Class B contingent units were convertible into common units in four tranches based upon the sale or stabilization which was defined as the achievement of 90% physical occupancy, of the Land Investments, as follows (except that all Class B contingent units will be automatically converted into common units upon, among other events, a change of control, sale of substantially all assets or bankruptcy of the company):
	•52,728.75 units upon the earlier to occur of (i) the stabilization of the development property, The Estates at Maitland, and (ii) the sale of The Estates at Maitland.
	•52,728.75 units upon the earlier to occur of (i) the stabilization of the development property, Millenia Phase II, and (ii) the sale of Millenia Phase II.
	•105,457.50 units upon the earlier to occur of (i) the stabilization of either the development property, Midlothian town Center-East or the development property, Venetian, and (ii) the sale of either Midlothian Town Center-East or Venetian.
	The Class B contingent units were convertible into common units on the schedule set forth above at a conversion rate equal to $100.00 per unit divided by, generally, the average closing price of common stock for the 20 trading days prior to the date of conversion, subject to a minimum price of $9.00 per share (subject to further adjustment for subsequent stock splits, stock dividends, reverse stock splits and other capital changes). The Class B contingent units ranked equally with common units with respect to losses of the Operating Partnership and shared in profits only to the extent of the distributions. The Class B contingent units did not have a preference with respect to distributions upon any liquidation of the Operating Partnership. A total of 546,132 common units were issued in connection with the June 2012 recapitalization.
	The Class B and Class C preferred units were also issued in connection with the June 2012 recapitalization.

Management_Transition_Expenses

Management Transition Expenses And Stock-Based Compensation	9 Months Ended
	Sep. 30, 2014
Management Transition Expenses And Stock-Based Compensation [Abstract]	'
Management Transition Expenses And Stock-Based Compensation	'
	NOTE H – MANAGEMENT TRANSITION EXPENSES AND STOCK-BASED COMPENSATION
	Management Transition Expenses: Pursuant to the terms of a Separation Agreement and Release (the "Baumann Separation Agreement"), effective February 23, 2014, between Michael D. Baumann and the Company, Mr. Baumann resigned his employment as Chief Executive Officer of the Company and as Chairman and a member of the Company's Board of Directors. In consideration of a mutual release of claims against the Company and other related parties, and certain other agreements and covenants, Mr. Baumann received payments totaling approximately $2.4 million pursuant to the terms of the Separation Agreement.  In addition, the Separation Agreement provided for the accelerated vesting of 54,338 shares of unvested restricted stock and Mr. Baumann surrendered 14,373 shares to cover tax withholding obligations applicable to the vesting of the shares. The agreement also provided for the conversion of 210,915 Class B contingent units held by Mr. Baumann into 2,343,500 common units in the Operating Partnership, which resulted in a non-cash compensation expense of $2.5 million that has been included in management transition expenses in the condensed consolidated statement of operations for the nine months ended September 30, 2014.
	Pursuant to the terms of a Separation Agreement and Release (the "Levin Separation Agreement"), effective March 18, 2014, between the Company and Mr. Levin, Mr. Levin resigned his employment as President and as Vice Chairman and a member of the Company’s  Board of Directors. In consideration of a mutual release of claims against the Company and other related parties, and certain other agreements and covenants, pursuant to the terms of the Levin Separation Agreement, Mr. Levin received approximately 375,000 fully vested shares of common stock in a private placement, of which he surrendered 102,563 shares to cover tax withholding obligations applicable to the issuance of the shares.  This resulted in a non-cash stock based compensation expense of $2.8 million which is included in management transition expenses in the condensed consolidated statement of operations for the nine months ended September 30, 2014.
	During the nine months ended September 30, 2014, certain other members of management resigned and received cash payments totaling $0.5 million, as well as accelerated vesting of an aggregate of 24,140 share of unvested restricted stock that was reduced by an aggregate of 6,491 shares to cover tax withholding obligations applicable to the vesting of the shares.
	The Company also incurred legal and certain other expenses related to this management transition of $0.6 million for the nine months ended September 30, 2014.
	As a result of the above, the Company recognized total expense of $9.3 million for the nine months ended September  30, 2014 which is included as management transition expenses in the accompanying condensed consolidated statements of operations.
	Stock-based Compensation: On January 24, 2013, the Company’s stockholders approved the Trade Street Residential, Inc. 2013 Equity Incentive Plan (as amended, the “2013 EIP”), which is intended to attract and retain independent directors, executive officers and other key employees and individual service providers, including officers and employees of the Company’s affiliates.  On May 15, 2014, the Company’s stockholders approved an amendment to the 2013 EIP, which increased the shares of the Company’s common stock available for issuance under the EIP by 2,500,000 shares to a new total of 2,881,206 shares.  The shares can be issued as restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), performance units, incentive awards and other equity-based awards.
	On May 16, 2014, the Company issued an aggregate of 174,310 RSAs, of which 5,283 were issued, vested and are unrestricted and 169,027 were issued subject to (i) vesting over a period of four years and (ii) the employees’ and directors’ continued service with the Company.  On May 16, 2013, the Company issued an aggregate of 301,877 RSAs for which all shares were issued subject to similar vesting requirements as those associated with the May 16, 2014 grant.  Shares of restricted stock are entitled to receive any dividends paid by the Company on those shares during the vesting period.
	Compensation expense associated with RSAs is based on the market price of the shares on the date of the grant, net of estimated forfeitures, and is amortized on a straight-line basis over the applicable vesting period (generally four years).  The forfeiture rate is revised, as necessary, in subsequent periods if actual forfeiture experience exceeds prior expectations.  As of September 30, 2014, the weighted-average forfeiture rate for the two grants under the 2013 EIP was 7.0%.  Compensation expense associated with RSAs of $0.1 million and $0.3 million for the three and nine months ended September 30, 2014, respectively, and  $0.2 million for each of the three and nine months ended September 30, 2013, is recorded in general and administrative expense in the condensed consolidated statement of operations
	During the nine months ended September 30, 2014, a total of 118,857 shares vested and became unrestricted, of which 78,488 shares vested in connection with the resignation of a former executive officer and certain other members of management that was treated as a modification of stock-based awards, resulting in an additional charge of $0.5 million that is included in management transition expenses in the condensed consolidated statement of operations.
	During the nine months ended September 30, 2013, 58,866 shares vested and became unrestricted in connection with the resignation of a former executive officer, which was treated as a modification of stock based awards, resulting in additional cost of $0.5 million, and is included in general and administrative expense in the condensed consolidated statement of operations. In addition, on September 30, 2013, 75,000 fully vested shares of common stock were granted to a former executive officer and the related grant date fair value of $0.5 million was included in general and administrative expense in the condensed consolidated statement of operations.
	As of September 30, 2014, there was approximately $1.9 million of unrecognized compensation cost related to non-vested restricted stock granted under the 2013 EIP.  This cost is expected to be recognized over a period of approximately 3.1 years.
	Following is a summary of the RSAs granted, vested and forfeited to participants with the related weighted average grant value.  Of the shares that vested during the nine months ended September 30, 2014, the Company withheld 30,381 shares to satisfy the tax obligations for those participants who elected this option, as permitted under the 2013 EIP.
		Nine Months Ended
		30-Sep-14			30-Sep-13
			Weighted			Weighted
			Average			Average
		Shares	Grant Value		Shares	Grant Value
	Unvested shares, beginning of period	243,011	$	9.8	-	$	-
	Granted	174,310		7.26	376,877		9.23
	Vested	-118,857		8.33	-133,866		6.78
	Forfeited	-43,395		9.8	-		-
	Unvested shares, end of period	255,069	$	8.22	243,011	$	9.80
	In addition the Company issued 21,000 fully vested shares of common stock at a price of $10.00 per share in a private placement to its independent directors in lieu of 2013 director fees in connection with the Company’s public offering on May 16, 2013.  A non-cash expense of $0.1 million and $0.2 million was recorded in general and administrative expense in the condensed consolidated statement of operations for the three and nine months ended September 30, 2013, respectively.

Transactions_With_Related_Part

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2014
Transactions With Related Parties [Abstract]	'
Transactions With Related Parties	'
	NOTE I—TRANSACTIONS WITH RELATED PARTIES
	Due From / To Related Parties: Due from related parties as of December 31, 2013 is comprised primarily of a $0.6 million promissory note which the Company acquired from one of the contributors of entities in the June 1, 2012 recapitalization. The note, which was due on demand, bore interest at 12% per annum.  Accrued interest included in due from related parties was approximately $0.2 million as of December 31, 2013. The Company received payment in full during the nine months ended September 30, 2014.

Commitments_And_Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	NOTE J – COMMITMENTS AND CONTINGENCIES
	Legal Proceedings: The Company may from time to time be involved in legal proceedings arising from the normal course of business.   Other than routine litigation arising out of the ordinary course of business, the Company is not presently subject to any litigation nor, to the Company’s knowledge, is any litigation threatened against the Company.  As of September 30, 2014, the Company is not aware of any claims or potential liabilities that would need to be accrued or disclosed.
	Due to the nature of the Company’s operations, it is possible that the Company’s existing properties have or properties that the Company will acquire in the future have asbestos or other environmental related liabilities.
	Other Contingencies: In the ordinary course of business, the Company issues letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are typically non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property generally becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. The Company is then at risk under a real property acquisition contract unless the agreement provides for a right of termination, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. As of September 30, 2014, the Company had non-refundable earnest money deposits of approximately $0.2 million included in prepaid expenses and other assets in the accompanying balance sheets.  As of December 31, 2013, the Company had earnest money deposits of approximately $5.9 million included in prepaid expenses and other assets in the accompanying balance sheets, of which approximately $5.4 million was non-refundable.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	NOTE K—INCOME TAXES
	The Company has maintained and intends to maintain its election as a REIT under the Internal Revenue Code of 1986, as amended. In order for the Company to continue to qualify as a REIT it must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to its stockholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, the Company generally will not be subject to federal income tax on its taxable income at the corporate level to the extent such income is distributed to its stockholders annually. If taxable income exceeds dividends in a tax year, REIT tax rules allow the Company to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, the Company may not be able to re-qualify as a REIT for the four subsequent taxable years. Historically, the Company has incurred only non-income based state and local taxes. The Company’s Operating Partnership is a flow through entity and is not subject to federal income taxes at the entity level.
	The Company has provided for non-income based state and local taxes in the consolidated statement of operations for all periods presented.  Other tax expense has been recognized related to entity level state and local taxes on certain ventures. The Company accounts for the uncertainty in income taxes in accordance with GAAP, which requires recognition in the financial statements of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following a tax audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applied this guidance to its tax positions for the nine months ended September 30, 2014. The Company has no material unrecognized tax benefits and no adjustments to its financial position, results of operations or cash flows were required. The Company recognizes accrued interest and penalties related to uncertain tax positions, if any, as income tax expense.
	For certain entities that are part of the Company, tax returns are open for examination by federal and state tax jurisdictions for the years 2010 through 2013. Because many types of transactions are susceptible to varying interpretations under federal and state income tax laws, the amounts reported in the accompanying consolidated financial statements may be subject to change at a later date upon final determination by the respective taxing authorities. No such examination is presently in progress.

Real_Estate_Assets_Held_For_Sa

Real Estate Assets Held For Sale And Discontinued Operations	9 Months Ended
	Sep. 30, 2014
Real Estate Assets Held For Sale And Discontinued Operations [Abstract]	'
Real Estate Assets Held For Sale And Discontinued Operations	'
	NOTE L – REAL ESTATE ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
	In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company has adopted the provisions of ASU 2014-08 effective January 1, 2014 and has applied the provisions prospectively.
	Prior to January 1, 2014, the Company accounted for properties as discontinued operations when all of the criteria of ASC 360-45-9 were met. The results of operations and cash flows from discontinued operations are included in the Company’s accompanying condensed consolidated financial statements up to the date of disposition. Accordingly, prior period operating activity of such properties are classified as discontinued operations in the accompanying condensed financial statements for the three and nine months ended September 30, 2013.
	Real estate assets held for sale or sold subsequent to January 1, 2014
	The Company’s real estate assets held for sale as of or sold during the nine months ended September  30, 2014 included the following:
	Property Name	Location		Date Sold
	Operating Property
	Post Oak	Louisville, Kentucky		11-Jul-14
	Land Investments
	Venetian	Fort Myers, Florida		Held for sale
	Midlothian Town Center – East (“Midlothian”)	Midlothian, Virginia		Held for sale
	The Estates at Maitland (“Maitland”)	Maitland, Florida		Held for sale
	Millenia Phase II (“Millenia II”)	Orlando, Florida		Held for sale
	Sunnyside	Panama City, Florida		Held for sale
	Operating Property
	In May 2014, the Company committed to a plan to actively market the Post Oak operating property and on July 11, 2014, the Company completed that sale.  The net cash proceeds were approximately $7.8 million and the Company recognized a gain of approximately $0.4 million that is included in gain on sales of real estate assets within continuing operations on the condensed consolidated statement of operations for the three and nine months ended September 30, 2014.
	Land Investments
	In February 2014, the Company committed to a plan to actively market for sale the Venetian, Midlothian and Maitland Land Investments.  Also, in March 2014, upon completion of foreclosure proceedings, the Company committed to a plan to actively market for sale the Sunnyside Land Investment (see also Note C).
	On October 17, 2014, the Company executed and closed on an agreement with the holders of the Class A preferred stock to redeem all 309,130 shares outstanding in exchange for the transfer of title to all of the Company’s Land Investments except for the Midlothian Land Investment, in which the Company retained all rights and interests, plus a cash payment of $5.0 million. See Note M for additional disclosure regarding the Company’s redemption of all of the outstanding shares of the Company’s Class A preferred stock. As a result of this redemption transaction, the Company reclassified the Millenia II Land Investment as held for sale in the Company’s condensed consolidated balance sheet as of September 30, 2014.
	The real estate assets held for sale and the other assets and liabilities related to real estate assets held for sale as of September 30, 2014 were as follows:
		As of
	(in thousands)	30-Sep-14
	Real estate assets held for sale	$	24,125
	Other assets, primarily restricted cash		585
	Total assets - real estate assets held for sale	$	24,710
	Liabilities related to real estate assets held for sale	$	421
	The Company’s income (loss) from real estate assets held for sale or sold which is included in income (loss) from continuing operations including gains on sales of real estate assets for the three and nine months ended September 30, 2014 and 2013 is as follows.
		Three Months Ended                           September 30,					Nine Months Ended                             September 30,
	(in thousands)	2014			2013		2014		2013
	Total property revenues	$	51		$	283	$	643	$	863
	Expenses:
	Property expenses		30			204		352		491
	Interest expense		-			96		31		207
	Depreciation and amortization		-			87		120		253
	Development and pursuit costs		96			-		243		-
	Loss on early extinguishment of debt		-			-		177		-
	Other expenses		-			60		15		95
	Total expenses		126			447		938		1,046
	Impairment associated with land holdings		-7,962			-		-7,962		-613
	Gain on sales of real estate assets		353			-		353		-
	Loss from real estate assets held for sale	$	-7,684		$	-164	$	-7,904	$	-796
	During the three and nine months ended September 30, 2014, the Company recorded an approximate $8.0 million charge for impairment of the values of four of the five Land Investments classified as held for sale as of September 30, 2014. This non-cash impairment charge was based upon fair value estimates determined from unobservable market inputs, such as (i) opinions of value from independent commercial brokers and (ii) purchase offers or bids from unrelated third parties, that the Company believes provide the best indication of the current liquidation value of the Land Investments given the Company’s intent to dispose of these Land Investments in connection with the transaction to redeem all of the Company’s outstanding shares of Class A preferred stock (see Note M).  Approximately $0.7 million of this impairment charge was associated with the Midlothian Land Investment, in which the Company executed a non-binding contract for sale with an unrelated third party for $3.6 million on October 7, 2014 (see Note M).
	Approximately $0.6 million of impairment was recorded in the second quarter of 2013 to write down the carrying value of the Maitland Land Investment. The non-cash impairment charge was determined based on an appraisal of the land which was determined to be the best indication of fair market value.  The Maitland Land Investment is currently classified in real estate assets held for sale in the accompanying condensed consolidated balance sheets.
	The Company had no real estate assets held for sale as of December 31, 2013.
	Discontinued Operations prior to January 1, 2014
	The Company’s discontinued operations during the nine months ended September 30, 2013 included the following:
	Property Name		Location
	Beckanna on Glenwood – “Beckanna”		Raleigh, North Carolina
	Terrace at River Oaks – - “River Oaks”		San Antonio, Texas
	Oak Reserve at Winter Park – “Oak Reserve”		Winter Park, Florida
	Fontaine Woods – “Fontaine”		Chattanooga, Tennessee
	The Estates at Mill Creek – “Mill Creek”		Buford, Georgia
	In July 2013 and January 2013, the Company committed to a plan to actively market the River Oaks and Beckanna properties, respectively.
	On June 12, 2013, the Company sold its 100% interest in Oak Reserve for $11.7 million.  The decision to sell this property was made in January 2013.  The sale resulted in a gain to the Company of approximately $0.5 million, which has been included in discontinued operations for the nine months ended September 30, 2013.
	On March 1, 2013, the Company sold its 70% interest in Fontaine Woods to its joint venture partner for $10.5 million, including the assumption by the buyer of the Company’s 70% portion of a $9.1 million mortgage. The decision to sell this property was made in November 2012. The sale resulted in a gain to the Company of approximately $1.6 million, which has been included in discontinued operations during the nine months ended September 30, 2013.
	During the nine months ended September 30, 2013, our discontinued operations included a Mill Creek post-closing purchased price adjustment of approximately $0.1 million attributable to an escrow deposit payment, which effectively decreased our gain on the 2012 sale of such operation property.
	The following table provides a summary of selected operating results the properties classified as discontinued operations in the condensed consolidated statement of operations for the three and nine months ended September 30, 2013:
		30-Sep-13
	(in thousands)	Three Months Ended			Nine Months Ended
	Total property revenues	$	1,325		$	5,115
	Expenses:
	Property expenses		1,162			3,429
	Interest expense		234			1,450
Depreciation and amortization		-			440
Other expenses		9			46
Loss before gain from sale of rental property		-80			-250
Gain from sale of rental property		-			1,946
Income from operation of discontinued rental property, including
gains/loss on disposals	$	-80		$	1,696
The Company had no discontinued operations as of September 30, 2014.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	NOTE M—SUBSEQUENT EVENTS
	Redemption of Preferred A Stock
	On October 17, 2014, the Company executed and closed on an agreement with the holders of the Class A preferred stock to redeem 100% of the outstanding 309,130 shares of Class A preferred stock in exchange for:
		·	Assignment of all interests in the following Land Investments:
		o	Maitland, with a current indicated value of $9.4 million;
		o	Millenia II, with a current indicated value of $6.25 million; and
		o	Venetian, with a current indicated value of $4.0 million.
		·	Assignment of all interests in the Sunnyside land parcel, with a current indicated value of $1.5 million;
		·	Cash payment of $5.0 million.
	Contract for Sale – Midlothian Land Parcel
	On October 7, 2014, the Company entered into a non-binding agreement with a third party to purchase the Company’s undivided interest in the Midlothian land parcel for $3.6 million.  This agreement is subject to customary terms for similar transactions, including a period of examination during which the agreement could be cancelled by the Company or the purchaser, and would be expected to close during the second half of 2015.
	Credit Agreement Amendment
	On October 16, 2014, the Company and the Operating Partnership executed a Fourth Amendment to the Credit Agreement to modify certain terms and conditions in the Revolver related to the weighting of the borrowing base properties value with any one geographic area and to reduce the required minimum tangible net worth to $123.0 million plus 75% of the net proceeds of any equity issuances by the Operating Partnership or any of its subsidiaries.
	Strategic Alternatives Review
	On November 3, 2014, the Company’s Board of Directors announced it would undertake a review of strategic alternatives to enhance shareholder value and has retained J.P. Morgan Securities LLC as its financial advisor and Morrison & Foerster LLP as its legal advisor during this process. This review will include, among other alternatives, a sale, merger, acquisition or other form of business combination, or a sale or acquisition of assets, or a debt or equity recapitalization.  However, the Company has not made a decision to pursue any specific strategic transaction or any other strategic alternative, and there is no set timetable for completion of this strategic review process.  There can be no assurance that the exploration of strategic alternatives will result in the completion of any transaction or other alternative.
	Separation Agreement with Company Officer
	Pursuant to the terms of a Separation Agreement and Release (the “Separation Agreement”), effective November 3, 2014, between Ryan Hanks and the Company, Mr. Hanks resigned his employment as Chief Investment Officer of the Company. In consideration of a mutual release of claims against the Company and certain other agreements and covenants, the vesting of 75,142 shares of unvested restricted stock held by Mr. Hanks will be accelerated.  The number of shares to be delivered to Mr. Hanks is subject to reduction to cover any amount for federal, state, local or foreign taxes required to be withheld pursuant to any applicable law or regulation.  Pursuant to the Separation Agreement, Mr. Hanks has agreed to make himself available to the Company in a consulting capacity at no cost (other than reasonable expense reimbursement) until the earlier of November 3, 2015 and the occurrence of a Change in Control (as defined in the Company’s 2013 EIP).

Nature_Of_Business_And_Signifi1

Nature Of Business And Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2014
Nature Of Business And Significant Accounting Policies [Abstract]	'
Basis Of Presentation	'
	Basis of Presentation: The accompanying condensed consolidated financial statements have been prepared by the Company’s management pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and represent the assets and liabilities and operating results of the Company. Accordingly, these financial statements do not include all information and footnote disclosures required for annual financial statements.  While management believes the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated financial statements herein.  Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results which may be expected for the full year ending December 31, 2014. Additionally, see Note L for information regarding new accounting guidance that the Company adopted effective as of January 1, 2014.
Principles Of Consolidation	'
	Principles of Consolidation:  The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their wholly-owned subsidiaries.  Until March 2013, certain properties were not wholly owned, resulting in noncontrolling interests. Income (loss) allocations, if any, to noncontrolling interests includes the pro rata share of such properties’ net real estate income (loss). All significant intercompany balances and transactions have been eliminated in consolidation.
	Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, “Consolidation,” when a reporting entity is the primary beneficiary of an entity that is a variable interest entity (“VIE”) as defined in FASB ASC 810, the VIE must be consolidated into the financial statements of the reporting entity. The determination of which owner is the primary beneficiary of a VIE requires management to make significant estimates and judgments about the rights, obligations, and economic interests of each interest holder in the VIE. A primary beneficiary has both the power to direct the activities that most significantly impact the VIE and the obligation to absorb losses or the right to receive benefits from the VIE. During the first quarter of 2013, the Company sold its 70% interest in a VIE to its joint venture partner (see Note L) and began consolidation of another VIE, which was deconsolidated during the first quarter of 2014 upon completion of foreclosure proceedings (see Note C).
	Unconsolidated joint ventures in which the Company does not have a controlling interest but exercises significant influence are accounted for using the equity method, under which the Company recognizes its proportionate share of the joint venture’s earnings and losses.  The Company holds a 50% interest in BSF/BR Augusta JV, LLC (the owner of The Estates at Perimeter, an operating property), which is accounted for under the equity method (see Note F).  As of September 30, 2014, the Company is party to an agreement to sell its interest in this operating property and, accordingly, has classified this joint venture investment as held for sale in the Company’s condensed consolidated balance sheets.
Use Of Estimates	'
	Use of Estimates: The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in these condensed consolidated financial statements and accompanying notes. The more significant estimates include those related to whether the carrying values of real estate assets have been impaired and estimates related to the valuation of the Company’s investment in a joint venture. While management believes that the estimates used are reasonable, actual results could differ from the estimates.
Acquisition Of Operating Properties	'
	Acquisition of Operating Properties: The Company has accounted for acquisitions of its operating properties, consisting of multifamily apartment communities and land held for future development, as business combinations in accordance with GAAP. Estimates of fair value based on future cash flows and other valuation techniques are used to allocate the purchase price between land, buildings, building improvements, equipment, identifiable intangible assets such as in-place leases and tax abatements, and other assets and liabilities. The acquisition of a multifamily apartment community typically qualifies as a business combination.
	Transaction costs related to the acquisition of an operating property, such as broker fees, certain transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and are included in acquisition costs in the condensed consolidated statements of operations.
Real Estate Assets	'
	Real Estate Assets: Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired, as described below. Depreciation on real estate is computed using the straight-line method over the estimated useful lives of the related assets, generally 35 to 50 years for buildings, 2 to 15 years for long-lived improvements and 3 to 7 years for furniture, fixtures and equipment. Expenditures that enhance the value of existing real estate assets or substantially extend the lives of those assets are capitalized and depreciated over the expected useful lives of such enhancements.  Expenditures necessary to maintain a real estate asset in ordinary operating condition are expensed as incurred.
	Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized to the extent the total carrying value of the property does not exceed the estimated net realizable value of the completed property. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Real estate taxes, construction costs, insurance, and interest costs incurred during construction periods are capitalized. Capitalized real estate taxes and interest costs are amortized over periods which are consistent with the constructed assets. If the Company determines the completion of development or redevelopment is no longer probable, it expenses all capitalized costs which are not recoverable.
Land Held For Sale And Future Development	'
	Land Held for Future Development:  Land held for future development represents real estate the Company plans to develop in the future, but on which, as of each period presented, no construction or predevelopment activities were ongoing.  In such cases, all predevelopment efforts have been advanced to appropriate states and no further predevelopment activities are ongoing; therefore, interest, property taxes, insurance and all other costs are expensed as incurred and are included in development and pursuit costs in the accompanying condensed statements of operations.
	Real Estate Assets Held for Sale:  The Company periodically classifies real estate assets, including land, as held for sale. An asset is classified as real estate assets held for sale after the Company’s board of directors commits to a plan to sell an asset, the asset is ready to be sold in its current condition, an active program to locate buyers has been initiated and the sale is expected to be completed in one year.   Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reported at the lower of net book value or estimated fair value, less costs to sell the asset.  Real estate assets held for sale are stated separately in the accompanying condensed consolidated balance sheets.  Subsequent to classifying an operating property as held for sale, no further depreciation expense is recorded.  For periods beginning January 1, 2014, operating results from real estate assets held for sale are included in loss from continuing operations in the accompanying condensed statements of operations.
Impairment Of Real Estate Assets	'
	Impairment of Real Estate Assets: The Company periodically evaluates its real estate assets when events or circumstances indicate that the carrying amounts of such assets may not be recoverable. The Company assesses the recoverability of such carrying amounts by comparing the carrying amount of the property to its estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the property and is reported as a component of continuing operations. For real estate owned through unconsolidated real estate joint ventures or other similar real estate investment structures, at each reporting date the Company compares the estimated fair value of its real estate investment to the carrying value and records an impairment charge to the extent fair value is less than the carrying amount and the decline in value is determined to be other than temporary. In estimating fair value, management uses appraisals, internal estimates, and discounted cash flow calculations, which maximizes inputs from a marketplace participant’s perspective (see Note L).
Noncontrolling Interests	'
	Noncontrolling Interests: Until March 1, 2013, the Company held majority interests in certain properties through wholly-owned subsidiaries that were party to operating agreements with third parties. The Company recorded noncontrolling third-party interests in these properties at their historical allocated cost, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests were not redeemable by the third-party owners and were presented as part of permanent equity. Subsequent to the Company’s initial public offering on May 16, 2013, noncontrolling interests also include common units in the Operating Partnership held by certain limited partners other than the Company. Through December 31, 2013, income and losses were allocated to the noncontrolling interest holders based on their economic ownership percentage.  For periods beginning January 1, 2014, due to the conversion of all remaining contingent B units into common units of the Operating Partnership as discussed in Note G, the Company allocates income and loss to noncontrolling interests based on the weighted-average common unit ownership interest in the Operating Partnership, which was 6.0% and 6.3% for the three and nine months ended September 30, 2014, respectively.
Intangible Assets	'
	Intangible Assets: The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets (consisting of the value of in-place leases and any property tax abatement agreements) based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data.
	The value of in-place leases is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases, typically a period of six months. The purchase prices of acquired properties are not expected to include allocations to tenant relationships, considering the short terms of the leases and the high expected levels of renewals.
	Property tax abatements provide graduated tax relief for five years from the completion of development of the respective property.  Amortization of tax abatement intangible assets is recorded based on the actual tax savings in each period and is included in real estate taxes and insurance in the condensed consolidated statements of operations.
	See Note C for a detailed discussion of the property acquisitions completed during the nine months ended September 30, 2014 and 2013.
Fair Value Of Financial Instruments	'
	Fair Value of Financial Instruments: For financial assets and liabilities recorded at fair value on a recurring basis, fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
	In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
		·		Level 1: Quoted prices for identical instruments in active markets.
		·		Level 2: Quoted prices for similar instruments in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
		·		Level 3:  Significant inputs to the valuation model are unobservable.
	The following methods and assumptions were used to estimate the fair value of each class of financial instruments:
		·		The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash and lender reserves, amounts due from related parties, accounts payable and accrued expenses, security deposits, deferred rent and other liabilities approximate their fair values due to the short-term nature of these items.
		·		There is no material difference between the carrying amounts and fair values of mortgage notes payable as interest rates and other terms approximate current market rates and terms for similar types of debt instruments available to the Company (Level 2).
	Disclosures about the fair value of financial instruments are based on pertinent information available to management as of September 30, 2014 and December 31, 2013.
Non-Recurring Fair Value Disclosures	'
	Non-recurring Fair Value Disclosures: Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets, which are recorded at fair value when they are impaired. The fair value methodologies used to measure long-lived assets are described above at “Impairment of Real Estate Assets”. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy.
	The following table sets forth by level, within the fair value hierarchy the Company’s Land Investments that are measured at fair value on a non-recurring basis as of September 30, 2014 and December 31, 2013 (see Note L for additional information regarding an impairment charge associated with these Land Investments recognized during the nine months ended September 30, 2014):
			As of September 30, 2014
	(in thousands)		Level 1		Level 2		Level 3		Total
	Estates of Millenia - Phase II		$	-	$	-	$	6,188	$	6,188
	Venetian			-		-		3,960		3,960
	Midlothian Town Center - East			-		-		3,492		3,492
	The Estates at Maitland			-		-		9,000		9,000
	Sunnyside			-		-		1,485		1,485
			$	-	$	-	$	24,125	$	24,125
			As of December 31, 2013
	(in thousands)		Level 1		Level 2		Level 3		Total
	Venetian		$	-	$	-	$	4,360	$	4,360
	Midlothian Town Center - East			-		-		4,165		4,165
	The Estates at Maitland			-		-		9,000		9,000
			$	-	$	-	$	17,525	$	17,525
	These Land Investments were reclassified from land held for future development to real estate assets held for sale during the nine months ended September 30, 2014 (See Note L).
Prepaid Expenses And Other Assets	'
	Prepaid expenses and other assets: As of September 30, 2014, prepaid expenses and other assets primarily consist of deposits made for potential future acquisitions of real estate assets in the aggregate amount of $0.2 million.  As of December 31, 2013, prepaid expenses and other assets primarily consist of deferred offering costs in the amount of approximately $2.7 million as well as deposits made for potential future acquisitions of real estate assets in the aggregate amount of $5.9 million.
Reclassifications	'
	Reclassifications: Certain 2013 balances in the condensed consolidated statements of operations associated with properties classified as real estate held for sale during the nine months ended September 30, 2014 have been reclassified to conform to the current year presentation (see Note L).
Recent Accounting Pronouncements	'
	Recent Accounting Standards:  In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for annual periods ending after December 31, 2016 and is not expected to have an impact on the Company’s consolidated financial statements.
	n May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which converges the FASB and the International Accounting Standards Board standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2016. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our condensed consolidated financial statements or related disclosures.
	In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted.  As a result of ASU 2014-08, the disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. Effective January 1, 2014, the Company elected to adopt this standard on a prospective basis for transactions that may occur after the adoption. Adoption of ASU 2014-008 did not have a material impact on the Company’s condensed consolidated financial position or results of operations. Under this standard, the Company anticipates that the majority of any future property sales will not be classified as discontinued operations.

Nature_Of_Business_And_Signifi2

Nature Of Business And Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2014
Nature Of Business And Significant Accounting Policies [Abstract]	'
Assets Measured At Fair Value On A Non-Recurring Basis	'
		As of September 30, 2014
	(in thousands)	Level 1		Level 2		Level 3		Total
	Estates of Millenia - Phase II	$	-	$	-	$	6,188	$	6,188
	Venetian		-		-		3,960		3,960
	Midlothian Town Center - East		-		-		3,492		3,492
	The Estates at Maitland		-		-		9,000		9,000
	Sunnyside		-		-		1,485		1,485
		$	-	$	-	$	24,125	$	24,125
		As of December 31, 2013
	(in thousands)	Level 1		Level 2		Level 3		Total
	Venetian	$	-	$	-	$	4,360	$	4,360
	Midlothian Town Center - East		-		-		4,165		4,165
	The Estates at Maitland		-		-		9,000		9,000
		$	-	$	-	$	17,525	$	17,525

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Reconciliation Of Earnings Per Share	'
			Three Months Ended                       September 30,				Nine Months Ended                       September 30,
	(in thousands, except per share amounts)		2014		2013		2014		2013
	Net income (loss)		$	-9,432	$	1,882	$	-29,537	$	-5,278
	(Income) loss allocated to noncontrolling interest holders			566		-258		1,907		911	-1
	Dividends declared and accreted on preferred stock and units			-234		-234		-693		-707
	Dividends to restricted stockholders			-		-29		-		-29
	Extinguishment of equity securities (Note G)			-		-		-		11,716
	Adjustments attributable to participating securities			14		-1		44		-2,492
	Net income (loss) attributable to common stockholders		$	-9,086	$	1,360	$	-28,279	$	4,121
	Continuing operations		$	-9,086	$	1,440	$	-28,279	$	2,425
	Discontinued operations (Note L)			-		-80		-		1,696
	Net income (loss) attributable to common stockholders		$	-9,086	$	1,360	$	-28,279	$	4,121
	Earnings (loss) per common share - basic and diluted
	Continuing operations		$	-0.25	$	0.13	$	-0.81	$	0.31
	Discontinued operations			-		-0.01		-		0.21
	Net earnings (loss) per share attributable to common stockholders		$	-0.25	$	0.12	$	-0.81	$	0.52
	Weighted average number of shares - basic and diluted			36,468		11,099		34,908		7,931
	Weighted average, potentially dilutive securities excluded from
	diluted earnings (loss) per share because they were antidilutive
	or performance conditions were not met:
	Warrants (2)			139		139		139		139
	Common units of the Operating Partnership (3)			2,343		-		2,343		-
	Unvested restricted stock awards (4)			204		149		202		75
	Class A preferred stock (5)			-		-		-		-
		-1		Net of $0.04 million income allocated to discontinued operations in the first quarter of 2013.
		-2		Exercisable until May 14, 2015 at a split-adjusted exercise price of $21.60 of the Company’s common stock.
		-3		Class B contingent units were converted into common OP units in February 2014 and were excluded from potentially dilutive shares of common stock in the 2013 period presented since their conversion had been contingent upon the achievement of future conditions (see Notes A and G).
		-4		Granted pursuant to the Company’s Equity Incentive Plan (see Note H).
		-5		Excluded from potentially dilutive shares of common stock since conversion was contingent upon the achievement of future conditions and due to their redemption on October 17, 2014 (see Notes G and M).

Acquisitions_Of_Multifamily_Ap1

Acquisitions Of Multifamily Apartment Communities (Tables)	9 Months Ended
	Sep. 30, 2014
Business Acquisition [Line Items]	'
Schedule Of Business Acquisitions, By Acquisition	'
	(in thousands)		Miller Creek		Wake Forest		Aventine		Brier Creek		Craig Ranch		Big Creek		Total
	Fair Value of Net Assets Acquired		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	40,500	$	238,423
	Purchase Price		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	40,500	$	238,423
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	2,173	$	2,677	$	2,888	$	3,031	$	3,444	$	3,910	$	18,123
	Site Improvements			2,460		2,618		1,926		1,681		3,210		1,763		13,658
	Building			37,332		30,633		34,720		26,989		33,317		33,106		196,097
	Furniture, fixtures and equipment			1,011		860		1,494		679		1,673		978		6,695
	Intangible assets - in place leases			774		462		838		302		731		743		3,850
	Total		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	40,500	$	238,423
Business Acquisition, Pro Forma Information	'
	(in thousands)		Three Months Ended         September 30,				Nine Months Ended             September 30,
			2014		2013		2014		2013
	Unaudited pro forma financial information:
	Pro forma revenue		$	15,306	$	10,293	$	43,456	$	25,280
	Pro forma loss from continuing operations		$	-8,339	$	-2,715	$	-19,725	$	-17,505
Bridge Point [Member]	'
Business Acquisition [Line Items]	'
Schedule Of Business Acquisitions, By Acquisition	'
	(in thousands)		Bridge Pointe		St. James		Creekstone		Talison Row		Southend		Total
	Fair Value of Net Assets Acquired		$	15,250	$	27,400	$	35,800	$	48,050	$	40,900	$	167,400
	Purchase Price		$	15,250	$	27,400	$	35,800	$	48,050	$	34,000	$	160,500
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	1,140	$	3,003	$	2,970	$	4,018	$	6,263	$	17,394
	Site Improvements			943		1,033		1,024		1,161		1,380		5,541
	Building			12,437		22,255		30,823		41,294		30,740		137,549
	Furniture, fixtures and equipment			311		441		302		804		730		2,588
	Intangible assets - in place leases			419		668		681		773		772		3,313
	Intangible assets - property tax abatement			-		-		-		-		1,015		1,015
	Total		$	15,250	$	27,400	$	35,800	$	48,050	$	40,900	$	167,400
BSP/Sunnyside, LLC [Member]	'
Business Acquisition [Line Items]	'
Schedule Of Business Acquisitions, By Acquisition	'
	Cash	$	148
	Land	$	1,477

Indebtedness_Tables

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2014
Indebtedness [Abstract]	'
Summary Of Indebtedness	'
		Outstanding Principal			Remaining
		Balance as of			Term in
	Property	30-Sep-14		Interest Rate	Years
		(in thousands)
	Fixed Rate Secured Indebtedness
	Lakeshore on the Hill	$	6,654	4.48%	3.25
	The Trails of Signal Mountain		8,169	4.92%	3.67
	Westmont Commons		17,920	3.84%	8.25
	Bridge Pointe		11,360	4.19%	8.50
	The Pointe at Canyon Ridge		25,800	4.10%	10.67
	St. James at Goose Creek		19,000	3.75%	8.75
	Creekstone at RTP		23,250	3.88%	8.69
	Talison Row at Daniel Island		33,635	4.06%	8.94
	Millenia 700		25,000	3.83%	6.43
	Fountains Southend		23,750	4.31%	9.35
	Miller Creek		26,250	4.60%	9.36
	Craig Ranch		21,200	3.78%	6.53
	Wake Forest		18,625	3.94%	6.36
	Aventine		21,000	3.70%	6.36
	Brier Creek		16,250	3.70%	7.51
	Total fixed rate secured indebtedness		297,863	4.03%	8.00
	Variable Rate Secured Indebtedness
	Revolver		47,000	2.69%	2.33
	Total outstanding indebtedness	$	344,863	3.85%	7.22
Schedule Of Maturities Of Outstanding Mortgage Notes Payable	'
	(in thousands)	Amount
	Remainder of 2014	$	110
	2015		1,210
	2016		1,976
	2017		56,668
	2018		11,467
	Thereafter		273,432
		$	344,863

Intangible_Assets_Tables

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Intangible Assets [Abstract]	'
Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets	'
		As of September 30, 2014						As of December 31, 2013
		Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	(in thousands)	amount		amortization		Value		amount		amortization		Value
	Intangible assets - in place leases	$	10,988	$	-10,988	$	-	$	7,401	$	-6,757	$	644
	Intangible assets - property
	tax abatement		1,015		-352		663		1,015		-88		927
		$	12,003	$	-11,340	$	663	$	8,416	$	-6,845	$	1,571
Estimated Amortization Expense For The Next Five Years Related To These Intangible Assets	'
	(in thousands)	Amount
	Remainder of 2014	$	75
	2015		274
	2016		181
	2017		102
	2018		31
	Thereafter		-
		$	663

Investment_In_Unconsolidated_J1

Investment In Unconsolidated Joint Venture (Tables)	9 Months Ended
	Sep. 30, 2014
Investment In Unconsolidated Joint Venture [Abstract]	'
Summary Of Financial Information Of Unconsolidated Joint Venture	'
		Three Months Ended                  September 30,				Nine Months Ended                 September 30,
	(in thousands)	2014		2013		2014		2013
	Total property revenue	$	731	$	692	$	2,097	$	2,072
	Net income	$	41	$	-27	$	42	$	83
	Company share of income from
	unconsolidated joint venture activities	$	20	$	-13	$	21	$	42

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity [Abstract]	'
Dividends Declared	'
			Distributions Per		Total
			Share of Common		Dividend declared			Dividend		Dividend
			Stock/Common Unit		(in thousands)			Declared Date		Payable Date
	2014
	Third Quarter	$	0.095		$	3,711		12-Aug-14		15-Oct-14
	Second Quarter	$	0.095		$	3,713		13-May-14		15-Jul-14
	First Quarter	$	0.095		$	3,697		12-Feb-14		15-Apr-14
	2013
	Fourth Quarter	$	0.095		$	1,090		2-Dec-13		17-Jan-14
Summary Of Preferred Stock, Preferred Units And Contingent Units	'
		Optional
		Redemption		Annual		As of			As of
	(in thousands, except  share amounts)	Date		Dividend		30-Sep-14			31-Dec-13
	Class A Preferred Stock, cumulative redeemable, liquidation preference $100.00 per share plus all accumulated, accrued and unpaid dividends (if any), 309,130 shares outstanding at September 30, 2014 and December 31, 2013	Jun-19		-1		$	26,855		$	26,624
	Common OP Units,  2,343,500 and 0 units outstanding at September  30, 2014 and December 31, 2013, respectively (4)	Feb-15		-2		$	15,588		$	-
	Class B Contingent Units, 0 and 210,915 units outstanding at September 30, 2014 and December 31, 2013, respectively (4)	Jun-15		-3		$	-		$	17,657
	(1)Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.
	(2)Dividend per common OP unit is the same as the dividend per share on the Company’s common stock.
	(3)Non-cumulative distribution of 1.5% per annum of the stated value per Class B contingent unit were to be ($0.375 per quarter) until December 31, 2014; 3.0% per annum of the stated value per Class B contingent unit ($0.75 per quarter) from January 1, 2015 through December 31, 2015; and 4.5% per annum of the stated value per Class B contingent unit ($1.125 per quarter) thereafter.
	(4)On February 23, 2014, 210,915 Class B contingent units were converted into 2,343,500 common OP units.

Management_Transition_Expenses1

Management Transition Expenses And Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Management Transition Expenses And Stock-Based Compensation [Abstract]	'
Schedule Of Restricted Stock Activity	'
		Nine Months Ended
		30-Sep-14			30-Sep-13
			Weighted			Weighted
			Average			Average
		Shares	Grant Value		Shares	Grant Value
	Unvested shares, beginning of period	243,011	$	9.8	-	$	-
	Granted	174,310		7.26	376,877		9.23
	Vested	-118,857		8.33	-133,866		6.78
	Forfeited	-43,395		9.8	-		-
	Unvested shares, end of period	255,069	$	8.22	243,011	$	9.80

Real_Estate_Assets_Held_For_Sa1

Real Estate Assets Held For Sale And Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate Assets Held For Sale And Discontinued Operations [Abstract]	'
Schedule Of Real Estate Assets Held For Sale	'
		As of
	(in thousands)	30-Sep-14
	Real estate assets held for sale	$	24,125
	Other assets, primarily restricted cash		585
	Total assets - real estate assets held for sale	$	24,710
	Liabilities related to real estate assets held for sale	$	421
Net Loss From Real Estate Assets Held For Sale	'
		Three Months Ended                           September 30,				Nine Months Ended                             September 30,
	(in thousands)	2014		2013		2014		2013
	Total property revenues	$	51	$	283	$	643	$	863
	Expenses:
	Property expenses		30		204		352		491
	Interest expense		-		96		31		207
	Depreciation and amortization		-		87		120		253
	Development and pursuit costs		96		-		243		-
	Loss on early extinguishment of debt		-		-		177		-
	Other expenses		-		60		15		95
	Total expenses		126		447		938		1,046
	Impairment associated with land holdings		-7,962		-		-7,962		-613
	Gain on sales of real estate assets		353		-		353		-
	Loss from real estate assets held for sale	$	-7,684	$	-164	$	-7,904	$	-796
Income Statement Disclosures Of Discontinued Operations	'
		30-Sep-13
	(in thousands)	Three Months Ended		Nine Months Ended
	Total property revenues	$	1,325	$	5,115
	Expenses:
	Property expenses		1,162		3,429
	Interest expense		234		1,450
	Depreciation and amortization		-		440
	Other expenses		9		46
	Loss before gain from sale of rental property		-80		-250
	Gain from sale of rental property		-		1,946
	Income from operation of discontinued rental property, including
	gains/loss on disposals	$	-80	$	1,696

Nature_Of_Business_And_Signifi3

Nature Of Business And Significant Accounting Policies (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 13, 2013	Jun. 30, 2012	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Mar. 31, 2013
			item	item
Real Estate Properties [Line Items]	'	'	'	'	'	'
Goodwill recorded	'	$0	'	'	'	'
Number of units on property	'	'	5,129	5,129	'	'
Number of communities	'	'	'	20	'	'
Graduated tax relief period	'	'	'	'5 years	'	'
Net proceeds from offering after deducting underwriting costs and commissions	970,000	'	'	'	'	'
Deffered offering costs	'	'	'	'	2,700,000	'
Earnest money deposits	'	'	$200,000	$200,000	$5,900,000	'
Ownership interest	'	'	'	'	'	70.00%
Weighted-average common ownership interest in Operating Partnership	'	'	6.00%	6.30%	'	'
Zoned For Multifamily Development [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Land investments	'	'	'	4	'	'
BSF/BR Augusta JV, LLC [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Membership interest	'	'	50.00%	50.00%	'	'
Unconsolidated Joint Venture [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Number of units on property	'	'	240	240	'	'
Number of communities	'	'	'	1	'	'
Undeveloped properties	'	'	'	1	'	'
Percentage of voting stock owned in subsidiary	'	'	50.00%	50.00%	'	'
Minimum [Member] | Building [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'35 years	'	'
Minimum [Member] | Long-Lived Improvements [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'2 years	'	'
Minimum [Member] | Furniture and Fixtures [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'3 years	'	'
Maximum [Member] | Building [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'50 years	'	'
Maximum [Member] | Long-Lived Improvements [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'15 years	'	'
Maximum [Member] | Furniture and Fixtures [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'7 years	'	'

Nature_Of_Business_And_Signifi4

Nature Of Business And Significant Accounting Policies (Assets Measured At Fair Value On A Non-Recurring Basis) (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

In Thousands, unless otherwise specified

Venetian [Member]

Midlothian Town Center - East [Member]

The Estates At Maitland [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Level 1 [Member]

Level 1 [Member]

Level 1 [Member]

Level 1 [Member]

Level 1 [Member]

Level 1 [Member]

Level 2 [Member]

Level 2 [Member]

Level 2 [Member]

Level 2 [Member]

Level 2 [Member]

Level 2 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Level 3 [Member]

Esates of Millenia Phase II [Member]

Venetian [Member]

Midlothian Town Center - East [Member]

The Estates At Maitland [Member]

Sunnyside [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Venetian [Member]

Midlothian Town Center - East [Member]

The Estates At Maitland [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Measurements, Nonrecurring [Member]

Esates of Millenia Phase II [Member]

Venetian [Member]

Midlothian Town Center - East [Member]

The Estates At Maitland [Member]

Sunnyside [Member]

Esates of Millenia Phase II [Member]

Venetian [Member]

Midlothian Town Center - East [Member]

The Estates At Maitland [Member]

Sunnyside [Member]

Esates of Millenia Phase II [Member]

Venetian [Member]

Midlothian Town Center - East [Member]

The Estates At Maitland [Member]

Sunnyside [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets, Fair Value Disclosure

$17,525

$4,360

$4,165

$9,000

$24,125

$6,188

$3,960

$3,492

$9,000

$1,485

'

'

'

'

'

'

'

'

'

'

'

'

$17,525

$4,360

$4,165

$9,000

$24,125

$6,188

$3,960

$3,492

$9,000

$1,485

Earnings_Per_Share_Narrative_D

Earnings Per Share (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2013	Sep. 30, 2014	Jan. 17, 2013
Earnings Per Share [Abstract]	'	'	'	'	'
Reverse stock split ratio	'	'	'	'	150
Discontinued operations	($80)	$40	$1,696	'	'
Exercise price of warrants	'	'	'	21.6	'

Earnings_Per_Share_Reconciliat

Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) (USD $)	3 Months Ended					9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Mar. 31, 2013	Sep. 30, 2014		Sep. 30, 2013
Earnings Per Share, Basic And Diluted, by Common Class, Including Two Class Method [Line Items]	'		'		'	'		'
Net loss	($9,432)		$1,882		'	($29,537)		($5,278)
(Income) loss allocated to noncontrolling interest holders	566		-258		'	1,907		911	[1]
Dividends declared and accreted on preferred stock and units	-234		-234		'	-693		-707
Dividends to restricted stockholders	'		-29		'	'		-29
Extinguishment of equity securities (Note G)	'		'		'	'		11,716
Adjustments attributable to participating securities	14		-1		'	44		-2,492
Net income (loss) attributable to common stockholders	-9,086		1,360		'	-28,279		4,121
Continuing operations	-9,086		1,440		'	-28,279		2,425
Discontinued operations (Note L)	'		($80)		$40	'		$1,696
Continuing operations	($0.25)		$0.13		'	($0.81)		$0.31
Discontinued operations	'		($0.01)		'	'		$0.21
Net earnings (loss) per share attributable to common	($0.25)		$0.12		'	($0.81)		$0.52
Weighted average number of shares - basic and diluted	36,468		11,099		'	34,908		7,931
Warrants [Member]	'		'		'	'		'
Earnings Per Share, Basic And Diluted, by Common Class, Including Two Class Method [Line Items]	'		'		'	'		'
Weighted average, potentially dilutive securities excluded from diluted earnings (loss) per share because they were antidilutive or performance conditions were not met:	139	[2]	139	[2]	'	139	[2]	139	[2]
Common Units, Operating Partnership [Member]	'		'		'	'		'
Earnings Per Share, Basic And Diluted, by Common Class, Including Two Class Method [Line Items]	'		'		'	'		'
Weighted average, potentially dilutive securities excluded from diluted earnings (loss) per share because they were antidilutive or performance conditions were not met:	2,343	[3]	'		'	2,343	[3]	'
Unvested Restricted Stock Awards [Member]	'		'		'	'		'
Earnings Per Share, Basic And Diluted, by Common Class, Including Two Class Method [Line Items]	'		'		'	'		'
Weighted average, potentially dilutive securities excluded from diluted earnings (loss) per share because they were antidilutive or performance conditions were not met:	204	[4]	149	[4]	'	202	[4]	75	[4]
Class A Preferred Stock [Member]	'		'		'	'		'
Earnings Per Share, Basic And Diluted, by Common Class, Including Two Class Method [Line Items]	'		'		'	'		'
Weighted average, potentially dilutive securities excluded from diluted earnings (loss) per share because they were antidilutive or performance conditions were not met:	'	[5]	'	[5]	'	'	[5]	'	[5]
[1]	Net of $0.04 million income allocated to discontinued operations in the first quarter of 2013.
[2]	Exercisable until May 14, 2015 at a split-adjusted exercise price of $21.60 of the Companybs common stock.
[3]	Class B contingent units were converted into common OP units in February 2014 and were excluded from potentially dilutive shares of common stock in the 2013 period presented since their conversion had been contingent upon the achievement of future conditions (see Notes A and G).
[4]	Granted pursuant to the Companybs Equity Incentive Plan (see Note H).
[5]	Excluded from potentially dilutive shares of common stock since conversion was contingent upon the achievement of future conditions and due to their redemption on October 17, 2014 (see Notes G and M).

Acquisitions_Of_Multifamily_Ap2

Acquisitions Of Multifamily Apartment Communities (Narrative) (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

6 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

8 Months Ended

9 Months Ended

0 Months Ended

7 Months Ended

9 Months Ended

0 Months Ended

6 Months Ended

9 Months Ended

0 Months Ended

7 Months Ended

9 Months Ended

0 Months Ended

4 Months Ended

9 Months Ended

0 Months Ended

4 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Apr. 07, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 21, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 21, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 06, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 10, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 18, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 04, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

17-May-13

Sep. 30, 2013

Sep. 30, 2013

17-May-13

16-May-13

Sep. 30, 2013

Sep. 30, 2013

16-May-13

Sep. 30, 2013

Sep. 24, 2013

Sep. 30, 2013

Sep. 24, 2013

Aug. 26, 2013

Sep. 30, 2013

Sep. 30, 2013

Aug. 26, 2013

item

item

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Big Creek [Member]

Big Creek [Member]

Big Creek [Member]

Big Creek Under Construction [Member]

Mill Creek [Member]

Mill Creek [Member]

Mill Creek [Member]

Wake Forest [Member]

Wake Forest [Member]

Wake Forest [Member]

Aventine [Member]

Aventine [Member]

Aventine [Member]

Brier Creek [Member]

Brier Creek [Member]

Brier Creek [Member]

Craig Ranch [Member]

Craig Ranch [Member]

Craig Ranch [Member]

Bridge Point [Member]

Bridge Point [Member]

Bridge Point [Member]

Sunnyside [Member]

Sunnyside [Member]

Creekstone At RTP [Member]

Creekstone At RTP [Member]

Creekstone At RTP [Member]

Creekstone At RTP [Member]

St. James At Goose Creek [Member]

St. James At Goose Creek [Member]

St. James At Goose Creek [Member]

St. James At Goose Creek [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Talison Row [Member]

Talison Row [Member]

Talison Row [Member]

Talison Row [Member]

item

item

item

item

item

item

item

item

item

item

item

item

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity interest aquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

Number of units on property

5,129

'

5,129

'

'

'

'

'

270

'

'

100

330

'

'

288

'

'

346

'

'

232

'

'

334

'

'

178

'

'

'

'

'

'

'

256

'

'

'

244

'

'

'

208

'

'

'

274

Ownership interest

'

'

'

'

'

70.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire real estate properties

'

'

$238,423,000

$160,500,000

'

'

'

'

$40,500,000

'

$40,500,000

'

$43,800,000

'

$43,750,000

$37,300,000

'

$37,250,000

$41,900,000

'

$41,866,000

$32,700,000

'

$32,682,000

$42,400,000

'

$42,375,000

$15,300,000

'

$15,250,000

'

'

$35,800,000

'

$35,800,000

'

$27,400,000

'

$27,400,000

'

'

$34,000,000

$34,000,000

'

$48,100,000

'

$48,050,000

'

Acquisitions under construction

'

'

'

'

'

'

'

'

'

'

'

15,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-refundable earnest money deposits

'

'

'

'

5,400,000

'

'

'

'

'

'

200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of common stock, net

'

'

147,220,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indebtedness

344,863,000

'

344,863,000

'

249,584,000

'

'

'

'

'

'

'

26,300,000

'

'

18,600,000

'

'

21,000,000

'

'

16,300,000

'

'

21,200,000

'

'

11,400,000

'

'

'

'

'

'

'

23,300,000

'

'

'

19,000,000

'

'

'

30,000,000

'

'

'

33,600,000

Credit facility borrowings

'

'

'

'

'

'

'

'

37,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to aquire businesses

'

'

135,098,000

62,178,000

'

'

'

'

3,500,000

'

'

'

17,500,000

'

'

18,700,000

'

'

20,900,000

'

'

16,400,000

'

'

21,200,000

'

'

3,800,000

'

'

'

'

12,500,000

'

'

'

'

'

'

'

'

4,000,000

'

'

14,500,000

'

'

'

Rental revenue

13,831,000

7,168,000

37,330,000

17,864,000

'

'

'

'

'

1,900,000

'

'

'

3,100,000

'

'

1,800,000

'

'

2,600,000

'

'

1,100,000

'

'

2,200,000

'

'

1,000,000

'

'

'

'

1,100,000

'

'

'

1,100,000

'

'

100,000

'

'

'

'

400,000

'

'

Net Income (Loss)

-9,432,000

1,882,000

-29,537,000

-5,278,000

'

'

'

'

'

30,000

'

'

'

-1,100,000

'

'

-1,300,000

'

'

-600,000

'

'

-800,000

'

'

-700,000

'

'

-800,000

'

'

'

'

-600,000

'

'

'

-400,000

'

'

100,000

'

'

'

'

-500,000

'

'

Gain on bargain purchase

'

6,900,000

'

6,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,900,000

'

'

'

'

'

'

Carrying amount of mortgages

'

'

'

'

'

'

4,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

VIE carrying amount of assets

'

'

'

'

'

'

'

1,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to fund long-term loans to related parties

'

'

'

'

'

'

200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase of real estate loan

'

'

'

1,450,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment associated with land holdings

7,962,000

'

7,962,000

613,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate assets held for sale

24,125,000

'

24,125,000

'

'

'

1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Property acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,900,000

'

'

'

'

Acquisition costs

'

$472,000

$1,641,000

$916,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisitions_Of_Multifamily_Ap3

Acquisitions Of Multifamily Apartment Communities (Schedule Of Business Acquisitions, By Acquisition) (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Jan. 21, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 21, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 06, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 10, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 18, 2014

Sep. 30, 2014

Sep. 30, 2014

Apr. 07, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 04, 2013

Sep. 30, 2013

Sep. 30, 2013

16-May-13

Sep. 30, 2013

Sep. 30, 2013

17-May-13

Sep. 30, 2013

Sep. 30, 2013

Jan. 30, 2013

Aug. 26, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 24, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

In Place Leases [Member]

In Place Leases [Member]

Property Tax Abatement [Member]

Mill Creek [Member]

Mill Creek [Member]

Mill Creek [Member]

Wake Forest [Member]

Wake Forest [Member]

Wake Forest [Member]

Aventine [Member]

Aventine [Member]

Aventine [Member]

Brier Creek [Member]

Brier Creek [Member]

Brier Creek [Member]

Craig Ranch [Member]

Craig Ranch [Member]

Craig Ranch [Member]

Big Creek [Member]

Big Creek [Member]

Big Creek [Member]

Bridge Point [Member]

Bridge Point [Member]

Bridge Point [Member]

St. James At Goose Creek [Member]

St. James At Goose Creek [Member]

St. James At Goose Creek [Member]

Creekstone At RTP [Member]

Creekstone At RTP [Member]

Creekstone At RTP [Member]

Sunnyside [Member]

Talison Row [Member]

Talison Row [Member]

Talison Row [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Fountains Southend [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

In Place Leases [Member]

Property Tax Abatement [Member]

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase Price

$238,423

$160,500

'

'

'

$43,800

$43,750

'

$37,300

$37,250

'

$41,900

$41,866

'

$32,700

$32,682

'

$42,400

$42,375

'

$40,500

$40,500

'

$15,300

$15,250

'

$27,400

$27,400

'

$35,800

$35,800

'

'

$48,100

$48,050

'

$34,000

$34,000

'

'

Cash

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

148

'

'

'

'

'

'

'

Land

18,123

17,394

'

'

'

'

2,173

'

'

2,677

'

'

2,888

'

'

3,031

'

'

3,444

'

'

3,910

'

'

1,140

'

'

3,003

'

'

2,970

'

1,477

'

4,018

'

'

6,263

'

'

Site Improvements

13,658

5,541

'

'

'

'

2,460

'

'

2,618

'

'

1,926

'

'

1,681

'

'

3,210

'

'

1,763

'

'

943

'

'

1,033

'

'

1,024

'

'

'

1,161

'

'

1,380

'

'

Building

196,097

137,549

'

'

'

'

37,332

'

'

30,633

'

'

34,720

'

'

26,989

'

'

33,317

'

'

33,106

'

'

12,437

'

'

22,255

'

'

30,823

'

'

'

41,294

'

'

30,740

'

'

Furniture, fixtures and equipment

6,695

2,588

'

'

'

'

1,011

'

'

860

'

'

1,494

'

'

679

'

'

1,673

'

'

978

'

'

311

'

'

441

'

'

302

'

'

'

804

'

'

730

'

'

Intangible assets

'

'

3,850

3,313

1,015

'

'

774

'

'

462

'

'

838

'

'

302

'

'

731

'

'

743

'

'

419

'

'

668

'

'

681

'

'

'

773

'

'

772

1,015

Fair Value of Net Assets Acquired

$238,423

$167,400

'

'

'

'

$43,750

'

'

$37,250

'

'

$41,866

'

'

$32,682

'

'

$42,375

'

'

$40,500

'

'

$15,250

'

'

$27,400

'

'

$35,800

'

'

'

$48,050

'

'

$40,900

'

'

Acquisitions_Of_Multifamily_Ap4

Acquisitions Of Multifamily Apartment Communities (Business Acquisition, Pro Forma Information) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Acquisitions Of Multifamily Apartment Communities [Abstract]	'	'	'	'
Pro forma revenue	$15,306	$10,293	$43,456	$25,280
Pro forma loss from continuing operations	($8,339)	($2,715)	($19,725)	($17,505)

Indebtedness_Narrative_Details

Indebtedness (Narrative) (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Feb. 24, 2014

Jan. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Dec. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Aug. 05, 2014

Jan. 31, 2014

Jan. 31, 2014

Sep. 30, 2014

Jan. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jan. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 18, 2014

Mar. 10, 2014

Feb. 06, 2014

Sep. 30, 2014

Jan. 21, 2014

Jan. 21, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

31-May-13

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 21, 2014

Sep. 30, 2014

Sep. 30, 2013

Apr. 25, 2013

Jan. 23, 2014

Sep. 30, 2014

Jan. 17, 2014

Sep. 30, 2013

Jan. 17, 2014

Feb. 11, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 16, 2014

Sep. 30, 2014

Oct. 16, 2014

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Standby Letter Of Credit [Member]

Discretionary Swingline Loans [Member]

Discretionary Swingline Loans [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Craig Ranch [Member]

Brier Creek [Member]

Aventine [Member]

Aventine [Member]

Wake Forest [Member]

Mill Creek [Member]

Mill Creek [Member]

The Pointe At Canyon Ridge [Member]

The Pointe At Canyon Ridge [Member]

The Pointe At Canyon Ridge [Member]

The Pointe At Canyon Ridge [Member]

Park At Fox Trails [Member]

Merce Apartments [Member]

Post Oak [Member]

The Estates At Maitland [Member]

The Estates At Maitland [Member]

The Estates At Maitland [Member]

The Estates At Maitland [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Arbors River Oaks [Member]

Arbors River Oaks [Member]

Arbors River Oaks [Member]

Estates At Milenia [Member]

Estates At Milenia [Member]

Big Creek [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

item

General Corporate [Member]

Scenario, Forecast [Member]

LIBOR [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

LIBOR [Member]

LIBOR [Member]

Base Rate [Member]

LIBOR [Member]

Base Rate [Member]

LIBOR [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note payable issued as consideration for purchase of business

$103,325,000

$98,322,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total indebtedness

344,863,000

'

249,584,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,200,000

16,300,000

21,000,000

'

18,600,000

26,300,000

'

'

'

'

25,800,000

'

'

'

'

'

'

4,200,000

23,800,000

'

'

'

'

25,000,000

'

'

'

'

'

Term of debt

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'10 years

'

'

'

'

'7 years

'

'

'

'

Number of extensions

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Optional term of debt

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate

3.85%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.78%

3.70%

3.70%

'

3.94%

4.60%

'

'

'

'

4.10%

'

'

'

'

'

'

3.50%

4.31%

'

'

'

'

3.83%

'

'

'

'

'

Interest only payment period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 months

'

'

'36 months

'

'2 years

'

'

'

'

'

'

'

'

'

'

'36 months

'

'

'

'

'48 months

'

'

'

'

Amortization period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'30 years

'

'30 years

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'30 years

'

'

'

'

Mortgage note payable, maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10-Apr-21

5-Apr-22

10-Feb-21

'

10-Feb-21

10-Feb-24

'

'

1-Jun-25

'

'

'

'

'

'

'

'

'

5-Feb-24

'

'

'

'

5-Mar-21

'

'

'

'

'

Proceeds from sale of common stock, net

147,220,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of debt from cash proceeds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,200,000

'

'

'

'

10,000,000

'

'

'

'

'

Credit facility

'

'

'

'

75,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

14,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility accordian feature, additional borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

66,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility accordian feature, maximum borrowing capacity

'

'

'

'

250,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit for the issuance of standby letters of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit sublimit, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term credit is outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility borrowings

'

'

'

'

'

27,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

37,000,000

'

'

'

Repayment of loan

'

'

'

'

'

17,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

14,900,000

5,500,000

5,300,000

4,200,000

'

'

'

30,000,000

'

9,000,000

'

'

35,000,000

'

'

'

'

'

Deferred financing costs, net

4,908,000

'

3,022,000

'

'

'

'

'

900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

100,000

'

'

200,000

'

100,000

'

'

'

'

Prepayment penalty

706,000

1,014,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

300,000

'

'

'

'

'

'

'

'

'

300,000

'

700,000

'

'

200,000

'

'

'

'

Credit facility, outstanding borrowings

'

'

'

'

'

47,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, amount available

'

'

'

'

'

11,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Spread on interest rate

'

'

'

'

'

'

'

'

'

'

2.50%

'

1.75%

'

'

2.75%

'

'

'

'

'

'

'

'

'

1.50%

2.50%

'

2.25%

3.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Availability permitted

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate

3.85%

'

4.42%

'

'

2.69%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.42%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fee

'

'

'

'

'

0.20%

'

'

'

'

'

0.20%

'

0.30%

'

'

'

'

'

'

'

0.25%

'

'

0.25%

'

'

0.35%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum total indebtedness to total asset value ratio

'

'

'

'

'

0.65%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum adjusted EBITDA to fixed charges ratio

'

'

'

'

'

'

1.40%

1.30%

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum tangible net worth

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

158,000,000

123,000,000

Percentage of future equity issuances

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

75.00%

'

Maximum non-recurring cash costs

'

'

'

4,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Funds from operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bridge Loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit for general corporate and working capital purposes

'

'

'

'

'

$400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indebtedness_Summary_Of_Indebt

Indebtedness (Summary Of Indebtedness) (Details) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Dec. 31, 2013

31-May-13

Sep. 30, 2014

Jan. 23, 2014

Jan. 21, 2014

Mar. 18, 2014

Jan. 21, 2014

Feb. 06, 2014

Mar. 10, 2014

Sep. 30, 2014

Apr. 25, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

The Pointe At Canyon Ridge [Member]

Fountains Southend [Member]

Fountains Southend [Member]

Mill Creek [Member]

Craig Ranch [Member]

Wake Forest [Member]

Aventine [Member]

Brier Creek [Member]

The Estates At Maitland [Member]

The Estates At Maitland [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Fixed Rate Secured Indebtdness [Member]

Variable Rate Secured Indebtedness [Member]

Lakeshore On The Hill [Member]

The Trails Of Signal Mountain [Member]

Westmont Common [Member]

Bridge Point [Member]

The Pointe At Canyon Ridge [Member]

St. James At Goose Creek [Member]

Creekstone At RTP [Member]

Talison Row [Member]

Millenia 700 [Member]

Fountains Southend [Member]

Mill Creek [Member]

Craig Ranch [Member]

Wake Forest [Member]

Aventine [Member]

Brier Creek [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Balance

$344,863

$249,584

$25,800

'

$23,800

$26,300

$21,200

$18,600

$21,000

$16,300

'

$4,200

$297,863

$6,654

$8,169

$17,920

$11,360

$25,800

$19,000

$23,250

$33,635

$25,000

$23,750

$26,250

$21,200

$18,625

$21,000

$16,250

$47,000

Interest Rate

3.85%

'

4.10%

'

4.31%

4.60%

3.78%

3.94%

3.70%

3.70%

'

3.50%

4.03%

4.48%

4.92%

3.84%

4.19%

4.10%

3.75%

3.88%

4.06%

3.83%

4.31%

4.60%

3.78%

3.94%

3.70%

3.70%

2.69%

Remaining Term in Years

'7 years 2 months 19 days

'

'

'

'

'

'

'

'

'

'

'

'8 years

'3 years 3 months

'3 years 8 months 1 day

'8 years 3 months

'8 years 6 months

'10 years 8 months 1 day

'8 years 9 months

'8 years 8 months 9 days

'8 years 11 months 9 days

'6 years 5 months 5 days

'9 years 4 months 6 days

'9 years 4 months 10 days

'6 years 6 months 11 days

'6 years 4 months 10 days

'6 years 4 months 10 days

'7 years 6 months 4 days

'2 years 3 months 29 days

Debt Instrument, Term

'

'

'

'10 years

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indebtedness_Schedule_Of_Matur

Indebtedness (Schedule Of Maturities Of Outstanding Mortgage Notes Payable) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Indebtedness [Abstract]	'	'
Remainder of 2014	$110	'
2015	1,210	'
2016	1,976	'
2017	56,668	'
2018	11,467	'
Thereafter	273,432	'
Outstanding Mortgage Notes Payable	$344,863	$249,584

Intangible_Assets_Narrative_De

Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
In Place Leases [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization of intangible assets	$1,100,000	$1,300,000	$4,500,000	$3,300,000
Property Tax Abatement [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization of intangible assets	$100,000	$0	$300,000	$0

Intangible_Assets_Gross_And_Ne

Intangible Assets (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	$12,003	$8,416
Accumulated Amortization	-11,340	-6,845
Net Book Value	663	1,571
In Place Leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	10,988	7,401
Accumulated Amortization	-10,988	-6,757
Net Book Value	'	644
Property Tax Abatement [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	1,015	1,015
Accumulated Amortization	-352	-88
Net Book Value	$663	$927

Intangible_Assets_Estimated_Am

Intangible Assets (Estimated Amortization Expense For The Next Five Years Related To These Intangible Assets) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Intangible Assets [Abstract]	'	'
Remainder of 2014	$75	'
2015	274	'
2016	181	'
2017	102	'
2018	31	'
Net Book Value	$663	$1,571

Investment_In_Unconsolidated_J2

Investment In Unconsolidated Joint Venture (Narrative) (Details) (USD $)	3 Months Ended	9 Months Ended					0 Months Ended	9 Months Ended		3 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2010	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2014
	item	item				BSF/BR Augusta JV, LLC [Member]	Estates At Perimeter [Member]	Estates At Perimeter [Member]	Estates At Perimeter [Member]	Scenario, Forecast [Member]
								item		Estates At Perimeter [Member]
								floor
								acre
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'	'	'	'
Membership interest	'	'	'	'	'	50.00%	'	50.00%	'	'
Related party membership interest	'	'	'	'	70.00%	100.00%	'	'	'	'
Number of units on property	5,129	5,129	'	'	'	'	'	240	'	'
Number of buildings on property	'	'	'	'	'	'	'	10	'	'
Height of building	'	'	'	'	'	'	'	3	'	'
Acres of land	'	'	'	'	'	'	'	13	'	'
Payment to acquire interest in joint venture	'	'	'	'	'	'	$3,800,000	'	'	'
Investment in unconsolidated joint venture, held for sale	2,279,000	2,279,000	'	2,421,000	'	'	'	2,300,000	2,400,000	'
Distributions received	'	200,000	200,000	'	'	'	'	'	'	'
Contributions	'	0	0	'	'	'	'	'	'	'
Indebtedness	344,863,000	344,863,000	'	249,584,000	'	'	'	'	'	'
Proceeds from sale of joint venture	'	'	'	'	'	'	'	'	'	26,000,000
Gain on sales of real estate assets	$353,000	$353,000	'	'	'	'	'	'	'	$1,200,000

Investment_In_Unconsolidated_J3

Investment In Unconsolidated Joint Venture (Summary Of Financial Information Of Inconsolidated Joint Venture) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Investment In Unconsolidated Joint Venture [Abstract]	'	'	'	'
Total property revenue	$731	$692	$2,097	$2,072
Net income	41	-27	42	83
Company share of income from unconsolidated joint venture activities	$20	($13)	$21	$42

Stockholders_Equity_Common_Sto

Stockholders' Equity (Common Stock Offerings) (Narrative) (Details) (USD $)

0 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

Jun. 13, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

16-May-13

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

Jan. 16, 2014

Sep. 30, 2014

Senator [Member]

Senator [Member]

Private Placement [Member]

Private Placement [Member]

Private Placement [Member]

Rights Offering [Member]

Public Offering [Member]

Five Communities [Member]

Two Communities [Member]

New Secured Revolving Credit Facility [Member]

Secured By Two Communities [Member]

Secured By Land Held For Use [Member]

Former Chairman And Chief Executive Officer And former President And Vice Chairman [Member]

Minimum [Member]

Baumann And Levin [Member]

Senator [Member]

item

item

Private Placement [Member]

Senator [Member]

Schedule Of Stockholders' Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Public offering of common stock, shares

103,443

'

'

'

'

'

15,797,789

15,565,462

232,327

24,881,517

6,250,000

'

'

'

'

'

'

'

Common stock par value per share

$0.01

$0.01

'

$0.01

'

'

'

'

'

'

$0.01

'

'

'

'

'

'

'

Public offering of common stock, price per share

$10

'

'

'

$10

'

$6.33

'

'

'

$10

'

'

'

'

'

'

'

Proceeds from sale of common stock, net

'

$147,220,000

'

'

'

'

$50,000,000

$98,500,000

$1,500,000

$147,200,000

$53,200,000

'

'

'

'

'

$1,800,000

'

Percentage of offering

'

'

'

'

'

'

'

98.50%

1.50%

'

'

'

'

'

'

'

'

'

Ownership of common shares

'

'

'

'

'

9,316,055

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of common shares

'

'

'

'

'

25.60%

'

'

'

'

'

'

'

'

'

'

'

4.90%

Common stock shares outstanding

'

36,723,000

'

11,469,000

'

36,350,182

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing costs, net

'

4,908,000

'

3,022,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional paid-in capital, deferred offering costs

'

'

'

'

'

'

'

'

'

2,800,000

5,100,000

'

'

'

'

'

'

'

Term after anniversary

'

'

'

'

'3 years 6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

Consecutive trading period

'

'

'

'

'10 days

'

'

'

'

'

'

'

'

'

'

'

'

'

Period prior to offering

'

'

'

'

'180 days

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from offering after deducting underwriting costs and commissions

970,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire real estate properties

'

238,423,000

160,500,000

'

'

'

'

'

'

'

'

94,600,000

'

'

'

'

'

'

Number Of Communities

'

'

'

'

'

'

'

'

'

'

'

5

2

'

'

'

'

'

Repayment of loan

'

'

'

'

'

'

'

'

'

'

'

'

16,700,000

26,000,000

4,200,000

'

'

'

Credit for general corporate and working capital purposes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,700,000

'

'

Proceeds from issuance of common stock, net of offering costs

$1,030,000

$147,220,000

$54,492,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Reverse_St

Stockholders' Equity (Reverse Stock Split) (Narrative) (Details) (USD $)	Jan. 17, 2013	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
In Millions, except Per Share data, unless otherwise specified		Class A Preferred Stock [Member]	Class B And Class C Preferred Units [Member]	Class B Contingent Units [Member]	Class B Contingent Units [Member]
Schedule Of Stockholders' Equity [Line Items]	'	'	'	'	'
Reverse stock split ratio	150	'	'	'	'
Stock conversion, minimum share price	'	'	'	$9	$9
Transfer of stock and units to permanent equity	'	$26.80	$19.40	'	'

Stockholders_Equity_Dividends_

Stockholders' Equity (Dividends Declared) (Details) (USD $)	9 Months Ended					3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
				Class A Preferred Stock [Member]	Class A Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]	Common Stock [Member]	Common Stock [Member]
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'	'
Distributions Per Share of Common Stock/Common Unit	'	'	'	'	'	$0.10	$0.10	$0.10	$0.10
Dividend declared	$3,789,000	'	$1,247,000	$100,000	$100,000	$3,711,000	$3,713,000	$3,697,000	$1,090,000
Dividend Declared Date	'	'	'	'	'	12-Aug-14	13-May-14	12-Feb-14	2-Dec-13
Dividend Payable Date	'	'	'	'	'	15-Oct-14	15-Jul-14	15-Apr-14	17-Jan-14
Distributions to shareholders	8,811,000	3,271,000	'	'	'	'	'	'	'
Preferred dividends	$0	'	'	'	'	'	'	'	'

Stockholders_Equity_Class_A_Pr

Stockholders' Equity (Class A Preferred Stock Common OP Units And Contingent B Units ) (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Feb. 23, 2014

Sep. 30, 2014

Dec. 31, 2013

Feb. 23, 2014

Mar. 26, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

In Thousands, except Share data, unless otherwise specified

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Common Units, Operating Partnership [Member]

Common Units, Operating Partnership [Member]

Common Units, Operating Partnership [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Schedule Of Stockholders' Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Optional Redemption Date

'

'

1-Jun-19

[1]

'

'

1-Feb-15

[2]

'

'

'

1-Jun-15

[3],[4]

'

'

'

'

Outstanding preferred stock

'

'

$26,855

[1]

$26,624

[1]

'

'

'

'

'

'

'

'

'

'

Outstanding

'

'

'

'

'

$15,588

[2]

'

'

'

'

$17,657

[3],[4]

'

'

'

Liquidation preference

'

'

$100

[1]

'

'

'

'

'

'

'

'

'

'

'

Liquidation preference percentage

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

Shares outstanding

309,000

309,000

309,130

[1]

309,130

[1]

'

'

'

'

'

'

'

'

'

'

Units issued

'

'

'

'

'

2,343,500

[2]

0

[2]

'

'

0

[3],[4]

210,915

[3],[4]

'

'

'

Annual dividend increase on third anniversary of issuance

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

Annual dividend increase on fourth anniversary of issuance

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

Distribution rate

'

'

'

'

'

'

'

'

'

'

'

4.50%

3.00%

1.50%

Distribution amount

'

'

'

'

'

'

'

'

'

'

'

$1.13

$0.75

$0.38

Units converted

'

'

'

'

2,343,500

'

'

210,915

14,307

'

'

'

'

'

[1]

Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.

[2]

Dividend per common OP unit is the same as the dividend per share on the Companybs common stock.

[3]

Non-cumulative distribution of 1.5% per annum of the stated value per Class B contingent unit were to be ($0.375 per quarter) until December 31, 2014; 3.0% per annum of the stated value per Class B contingent unit ($0.75 per quarter) from January 1, 2015 through December 31, 2015; and 4.5% per annum of the stated value per Class B contingent unit ($1.125 per quarter) thereafter.

[4]

On February 23, 2014, 210,915 Class B contingent units were converted into 2,343,500 common OP units.

Stockholders_Equity_Class_A_Pr1

Stockholders' Equity (Class A Preferred Stock) (Narrative) (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Jan. 14, 2014

Mar. 14, 2013

Dec. 03, 2012

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 03, 2012

Dec. 03, 2012

Oct. 17, 2014

Oct. 17, 2014

item

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Estates At Milenia [Member]

Development Property [Member]

Subsequent Event [Member]

Subsequent Event [Member]

item

item

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

acre

Schedule Of Stockholders' Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock conversion, minimum share price

'

'

'

$9

'

'

'

'

'

'

'

'

'

Stock conversion, minimum physical occupancy rate of contributed proeprties

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

Stock conversion, threshold of trading days

'

'

'

'

'

'

'20 days

'

'

'

'

'

'

Increase in net income from extinguishment of debt

$11,716,000

'

'

'

'

'

'

$3,500,000

'

'

'

'

'

Number of units on property

'

5,129

'

'

'

'

'

'

'

297

403

'

'

Area of property

'

'

'

'

'

'

'

'

'

7

'

'

'

Consideration issued for purchase

'

'

'

'

35,804

100,000

'

'

'

'

'

'

'

Stock Issued During Period, Value, Acquisitions

3,318,000

'

'

'

'

'

'

'

'

'

'

'

'

Shares issuable as a percentage of increase in property value

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

Contingent consideration liability

'

'

'

'

3,300,000

'

300,000

'

300,000

'

'

'

'

Preferred shares issued

'

309,000

309,000

'

'

'

0

'

'

'

'

'

309,130

Cash Payment for preferred stock

'

'

'

'

'

'

'

'

'

'

'

$5,000,000

'

Stockholders_Equity_Common_And

Stockholders' Equity (Common And Preferred Partnership Units, Class B Contingent Units) (Narrative) (Details) (USD $)

9 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Feb. 08, 2013

Feb. 08, 2013

Feb. 08, 2013

Feb. 23, 2014

Mar. 26, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Feb. 23, 2014

Mar. 26, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Noncontrolling Interest [Member]

Class B And Class C Preferred Units [Member]

Class B Preferred Units [Member]

Class C Preferred Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Common Units [Member]

Common Units [Member]

The Estates At Maitland [Member]

Estates At Milenia - Phase II [Member]

Midlothian Town Center - East Or Venetian [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Class B Contingent Units [Member]

Schedule Of Stockholders' Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued

36,723,000

11,469,000

'

196,608

98,304

98,304

'

'

'

'

'

546,132

'

'

'

'

'

'

'

'

Preferred shares issued

309,000

309,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distribution amount

'

'

'

'

'

'

'

'

'

'

'

'

$1.13

$0.75

$0.38

'

'

'

'

'

Per annum distribution rate

'

'

'

'

'

'

'

'

'

'

'

'

4.50%

3.00%

1.50%

'

'

'

'

'

Units converted

'

'

'

'

'

'

210,915

14,307

'

'

'

'

'

'

'

2,343,500

546,132

'

'

'

Stock conversion, minimum physical occupancy rate of contributed proeprties

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

Number of units converted upon stabilization or sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

52,728.75

52,728.75

105,457.50

Conversion price

'

'

'

'

'

'

'

'

'

$100

'

'

'

'

'

'

'

'

'

'

Stock conversion, threshold of trading days

'

'

'

'

'

'

'

'

'

'20 days

'

'

'

'

'

'

'

'

'

'

Stock conversion, minimum share price

'

'

'

'

'

'

'

'

'

$9

$9

'

'

'

'

'

'

'

'

'

Reduction of noncontrolling interest

'

'

'

'

'

'

'

'

'

$8,200,000

'

'

'

'

'

'

'

'

'

'

Increase in net income

$2,453,000

'

$505,000

'

'

'

'

'

'

$8,200,000

'

'

'

'

'

'

'

'

'

'

Management_Transition_Expenses2

Management Transition Expenses And Stock-Based Compensation (Management Transition Expenses) (Narrative) (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Feb. 23, 2014

Sep. 30, 2014

Mar. 18, 2014

Sep. 30, 2014

Feb. 23, 2014

16-May-13

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

16-May-14

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Chief Executive Officer [Member]

Chief Executive Officer [Member]

President And Vice Chairman [Member]

Additional Employees [Member]

Class B Contingent Units [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Chief Executive Officer [Member]

Employees And Directors [Member]

Employees And Directors [Member]

Former Executive Officer [Member]

Former Executive Officer [Member]

Former Executive Officer [Member]

Management Transition Expenses And Stock-Based Compensation [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Seperation Agreement payment

'

'

$2,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares vested

118,857

133,866

54,338

'

'

24,140

'

'

'

118,857

58,866

5,283

'

'

'

'

'

'

Shares issued

'

'

'

'

375,000

'

'

301,877

'

'

'

174,310

'

'

'

'

21,000

75,000

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

Shares surrendered

43,395

'

14,373

'

102,563

6,491

'

'

'

'

'

'

'

'

'

'

'

'

Number of units converted upon stabilization or sale

'

'

'

'

'

'

210,915

'

'

'

'

'

'

'

'

'

'

'

Shares issued during conversion

'

'

'

'

'

'

2,343,500

'

'

'

'

'

'

'

'

'

'

'

Compensation expense during the period

-313,000

'

'

2,500,000

2,800,000

'

'

'

100,000

300,000

200,000

'

'

500,000

500,000

100,000

200,000

500,000

Cash payments

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

Legal and other certain expenses

600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management transition expenses

$9,291,000

'

'

'

'

$9,300,000

'

'

'

'

'

'

'

'

'

'

'

'

Management_Transition_Expenses3

Management Transition Expenses And Stock-Based Compensation (Stock-Based Compensation) (Narrative) (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

15-May-14

15-May-14

Feb. 23, 2014

Sep. 30, 2014

Mar. 18, 2014

Sep. 30, 2014

16-May-14

Sep. 30, 2014

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Common Stock [Member]

Common Stock [Member]

Former Executive Officer [Member]

2013 EIP [Member]

2013 EIP [Member]

Chief Executive Officer [Member]

Chief Executive Officer [Member]

President And Vice Chairman [Member]

Additional Employees [Member]

Employees And Directors [Member]

Employees And Directors [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Stock-Based Compensation And Benefit Plan [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued subject to vesting schedule

'

'

'

'

'

'

'

'

'

'

'

'

'

'

169,027

'

Common stock authorized

'

'

'

'

'

'

'

'

'

2,881,206

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

estimated forfeiture rate

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares available for issuance

'

'

'

'

'

'

'

'

'

2,881,206

'

'

'

'

'

'

Additional shares available for issuance

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

Stock-based compensation, net of forfeitures

($313,000)

'

$100,000

$300,000

$200,000

$100,000

$200,000

'

'

'

'

$2,500,000

$2,800,000

'

'

'

Unrecognized compensation cost

$1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period recognized

'3 years 1 month 6 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock vested during the period

118,857

133,866

'

118,857

58,866

'

'

78,488

'

'

54,338

'

'

24,140

5,283

'

Shares withheld for tax obligations

'

'

'

30,381

'

'

'

'

'

'

'

'

'

'

'

'

Common stock price per share

'

'

'

'

'

'

$10

'

'

'

'

'

'

'

'

'

Management_Transition_Expenses4

Management Transition Expenses And Stock-Based Compensation (Schedule Of Restricted Stock Activity) (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Management Transition Expenses And Stock-Based Compensation [Abstract]	'	'
Unvested shares , beginning of period	243,011	'
Shares, Granted	174,310	376,877
Shares, Vested	-118,857	-133,866
Shares, Forfeited	-43,395	'
Unvested shares , end of period	255,069	243,011
Weighted Average Grant price, Unvested shares, beginning of period	$9.80	'
Weighted Average Grant price, Granted	$7.26	$9.23
Weighted Average Grant price, Vested	$8.33	$6.78
Weighted Average Grant price, Forfeited	$9.80	'
Weighted Average Grant price, Unvested shares, end of period	$8.22	$9.80

Transactions_With_Related_Part1

Transactions With Related Parties (Details) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified
Transactions With Related Parties [Abstract]	'
Due from related parties, promissory note	$0.60
Promissory note interest rate	12.00%
Accrued interest	$0.20

Commitments_And_Contingencies_

Commitments And Contingencies (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Commitments And Contingencies [Abstract]	'	'
Earnest money deposits	$0.20	$5.90
Non-refundable earnest money deposits	'	$5.40

Income_Taxes_Details

Income Taxes (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Income Taxes [Abstract]	'
Annual dividend distribution percentage to shareholders to qualify as real estate investment trust	90.00%
Unrecognized tax benefits	$0
Tax adjustments	$0

Real_Estate_Assets_Held_For_Sa2

Real Estate Assets Held For Sale And Discontinued Operations (Narrative) (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Mar. 01, 2014

Sep. 30, 2013

Jun. 12, 2013

Jun. 12, 2013

Jul. 11, 2014

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 17, 2014

Oct. 17, 2014

Oct. 07, 2014

Four Land Investments Classified As Held For Sale [Member]

Four Land Investments Classified As Held For Sale [Member]

Fontaine Woods [Member]

Fontaine Woods [Member]

Oak Reserve at Winter Park [Member]

Oak Reserve at Winter Park [Member]

Post Oak [Member]

Mill Creek [Member]

The Estates At Maitland [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Scenario, Forecast [Member]

Midlothian Town Center - East [Member]

Midlothian Town Center - East [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Midlothian Town Center - East [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of real estate assets

'

$7,839,000

'

'

'

'

'

'

'

'

$7,800,000

'

'

'

'

'

'

'

'

Gain on sales of real estate assets

353,000

353,000

'

'

'

'

'

'

'

'

400,000

'

'

'

'

'

'

'

'

Preferred stock shares issued

309,000

309,000

'

309,000

'

'

'

'

'

'

'

'

'

'

'

0

'

309,130

'

Cash Payment for preferred stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

Gain from sale of rental property

'

'

1,946,000

'

'

'

'

1,600,000

500,000

'

'

100,000

'

'

'

'

'

'

'

Real estate held for sale

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percent of ownership sold

'

'

'

'

'

'

70.00%

'

'

100.00%

'

'

'

'

'

'

'

'

'

Consideration received from divestiture of interest in subsidiaries and affiliates

'

'

'

'

'

'

10,500,000

'

11,700,000

'

'

'

'

'

'

'

'

'

'

Assumption of mortgage

'

'

'

'

'

'

9,100,000

'

'

'

'

'

'

'

'

'

'

'

'

Impairment associated with land holdings

7,962,000

7,962,000

613,000

'

8,000,000

8,000,000

'

'

'

'

'

'

600,000

700,000

700,000

'

'

'

'

Proceeds from divestiture of businesse

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,600,000

Real_Estate_Assets_Held_For_Sa3

Real Estate Assets Held For Sale And Discontinued Operations (Schedule Of Real Estate Assets Held For Sale) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Long Lived Assets Held-for-sale [Line Items]	'	'
Real estate assets held for sale	'	$0
Liabilities related to assets held for sale	421,000	'
Real Estate Assets Held-For-Sale [Member]	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'
Land held for sale	24,125,000	'
Other assets, primarily restricted cash	585,000	'
Real estate assets held for sale	24,710,000	'
Liabilities related to assets held for sale	$421,000	'

Real_Estate_Assets_Held_For_Sa4

Real Estate Assets Held For Sale And Discontinued Operations (Net Loss From Real Estate Assets Held For Sale) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Long Lived Assets Held-for-sale [Line Items]	'	'	'	'
Total property revenues	$15,306	$8,027	$41,369	$19,749
Property expenses	6,451	3,558	18,341	8,928
Interest expense	3,381	2,210	9,572	6,110
Depreciation and amortization	4,922	3,312	15,389	8,479
Development and pursuit costs	217	52	356	67
Loss on early extinguishment of debt	'	'	1,629	1,146
Impairment associated with land holdings	-7,962	'	-7,962	-613
Gain on sales of real estate assets	353	'	353	'
Net income (loss)	-9,432	1,882	-29,537	-5,278
Real Estate Assets Held-For-Sale [Member]	'	'	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'	'	'
Total property revenues	51	283	643	863
Property expenses	30	204	352	491
Interest expense	'	96	31	207
Depreciation and amortization	'	87	120	253
Development and pursuit costs	96	'	243	'
Loss on early extinguishment of debt	'	'	177	'
Other expenses	'	60	15	95
Total expenses	126	447	938	1,046
Impairment associated with land holdings	-7,962	'	-7,962	-613
Gain on sales of real estate assets	353	'	353	'
Net income (loss)	($7,684)	($164)	($7,904)	($796)

Real_Estate_Assets_Held_For_Sa5

Real Estate Assets Held For Sale And Discontinued Operations (Income Statement Disclosures Of Discontinued Operations) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2013
Real Estate Assets Held For Sale And Discontinued Operations [Abstract]	'	'	'
Total property revenues	$1,325	'	$5,115
Property expenses	1,162	'	3,429
Interest expense	234	'	1,450
Depreciation and amortization	'	'	440
Other expenses	9	'	46
Loss before gain from sale of rental property	-80	'	-250
Gain from sale of rental property	'	'	1,946
Income from discontinued operations	($80)	$40	$1,696

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Oct. 17, 2014

Oct. 17, 2014

Oct. 17, 2014

Oct. 17, 2014

Oct. 17, 2014

Oct. 17, 2014

Oct. 07, 2014

Oct. 16, 2014

Sep. 30, 2014

Oct. 16, 2014

Nov. 03, 2014

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

Class A Preferred Stock [Member]

The Estates At Maitland [Member]

Estates At Milenia - Phase II [Member]

Venetian [Member]

Sunnyside [Member]

Midlothian Town Center - East [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Chief Investment Officer [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Scenario, Forecast [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Restricted Stock [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of stock to redem

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

Preferred shares issued

309,000

'

309,000

0

'

309,130

'

'

'

'

'

'

'

'

'

Assets measured at fair value

'

'

$17,525,000

'

'

'

$9,400,000

$6,250,000

$4,000,000

$1,500,000

'

'

'

'

'

Cash Payment for preferred stock

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

Proceeds from divestiture of businesse

'

'

'

'

'

'

'

'

'

'

3,600,000

'

'

'

'

Minimum tangible net worth

'

'

'

'

'

'

'

'

'

'

'

'

$158,000,000

$123,000,000

'

Percentage of future equity issuances

'

'

'

'

'

'

'

'

'

'

'

75.00%

75.00%

'

'

Shares vested

118,857

133,866

'

'

'

'

'

'

'

'

'

'

'

'

75,142